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Media Alpha MediaAlpha Announces Third Quarter 2021 Financial Results November 10 , 2021 • Revenue of $ 153 million , up 1 % year over year • Revenue from Property & Casualty down 8 % year over year to $ 105 million • Revenue from Health up 25 % year over year to $ 34 million • Transaction Value of $ 255 million , up 17 % year over year LOS ANGELES -- ( BUSINESS WIRE ) -- MediaAlpha , Inc. ( NYSE : MAX ) , today announced its financial results for the third quarter ended September 30 , 2021 . " We faced headwinds in the third quarter . While our Transaction Value grew 17 % year over year , we underperformed relative to expectations due to market challenges in our property and casualty ( P & C ) insurance vertical , " said Steve Yi , CEO of MediaAlpha . " Many of our P & C carrier partners are experiencing higher than expected insurance losses , driven by a post - pandemic increase in accident frequency and severity , as well as elevated catastrophe losses . These carriers are taking actions to restore profitability and have temporarily scaled back their marketing investments , and we are reducing our full year guidance accordingly . But the secular shift to direct , online customer acquisition remains powerful , and we are confident that growth in the auto insurance advertising market , and our results , will bounce back as underwriting profitability is restored . Importantly , our other verticals are unaffected by these trends , and our Health insurance vertical , in particular , continued its robust growth and is expected to have a strong fourth quarter . " Third Quarter 2021 Financial Results • Revenue of $ 152.7 million , an increase of 1 % year over year ; • Transaction Value of $ 255.1 million , an increase of 17 % year over year ; • Gross margin of 16.2 % , compared with 13.7 % in the third quarter of 2020 ; • Contribution Margin ( 1 ) of 17.1 % , compared with 14.3 % in the third quarter of 2020 ; • Net loss was $ ( 4.3 ) million , compared with net income of $ 4.8 million in the third quarter of 2020 ; and • Adjusted EBITDA ( 1 ) was $ 13.8 million , compared with $ 14.0 million in the third 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 fourth quarter of 2021 , MediaAlpha currently expects the following : • Transaction Value between $ 241 million - $ 256 million , representing a 3 % year - over - year decline at the midpoint of the guidance range ; • Revenue between $ 151 million - $ 161 million , representing an 18 % year - over - year decline at the midpoint of the guidance range ; • Contribution between $ 25 million - $ 28 million , representing a 13 % year - over - year decline at the midpoint of the guidance range ; and Adjusted EBITDA between $ 13 million - $ 15 million , representing a 23 % year - over - year decline at the midpoint of the guidance range . For the full year 2021 , MediaAlpha currently expects the following : • Transaction Value between $ 1,015 million - $ 1,030 million , representing 25 % year - over - year growth at the midpoint of the guidance range ; • Revenue between $ 635 million - $ 645 million , representing 9 % year - over - year growth at the midpoint of the guidance range ; • Contribution between $ 106 million - $ 109 million , representing 16 % year - over - year growth at