MediaAlpha, Inc.
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 23, 2026
MAX$14.37+1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from operating activities | |||
| Net income (loss) | $26,761 | $22,118 | $(56,555) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Equity-based compensation expense | 30,331 | 34,083 | 53,321 |
| Non-cash lease expense | 938 | 803 | 695 |
| Depreciation expense on property and equipment | 273 | 252 | 353 |
| Amortization of intangible assets | 2,979 | 6,430 | 6,917 |
| Amortization of deferred debt issuance costs | 654 | 755 | 793 |
| Write-off of intangible assets | 13,416 | — | — |
| Impairment of cost method investment | — | — | 1,406 |
| Credit losses | (173) | 497 | 5 |
| Deferred taxes | (138,894) | — | — |
| Tax receivables agreement | 124,089 | 7,006 | 6 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 20,086 | (89,656) | 6,220 |
| Prepaid expenses and other current assets | (672) | (244) | 2,287 |
| Other assets | (3,915) | 500 | 500 |
| Accounts payable | (14,469) | 49,284 | 2,287 |
| Accrued expenses | 4,194 | 14,044 | 1,996 |
| Net cash provided by operating activities | $65,598 | $45,872 | $20,231 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (340) | (254) | (73) |
| Acquisition of intangible assets | — | (400) | — |
| Net cash (used in) investing activities | $(340) | $(654) | $(73) |
| Cash flows from financing activities | |||
| Repayments on long-term debt | (9,500) | (12,547) | (9,500) |
| Debt issuance costs | (284) | — | — |
| Payments pursuant to tax receivables agreement | — | — | (2,822) |
| Shares withheld for taxes on vesting of restricted stock units | (4,214) | (6,308) | (3,721) |
| Repurchases of Class A common stock | (47,269) | — | — |
| Contributions from QLH’s members | 869 | 854 | 1,464 |
| Distributions to non-controlling interests | (1,250) | (1,222) | (2,850) |
| Net cash (used in) financing activities | $(61,648) | $(19,223) | $(17,429) |
| Net increase in cash and cash equivalents | 3,610 | 25,995 | 2,729 |
| Cash and cash equivalents, beginning of period | 43,266 | 17,271 | 14,542 |
| Cash and cash equivalents, end of period | $46,876 | $43,266 | $17,271 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for: | |||
| Interest | $10,788 | $13,940 | $13,773 |
| Income taxes paid, net of refunds | $1,014 | $228 | $(257) |
| Non-cash Investing and Financing Activities: | |||
| Changes of tax indemnification receivable | $(216) | $(52) | $644 |
| Changes of deferred tax assets related to increase in tax basis | $(10,840) | $— | $— |
| Right-of-use assets obtained in exchange of lease obligations | $322 | $465 | $133 |
| Vesting of performance-based restricted stock units | $1,649 | $— | $— |
| Accrued excise tax on repurchases of Class A common stock at end of period | $309 | $— | $— |
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