Market Opportunity & Growth - Digital insurance ad spend is projected to reach $14 billion by 2026, representing a 23-26E CAGR of 15% [13, 20] - Digital insurance ad spend growth is outpacing overall digital ad spend growth, with a 27% increase expected in 2024 compared to 13% for overall digital ad spend [21, 22] - The Property & Casualty (P&C) insurance industry is recovering, with carriers refocusing on growth and customer acquisition as underwriting results improve [37] Financial Performance - The company's LTM Transaction Value reached $1.9 billion [17] - LTM Q2 2025 Adjusted EBITDA was $116.8 million, representing a 136% year-over-year growth [17] - Q2 2025 Transaction Value was $435 million, compared to $255 million in Q2 2024 [54] - Q2 2025 Adjusted EBITDA was $24.5 million, compared to $18.7 million in Q2 2024 [54] Business Model & Strategy - The company operates a two-sided marketplace connecting insurance demand partners with high-intent end consumers [24] - The company has high partner retention rates, with 100% one-year retention and 96% three-year retention for both top 25 supply and demand partners [35] - The company's model enables demand partners to monetize surplus traffic through its marketplaces as supply partners [33] - The company's economic model is based on a percentage of Transaction Value, regardless of whether an insurance product is sold [48]

Market Opportunity & Growth - Digital insurance advertising spend is projected to reach $14 billion by 2026[13], representing a 23-26% CAGR from 2023[20] - Digital insurance ad spend growth is expected to be 27% in 2024[13], outpacing the overall digital ad spend growth of 13%[22] - The Property & Casualty (P&C) insurance industry is showing signs of recovery, with carriers refocusing on growth and customer acquisition as underwriting results improve[33] MediaAlpha's Performance & Scale - MediaAlpha's LTM (Last Twelve Months) Transaction Value reached $1.7 billion[17] - The company achieved $12.0 million in LTM Transaction Value per employee[17] - Q1 2025 Adjusted EBITDA grew by 104% year-over-year, reaching $29.4 million[17] Financial Overview - In Q1 2025, Transaction Value was $473 million[51], Contribution was $44 million[51], and Adjusted EBITDA was $29.4 million[17] - P&C contributed $407 million to Transaction Value in Q1 2025[51], while Health contributed $58 million[51], Life contributed $7 million[51], and other verticals contributed $1 million[51] - Adjusted EBITDA for the year 2024 was $96 million[49], and LTM Q1 2025 Adjusted EBITDA reached $111 million[49]