{"schema_version":"secwatch.filing_event.v1","accession":"0001818383-23-000072","form_type":"8-K","ticker":"MAX","cik":"0001818383","company_name":"MediaAlpha, Inc.","filed_at":"2023-05-04T23:59:59+00:00","discovered_at":"2026-05-14T18:03:40.821987+00:00","generated_at":"2026-06-15T22:50:35.746043+00:00","sec_items":["2.02","2.05","5.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"medium","headline":"MediaAlpha reports Q1 revenue down 22% YoY, net loss widens to $14.6M; cuts 25 jobs (16% of workforce)","bullets":["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%."],"urls":{"canonical":"https://secwatch.observer/filing/0001818383-23-000072","json":"https://secwatch.observer/filing/0001818383-23-000072.json","markdown":"https://secwatch.observer/filing/0001818383-23-000072.md","text":"https://secwatch.observer/filing/0001818383-23-000072.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1818383/000181838323000072/0001818383-23-000072-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1818383/000181838323000072/max-20230504.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T22:50:35.746043+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"2dbec08ec201436b81ac3ee773e99d1bac074999","claim":"MediaAlpha, Inc. reported the first quarter ended March 31, 2023 results: revenue $111.6 million, net income $(14.6) million.","evidence_excerpt":"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 •","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1818383/000181838323000072/0001818383-23-000072-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the first quarter ended March 31, 2023"},{"label":"Revenue","value":"$111.6 million"},{"label":"Net income","value":"$(14.6) million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"c7b866c578","claim":"Cathy Cunningham was terminated as Chief People Officer at MediaAlpha, Inc..","evidence_excerpt":"the employment of Cathy Cunningham, the Company’s Chief People Officer, terminated as of May 1, 2023.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1818383/000181838323000072/0001818383-23-000072-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"terminated"},{"label":"Role","value":"Chief People Officer"}],"fact_type":"executive_change"},{"claim_id":"b833ec0e964eb650fad4bb0c5f8092bacbfe1472","claim":"MediaAlpha, Inc. announced a restructuring with charges of approximately $1.6 million (25 employees or 16%).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1818383/000181838323000072/0001818383-23-000072-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $1.6 million"},{"label":"Headcount","value":"25 employees or 16%"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}