MediaAlpha(MAX)2025-04-30 20:09Financial Performance - Revenue for Q1 2025 was $264.3 million, a 109% increase year over year[5] - Net loss for Q1 2025 was $(2.3) million, compared to a net loss of $(1.5) million in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $29.4 million, an increase from $14.4 million in Q1 2024[5] - Revenue guidance for Q2 2025 is projected between $235 million and $255 million, representing a 37% year-over-year increase at the midpoint[9] - Adjusted EBITDA for Q2 2025 is expected to be between $25.0 million and $27.0 million, a 39% year-over-year increase at the midpoint[9] - For the three months ended March 31, 2025, the company reported a net loss of $2.334 million, compared to a net loss of $1.491 million for the same period in 2024[30] - Adjusted EBITDA for the three months ended March 31, 2025, was $29.376 million, up from $14.419 million in 2024, reflecting better underlying business trends[30] Transaction Metrics - Transaction Value reached $473.1 million, up 116% year over year, with Property & Casualty segment growing 200% to $407 million[5] - Total Transaction Value for the three months ended March 31, 2025, was $473.101 million, a substantial increase from $219.106 million in 2024[25] - The Open Marketplace transactions accounted for 54.6% of total Transaction Value in Q1 2025, while Private Marketplace transactions made up 45.4%[25] - The Property & Casualty insurance vertical represented 86.0% of total Transaction Value, significantly increasing from 61.8% in the previous year[25] - The company expects Transaction Value in the Property & Casualty vertical to grow 65% - 75% year over year in Q2 2025[6] Margins and Efficiency - Gross margin for Q1 2025 was 15.8%, down from 18.7% in Q1 2024[5] - Contribution Margin for Q1 2025 was 16.6%, compared to 21.9% in Q1 2024[5] - Contribution for the same period rose to $43.982 million, compared to $27.676 million in 2024, indicating improved operational efficiency[27] Cash Flow and Reserves - Net cash provided by operating activities increased significantly to $23.701 million from $1.678 million year-over-year[23] - The company ended the period with cash and cash equivalents of $63.561 million, up from $14.471 million at the end of the same period in 2024[23] - The company recorded an additional $5.0 million reserve related to FTC settlement discussions, totaling $12.0 million as of March 31, 2025[5] - Legal expenses for the three months ended March 31, 2025, totaled $6.879 million, primarily due to a $5.0 million increase in the loss reserve related to the FTC Matter[32] Other Financial Adjustments - The company incurred a write-off of intangible assets amounting to $13.416 million related to the acquisition of Customer Helper Team, LLC[31]