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- **Record Q3 Growth**: Transaction value up 30% YoY to $589 million, driven by 41% P&C growth.
- **Carrier Spend Momentum**: 13 carriers spending >$1M/month, with soft market cycle expected to sustain advertising investment.
- **Health Vertical Reset**: Under-65 transaction value to stabilize at $95-100M annually, with Medicare Advantage partnerships strong.
- **Take Rate Guidance**: Q4 2025 take rate ~7%, with potential improvement as demand broadens.
- **Share Buybacks**: $50M authorized, reflecting confidence in long-term value.

**【CEO Summary Section】**
- MediaAlpha reported record Q3 2025 results, with transaction value up 30% YoY to $589 million, driven by 41% growth in the P&C insurance vertical.
- P&C carriers are increasing marketing spend due to high underwriting margins, with 13 carriers spending over $1 million/month in Q3, the highest on record.
- The health insurance vertical saw a 40% YoY decline in transaction value due to a reset in the under-65 subvertical, but Medicare Advantage partnerships remain strong.
- CEO emphasized the long-term opportunity in digital insurance distribution, with AI poised to reshape consumer behavior and carrier strategies.

**【CFO Financial Commentary】**
- Adjusted EBITDA rose 11% YoY to $29.1 million, with a 64% contribution-to-EBITDA conversion rate.
- Take rate decreased due to: (1) under-65 subvertical decline, (2) outsized spend from leading P&C carriers, and (3) new private marketplace wins.
- Q4 2025 guidance: transaction value $620-645 million (27% YoY growth), revenue $280-300 million (-4% YoY), and adjusted EBITDA $27.5-29.5 million (-22% YoY).
- CFO announced a $50 million share repurchase program, reflecting confidence in long-term growth.

**【Q&A Highlights】**
- **Carrier Spend Sustainability**: CEO stated the soft market cycle is just beginning, with 2026 expected to see broader carrier participation in advertising.
- **Health Vertical Reset**: Under-65 transaction value will stabilize at $95-100 million annually, with contribution of $10-11 million.
- **Take Rate Dynamics**: Q4 2025 take rate ~7%, with potential improvement as demand broadens beyond top carriers.
- **AI Investment**: Company leveraging AI to enhance operational efficiency and support carrier campaigns through managed services.


MediaAlpha, Inc. (MAX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MAX

MAX fundamentals

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