0001818383-24-000038 | 10-Q | XBRL Viewer

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 455	$ 537
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)	50,800,000	47,400,000
Common stock, outstanding (in shares)	50,800,000	47,400,000
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)	15,000,000	18,100,000
Common stock, outstanding (in shares)	15,000,000	18,100,000

Income taxes

3 Months Ended

Mar. 31, 2024

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 following table summarizes the Company's income tax expense:


	Three Months Ended March 31,
(in thousands, except percentages)	2024			2023
(Loss) before income taxes	$	(1,464)		$	(14,506)
Income tax expense	$	27		$	78
Effective Tax Rate	(1.8)		%	(0.5)		%

The Company's effective tax rate of (1.8)% for the three months ended March 31, 2024 and (0.5)% for the three months ended March 31, 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 months ended March 31, 2024. 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 months ended March 31, 2024, holders of Class B-1 units exchanged 3,057,000 Class B-1 units, 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 months ended March 31, 2024, the Company did not recognize any additional deferred tax assets as the Company has recognized a full valuation allowance on its deferred tax assets.

As of March 31, 2024 and December 31, 2023, the Company had a valuation allowance of $116.6 million and $95.1 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 March 31, 2024 and December 31, 2023, 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 taxable income in the foreseeable future to utilize related tax benefits and result in a payment under the TRA. As a result, the Company continues to remeasure the liabilities due under the TRA to be zero as of March 31, 2024 and December 31, 2023 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 $107 million as of March 31, 2024 in the consolidated balance sheets.

Payments pursuant to the TRA of $0 and $2.8 million were made during the three months ended March 31, 2024 and 2023, 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

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+ Details

Summary of significant accounting policies (Policies)

3 Months Ended

Mar. 31, 2024

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, 2023 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 2023 Annual Report on Form 10-K.

Accounts receivable

Accounts receivable are net of allowances for credit losses of $0.5 million as of March 31, 2024 and December 31, 2023.

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 March 31, 2024					Three Months Ended March 31, 2023
	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	$	20	16	%	1	$	17	15	%
Purchases	1	$	13	13	%	1	$	10	10	%


	As of March 31, 2024					As of December 31, 2023
	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	2	$	16	28	%	1	$	7	14	%
Accounts payable	1	$	7	13	%	1	$	12	21	%

Related Party Transactions

New Accounting Pronouncements

Recently adopted accounting pronouncements

There have been no recently adopted accounting pronouncements by the Company which have a material impact on the Consolidated Financial Statements.

Recently issued not yet adopted accounting pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosure. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a prospective basis but retrospective application is permitted. The Company is currently evaluating the impact of the ASU on its disclosures in the consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the ASU on disclosures in its consolidated financial statements.

Summary of significant accounting policies - Summary of Customer and Supplier Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Revenue	$ 126,649	$ 111,630
Purchases	102,969	93,262
Accounts receivable	57,495		$ 53,773
Accounts payable	53,586		56,279
Top One Supplier \| Supplier Concentration Risk \| Purchases
Significant Accounting Policies [Line Items]
Purchases	$ 13,000	$ 10,000
Concentration risk percentage	13.00%	10.00%
Top One Supplier \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable	$ 7,000		$ 12,000
Concentration risk percentage	13.00%		21.00%
Top One Customer \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Significant Accounting Policies [Line Items]
Revenue	$ 20,000	$ 17,000
Concentration risk percentage	16.00%	15.00%
Top One Customer \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable			$ 7,000
Concentration risk percentage			14.00%
Top Two Customers \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable	$ 16,000
Concentration risk percentage	28.00%

Goodwill and intangible assets - Summary of Future Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024 - Remaining Period	$ 4,819
2025	5,759
2026	5,143
2027	4,106
2028	2,298
Thereafter	2,281
Net carrying amount	$ 24,406	$ 26,015	$ 32,932

Goodwill and intangible assets - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,609,000	$ 1,729,000	$ 6,917,000
Accumulated impairment of goodwill	$ 0

Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 8,634	$ 14,341
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,857	966
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,701	2,381
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,482	2,172
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 3,594	$ 8,822

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 126,649	$ 111,630
Costs and operating expenses
Cost of revenue	102,969	93,262
Sales and marketing	5,796	6,994
Product development	4,363	5,168
General and administrative	11,149	15,755
Total costs and operating expenses	124,277	121,179
Income (loss) from operations	2,372	(9,549)
Other (income) expense, net	(9)	1,381
Interest expense	3,845	3,576
Total other expense, net	3,836	4,957
(Loss) before income taxes	(1,464)	(14,506)
Income tax expense	27	78
Net (loss)	(1,491)	(14,584)
Net (loss) attributable to non-controlling interest	(378)	(4,318)
Net (loss) attributable to MediaAlpha, Inc.	$ (1,113)	$ (10,266)
Net (loss) per share of Class A common stock
Basic (in dollars per share)	$ (0.02)	$ (0.23)
Diluted (in dollars per share)	$ (0.02)	$ (0.23)
Weighted average shares of Class A common stock outstanding
Basic (in shares)	48,574,448	43,870,005
Diluted (in shares)	48,574,448	43,870,005

Equity-based compensation - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 9
Weighted average period of recognition	3 months 25 days
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 200
Weighted average period of recognition	4 months 28 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 73,400
Weighted average period of recognition	2 years 9 months 25 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,100
Weighted average period of recognition	11 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

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earning (Loss) Per Share

Earnings (Loss) Per Share


	Three Months Ended March 31,
(in thousands except share data and per share amount)	2024		2023
Basic
Net (loss)	$	(1,491)	$	(14,584)
Less: net (loss) attributable to non-controlling interest	(378)		(4,318)
Net (loss) available for basic common shares	$	(1,113)	$	(10,266)
Weighted-average shares of Class A common stock outstanding - basic and diluted	48,574,448		43,870,005
(Loss) per share of Class A common stock - basic and diluted	$	(0.02)	$	(0.23)

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
	March 31, 2024	March 31, 2023
QLH Class B-1 Units	15,049,782	18,921,446
Restricted Class A Shares	16,598	109,328
Restricted stock units	4,662,213	6,354,505

Potential dilutive shares	19,728,593	25,385,279

The outstanding PRSUs were not included in the potentially dilutive securities as of March 31, 2024 as the performance conditions have not been met.

Long-term debt - Schedule of Expected Future Principal Payments for Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024–Remaining Period	$ 10,172
2025	9,500
2026	153,953
Debt and issuance costs	173,625
Unamortized debt issuance costs	(1,525)	$ (1,701)
Total debt	$ 172,100	$ 174,299

- Definition

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

+ References + Details

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of significant accounting policies

The Company's significant accounting policies are included in the 2023 Annual Report on Form 10-K and did not materially change during the three months ended March 31, 2024.

Basis of presentation

Accounts receivable

Accounts receivable are net of allowances for credit losses of $0.5 million as of March 31, 2024 and December 31, 2023.

Concentrations of credit risk and of significant customers and suppliers

Customer and supplier concentrations consisted of the below:


	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
	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	$	20	16	%	1	$	17	15	%
Purchases	1	$	13	13	%	1	$	10	10	%


	As of March 31, 2024					As of December 31, 2023
	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	2	$	16	28	%	1	$	7	14	%
Accounts payable	1	$	7	13	%	1	$	12	21	%

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 is deemed to realize, as a result of certain transactions. During the three months ended March 31, 2024, no payments were made pursuant to the TRA. During the three months ended March 31, 2023, payments of $2.8 million were made pursuant to the TRA.

Liquidity

As of March 31, 2024, the aggregate principal amount outstanding under the 2021 Credit Facilities was $173.6 million, with $45.0 million remaining for borrowing under the 2021 Revolving Credit Facility. As of March 31, 2024, 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. During the second half of 2021, the auto insurance industry began to experience a cyclical downturn, as supply chain disruptions and cost increases caused by the pandemic and overall inflationary pressures contributed to higher-than-expected P&C insurance claims costs, which led many carriers to reduce their customer acquisition spending to preserve their profitability. However, the Company believes that a recovery from this cyclical downturn is now underway, as certain of the Company’s key carrier partners increased their customer acquisition spend during the first quarter of 2024. While the Company expects this improvement to continue over the course of 2024, the Company is currently unable to accurately predict the pace or slope of this recovery, or its impact on the Company’s revenue from the P&C insurance vertical or the Company’s profitability, beyond the second quarter of 2024. The Company believes that its expected near-term revenue, cash on hand and availability to access additional cash under its 2021 Revolving Credit Facility are sufficient to meet its operating and capital expenditure requirements, 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 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.

New Accounting Pronouncements

Recently adopted accounting pronouncements

There have been no recently adopted accounting pronouncements by the Company which have a material impact on the Consolidated Financial Statements.

Recently issued not yet adopted accounting pronouncements

Non-Controlling Interest - Narrative (Details)	3 Months Ended
Non-Controlling Interest - Narrative (Details)	Mar. 31, 2024 shares	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Conversion of stock (in shares)	3,057,000
Stockholder's equity, exchange ratio	1
QLH
Noncontrolling Interest [Line Items]
Non-controlling interests owned	77.20%	72.30%
QLH \| QLH Class B-1 Unitholders
Noncontrolling Interest [Line Items]
Ownership interest owned	22.80%	27.70%

Goodwill and intangible assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of:


	As of
		March 31, 2024						December 31, 2023
(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	$	(25,336)	$	18,164	$	43,500	$	(23,947)	$	19,553
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	8,884		(2,642)		6,242		8,884		(2,422)		6,462
Intangible assets		$	52,687	$	(28,281)	$	24,406	$	52,687	$	(26,672)	$	26,015
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
	March 31, 2024				December 31, 2023
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	26,015	$	47,739	$	32,932

Amortization	—		(1,609)		—		(6,917)
Ending balance	$	47,739	$	24,406	$	47,739	$	26,015

Summary of Future Amortization Expense on Identifiable Intangible Assets

As of March 31, 2024, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2024–Remaining Period	$	4,819
2025	5,759
2026	5,143
2027	4,106
2028	2,298
Thereafter	2,281
	$	24,406

Disaggregation of revenue - Summary of Disaggregation of Revenue by Product Vertical (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 126,649	$ 111,630
Property & casualty insurance
Disaggregation of Revenue [Line Items]
Revenue	69,242	55,107
Health insurance
Disaggregation of Revenue [Line Items]
Revenue	47,279	45,603
Life insurance
Disaggregation of Revenue [Line Items]
Revenue	7,563	7,091
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 2,565	$ 3,829

- 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)
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+ Details

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Customer and Supplier Concentration Risk

Customer and supplier concentrations consisted of the below:


	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
	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	$	20	16	%	1	$	17	15	%
Purchases	1	$	13	13	%	1	$	10	10	%


	As of March 31, 2024					As of December 31, 2023
	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	2	$	16	28	%	1	$	7	14	%
Accounts payable	1	$	7	13	%	1	$	12	21	%

Goodwill and intangible assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets consisted of:


	As of
		March 31, 2024						December 31, 2023
(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	$	(25,336)	$	18,164	$	43,500	$	(23,947)	$	19,553
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	8,884		(2,642)		6,242		8,884		(2,422)		6,462
Intangible assets		$	52,687	$	(28,281)	$	24,406	$	52,687	$	(26,672)	$	26,015
Goodwill	Indefinite	$	47,739	$	—	$	47,739	$	47,739	$	—	$	47,739

Amortization expense related to intangible assets amounted to $1.6 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company has no accumulated impairment of goodwill.

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


	As of
	March 31, 2024				December 31, 2023
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	26,015	$	47,739	$	32,932

Amortization	—		(1,609)		—		(6,917)
Ending balance	$	47,739	$	24,406	$	47,739	$	26,015

As of March 31, 2024, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2024–Remaining Period	$	4,819
2025	5,759
2026	5,143
2027	4,106
2028	2,298
Thereafter	2,281
	$	24,406

Non-Controlling Interest	3 Months Ended
Non-Controlling Interest	Mar. 31, 2024
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 months ended March 31, 2024, the holders of the non-controlling interests exchanged 3,057,000 Class B-1 units, 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 March 31, 2024, the holders of the non-controlling interests owned 22.8% of the total equity interests in QLH, with the remaining 77.2% owned by MediaAlpha, Inc. As of December 31, 2023, the holders of the non-controlling interests owned 27.7% of the total equity interests in QLH, with the remaining 72.3% owned by MediaAlpha, Inc.

Long-term debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	As of
(in thousands)	March 31, 2024		December 31, 2023
2021 Term Loan Facility	$	168,625	$	171,000

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,525)		(1,701)
Total debt	$	172,100	$	174,299
Less: current portion, net of debt issuance costs of $681 and $693, respectively	(11,866)		(11,854)
Total long-term debt	$	160,234	$	162,445

Schedule of Expected Future Principal Payments for Borrowings

The expected future principal payments for all borrowings as of March 31, 2024 were as follows:


(in thousands)	Contractual maturity

2024–Remaining Period	$	10,172
2025	9,500
2026	153,953


Debt and issuance costs	173,625
Unamortized debt issuance costs	(1,525)
Total debt	$	172,100

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Equity-based compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-based compensation

Equity-based compensation cost recognized for equity-based awards outstanding during the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023

QLH restricted Class B-1 units	$	7	$	45
Restricted Class A shares	105		202
Restricted stock units	8,470		14,057
Performance-based restricted stock units	52		37
Total equity-based compensation	$	8,634	$	14,341

Equity-based compensation cost was included in the following expense categories in the consolidated statements of operations during the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	1,857	$	966
Sales and marketing	1,701		2,381
Product development	1,482		2,172
General and administrative	3,594		8,822
Total equity-based compensation	$	8,634	$	14,341

As of March 31, 2024, total unrecognized compensation cost related to unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs was $9 thousand, $0.2 million, $73.4 million, and $1.1 million, respectively, which are expected to be recognized over weighted-average periods of 0.32 years, 0.41 years, 2.82 years, and 0.95 years, respectively.

Income taxes - Summary of Our Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
(Loss) before income taxes	$ (1,464)	$ (14,506)
Income tax expense	$ 27	$ 78
Effective Tax Rate	(1.80%)	(0.50%)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Commitments and contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Litigation And Other Matters [Line Items]
Contingency reserves for litigation liabilities	$ 0		$ 0
FTC Act, Telemarketing Sales Rule
Litigation And Other Matters [Line Items]
Legal fees incurred	$ 1,100,000	$ 300,000

Earnings (Loss) Per Share- Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	19,728,593	25,385,279
QLH Class B-1 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	15,049,782	18,921,446
Restricted Class A shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	16,598	109,328
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	4,662,213	6,354,505

Disaggregation of revenue - Summary of Disaggregation of Revenue by Transaction Model (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 126,649	$ 111,630
Open marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	122,429	107,659
Private marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	$ 4,220	$ 3,971

- 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

Equity-based compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023

QLH restricted Class B-1 units	$	7	$	45
Restricted Class A shares	105		202
Restricted stock units	8,470		14,057
Performance-based restricted stock units	52		37
Total equity-based compensation	$	8,634	$	14,341

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 months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	1,857	$	966
Sales and marketing	1,701		2,381
Product development	1,482		2,172
General and administrative	3,594		8,822
Total equity-based compensation	$	8,634	$	14,341

Disaggregation of revenue (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Abstract]

Summary of Disaggregation of Revenue

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


	Three Months Ended March 31,
(in thousands)	2024		2023

Open marketplace transactions	$	122,429	$	107,659
Private marketplace transactions	4,220		3,971
Total	$	126,649	$	111,630

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


	Three Months Ended March 31,
(in thousands)	2024		2023

Property & casualty insurance	$	69,242	$	55,107
Health insurance	47,279		45,603
Life insurance	7,563		7,091
Other	2,565		3,829
Total	$	126,649	$	111,630

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. Contingent consideration relates to the estimated amount of additional cash consideration to be paid in connection with the Company's acquisition of substantially all of the assets of Customer Helper Team, LLC ("CHT") which was closed on April 1, 2022. 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 used 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 could significantly change the fair value of the contingent consideration. The fair value for the contingent consideration as of March 31, 2024 and December 31, 2023 was zero. CHT did not achieve the minimum revenue target for either twelve-month period, and so the Company did not pay any contingent consideration. The following are the Company’s financial instruments measured at fair value on a non-recurring basis: Long-Term Debt As of March 31, 2024, 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 6.55% 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. On March 29, 2024, the board of directors and stockholders of the investee approved a plan of restructuring and liquidation that had the effect of cancelling the Company's investment. The Company had previously determined as of December 31, 2023 that the fair value of the investment was zero and accordingly this cancellation had no impact on the consolidated financial statements as of and for the three months ended March 31, 2024. 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 was classified within Level 3 of the fair value hierarchy.

- 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

Fair Value Measurements - Narrative (Details)	Feb. 24, 2022 period	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity securities without readily determinable fair value		$ 0
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		0.0655
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

Goodwill and intangible assets - Summary of Change in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill
Beginning balance at January 1,	$ 47,739	$ 47,739	$ 47,739
Ending balance	47,739		47,739
Intangible assets
Beginning balance at January 1,	26,015	32,932	32,932
Amortization	(1,609)	$ (1,729)	(6,917)
Ending balance	$ 24,406		$ 26,015

- 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

Disaggregation of revenue

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Abstract]

Disaggregation of revenue

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


	Three Months Ended March 31,
(in thousands)	2024		2023

Open marketplace transactions	$	122,429	$	107,659
Private marketplace transactions	4,220		3,971
Total	$	126,649	$	111,630

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


	Three Months Ended March 31,
(in thousands)	2024		2023

Property & casualty insurance	$	69,242	$	55,107
Health insurance	47,279		45,603
Life insurance	7,563		7,091
Other	2,565		3,829
Total	$	126,649	$	111,630

- 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

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2024
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 material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. 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 months ended March 31, 2024 and 2023, the Company incurred legal fees of $1.1 million and $0.3 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. As of March 31, 2024 and December 31, 2023, the Company did not have any material contingency reserves established for any litigation liabilities.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities
Net (loss)	$ (1,491)	$ (14,584)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Equity-based compensation expense	8,634	14,341
Non-cash lease expense	196	167
Depreciation expense on property and equipment	61	96
Amortization of intangible assets	1,609	1,729	$ 6,917
Amortization of deferred debt issuance costs	191	199
Impairment of cost method investment	0	1,406
Credit losses	(82)	(250)
Tax receivable agreement liability adjustments	0	6
Changes in operating assets and liabilities:
Accounts receivable	(3,640)	17,122
Prepaid expenses and other current assets	(147)	1,260
Other assets	125	125
Accounts payable	(2,693)	(7,679)
Accrued expenses	(1,085)	(1,382)
Net cash provided by operating activities	1,678	12,556
Cash flows from investing activities
Purchases of property and equipment	(34)	(30)
Net cash (used in) investing activities	(34)	(30)
Cash flows from financing activities
Repayments on long-term debt	(2,375)	(2,375)
Distributions	(113)	(1,104)
Payments pursuant to tax receivable agreement	0	(2,822)
Shares withheld for taxes on vesting of restricted stock units	(1,956)	(1,238)
Net cash (used in) financing activities	(4,444)	(7,539)
Net (decrease) increase in cash and cash equivalents	(2,800)	4,987
Cash and cash equivalents, beginning of period	17,271	14,542	14,542
Cash and cash equivalents, end of period	14,471	19,529	$ 17,271
Supplemental disclosures of cash flow information
Interest	3,783	3,057
Income taxes paid, net of refunds	$ 0	$ (233)

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Loss Per Share


	Three Months Ended March 31,
(in thousands except share data and per share amount)	2024		2023
Basic
Net (loss)	$	(1,491)	$	(14,584)
Less: net (loss) attributable to non-controlling interest	(378)		(4,318)
Net (loss) available for basic common shares	$	(1,113)	$	(10,266)
Weighted-average shares of Class A common stock outstanding - basic and diluted	48,574,448		43,870,005
(Loss) per share of Class A common stock - basic and diluted	$	(0.02)	$	(0.23)

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
	March 31, 2024	March 31, 2023
QLH Class B-1 Units	15,049,782	18,921,446
Restricted Class A Shares	16,598	109,328
Restricted stock units	4,662,213	6,354,505

Potential dilutive shares	19,728,593	25,385,279

Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Accounts receivable, allowance for credit losses	$ 455		$ 537
Payments pursuant to tax receivable agreement	0	$ 2,822
Revolving Credit Facility
Significant Accounting Policies [Line Items]
2021 Revolving Credit Facility	173,600
Available credit under agreement	$ 45,000
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	$ 2,800

- 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

Long-term debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (1,525)	$ (1,701)
Total debt	172,100	174,299
Current portion of long-term debt	(11,866)	(11,854)
Total long-term debt	160,234	162,445
Debt issuance costs	681	693
Revolving Credit Facility
Debt Instrument [Line Items]
2021 Revolving Credit Facility	173,600
Term loan \| 2021 Credit Facilities
Debt Instrument [Line Items]
2021 Term Loan Facility	168,625	171,000
Line of credit \| 2021 Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
2021 Revolving Credit Facility	$ 5,000	$ 5,000

Equity-based compensation - Summary of Equity-based Compensation Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 8,634	$ 14,341
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	7	45
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	105	202
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	8,470	14,057
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 52	$ 37

- 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

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, 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, 2023		47,360,454	18,070,829
Beginning balance at Dec. 31, 2023	(94,425)	$ 474	$ 181	511,613	(522,562)	(84,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		3,057,000	(3,057,000)
Exchange of non-controlling interest for Class A common stock	0	$ 31	$ (31)	(14,280)		14,280
Vesting of restricted stock units (in shares)		407,803
Vesting of restricted stock units	0	$ 3		(3)
Equity-based compensation	8,582			8,575		7
Shares withheld on tax withholding on vesting of restricted stock units	(1,956)			(1,956)
Distributions to non-controlling interests	(113)					(113)
Net (loss)	(1,491)				(1,113)	(378)
Ending balance (in shares) at Mar. 31, 2024		50,825,257	15,013,829
Ending balance at Mar. 31, 2024	$ (89,403)	$ 508	$ 150	$ 503,949	$ (523,675)	$ (70,335)

Goodwill and intangible assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	$ 52,687	$ 52,687
Accumulated amortization	(28,281)	(26,672)
Net carrying amount	24,406	26,015	$ 32,932
Goodwill	47,739	47,739	$ 47,739
Customer relationships
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	43,500	43,500
Accumulated amortization	(25,336)	(23,947)
Net carrying amount	$ 18,164	19,553
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	(2,642)	(2,422)
Net carrying amount	$ 6,242	$ 6,462
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (1,113)	$ (10,266)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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+ Details

Income taxes - Narrative (Details)	3 Months Ended		12 Months Ended
Income taxes - Narrative (Details)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rate	(1.80%)	(0.50%)
Statutory federal tax rate	21.00%
Conversion of stock (in shares) \| shares	3,057,000
Stockholder's equity, exchange ratio	1
Deferred tax assets, valuation allowance	$ 116,600,000		$ 95,100,000
Liability on tax receivable agreement	0		$ 0
Unrecognized liability on tax receivable agreement	107,000,000
Payments pursuant to tax receivable agreement	0	$ 2,822,000
Tax Receivables Agreement \| Related Party
Income Tax Disclosure [Line Items]
Payments pursuant to tax receivable agreement	$ 0	$ 2,800,000

Long-term debt

3 Months Ended

Mar. 31, 2024

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”). 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 2021 Term Loan Facility requires mandatory prepayments of principal with any Excess Cash Flow (as defined in the 2021 Credit Facilities) on an annual basis. The Company generated excess cash flow (as defined in the Amended Credit Agreement) for the year ended December 31, 2023, and so will be required to prepay approximately $3.0 million of the principal under the 2021 Term Loan Facility during the three months ending June 30, 2024, which amount has been classified within the current portion of long-term debt on the consolidated balance sheets.

Long-term debt consisted of the following:


	As of
(in thousands)	March 31, 2024		December 31, 2023
2021 Term Loan Facility	$	168,625	$	171,000

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,525)		(1,701)
Total debt	$	172,100	$	174,299
Less: current portion, net of debt issuance costs of $681 and $693, respectively	(11,866)		(11,854)
Total long-term debt	$	160,234	$	162,445

The Company incurred interest expense on the 2021 Term Loan Facility of $3.6 million and $3.4 million for the three months ended March 31, 2024 and 2023, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facilities of $0.2 million for the three months ended March 31, 2024 and 2023.

As of March 31, 2024, the Company’s borrowing capacity available under the 2021 Revolving Credit Facility was $45.0 million, which carries a commitment fee based on the Company’s consolidated total net leverage ratio and ranges from 0.25% to 0.50%. The commitment fee on the unused portion of the 2021 Revolving Credit Facility was 0.38% as of March 31, 2024. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company’s interest rate on the outstanding borrowings under the 2021 Term Loan Facility and the 2021 Revolving Credit Facility was 7.93%.

Accrued interest was $3.6 million as of March 31, 2024 and $3.7 million as of December 31, 2023, and is included within accrued expenses on the consolidated balance sheets. As of March 31, 2024, the Company was in compliance with all covenants under the 2021 Credit Facilities.

The expected future principal payments for all borrowings as of March 31, 2024 were as follows:


(in thousands)	Contractual maturity

2024–Remaining Period	$	10,172
2025	9,500
2026	153,953


Debt and issuance costs	173,625
Unamortized debt issuance costs	(1,525)
Total debt	$	172,100

- 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.

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+ Details

Income taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Our Income Tax Expense (Benefit)

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


	Three Months Ended March 31,
(in thousands, except percentages)	2024			2023
(Loss) before income taxes	$	(1,464)		$	(14,506)
Income tax expense	$	27		$	78
Effective Tax Rate	(1.8)		%	(0.5)		%

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001818383
Current Fiscal Year End Date	--12-31
Class A Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,579,274
Class B Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,263,829

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
	Mar. 31, 2024	Mar. 31, 2023
Basic
Net (loss)	$ (1,491)	$ (14,584)
Net (loss) attributable to non-controlling interest	(378)	(4,318)
Net (loss) available for basic common shares	$ (1,113)	$ (10,266)
Weighted-average shares of Class A common stock outstanding - basic (in shares)	48,574,448	43,870,005
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	48,574,448	43,870,005
(Loss) earnings per share of Class A common stock - basic (in dollars per share)	$ (0.02)	$ (0.23)
(Loss) earnings per share of Class A common stock - diluted (in dollars per share)	$ (0.02)	$ (0.23)
Class A Common
Basic
Weighted-average shares of Class A common stock outstanding - basic (in shares)	48,574,448	43,870,005
Weighted-average shares of Class A common stock outstanding - diluted (in shares)		43,870,005
(Loss) earnings per share of Class A common stock - basic (in dollars per share)	$ (0.02)	$ (0.23)
(Loss) earnings per share of Class A common stock - diluted (in dollars per share)	$ (0.02)	$ (0.23)

- 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

Long-term debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 3,600	$ 3,400
Amortization of deferred debt issuance costs	191	199
Accrued interest	3,600		$ 3,700
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	200	$ 100
Available credit under agreement	$ 45,000
Commitment fee percentage	0.38%
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]
Debt instrument, mandatory prepayment, principal	$ 3,000
2021 Credit Facilities \| Term loan
Debt Instrument [Line Items]
Quarterly amortization rate	7.93%

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 14,471	$ 17,271
Accounts receivable, net of allowance for credit losses of $455 and $537, respectively	57,495	53,773
Prepaid expenses and other current assets	3,661	3,529
Total current assets	75,627	74,573
Intangible assets, net	24,406	26,015
Goodwill	47,739	47,739
Other assets	5,251	5,598
Total assets	153,023	153,925
Current liabilities
Accounts payable	53,586	56,279
Accrued expenses	10,833	11,588
Current portion of long-term debt	11,866	11,854
Total current liabilities	76,285	79,721
Long-term debt, net of current portion	160,234	162,445
Other long-term liabilities	5,907	6,184
Total liabilities	242,426	248,350
Commitments and contingencies (Note 5)
Stockholders' (deficit):
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	503,949	511,613
Accumulated deficit	(523,675)	(522,562)
Total stockholders' (deficit) attributable to MediaAlpha, Inc.	(19,068)	(10,294)
Non-controlling interests	(70,335)	(84,131)
Total stockholders' (deficit)	(89,403)	(94,425)
Total liabilities and stockholders' deficit	153,023	153,925
Class A Common
Stockholders' (deficit):
Common stock	508	474
Class B Common
Stockholders' (deficit):
Common stock	$ 150	$ 181