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MediaAlpha Reports Record Second Quarter Revenue of $316.9 Million
MediaAlpha announced record second quarter revenue of $316.9 million, a 26% increase year over year. Net income was $41.8 million, compared with a net loss of $22.5 million in the same period last year, and adjusted EBITDA rose to $29.3 million from $24.5 million. The company repurchased approximately 2.2 million shares for $20 million during the quarter, bringing cumulative repurchases under its $100 million program to 5.4 million shares. For the third quarter, MediaAlpha expects revenue between $330 million and $355 million and adjusted EBITDA between $32 million and $35 million. Full-year free cash flow is projected at $90 million to $100 million, with the vast majority of the remaining $45 million under the share repurchase program expected to be completed by year-end.