Mediaalpha Inc SEC Filings

MediaAlpha (MAX) reported stronger Q3 2025 results. Revenue was $306.5 million, up 18.3% year over year, as property & casualty demand rebounded. Net income rose to $17.6 million, with diluted EPS of $0.26. Transaction Value reached $589.3 million (up 30.4%), while Adjusted EBITDA was $29.1 million and Contribution was $45.6 million, yielding a 14.9% Contribution Margin.

P&C led growth; Health declined due to the decision to scale back the under‑65 sub-vertical. Operating cash flow for the first nine months was $73.0 million. Cash and cash equivalents were $38.8 million, and $33.5 million was classified as restricted cash at quarter‑end.

The company amended its 2021 Credit Facilities on August 4, 2025, extending most maturities to July 29, 2027, with $13.3 million of term loans and $0.4 million of revolver commitments maturing July 29, 2026. A Court‑entered FTC Consent Order requires $45.0 million; $33.5 million was paid on October 21, 2025, with $11.5 million due by January 14, 2026. MediaAlpha repurchased 3,234,894 shares for $32.9 million in September and authorized a new $50 million repurchase program on October 28, 2025. Two customers represented 53% of Q3 revenue.

MediaAlpha, Inc. (MAX) reported two updates: it furnished its third‑quarter 2025 results via a press release and shareholder letter, and its board authorized a new share repurchase program for up to $50 million of Class A common stock.

The repurchases may be executed through open market purchases, privately negotiated transactions, preset trading plans, block trades, or a combination of these methods. The program is expected to be completed by the end of 2026, may be suspended or discontinued at any time, and does not obligate the company to repurchase any shares. The Q3 2025 press release (Exhibit 99.1) and shareholder letter (Exhibit 99.2) include GAAP-to-non‑GAAP reconciliations.

MediaAlpha, Inc. (MAX) insider Yi Steven reported the vesting of restricted stock units into Class A common stock on August 15, 2025. The filing shows 18,294 RSUs vested, resulting in issuance of 18,294 shares at no cash price and leaving the reporting person with 2,981,036 shares beneficially owned. The Form 4 also records that 36,588 RSU-equivalent derivative units are beneficially owned following the transaction. The reporting person is identified as a director and officer (Chief Executive Officer, President and Co‑Founder) of the issuer. The Form 4 was signed on August 18, 2025 by Jeffrey B. Coyne.

MediaAlpha (MAX) Form 4 — Reporting person: Yeh Kuanling Amy, Chief Technology Officer. On 08/15/2025 Ms. Yeh had multiple restricted stock units (RSUs) vest and received issued shares: 5,210, 5,303 and 4,803 Class A common shares upon vesting of RSUs granted in 2022, 2023 and 2024. Those issuances increased her reported beneficial ownership to 405,347 shares before a sale. On the same date she sold 6,000 shares at a weighted-average price of $10.1953 per share under a previously adopted Rule 10b5-1 trading plan, leaving 399,347 shares beneficially owned. The filing includes derivative detail showing the underlying RSU balances and states vesting schedules tied to continued employment.

MediaAlpha, Inc. insider Jeffrey B. Coyne reported multiple routine equity transactions tied to restricted stock unit (RSU) vesting on August 15, 2025. The filing shows 510 and 6,544 RSUs converted into Class A common stock (issued at $0 as vested compensation), increasing his beneficial ownership to 466,803 shares at one point. Several share dispositions reflect automatic withholding to satisfy tax obligations, with withholding sales executed at $10.14 per share. All holdings are reported as direct ownership.

MediaAlpha, Inc. (MAX) reported insider transactions by Patrick Ryan, the company's Chief Financial Officer and Treasurer. On 08/15/2025 9,772 restricted stock units (RSUs) vested and one share per RSU was issued at no cost. To satisfy tax withholding obligations, the issuer withheld 3,846, 5,257, 4,366 and 8,333 shares in separate dispositions, each sold at $10.14 per share. The filing lists a sequence of beneficial ownership figures after each transaction, with the final reported beneficial ownership of 894,591 shares of Class A common stock held directly.

MediaAlpha, Inc. (MAX) director Nonko Eugene received 18,294 shares through the vesting of restricted stock units (RSUs). Each vested RSU converted into one share of Class A Common Stock at no cash cost, increasing Mr. Eugene's direct holdings to 1,109,554 shares. The filing also reports 36,588 shares underlying RSUs/derivatives owned following the transaction. The RSUs originally vested in a scheduled pattern, with one-sixteenth vesting earlier and the remainder set to vest quarterly through a specified future date, subject to continued service. The disclosure is a routine insider vesting event.

MediaAlpha, Inc. (MAX) Form 4: Keith Cramer, the company’s Chief Revenue Officer and an officer reporting person, reported stock issued upon vesting of restricted stock units (RSUs). On 08/15/2025 three RSU vesting events resulted in the issuance of 5,210, 5,303 and 4,472 shares respectively, each issued at $0 because one share was issued for each vested RSU. Following these transactions Mr. Cramer’s beneficial ownership increased through a sequence of filings to a reported 182,185 shares of Class A common stock. The Form 4 was signed and dated 08/18/2025.