secwatch.observer — SEC 8-K summary
======================================

Issuer:     MediaAlpha, Inc. (MAX)
CIK:        0001818383
Form:       8-K
Filed at:   2025-02-24T23:59:59+00:00
Accession:  0001818383-25-000020
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MediaAlpha Q4 revenue $300.6M (+157% YoY), net income $7.3M; FY net income $22.1M
--------------------------------------------------------------------------------

- Q4 revenue $300.6M (+157% YoY); Transaction Value $499.2M (+202%) driven by P&C vertical $401M (+639%).
- Full-year revenue $864.7M (+123%), Transaction Value $1.5B (+151%), net income $22.1M vs loss $56.6M.
- Adjusted EBITDA Q4 $36.7M (vs $12.7M); full year $96.1M (vs $27.1M), both records.
- Gross margin 16.3% vs 19.0%; Contribution margin 17.1% vs 21.4% reflecting mix shift.
- Active FTC settlement discussions; $7.0M reserve recorded under GAAP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1818383/000181838325000020/0001818383-25-000020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1818383/000181838325000020/max-20250224.htm
  HTML page:      https://secwatch.observer/filing/0001818383-25-000020

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer