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MediaAlpha MediaAlpha Announces First Quarter 2021 Financial Results May 13 , 2021 • Revenue of $ 174 million , up 45 % year over year o Revenue from Property & Casualty grew 74 % year over year to $ 126 million • Transaction Value grew to a record $ 262.5 million , up 58 % year over year LOS ANGELES -- ( BUSINESS WIRE ) -- MediaAlpha , Inc. ( NYSE : MAX ) , today announced its financial results for the first quarter ended March 31 , 2021 . " We had a great start to 2021 , with our Transaction Value growing 58 % year over year to another quarterly record , ” said Steve Yi , MediaAlpha Co - Founder and CEO . " Given consumers ' aggressive adoption of online shopping in the past year , and our industry - leading market share , we are very optimistic about further solidifying our position as the leading customer acquisition partner to the insurance industry this year . As a result , we are raising our guidance for Transaction Value , Contribution and Adjusted EBITDA for full year 2021. " First Quarter 2021 Financial Results • Revenue of $ 173.6 million , an increase of 45 % year over year ; • Transaction Value of $ 262.5 million , an increase of 58 % year over year ; • Gross margin of 15.2 % , compared with 15.7 % in the first quarter of 2020 ; • Contribution Margin ( 1 ) of 16.1 % , compared with 16.5 % in the first quarter of 2020 ; • Net income was $ 0.2 million , compared with $ 8.8 million in the first quarter of 2020 ; and Adjusted EBITDA ( 1 ) was $ 16.3 million , compared with $ 12.7 million in the first quarter of 2020 . ( 1 ) A reconciliation of GAAP to Non - GAAP financial measures has been provided at the end of this press release . An explanation of these measures is also included below under the heading " Non - GAAP Financial Measures . Financial Outlook For the second quarter of 2021 , MediaAlpha currently expects the following : • Transaction Value between $ 255 million - $ 260 million , representing 47 % year - over - year growth at the midpoint of the guidance range ; • Revenue between $ 156 million - $ 161 million , representing 28 % year - over - year growth at the midpoint of the guidance range ; • Contribution between $ 25 million - $ 27 million , representing 28 % year - over - year growth at the midpoint of the guidance range ; and Adjusted EBITDA between $ 14.5 million - $ 15.5 million , representing 13 % year - over - year growth at the midpoint of the guidance range . For the full year 2021 , MediaAlpha currently expects the following : • Transaction Value between $ 1,050 million - $ 1,100 million , representing 32 % year - over - year growth at the midpoint of the guidance range ; • Revenue between $ 680 million - $ 710 million , representing 19 % year - over - year growth at the midpoint of the guidance range ; • Contribution between $ 114 million - $ 118 million , representing 25 % year - over - year growth at the midpoint of the guidance range ; and • Adjusted EBITDA between $ 65 million - $ 67 million , representing 14 % year - over - year growth at the midpoint of the guidance range . The Company expects total shares outstanding at the end of the second quarter of 2021 to be 59.4 million and 64.6 million on a basic and fully diluted basis , respectively . With respect to the Company's projections of Contribution and Adjusted EBITDA under " Financial Discussion - Q2 2021 Outlook , " MediaAlpha is not