MediaAlpha, Inc. (MAX) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and good day, everyone. My name is RG, and I will be your conference operator today. At this time, I would like to welcome everyone to the MediaAlpha, Inc. Fourth Quarter and Full Year of 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the call over to Alex Liloia. Please go ahead.

Alex Liloia

Thanks, RG. Good afternoon and thank you for joining us. With me are Co-Founder and CEO, Steve Yi; and CFO, Pat Thompson.

On today’s call, we’ll make forward-looking statements relating to our business and outlook for future financial results, including our financial guidance for the first quarter of 2025. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

Please refer to our SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q, for a fuller explanation of those risks and uncertainties and the limits applicable to forward-looking statements. All the forward-looking statements we make on this call reflect our assumptions and beliefs as of today, and we disclaim any obligation to update such statements except as required by law.

Today’s discussion will include non-GAAP financial measures which are not a substitute for GAAP results. Reconciliations of these non-GAAP financial measures to the corresponding GAAP measures can be found in our press release and shareholder letter issued today, which are available on the Investor Relations section of our website.

I’ll now turn the call over to Steve.

Steve Yi

Hey. Thanks, Alex. Hi, everyone. Thank you for joining us. Our 2024 financial results were outstanding. Emerging from the most difficult auto insurance market in decades, our transaction value grew by more than 150% and our adjusted EBITDA grew by more than 200% year-over-year. We ended 2024 on a high note, delivering record fourth quarter results across all of our key performance metrics, driven by strength in our P&C insurance vertical.

We believe the auto insurance advertising market is well-positioned for sustained growth as carrier financial results continue to improve and competition for market share increases. Over the past five years, we’ve more than tripled our P&C transaction value and gained significant market share due to attractive secular trends and strong execution. These secular growth drivers remain in place and we expect to continue to outgrow the market as we enable superior outcomes for our partners.