0001818383-24-000093 | 10-Q | XBRL Viewer

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Earnings (Loss) Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except share data and per share amounts)	2024		2023		2024		2023
Basic
Net income (loss)	$	11,888	$	(18,698)	$	14,817	$	(53,262)
Less: net income (loss) attributable to non-controlling interest	2,406		(5,196)		2,828		(15,208)
Net income (loss) attributable to MediaAlpha, Inc.	$	9,482	$	(13,502)	$	11,989	$	(38,054)
Weighted-average shares of Class A common stock outstanding - basic	54,909,772		46,229,672		52,293,622		45,095,417
Weighted-average shares of Class A common stock outstanding - diluted	54,909,772		46,229,672		66,087,041		45,095,417
Income (loss) per share of Class A common stock - basic	$	0.17	$	(0.29)	$	0.23	$	(0.84)
Income (loss) per share of Class A common stock - diluted	$	0.17	$	(0.29)	$	0.22	$	(0.84)


(in thousands except share data and per share amount)	Nine months ended September 30, 2024
Diluted
Net income	$	14,817
Add: incremental tax benefits related to exchange of Class B-1 units	(223)
Net income available for diluted common shares	$	14,594
Weighted-average shares outstanding:
Class A common stock	52,293,622
Class B-1 units	13,793,419


Weighted-average shares of Class A common stock and potential Class A common stock	66,087,041
Net income per share of Class A common stock - diluted	$	0.22

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 income per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of certain of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect of their inclusion would be anti-dilutive.

The following table summarizes the shares and units with a potentially dilutive impact for the three months ended September 30, 2024 and 2023:


	As of
	September 30, 2024	September 30, 2023
QLH Class B-1 Units	11,609,982	18,155,446
Restricted Class A Shares	—	52,573
Restricted stock units	3,664,754	4,342,036
PRSUs	93,000	—
Potentially dilutive shares	15,367,736	22,550,055

The following table summarizes the shares and units with a potentially dilutive impact for the nine months ended September 30, 2024 and 2023:


	As of
	September 30, 2024	September 30, 2023
QLH Class B-1 Units	—	18,155,446
Restricted Class A Shares	—	52,573
Restricted stock units	3,664,754	4,342,036
PRSUs	93,000	—
Potentially dilutive shares	3,757,754	22,550,055

The outstanding PRSUs were included in the potentially dilutive securities as of September 30, 2024 to the level in which the performance conditions have been met as of September 30, 2024.

Equity-based compensation (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

QLH restricted Class B-1 units	$	3	$	14	$	16	$	73
Restricted Class A shares	66		130		272		464
Restricted stock units	7,985		14,310		25,230		43,406
Performance-based restricted stock units	543		—		934		—
Total equity-based compensation	$	8,597	$	14,454	$	26,452	$	43,943

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, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cost of revenue	$	405	$	1,012	$	2,654	$	2,959
Sales and marketing	1,933		2,151		5,676		6,895
Product development	1,733		1,905		5,001		6,176
General and administrative	4,526		9,386		13,121		27,913
Total equity-based compensation	$	8,597	$	14,454	$	26,452	$	43,943

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 11,888	$ (1,491)	$ (18,698)	$ (14,584)	$ 14,817	$ (53,262)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation expense					26,452	43,943
Non-cash lease expense					596	508
Depreciation expense on property and equipment					191	275
Amortization of intangible assets	1,600		1,700		4,827	5,188	$ 6,917
Amortization of deferred debt issuance costs	200		200		569	597
Impairment of cost method investment					0	1,406
Credit losses					519	(220)
Tax receivable agreement liability adjustments					0	6
Changes in operating assets and liabilities:
Accounts receivable					(73,560)	27,167
Prepaid expenses and other current assets					547	3,059
Other assets					375	375
Accounts payable					53,298	(15,243)
Accrued expenses					2,712	1,138
Net cash provided by operating activities					31,343	14,937
Cash flows from investing activities
Purchases of property and equipment					(207)	(60)
Acquisition of intangible assets					(400)	0
Net cash (used in) investing activities					(607)	(60)
Cash flows from financing activities
Repayments on long-term debt					(10,172)	(7,125)
Contributions from QLH’s members					756	196
Distributions					(1,111)	(1,572)
Payments pursuant to tax receivable agreement					0	(2,822)
Shares withheld for taxes on vesting of restricted stock units					(5,176)	(2,900)
Net cash (used in) financing activities					(15,703)	(14,223)
Net increase in cash and cash equivalents					15,033	654
Cash and cash equivalents, beginning of period		$ 17,271		$ 14,542	17,271	14,542	14,542
Cash and cash equivalents, end of period	$ 32,304		$ 15,196		32,304	15,196	$ 17,271
Supplemental disclosures of cash flow information
Interest					10,670	10,081
Income taxes paid, net of refunds					$ 104	$ (233)

Disaggregation of revenue (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

Open marketplace transactions	$	253,016	$	73,053	$	546,949	$	263,568
Private marketplace transactions	6,117		1,520		17,107		7,407
Total	$	259,133	$	74,573	$	564,056	$	270,975

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

Property & casualty insurance	$	219,036	$	31,933	$	422,700	$	126,532
Health insurance	32,879		33,961		114,932		115,192
Life insurance	5,227		5,341		19,308		18,321
Other	1,991		3,338		7,116		10,930
Total	$	259,133	$	74,573	$	564,056	$	270,975

Goodwill and intangible assets - Summary of Future Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024 - Remaining Period	$ 1,603
2025	5,776
2026	5,173
2027	4,140
2028	2,336
Thereafter	2,560
Net carrying amount	$ 21,588	$ 26,015	$ 32,932

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 8,597	$ 14,454	$ 26,452	$ 43,943
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	405	1,012	2,654	2,959
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,933	2,151	5,676	6,895
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,733	1,905	5,001	6,176
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 4,526	$ 9,386	$ 13,121	$ 27,913

- 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

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+ Details

Income taxes

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2024			2023			2024			2023
Income (loss) before income taxes	$	12,200		$	(18,596)		$	15,286		$	(52,932)
Income tax expense	$	312		$	102		$	469		$	330
Effective Tax Rate	2.6		%	(0.5)		%	3.1		%	(0.6)		%

The Company's effective tax rate of 2.6% and 3.1% for the three and nine months ended September 30, 2024, respectively, and (0.5)% and (0.6)% for the three and nine months ended September 30, 2023, respectively, differed from the U.S. federal statutory rate of 21%, due primarily to the tax impacts of changes in valuation allowance.

There were no material changes to the Company’s unrecognized tax benefits during the three and nine months ended September 30, 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 and nine months ended September 30, 2024, holders of Class B-1 units exchanged 0 and 6,496,800 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, 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 September 30, 2024 and December 31, 2023, the Company had a valuation allowance of $125.2 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. Based on the significant improvement in the Company's pre-tax income for the nine months ended September 30, 2024 and the current forecasts, the Company expects that in the foreseeable future, which could be as early as the fourth quarter of 2024, 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 would be able to 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 income.

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, 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. Accordingly, the Company has determined that the liabilities under the TRA were zero as of September 30, 2024 and December 31, 2023 in the consolidated balance sheets. In the event the Company generates taxable income for the current year, the Company would be required to recognize a portion or all of the liability under the TRA. If the Company had determined that generating sufficient future taxable income such that making a payment under the TRA was probable, it would have also recorded a liability pursuant to the TRA of approximately $121 million as of September 30, 2024 in the consolidated balance sheets.

No payments were made pursuant to the TRA during the three and nine months ended September 30, 2024, and payments of $0 and $2.8 million were made during the three and nine months ended September 30, 2023, respectively.

- Definition

The entire disclosure for income tax.

+ References

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-Name Accounting Standards Codification
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-Paragraph 2
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Disaggregation of revenue - Summary of Disaggregation of Revenue by Product Vertical (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 259,133	$ 74,573	$ 564,056	$ 270,975
Property & casualty insurance
Disaggregation of Revenue [Line Items]
Revenue	219,036	31,933	422,700	126,532
Health insurance
Disaggregation of Revenue [Line Items]
Revenue	32,879	33,961	114,932	115,192
Life insurance
Disaggregation of Revenue [Line Items]
Revenue	5,227	5,341	19,308	18,321
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 1,991	$ 3,338	$ 7,116	$ 10,930

- 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
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+ Details

Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Accounts receivable, allowance for credit losses	$ 1,027		$ 1,027		$ 537
Payments pursuant to tax receivable agreement			0	$ 2,822
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Outstanding amount drawn under revolving credit facility	165,800		165,800
Available credit under agreement	45,000		$ 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	$ 0	$ 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

Goodwill and intangible assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets consisted of:


	As of
		September 30, 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	$	(28,113)	$	15,387	$	43,500	$	(23,947)	$	19,553
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	9,284		(3,083)		6,201		8,884		(2,422)		6,462
Intangible assets		$	53,087	$	(31,499)	$	21,588	$	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 September 30, 2024 and 2023, respectively, and $4.8 million and $5.2 million for the nine months ended September 30, 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
	September 30, 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
Additions to goodwill and intangible assets	—		400		—		—
Amortization	—		(4,827)		—		(6,917)
Ending balance	$	47,739	$	21,588	$	47,739	$	26,015

As of September 30, 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	$	1,603
2025	5,776
2026	5,173
2027	4,140
2028	2,336
Thereafter	2,560
	$	21,588

Income taxes - Summary of Our Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 12,200	$ (18,596)	$ 15,286	$ (52,932)
Income tax expense	$ 312	$ 102	$ 469	$ 330
Effective Tax Rate	2.60%	(0.50%)	3.10%	(0.60%)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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+ Details

Long-term debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 3,300	$ 3,800	$ 10,300	$ 10,900
Amortization of deferred debt issuance costs	200	200	569	597
Accrued interest	$ 3,300		$ 3,300		$ 3,700
2021 Credit Facilities \| Term loan
Debt Instrument [Line Items]
Quarterly amortization rate	7.57%		7.57%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	$ 100	$ 200	$ 500	$ 500
Available credit under agreement	$ 45,000		$ 45,000
Commitment fee percentage			0.25%
Revolving Credit Facility \| 2021 Credit Facilities \| Line of credit
Debt Instrument [Line Items]
Quarterly amortization rate	7.68%		7.68%
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%

Fair Value Measurements - Narrative (Details)	Feb. 24, 2022 period	Sep. 30, 2024	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		0.0550
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

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Revenue	$ 259,133	$ 74,573	$ 564,056	$ 270,975
Purchases	219,907	62,277	469,465	226,545
Accounts receivable	126,814		126,814		$ 53,773
Accounts payable	109,577		109,577		56,279
Top One Supplier \| Supplier Concentration Risk \| Purchases
Significant Accounting Policies [Line Items]
Purchases		$ 9,000		$ 26,000
Concentration risk percentage		14.00%		12.00%
Top One Supplier \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable					$ 12,000
Concentration risk percentage					21.00%
Top Two Suppliers \| Supplier Concentration Risk \| Purchases
Significant Accounting Policies [Line Items]
Purchases	$ 48,000
Concentration risk percentage	22.00%
Top Three Suppliers \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable	$ 39,000		$ 39,000
Concentration risk percentage			36.00%
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 \| Revenue from Contract with Customer Benchmark
Significant Accounting Policies [Line Items]
Revenue	$ 130,000		$ 227,000
Concentration risk percentage	50.00%		40.00%
Top Two Customers \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable	$ 66,000		$ 66,000
Concentration risk percentage			52.00%

Equity-based compensation

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

QLH restricted Class B-1 units	$	3	$	14	$	16	$	73
Restricted Class A shares	66		130		272		464
Restricted stock units	7,985		14,310		25,230		43,406
Performance-based restricted stock units	543		—		934		—
Total equity-based compensation	$	8,597	$	14,454	$	26,452	$	43,943

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, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cost of revenue	$	405	$	1,012	$	2,654	$	2,959
Sales and marketing	1,933		2,151		5,676		6,895
Product development	1,733		1,905		5,001		6,176
General and administrative	4,526		9,386		13,121		27,913
Total equity-based compensation	$	8,597	$	14,454	$	26,452	$	43,943

As of September 30, 2024, total unrecognized compensation cost related to unvested restricted stock units and PRSUs was $57.3 million and $0.8 million, respectively, which are expected to be recognized over weighted-average periods of 2.53 years and 0.45 years, respectively.

Goodwill and intangible assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	$ 53,087	$ 52,687
Accumulated amortization	(31,499)	(26,672)
Net carrying amount	21,588	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	(28,113)	(23,947)
Net carrying amount	$ 15,387	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	9,284	8,884
Accumulated amortization	(3,083)	(2,422)
Net carrying amount	$ 6,201	$ 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

Goodwill and intangible assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of:


	As of
		September 30, 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	$	(28,113)	$	15,387	$	43,500	$	(23,947)	$	19,553
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	9,284		(3,083)		6,201		8,884		(2,422)		6,462
Intangible assets		$	53,087	$	(31,499)	$	21,588	$	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
	September 30, 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
Additions to goodwill and intangible assets	—		400		—		—
Amortization	—		(4,827)		—		(6,917)
Ending balance	$	47,739	$	21,588	$	47,739	$	26,015

Summary of Future Amortization Expense on Identifiable Intangible Assets

As of September 30, 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	$	1,603
2025	5,776
2026	5,173
2027	4,140
2028	2,336
Thereafter	2,560
	$	21,588

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 1,027	$ 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)	1,000,000,000.0	1,000,000,000.0
Common stock, issued (in shares)	55,100,000	47,400,000
Common stock, outstanding (in shares)	55,100,000	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)	11,600,000	18,100,000
Common stock, outstanding (in shares)	11,600,000	18,100,000

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 259,133	$ 74,573	$ 564,056	$ 270,975
Costs and operating expenses
Cost of revenue	219,907	62,277	469,465	226,545
Sales and marketing	6,496	6,101	18,608	19,802
Product development	5,328	4,296	14,743	14,525
General and administrative	11,794	16,648	36,767	50,473
Total costs and operating expenses	243,525	89,322	539,583	311,345
Income (loss) from operations	15,608	(14,749)	24,473	(40,370)
Other (income) expense, net	(154)	(100)	(1,971)	1,165
Interest expense	3,562	3,947	11,158	11,397
Total other expense, net	3,408	3,847	9,187	12,562
Income (loss) before income taxes	12,200	(18,596)	15,286	(52,932)
Income tax expense	312	102	469	330
Net income (loss)	11,888	(18,698)	14,817	(53,262)
Net income (loss) attributable to non-controlling interest	2,406	(5,196)	2,828	(15,208)
Net income (loss) attributable to MediaAlpha, Inc.	$ 9,482	$ (13,502)	$ 11,989	$ (38,054)
Net income (loss) per share of Class A common stock
Basic (in dollars per share)	$ 0.17	$ (0.29)	$ 0.23	$ (0.84)
Diluted (in dollars per share)	$ 0.17	$ (0.29)	$ 0.22	$ (0.84)
Weighted average shares of Class A common stock outstanding
Basic (in shares)	54,909,772	46,229,672	52,293,622	45,095,417
Weighted-average shares of common stock outstanding - diluted (in shares)	54,909,772	46,229,672	66,087,041	45,095,417

Non-Controlling Interest - Narrative (Details)	3 Months Ended	9 Months Ended
Non-Controlling Interest - Narrative (Details)	Sep. 30, 2024 shares	Sep. 30, 2024 shares	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Conversion of stock (in shares)	0	6,496,800
Stockholder's equity, exchange ratio	1	1
QLH
Noncontrolling Interest [Line Items]
Non-controlling interests owned	82.60%	82.60%	72.30%
QLH \| QLH Class B-1 Unitholders
Noncontrolling Interest [Line Items]
Ownership interest owned	17.40%	17.40%	27.70%

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,600	$ 1,700	$ 4,827	$ 5,188	$ 6,917
Accumulated impairment of goodwill	$ 0		$ 0

Long-term debt - Schedule of Expected Future Principal Payments for Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024–Remaining Period	$ 2,375
2025	9,500
2026	153,953
Debt and issuance costs	165,828
Unamortized debt issuance costs	(1,178)	$ (1,701)
Total debt	$ 164,650	$ 174,299

- Definition

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

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	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		55,090,208
Class B Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,574,029

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Customer and Supplier Concentration Risk

Customer and supplier concentrations consisted of the below:


	Three Months Ended September 30, 2024					Three Months Ended September 30, 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	2	$	130	50	%	—	$	—	—	%
Purchases	2	$	48	22	%	1	$	9	14	%


	Nine Months Ended September 30, 2024					Nine Months Ended September 30, 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	2	$	227	40	%	—	$	—	—	%
Purchases	—	$	—	—	%	1	$	26	12	%


	As of September 30, 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	$	66	52	%	1	$	7	14	%
Accounts payable	3	$	39	36	%	1	$	12	21	%

Non-Controlling Interest	9 Months Ended
Non-Controlling Interest	Sep. 30, 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 and nine months ended September 30, 2024, the holders of the non-controlling interests exchanged 0 and 6,496,800 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, 2024, the holders of the non-controlling interests owned 17.4% of the total equity interests in QLH, with the remaining 82.6% 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)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	As of
(in thousands)	September 30, 2024		December 31, 2023
2021 Term Loan Facility	$	160,828	$	171,000

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,178)		(1,701)
Total debt	$	164,650	$	174,299
Less: current portion, net of debt issuance costs of $661 and $693, respectively	(8,839)		(11,854)
Total long-term debt	$	155,811	$	162,445

Schedule of Expected Future Principal Payments for Borrowings

The expected future principal payments for all borrowings as of September 30, 2024 were as follows:


(in thousands)	Contractual maturity

2024–Remaining Period	$	2,375
2025	9,500
2026	153,953


Debt and issuance costs	165,828
Unamortized debt issuance costs	(1,178)
Total debt	$	164,650

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of significant accounting policies

9 Months Ended

Sep. 30, 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 under Part II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q and did not materially change during the nine months ended September 30, 2024.

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 and under Part II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q.

Accounts receivable

Accounts receivable are net of allowances for credit losses of $1.0 million and $0.5 million as of September 30, 2024 and December 31, 2023, 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, 2024					Three Months Ended September 30, 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	2	$	130	50	%	—	$	—	—	%
Purchases	2	$	48	22	%	1	$	9	14	%


	Nine Months Ended September 30, 2024					Nine Months Ended September 30, 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	2	$	227	40	%	—	$	—	—	%
Purchases	—	$	—	—	%	1	$	26	12	%


	As of September 30, 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	$	66	52	%	1	$	7	14	%
Accounts payable	3	$	39	36	%	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 and nine months ended September 30, 2024, no payments were made pursuant to the TRA. During the three and nine months ended September 30, 2023, payments of $0 and $2.8 million, respectively, were made pursuant to the TRA.

Liquidity

As of September 30, 2024, the aggregate principal amount outstanding under the 2021 Credit Facilities was $165.8 million, with $45.0 million remaining for borrowing under the 2021 Revolving Credit Facility. As of September 30, 2024, the Company was in compliance with all of its financial covenants under such credit facilities.

On October 30, 2024, the Company received a letter from the Federal Trade Commission (FTC) in which the FTC proposes to seek injunctive and monetary relief and civil penalties, as further discussed in Note 5 - Commitments and contingencies - Litigation and other matters. The total amount of the proposed items significantly exceed the Company's existing liquidity and financial resources. Any such costs above the existing liquidity and financial resources would require the Company to seek additional capital, incur debt or otherwise take significant actions in order to satisfy the claims and there can be no assurances that such financing could be obtained on acceptable terms, or at all. The Company’s ability to continue to comply with its covenants will depend on, among other things, financial, business, market, competitive, the outcome of the FTC matter, 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's Property & Casualty (P&C) insurance vertical has rebounded strongly during 2024, with multiple carriers meaningfully increasing their spending in the Company's marketplace. 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.

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 amendments in the ASU are 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.

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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic
Net income (loss)	$ 11,888	$ 4,420	$ (1,491)	$ (18,698)	$ (19,980)	$ (14,584)	$ 14,817	$ (53,262)
Less: net income (loss) attributable to non-controlling interest	2,406			(5,196)			2,828	(15,208)
Net income (loss) attributable to MediaAlpha, Inc.	$ 9,482			$ (13,502)			$ 11,989	$ (38,054)
Weighted-average shares of Class A common stock outstanding - basic (in shares)	54,909,772			46,229,672			52,293,622	45,095,417
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	54,909,772			46,229,672			66,087,041	45,095,417
Income (loss) per share of Class A common stock - basic (in dollars per share)	$ 0.17			$ (0.29)			$ 0.23	$ (0.84)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.17			$ (0.29)			$ 0.22	$ (0.84)
Diluted
Net income (loss)	$ 11,888	$ 4,420	$ (1,491)	$ (18,698)	$ (19,980)	$ (14,584)	$ 14,817	$ (53,262)
Add: incremental tax benefits related to exchange of Class B-1 units							(223)
Net income available for diluted common shares							$ 14,594
Weighted-average shares of common stock outstanding - diluted (in shares)	54,909,772			46,229,672			66,087,041	45,095,417
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.17			$ (0.29)			$ 0.22	$ (0.84)
Class A Common
Basic
Weighted-average shares of Class A common stock outstanding - diluted (in shares)							52,293,622
Income (loss) per share of Class A common stock - basic (in dollars per share)	0.17			(0.29)			$ 0.23	(0.84)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	0.17			(0.29)			$ 0.22	(0.84)
Diluted
Weighted-average shares of common stock outstanding - diluted (in shares)							52,293,622
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.17			$ (0.29)			$ 0.22	$ (0.84)
Class B-1 Units
Basic
Weighted-average shares of Class A common stock outstanding - diluted (in shares)							13,793,419
Diluted
Weighted-average shares of common stock outstanding - diluted (in shares)							13,793,419

Long-term debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (1,178)	$ (1,701)
Total debt	164,650	174,299
Current portion of long-term debt	(8,839)	(11,854)
Total long-term debt	155,811	162,445
Debt issuance costs	661	693
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	165,800
Term loan \| 2021 Credit Facilities
Debt Instrument [Line Items]
2021 Term Loan Facility	160,828	171,000
Line of credit \| 2021 Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	$ 5,000	$ 5,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill
Beginning balance at January 1,			$ 47,739	$ 47,739	$ 47,739
Additions to goodwill			0		0
Ending balance	$ 47,739		47,739		47,739
Intangible assets
Beginning balance at January 1,			26,015	32,932	32,932
Additions to intangible assets			400		0
Amortization	(1,600)	$ (1,700)	(4,827)	$ (5,188)	(6,917)
Ending balance	$ 21,588		$ 21,588		$ 26,015

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 32,304	$ 17,271
Accounts receivable, net of allowance for credit losses of $1,027 and $537, respectively	126,814	53,773
Prepaid expenses and other current assets	2,936	3,529
Total current assets	162,054	74,573
Intangible assets, net	21,588	26,015
Goodwill	47,739	47,739
Other assets	4,729	5,598
Total assets	236,110	153,925
Current liabilities
Accounts payable	109,577	56,279
Accrued expenses	14,202	11,588
Current portion of long-term debt	8,839	11,854
Total current liabilities	132,618	79,721
Long-term debt, net of current portion	155,811	162,445
Other long-term liabilities	7,302	6,184
Total liabilities	295,731	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 September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	501,543	511,613
Accumulated deficit	(510,573)	(522,562)
Total stockholders' (deficit) attributable to MediaAlpha, Inc.	(8,363)	(10,294)
Non-controlling interest	(51,258)	(84,131)
Total stockholders' (deficit)	(59,621)	(94,425)
Total liabilities and stockholders' deficit	236,110	153,925
Class A Common
Stockholders' (deficit)
Common stock	551	474
Class B Common
Stockholders' (deficit)
Common stock	$ 116	$ 181

Income taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income taxes - Narrative (Details)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rate	2.60%	(0.50%)	3.10%	(0.60%)
Statutory federal tax rate			21.00%
Conversion of stock (in shares) \| shares	0		6,496,800
Stockholder's equity, exchange ratio	1		1
Deferred tax assets, valuation allowance	$ 125,200,000		$ 125,200,000		$ 95,100,000
Liability on tax receivable agreement	0		0		$ 0
Unrecognized liability on tax receivable agreement	121,000,000		121,000,000
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	$ 0	$ 0	$ 2,800,000

Commitments and contingencies - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
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	$ 200,000	$ 1,600,000	$ 2,000,000	$ 3,000,000

Earnings (Loss) Per Share- Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	15,367,736	22,550,055	3,757,754	22,550,055
QLH Class B-1 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	11,609,982	18,155,446	0	18,155,446
Restricted Class A shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	0	52,573	0	52,573
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	3,664,754	4,342,036	3,664,754	4,342,036
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	93,000	0	93,000	0

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 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. The fair value of the contingent consideration as of 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 September 30, 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 5.50% 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 a company in which the Company held a minority equity investment 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 and nine months ended September 30, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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 amounts)	2024		2023		2024		2023
Basic
Net income (loss)	$	11,888	$	(18,698)	$	14,817	$	(53,262)
Less: net income (loss) attributable to non-controlling interest	2,406		(5,196)		2,828		(15,208)
Net income (loss) attributable to MediaAlpha, Inc.	$	9,482	$	(13,502)	$	11,989	$	(38,054)
Weighted-average shares of Class A common stock outstanding - basic	54,909,772		46,229,672		52,293,622		45,095,417
Weighted-average shares of Class A common stock outstanding - diluted	54,909,772		46,229,672		66,087,041		45,095,417
Income (loss) per share of Class A common stock - basic	$	0.17	$	(0.29)	$	0.23	$	(0.84)
Income (loss) per share of Class A common stock - diluted	$	0.17	$	(0.29)	$	0.22	$	(0.84)


(in thousands except share data and per share amount)	Nine months ended September 30, 2024
Diluted
Net income	$	14,817
Add: incremental tax benefits related to exchange of Class B-1 units	(223)
Net income available for diluted common shares	$	14,594
Weighted-average shares outstanding:
Class A common stock	52,293,622
Class B-1 units	13,793,419


Weighted-average shares of Class A common stock and potential Class A common stock	66,087,041
Net income per share of Class A common stock - diluted	$	0.22

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the shares and units with a potentially dilutive impact for the three months ended September 30, 2024 and 2023:


	As of
	September 30, 2024	September 30, 2023
QLH Class B-1 Units	11,609,982	18,155,446
Restricted Class A Shares	—	52,573
Restricted stock units	3,664,754	4,342,036
PRSUs	93,000	—
Potentially dilutive shares	15,367,736	22,550,055

The following table summarizes the shares and units with a potentially dilutive impact for the nine months ended September 30, 2024 and 2023:


	As of
	September 30, 2024	September 30, 2023
QLH Class B-1 Units	—	18,155,446
Restricted Class A Shares	—	52,573
Restricted stock units	3,664,754	4,342,036
PRSUs	93,000	—
Potentially dilutive shares	3,757,754	22,550,055

Equity-based compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 57.3
Weighted average period of recognition	2 years 6 months 10 days
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.8
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

Equity-based compensation - Summary of Equity-based Compensation Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 8,597	$ 14,454	$ 26,452	$ 43,943
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	3	14	16	73
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	66	130	272	464
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	7,985	14,310	25,230	43,406
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 543	$ 0	$ 934	$ 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

Disaggregation of revenue

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023

Open marketplace transactions	$	253,016	$	73,053	$	546,949	$	263,568
Private marketplace transactions	6,117		1,520		17,107		7,407
Total	$	259,133	$	74,573	$	564,056	$	270,975

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

Property & casualty insurance	$	219,036	$	31,933	$	422,700	$	126,532
Health insurance	32,879		33,961		114,932		115,192
Life insurance	5,227		5,341		19,308		18,321
Other	1,991		3,338		7,116		10,930
Total	$	259,133	$	74,573	$	564,056	$	270,975

- 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
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-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

Income taxes (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2024			2023			2024			2023
Income (loss) before income taxes	$	12,200		$	(18,596)		$	15,286		$	(52,932)
Income tax expense	$	312		$	102		$	469		$	330
Effective Tax Rate	2.6		%	(0.5)		%	3.1		%	(0.6)		%

Summary of significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of presentation

Accounts receivable

Accounts receivable are net of allowances for credit losses of $1.0 million and $0.5 million as of September 30, 2024 and December 31, 2023, respectively.

Concentrations of credit risk and of significant customers and suppliers

Customer and supplier concentrations consisted of the below:


	Three Months Ended September 30, 2024					Three Months Ended September 30, 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	2	$	130	50	%	—	$	—	—	%
Purchases	2	$	48	22	%	1	$	9	14	%


	Nine Months Ended September 30, 2024					Nine Months Ended September 30, 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	2	$	227	40	%	—	$	—	—	%
Purchases	—	$	—	—	%	1	$	26	12	%


	As of September 30, 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	$	66	52	%	1	$	7	14	%
Accounts payable	3	$	39	36	%	1	$	12	21	%

New accounting pronouncements

New Accounting Pronouncements

Recently adopted accounting pronouncements

There have been no recently adopted accounting pronouncements by the Company.

Recently issued not yet adopted accounting pronouncements

Disaggregation of revenue - Summary of Disaggregation of Revenue by Transaction Model (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 259,133	$ 74,573	$ 564,056	$ 270,975
Open marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	253,016	73,053	546,949	263,568
Private marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	$ 6,117	$ 1,520	$ 17,107	$ 7,407

- 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

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 income (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 income (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 income (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 income (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)
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 income (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)
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]
Net income (loss)	14,817
Ending balance (in shares) at Sep. 30, 2024		55,090,208	11,574,029
Ending balance at Sep. 30, 2024	(59,621)	$ 551	$ 116	501,543	(510,573)	(51,258)
Beginning balance (in shares) at Mar. 31, 2024		50,825,257	15,013,829
Beginning balance at Mar. 31, 2024	(89,403)	$ 508	$ 150	503,949	(523,675)	(70,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		3,439,800	(3,439,800)
Exchange of non-controlling interest for Class A common stock	0	$ 34	$ (34)	(16,104)		16,104
Vesting of restricted stock units (in shares)		464,296
Vesting of restricted stock units	0	$ 5		(5)
Equity-based compensation	8,882			8,876		6
Shares withheld on tax withholding on vesting of restricted stock units	(1,721)			(1,721)
Contributions from QLH’s members	756					756
Distributions to non-controlling interests	(904)					(904)
Net income (loss)	4,420				3,620	800
Ending balance (in shares) at Jun. 30, 2024		54,729,353	11,574,029
Ending balance at Jun. 30, 2024	(77,970)	$ 547	$ 116	494,995	(520,055)	(53,573)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		360,855
Vesting of restricted stock units	0	$ 4		(4)
Equity-based compensation	8,054			8,051		3
Shares withheld on tax withholding on vesting of restricted stock units	(1,499)			(1,499)
Distributions to non-controlling interests	(94)					(94)
Net income (loss)	11,888				9,482	2,406
Ending balance (in shares) at Sep. 30, 2024		55,090,208	11,574,029
Ending balance at Sep. 30, 2024	$ (59,621)	$ 551	$ 116	$ 501,543	$ (510,573)	$ (51,258)

Long-term debt

9 Months Ended

Sep. 30, 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”).

Long-term debt consisted of the following:


	As of
(in thousands)	September 30, 2024		December 31, 2023
2021 Term Loan Facility	$	160,828	$	171,000

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,178)		(1,701)
Total debt	$	164,650	$	174,299
Less: current portion, net of debt issuance costs of $661 and $693, respectively	(8,839)		(11,854)
Total long-term debt	$	155,811	$	162,445

The Company incurred interest expense on the 2021 Term Loan Facility of $3.3 million and $3.8 million for the three months ended September 30, 2024 and 2023, respectively, and $10.3 million and $10.9 million for the nine months ended September 30, 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 September 30, 2024 and 2023, respectively, and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 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 0.25% as of September 30, 2024. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company’s interest rates on the outstanding borrowings under the 2021 Term Loan Facility and the 2021 Revolving Credit Facility were 7.57% and 7.68%, respectively.

Accrued interest was $3.3 million as of September 30, 2024 and $3.7 million as of December 31, 2023, and is included within accrued expenses on the consolidated balance sheets. As of September 30, 2024, the Company was in compliance with all covenants under the 2021 Credit Facilities.

The expected future principal payments for all borrowings as of September 30, 2024 were as follows:


(in thousands)	Contractual maturity

2024–Remaining Period	$	2,375
2025	9,500
2026	153,953


Debt and issuance costs	165,828
Unamortized debt issuance costs	(1,178)
Total debt	$	164,650

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 9,482	$ (13,502)	$ 11,989	$ (38,054)

- Definition

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

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 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 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 has cooperated fully with the FTC investigation. On October 30, 2024, after completion of the Company’s earnings call, the Company received a letter from the staff of the FTC (the “FTC Staff”) stating that the FTC Staff is prepared to recommend the filing of a complaint against the Company for violations of Section 5(a) of the FTC Act, the Telemarketing Sales Rule ("TSR") and the Government and Business Impersonation Rule (the “Impersonation Rule”). The FTC Staff alleges that, in connection with the Company’s lead generation and telemarketing activities, the Company has represented itself as affiliated with government entities, made misleading claims (in particular regarding health insurance products and the Company’s use of consumers’ personal information) and utilized deceptive advertising, in violation of Section 5(a) of the FTC Act. The FTC Staff further alleges that the Company has violated the Impersonation Rule in representing itself to be affiliated with government entities and the TSR in connection with telemarketing activities. The FTC Staff proposes to seek injunctive and monetary relief and civil penalties. If obtained in whole or in part, the monetary relief and penalties proposed by the FTC Staff would have an adverse, and potentially material, effect on the Company’s liquidity, financial condition and results of operations. The total amount of these proposed items significantly exceeds the Company’s existing liquidity and financial resources. Any such costs above the existing liquidity and financial resources would require the Company to seek additional capital, incur debt or otherwise take significant actions in order to satisfy the claims and there can be no assurances that such financing could be obtained on acceptable terms, or at all. In addition, the proposed injunctive terms, if obtained in whole or in part, could materially and adversely affect the Company’s ability to operate its business in its Health insurance vertical, including how the Company conducts its marketing activities and endeavors to ensure compliance with consumer protection laws by itself and third parties with which the Company does business. The Company strongly disagrees with the FTC Staff’s allegations and believes it has substantial and meritorious defenses to these claims. Among other things, the Company believes that its conduct does not rise to the legal standard required for the FTC to obtain the proposed monetary relief and penalties. The Company will continue to engage in good faith and with the FTC Staff and seek to resolve this matter prior to litigation, but the Company is prepared to defend itself vigorously if a complaint is filed. Based on the facts and circumstances available to the Company as of the time of this filing, the Company believes that a loss in connection with the FTC matter is probable, either as a result of legal fees to be incurred to defend the claim or as a result of a settlement of the matter. However, due to, among other things, inherent uncertainty regarding the ultimate resolution of the FTC Staff’s claims, whether through settlement or litigation, the Company is unable to reasonably estimate the amount of probable loss or range of probable loss at this time. During the three and nine months ended September 30, 2024, the Company incurred legal fees of $0.2 million and $2.0 million, respectively, and 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. On February 26, 2024, the Company received an assessment from the City of Los Angeles related to its examination of the Company's Business Tax filings for tax years 2018 through 2023. Such assessment was affirmed by the Appeals Review Officer at an initial hearing in July 2024. The Company intends to appeal the assessment to the Board of Review of the Office of Finance. As of September 30, 2024, the Company has assessed its probable loss related to this matter and has accrued a reserve, which is not material. As of September 30, 2024 and December 31, 2023, the Company did not have any material contingency reserves established for any litigation liabilities.