MediaAlpha, Inc. (MAX): restructuring charge — MediaAlpha reports Q1 revenue down 22% YoY, net loss widens to $14.6M; cuts 25 jobs (16% of workforce)

MediaAlpha, Inc.

2023-Q1 EPS reported -$0.23 revenue$111,630,000

Q1 revenue $111.6M (-22% YoY); transaction value $193.2M (-19% YoY); net loss $(14.6)M vs $(9.8)M YoY.
Adjusted EBITDA $7.3M (up 2% YoY), but CEO notes largest carrier partner reduced ad spend post-Q1 due to profitability concerns.
Workforce reduction of 25 employees (16%) effective May 1; expects ~$1.6M restructuring charges, mostly cash.
Chief People Officer Cathy Cunningham terminated May 1; receives severance and accelerated vesting of 9,139 RSUs.
Gross margin improved to 16.5% from 15.2%; contribution margin 19.2% from 16.5%.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Cathy Cunningham

Chief People Officer

MAX · MediaAlpha, Inc.

Effective: 2023-05-01
Filed: May 4, 2023, 7:59 PM ET

the employment of Cathy Cunningham, the Company’s Chief People Officer, terminated as of May 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MediaAlpha, Inc. reported the first quarter ended March 31, 2023 results: revenue $111.6 million, net income $(14.6) million.

Period: the first quarter ended March 31, 2023
Revenue: $111.6 million
Net income: $(14.6) million
Result: reported results

Exact text from the filing

to the comparable GAAP financial measures is contained in each document. --- EX-99.1 (EX-99.1) --- MEDIAALPHA ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS • Revenue of $112 million, down 22% year over year • Transaction Value of $193 million, down 19% year over year • Transaction Value from Property & Casualty down 20% year over year to $118 million •

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Executive change SEC 8-K Item 5.02 confidence 0.95

Cathy Cunningham was terminated as Chief People Officer at MediaAlpha, Inc..

Action: terminated
Role: Chief People Officer

Exact text from the filing

the employment of Cathy Cunningham, the Company’s Chief People Officer, terminated as of May 1, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MediaAlpha, Inc. announced a restructuring with charges of approximately $1.6 million (25 employees or 16%).

Type: restructuring
Charge: approximately $1.6 million
Headcount: 25 employees or 16%

Exact text from the filing

On May 1, 2023, MediaAlpha committed to a plan to reduce its workforce (the “Plan”) by 25 employees or 16% to reduce its cost structure in response to a significant pull back in marketing investment by certain of the Company's major insurance carrier partners. The Company expects to incur restructuring charges associated with the Plan in the quarter ending June 30, 2023 of approximately $1.6 million, consisting primarily of one-time termination benefits provided to the terminated employees, of which approximately $1.3 million are cash expenditures.

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MediaAlpha, Inc. filing history →

Source: SEC EDGAR

accession 0001818383-23-000072

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