Here are 1-3 brief analogies to describe MediaAlpha (MAX):

• LendingTree for insurance.

• Zillow for insurance customer acquisition.

• Insurance Customer Acquisition Platform: A digital platform designed to optimize customer acquisition for insurance carriers across property & casualty, health, and life insurance verticals.

MediaAlpha (MAX) primarily sells its services to other companies, specifically insurance carriers.

MediaAlpha operates an insurance customer acquisition platform that helps insurance companies optimize their customer acquisition efforts in various verticals, including property and casualty insurance, health insurance, and life insurance.

While MediaAlpha's investor filings indicate that a concentrated group of its top customers accounts for a significant portion of its revenue (e.g., its top 10 customers accounted for approximately 49% of revenue in 2022), the company does not publicly disclose the specific names of these major insurance carrier clients. This is common practice in the industry due to competitive and confidentiality reasons, as these carriers are often competitors themselves.

Therefore, it is not possible to list specific major customer companies by name or include their public symbols from publicly available information.

Instead, MediaAlpha's customer base consists of a broad range of national and regional insurance carriers operating in the following sectors:

• Property and Casualty (P&C) Insurance
• Health Insurance
• Life Insurance

• Amazon Web Services (AMZN)

Steve Yi

Co-Founder & Chief Executive Officer

Mr. Yi has served as the Co-Founder and Chief Executive Officer of MediaAlpha (including its predecessor) since June 2011. Prior to co-founding MediaAlpha, he co-founded and served as the Chief Executive Officer of Fareloop LLC, a travel comparison website, from 2009 to 2011. He also held the position of Senior Vice President and General Manager, Marketing Services, at Oversee.net, a technology-driven media company, from 2007 to 2009. Mr. Yi's early career included working at Goldman Sachs and a series of Internet companies in Los Angeles, where he focused on Internet advertising and was involved with several startups. He holds an undergraduate degree in East Asian Studies from Harvard University and a J.D. from Harvard Law School.

Patrick Thompson

Chief Financial Officer

Mr. Thompson has served as MediaAlpha's Chief Financial Officer since December 2021. Before joining MediaAlpha, he spent 11 years at Expedia Group, Inc., a global online travel company, in various senior financial roles, including Chief Financial Officer, Retail, and Senior Vice President, Corporate Finance. Earlier in his career, Mr. Thompson worked as a management consultant at Bain & Company, Inc., and as an associate at Bain Capital LP, a global alternative investment firm. He earned a B.A. in Physics and Mathematics from Bowdoin College and an M.B.A. from The Tuck School of Business at Dartmouth.

Eugene Nonko

Co-Founder and Chief Architect

Mr. Nonko is a Co-Founder of MediaAlpha and serves as its Chief Architect. He previously held the title of Chief Technology Officer.

Jeffrey Coyne

General Counsel and Secretary

Mr. Coyne has served as General Counsel and Secretary of MediaAlpha since May 2021. Prior to MediaAlpha, he was Executive Vice President, General Counsel and Secretary of Veritone, Inc., an artificial intelligence technology and solutions provider, from 2016 to 2021. He also served as Senior Vice President, General Counsel and Corporate Secretary of Newport Corporation, a global supplier of advanced technology products that was acquired by MKS Instruments, Inc., from 2001 to 2016. Earlier in his career, he was a partner in the Corporate and Securities Law Department of Stradling Yocca Carlson & Rauth. Mr. Coyne holds an undergraduate degree in Economics from Duke University and a J.D. from the University of Southern California Law Center.

Keith Cramer

Chief Revenue Officer and Head of P&C

Mr. Cramer has served as Chief Revenue Officer of MediaAlpha since February 2025, and previously as Senior Vice President, Supply Partnerships and Head of P&C from March 2014 to February 2025. Before joining MediaAlpha, he was a Vice President at Vantage Media, an advertising technology company, from 2012 to 2014. Prior to that, Mr. Cramer held various roles at QuinStreet, an online performance marketing company, including Senior Director, Insurance, from 2008 to 2012. He received his undergraduate degree in Management and Economics from the University of Florida and an M.B.A. from Oklahoma Christian University.

Here are the key risks to MediaAlpha's business:

1. Regulatory Compliance and Impact of FTC Matter: MediaAlpha faces significant financial and operational risks due to regulatory scrutiny, particularly an investigation and settlement with the Federal Trade Commission (FTC). This FTC matter has resulted in financial penalties and operational restrictions, specifically impacting the under-65 health insurance sub-vertical, leading to a decline in transaction value and profit within that segment. Ongoing compliance with various regulations, including those related to privacy and data protection, is critical, and future regulatory changes or non-compliance could further affect profitability and operations.
2. Partner Dependency and Intense Competition: The company's business model is highly reliant on relationships with its Demand and Supply Partners, many of whom do not have long-term commitments. This creates a risk of sudden revenue loss if these partners cease transactions or if competitors offer more attractive terms or technologies. Furthermore, the concentration of revenue from a small group of partners increases MediaAlpha's vulnerability to changes in these relationships and competitive pressures, including the potential for partners to negotiate lower platform fees or switch to private marketplaces.
3. Industry Cyclicality and Macroeconomic Pressures: MediaAlpha's revenue is significantly exposed to the cyclical nature of the property and casualty (P&C) insurance industry. This inherent cyclicality means that market conditions can rapidly change spending patterns by insurance carriers, directly impacting MediaAlpha's customer acquisition platform. Additionally, broader macroeconomic pressures can pose challenges by influencing overall advertising spending and consumer behavior in the insurance market.

The clear emerging threat to MediaAlpha is the potential expansion of Amazon's insurance marketplace model into the United States. Following the launch of Amazon's insurance store in the United Kingdom in late 2022, there is a clear signal that a major technology company with significant resources, customer trust, and an established e-commerce platform is entering the insurance distribution space. Should Amazon choose to introduce a similar offering in the U.S., it would directly compete with MediaAlpha's customer acquisition platform by leveraging Amazon's vast user base and technological capabilities, potentially disrupting the existing online insurance marketplace landscape.

MediaAlpha, Inc. (MAX) is poised for future revenue growth over the next 2-3 years, driven by several key factors as outlined in recent company communications and analyst insights.

1. Sustained Recovery and Increased Marketing Spend in the Property & Casualty (P&C) Insurance Vertical: MediaAlpha anticipates significant growth from the ongoing recovery in the auto insurance market. As P&C carriers achieve profitability, they are increasing their marketing investments in customer acquisition, leading to a substantial increase in transaction value on MediaAlpha's platform. The company expects these favorable market conditions to persist throughout 2024 and beyond. MediaAlpha also aims to diversify demand within its P&C marketplace by integrating new and underpenetrated carriers.
2. Growth in the Health Insurance Vertical, Particularly Medicare Advantage: Despite facing challenges in the under-65 health segment, MediaAlpha is seeing positive trends and expects continued transaction value growth in its overall health insurance vertical, with a particular focus on Medicare Advantage. This segment is expected to contribute to the company's revenue growth, with projected high-single to low-double-digit year-over-year growth in transaction value for the health vertical.
3. Enhancement of Platform Capabilities through AI and Large Language Models (LLMs): MediaAlpha is leveraging artificial intelligence and Large Language Models to improve its platform. The company's CEO has expressed optimism regarding AI's potential to expand opportunities and drive increased click volume in the P&C segment. These technological advancements are expected to enhance the efficiency of their customer acquisition platform.
4. Strategic Mergers and Acquisitions (M&A) and Business Development for Market Expansion: MediaAlpha has indicated plans for strategic expansion through mergers and acquisitions. Management has targeted 2026 for potential acquisitions in new insurance verticals, such as life and home insurance. Additionally, an increased business development budget aims to secure long-term contracts and data assets, further broadening MediaAlpha's market reach and diversifying its offerings.

Share Repurchases

• MediaAlpha's Board of Directors authorized a new $50 million Share Repurchase Program for Class A common stock on October 28, 2025, with completion expected by the end of 2026.
• On February 18, 2026, the company's Board of Directors authorized an increase in the existing Share Repurchase Program by $50 million, bringing the total authorization to up to $100 million.
• In 2025, MediaAlpha completed $47 million in share repurchases, including 4.4 million shares bought back. This included a privately negotiated transaction on September 4, 2025, where the company repurchased 3,234,894 shares of Class A common stock from entities affiliated with Insignia Capital Group for approximately $32.9 million.

Share Issuance

• In August 2025, MediaAlpha issued Class A common shares to executives through the vesting of Restricted Stock Units (RSUs) granted in prior years (e.g., 2022, 2023, and 2024), where one share was issued for each vested RSU at no cash price.
• The number of MediaAlpha's shares outstanding increased by 25.91% in one year, as of early 2026.

Inbound Investments

• In the second quarter of 2023, MediaAlpha's largest shareholder, White Mountains Group, completed a tender offer for 5.9 million Class A shares, increasing their ownership position to 36% of the total outstanding shares.

Capital Expenditures

• In the last 12 months as of early 2026, MediaAlpha's capital expenditures were approximately -$340,000.
• The company reported $40,000 in capital expenditures in Q4 2025.
• MediaAlpha anticipates minimal capital expenditures and low working capital needs, expecting to convert a significant portion of Adjusted EBITDA into unlevered free cash flow.