MediaAlpha (MAX) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39671
Entity Registrant Name	MediaAlpha, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1854133
Entity Address, Address Line One	700 South Flower Street
Entity Address, Address Line Two	Suite 640
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90017
City Area Code	213
Local Phone Number	316-6256
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	MAX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001818383
Current Fiscal Year End Date	--12-31
Class A Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,729,353
Class B Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,574,029

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 28,659	$ 17,271
Accounts receivable, net of allowance for credit losses of $684 and $537, respectively	90,696	53,773
Prepaid expenses and other current assets	3,340	3,529
Total current assets	122,695	74,573
Intangible assets, net	22,797	26,015
Goodwill	47,739	47,739
Other assets	4,994	5,598
Total assets	198,225	153,925
Current liabilities
Accounts payable	90,604	56,279
Accrued expenses	11,808	11,588
Current portion of long-term debt	8,829	11,854
Total current liabilities	111,241	79,721
Long-term debt, net of current portion	158,023	162,445
Other long-term liabilities	6,931	6,184
Total liabilities	276,195	248,350
Commitments and contingencies (Note 5)
Stockholders' (deficit)
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	494,995	511,613
Accumulated deficit	(520,055)	(522,562)
Total stockholders' (deficit) attributable to MediaAlpha, Inc.	(24,397)	(10,294)
Non-controlling interest	(53,573)	(84,131)
Total stockholders' (deficit)	(77,970)	(94,425)
Total liabilities and stockholders' deficit	198,225	153,925
Class A Common
Stockholders' (deficit)
Common stock	547	474
Class B Common
Stockholders' (deficit)
Common stock	$ 116	$ 181

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 684	$ 537
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	54,700,000	47,400,000
Common stock, outstanding (in shares)	54,700,000	47,400,000
Class B Common
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	11,600,000	18,100,000
Common stock, outstanding (in shares)	11,600,000	18,100,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 178,274	$ 84,772	$ 304,923	$ 196,402
Costs and operating expenses
Cost of revenue	146,589	71,006	249,558	164,268
Sales and marketing	6,316	6,707	12,112	13,701
Product development	5,052	5,061	9,415	10,229
General and administrative	13,824	18,070	24,973	33,825
Total costs and operating expenses	171,781	100,844	296,058	222,023
Income (loss) from operations	6,493	(16,072)	8,865	(25,621)
Other (income) expense, net	(1,808)	(116)	(1,817)	1,265
Interest expense	3,751	3,874	7,596	7,450
Total other expense, net	1,943	3,758	5,779	8,715
Income (loss) before income taxes	4,550	(19,830)	3,086	(34,336)
Income tax expense	130	150	157	228
Net income (loss)	4,420	(19,980)	2,929	(34,564)
Net income (loss) attributable to non-controlling interest	800	(5,694)	422	(10,012)
Net income (loss) attributable to MediaAlpha, Inc.	$ 3,620	$ (14,286)	$ 2,507	$ (24,552)
Net income (loss) per share of Class A common stock
Basic (in dollars per share)	$ 0.07	$ (0.32)	$ 0.05	$ (0.55)
Diluted (in dollars per share)	$ 0.07	$ (0.32)	$ 0.04	$ (0.55)
Weighted average shares of Class A common stock outstanding
Basic (in shares)	53,367,896	45,160,646	50,971,172	44,518,890
Weighted-average shares of common stock outstanding - diluted (in shares)	53,367,896	45,160,646	65,868,384	44,518,890

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-In- Capital	Accumulated deficit	Non- Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		43,650,634	18,895,493
Beginning balance at Dec. 31, 2022	$ (86,084)	$ 437	$ 189	$ 465,523	$ (482,142)	$ (70,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		10,000	(10,000)
Exchange of non-controlling interest for Class A common stock	0			(39)		39
Vesting of restricted stock units (in shares)		608,022
Vesting of restricted stock units	0	$ 6		(6)
Equity-based compensation	14,304			14,259		45
Shares withheld on tax withholding on vesting of restricted stock units	(1,238)			(1,238)
Distributions to non-controlling interests	(1,104)					(1,104)
Net income (loss)	(14,584)				(10,266)	(4,318)
Ending balance (in shares) at Mar. 31, 2023		44,268,656	18,885,493
Ending balance at Mar. 31, 2023	(88,706)	$ 443	$ 189	478,499	(492,408)	(75,429)
Beginning balance (in shares) at Dec. 31, 2022		43,650,634	18,895,493
Beginning balance at Dec. 31, 2022	(86,084)	$ 437	$ 189	465,523	(482,142)	(70,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(34,564)
Ending balance (in shares) at Jun. 30, 2023		45,856,803	18,119,493
Ending balance at Jun. 30, 2023	(94,394)	$ 459	$ 181	489,831	(506,694)	(78,171)
Beginning balance (in shares) at Mar. 31, 2023		44,268,656	18,885,493
Beginning balance at Mar. 31, 2023	(88,706)	$ 443	$ 189	478,499	(492,408)	(75,429)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		766,000	(766,000)
Exchange of non-controlling interest for Class A common stock	0	$ 8	$ (8)	(3,130)		3,130
Vesting of restricted stock units (in shares)		822,147
Vesting of restricted stock units	0	$ 8		(8)
Equity-based compensation	15,185			15,171		14
Shares withheld on tax withholding on vesting of restricted stock units	(701)			(701)
Distributions to non-controlling interests	(192)					(192)
Net income (loss)	(19,980)				(14,286)	(5,694)
Ending balance (in shares) at Jun. 30, 2023		45,856,803	18,119,493
Ending balance at Jun. 30, 2023	(94,394)	$ 459	$ 181	489,831	(506,694)	(78,171)
Beginning balance (in shares) at Dec. 31, 2023		47,360,454	18,070,829
Beginning balance at Dec. 31, 2023	(94,425)	$ 474	$ 181	511,613	(522,562)	(84,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		3,057,000	(3,057,000)
Exchange of non-controlling interest for Class A common stock	0	$ 31	$ (31)	(14,280)		14,280
Vesting of restricted stock units (in shares)		407,803
Vesting of restricted stock units	0	$ 3		(3)
Equity-based compensation	8,582			8,575		7
Shares withheld on tax withholding on vesting of restricted stock units	(1,956)			(1,956)
Distributions to non-controlling interests	(113)					(113)
Net income (loss)	(1,491)				(1,113)	(378)
Ending balance (in shares) at Mar. 31, 2024		50,825,257	15,013,829
Ending balance at Mar. 31, 2024	(89,403)	$ 508	$ 150	503,949	(523,675)	(70,335)
Beginning balance (in shares) at Dec. 31, 2023		47,360,454	18,070,829
Beginning balance at Dec. 31, 2023	(94,425)	$ 474	$ 181	511,613	(522,562)	(84,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,929
Ending balance (in shares) at Jun. 30, 2024		54,729,353	11,574,029
Ending balance at Jun. 30, 2024	(77,970)	$ 547	$ 116	494,995	(520,055)	(53,573)
Beginning balance (in shares) at Mar. 31, 2024		50,825,257	15,013,829
Beginning balance at Mar. 31, 2024	(89,403)	$ 508	$ 150	503,949	(523,675)	(70,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		3,439,800	(3,439,800)
Exchange of non-controlling interest for Class A common stock	0	$ 34	$ (34)	(16,104)		16,104
Vesting of restricted stock units (in shares)		464,296
Vesting of restricted stock units	0	$ 5		(5)
Equity-based compensation	8,882			8,876		6
Shares withheld on tax withholding on vesting of restricted stock units	(1,721)			(1,721)
Contributions from QLH’s members	756					756
Distributions to non-controlling interests	(904)					(904)
Net income (loss)	4,420				3,620	800
Ending balance (in shares) at Jun. 30, 2024		54,729,353	11,574,029
Ending balance at Jun. 30, 2024	$ (77,970)	$ 547	$ 116	$ 494,995	$ (520,055)	$ (53,573)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 4,420	$ (1,491)	$ (19,980)	$ (14,584)	$ 2,929	$ (34,564)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation expense					17,855	29,489
Non-cash lease expense					395	337
Depreciation expense on property and equipment					126	188
Amortization of intangible assets	1,600		1,700		3,218	3,458	$ 6,917
Amortization of deferred debt issuance costs	200		200		380	398
Impairment of cost method investment					0	1,406
Credit losses					147	(250)
Tax receivable agreement liability adjustments					0	6
Changes in operating assets and liabilities:
Accounts receivable					(37,070)	27,659
Prepaid expenses and other current assets					159	2,364
Other assets					249	250
Accounts payable					34,325	(16,177)
Accrued expenses					574	1,777
Net cash provided by operating activities					23,287	16,341
Cash flows from investing activities
Purchases of property and equipment					(164)	(47)
Net cash (used in) investing activities					(164)	(47)
Cash flows from financing activities
Repayments on long-term debt					(7,797)	(4,750)
Contributions from QLH’s members					756	0
Distributions					(1,017)	(1,296)
Payments pursuant to tax receivable agreement					0	(2,822)
Shares withheld for taxes on vesting of restricted stock units					(3,677)	(1,939)
Net cash (used in) financing activities					(11,735)	(10,807)
Net increase in cash and cash equivalents					11,388	5,487
Cash and cash equivalents, beginning of period		$ 17,271		$ 14,542	17,271	14,542	14,542
Cash and cash equivalents, end of period	$ 28,659		$ 20,029		28,659	20,029	$ 17,271
Supplemental disclosures of cash flow information
Interest					7,300	6,423
Income tax refunds, net of taxes paid					$ (2)	$ (233)

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies The Company's significant accounting policies are included in the 2023 Annual Report on Form 10-K and did not materially change during the six months ended June 30, 2024. Basis of presentation The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of the Company as of and for the periods presented have been included. The December 31, 2023 balance sheet data was derived from audited consolidated financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. Results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with the Company's consolidated financial statements and related notes in its 2023 Annual Report on Form 10-K. Accounts receivable Accounts receivable are net of allowances for credit losses of $0.7 million and $0.5 million as of June 30, 2024 and December 31, 2023, respectively. Concentrations of credit risk and of significant customers and suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash balances that can, at times, exceed amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in these accounts and believes it is not exposed to unusual risk beyond the normal credit risk in this area based on the financial strength of the institutions with which the Company maintains its deposits. The Company's accounts receivable, which are unsecured, may expose it to credit risk based on their collectability. The Company controls credit risk by investigating the creditworthiness of all customers prior to establishing relationships with them, performing periodic reviews of the credit activities of those customers during the course of the business relationship, regularly analyzing the collectability of accounts receivable, and recording allowances for credit losses. The Company's supplier concentration can also expose it to business risks. Customer and supplier concentrations consisted of the below: Three Months Ended Three Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 70 39 % — $ — — % Purchases — $ — — % 1 $ 8 11 % Six Months Ended Six Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 95 31 % 1 $ 22 11 % Purchases 1 $ 25 10 % 1 $ 17 11 % As of June 30, 2024 As of December 31, 2023 Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Accounts receivable 2 $ 42 46 % 1 $ 7 14 % Accounts payable 1 $ 10 11 % 1 $ 12 21 % Related Party Transactions The Company is party to the tax receivables agreement ("TRA") under which it is contractually committed to pay certain holders of Class B-1 units 85% of the amount of any tax benefits that the Company actually realizes, or in some cases is deemed to realize, as a result of certain transactions. During the three and six months ended June 30, 2024, no payments were made pursuant to the TRA. During the three and six months ended June 30, 2023, payments of $0 and $2.8 million, respectively, were made pursuant to the TRA. Liquidity As of June 30, 2024, the aggregate principal amount outstanding under the 2021 Credit Facilities was $168.2 million, with $45.0 million remaining for borrowing under the 2021 Revolving Credit Facility. As of June 30, 2024, the Company was in compliance with all of its financial covenants under such credit facilities. The Company’s ability to continue to comply with its covenants will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control. The Company’s results are subject to fluctuations as a result of business cycles experienced by companies in the insurance industry. During the second half of 2021, the auto insurance industry began to experience a cyclical downturn, as supply chain disruptions and cost increases caused by the pandemic and overall inflationary pressures contributed to higher-than-expected P&C insurance claims costs, which led many carriers to reduce their customer acquisition spending to preserve their profitability. However, the recovery in the Property & Casualty (P&C) vertical gained significant momentum during the first half of 2024, with multiple carriers meaningfully increasing their spending in the Company's marketplace. While the Company expects this trend to continue as additional carriers refocus on growth in light of improved underwriting profitability, the Company is currently unable to accurately predict the pace or slope of this recovery, or its impact on the Company’s revenue from the P&C insurance vertical or the Company’s profitability, beyond the third quarter of 2024. The Company believes that its expected near-term revenue, cash on hand and availability to access additional cash under its 2021 Revolving Credit Facility are sufficient to meet its operating and capital expenditure requirements, and to continue to comply with its debt covenants, for at least the next twelve months as of the filing date of this Quarterly Report on Form 10-Q. The extent to which market conditions impact the Company’s business, results of operations, cash flows and financial condition will depend on future developments impacting its carrier partners, including inflation rates, the extent of any major catastrophic losses, and the timing of regulatory approval of premium rate increases, which remain highly uncertain and cannot be predicted with accuracy. The Company considered the impact of this uncertainty on the assumptions and estimates used when preparing these quarterly financial statements. These assumptions and estimates may continue to change as new events occur, and such changes could have an adverse impact on the Company's results of operations, financial position and liquidity. New Accounting Pronouncements Recently adopted accounting pronouncements There have been no recently adopted accounting pronouncements by the Company. Recently issued not yet adopted accounting pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosure. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a prospective basis but retrospective application is permitted. The Company is currently evaluating the impact of the ASU on its disclosures in the consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the ASU on disclosures in its consolidated financial statements.

Disaggregation of revenue

Disaggregation of revenue	6 Months Ended
Disaggregation of revenue	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	Disaggregation of revenue The following table shows the Company’s revenue disaggregated by transaction model: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Open marketplace transactions $ 171,504 $ 82,856 $ 293,933 $ 190,515 Private marketplace transactions 6,770 1,916 10,990 5,887 Total $ 178,274 $ 84,772 $ 304,923 $ 196,402 The following table shows the Company’s revenue disaggregated by product vertical: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Property & casualty insurance $ 134,422 $ 39,492 $ 203,664 $ 94,599 Health insurance 34,774 35,628 82,053 81,231 Life insurance 6,518 5,889 14,081 12,980 Other 2,560 3,763 5,125 7,592 Total $ 178,274 $ 84,772 $ 304,923 $ 196,402

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
Goodwill and intangible assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets Goodwill and intangible assets consisted of: As of June 30, 2024 December 31, 2023 (in thousands) Useful Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships 84 - 120 $ 43,500 $ (26,724) $ 16,776 $ 43,500 $ (23,947) $ 19,553 Non-compete agreements 60 303 (303) — 303 (303) — Trademarks, trade names, and domain names 60 - 120 8,884 (2,863) 6,021 8,884 (2,422) 6,462 Intangible assets $ 52,687 $ (29,890) $ 22,797 $ 52,687 $ (26,672) $ 26,015 Goodwill Indefinite $ 47,739 $ — $ 47,739 $ 47,739 $ — $ 47,739 Amortization expense related to intangible assets amounted to $1.6 million and $1.7 million for the three months ended June 30, 2024 and 2023, respectively, and $3.2 million and $3.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company has no accumulated impairment of goodwill. The following table presents the changes in goodwill and intangible assets: As of June 30, 2024 December 31, 2023 (in thousands) Goodwill Intangible Goodwill Intangible Beginning balance at January 1, $ 47,739 $ 26,015 $ 47,739 $ 32,932 Amortization — (3,218) — (6,917) Ending balance $ 47,739 $ 22,797 $ 47,739 $ 26,015 As of June 30, 2024, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows: (in thousands) Amortization expense 2024–Remaining Period $ 3,210 2025 5,759 2026 5,143 2027 4,106 2028 2,298 Thereafter 2,281 $ 22,797

Long-term debt

Long-term debt	6 Months Ended
Long-term debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term debt	Long-term debt On July 29, 2021, the Company entered into an amendment (the "First Amendment") to the 2020 Credit Agreement dated as of September 23, 2020, with the lenders that are party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the First Amendment, the “Existing Credit Agreement”). On June 8, 2023, the Company entered into a Second Amendment (the “Second Amendment”) to the Existing Credit Agreement (as amended by the Second Amendment, the “Amended Credit Agreement”). Long-term debt consisted of the following: As of (in thousands) June 30, December 31, 2021 Term Loan Facility $ 163,203 $ 171,000 2021 Revolving Credit Facility 5,000 5,000 Debt issuance costs (1,351) (1,701) Total debt $ 166,852 $ 174,299 Less: current portion, net of debt issuance costs of $671 and $693, respectively (8,829) (11,854) Total long-term debt $ 158,023 $ 162,445 The Company incurred interest expense on the 2021 Term Loan Facility of $3.3 million and $3.7 million for the three months ended June 30, 2024 and 2023, respectively, and $7.0 million and $7.1 million for the six months ended June 30, 2024 and 2023, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facilities of $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company’s borrowing capacity available under the 2021 Revolving Credit Facility was $45.0 million, which carries a commitment fee based on the Company’s consolidated total net leverage ratio and ranges from 0.25% to 0.50%. The commitment fee on the unused portion of the 2021 Revolving Credit Facility was 0.38% as of June 30, 2024. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company’s interest rates on the outstanding borrowings under the 2021 Term Loan Facility and the 2021 Revolving Credit Facility were 7.82% and 7.90%, respectively. Accrued interest was $3.4 million as of June 30, 2024 and $3.7 million as of December 31, 2023, and is included within accrued expenses on the consolidated balance sheets. As of June 30, 2024, the Company was in compliance with all covenants under the 2021 Credit Facilities. The expected future principal payments for all borrowings as of June 30, 2024 were as follows: (in thousands) Contractual maturity 2024–Remaining Period $ 4,750 2025 9,500 2026 153,953 Debt and issuance costs 168,203 Unamortized debt issuance costs (1,351) Total debt $ 166,852

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation and other matters The Company is subject to certain legal proceedings and claims that arise in the normal course of business. In the opinion of management, the Company does not believe that the amount of liability, if any, as a result of these proceedings and claims will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. On February 21, 2023, the Company received a civil investigative demand from the Federal Trade Commission (FTC) regarding compliance with the FTC Act and the Telemarketing Sales Rule, as they relate to the advertising, marketing, promotion, offering for sale, or sale of healthcare-related products, the collection, sale, transfer or provision to third parties of consumer data, telemarketing practices, and/or consumer privacy or data security. The Company is cooperating fully with the FTC. During the three and six months ended June 30, 2024, the Company incurred legal fees of $0.7 million and $1.8 million, respectively, and during the three and six months ended June 30, 2023, the Company incurred legal fees of $1.1 million and $1.4 million, respectively, in connection with the demand, which are included within general and administrative expenses on the consolidated statement of operations. At this time, the Company is unable to predict the ultimate outcome of this matter or the significance, if any, to the Company’s business, results of operations or financial condition. On February 26, 2024, the Company received an assessment from the City of Los Angeles related to its examination of the Company's Business Tax filings for tax years 2018 through 2023. Such assessment was affirmed by the Appeals Review Officer at an initial hearing in July 2024. The Company intends to appeal the assessment to the Board of Review of the Office of Finance. As of June 30, 2024 the Company has assessed its probable loss related to this matter and has accrued a reserve, which is not material. As of June 30, 2024 and December 31, 2023, the Company did not have any material contingency reserves established for any litigation liabilities.

Equity-based compensation

Equity-based compensation	6 Months Ended
Equity-based compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	Equity-based compensation Equity-based compensation cost recognized for equity-based awards outstanding during the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 QLH restricted Class B-1 units 6 14 13 59 Restricted Class A shares 101 132 206 334 Restricted stock units 8,775 15,039 17,245 29,096 Performance-based restricted stock units 339 (37) 391 — Total equity-based compensation $ 9,221 $ 15,148 $ 17,855 $ 29,489 Equity-based compensation cost was included in the following expense categories in the consolidated statements of operations during the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Cost of revenue $ 392 $ 981 $ 2,249 $ 1,947 Sales and marketing 2,042 2,363 3,743 4,744 Product development 1,786 2,099 3,268 4,271 General and administrative 5,001 9,705 8,595 18,527 Total equity-based compensation $ 9,221 $ 15,148 $ 17,855 $ 29,489 As of June 30, 2024, total unrecognized compensation cost related to unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs was $3 thousand, $0.1 million, $64.4 million, and $0.9 million, respectively, which are expected to be recognized over weighted-average periods of 0.17 years, 0.17 years, 2.69 years, and 0.70 years, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following are the Company’s financial instruments measured at fair value on a recurring basis: Contingent consideration Contingent consideration is measured at fair value on a recurring basis using significant unobservable inputs and thus represent a Level 3 measurement in the valuation hierarchy. Contingent consideration relates to the estimated amount of additional cash consideration to be paid in connection with the Company's acquisition of substantially all of the assets of Customer Helper Team, LLC ("CHT") which was closed on April 1, 2022. The fair value is dependent on the probability of achieving certain revenue and gross profit margin targets for the two successive twelve-month periods following the closing of the acquisition. The Company used the Monte Carlo simulation approach to estimate the fair value of the revenue and gross margin targets. The fair value of the contingent consideration as of June 30, 2024 and December 31, 2023 was zero. CHT did not achieve the minimum revenue target for either twelve-month period, and so the Company did not pay any contingent consideration. The following are the Company’s financial instruments measured at fair value on a non-recurring basis: Long-Term Debt As of June 30, 2024, the carrying amount of the 2021 Term Loan Facility and the 2021 Revolving Credit Facility approximates their respective fair values. The Company used a discounted cash flow analysis to estimate the fair value of the long-term debt, using an adjusted discount rate of 6.60% and the estimated payments under the 2021 Term Loan Facility until maturity, including interest payable based on the Company's forecasted total net leverage ratio. Cost method investment The Company has elected the measurement alternative for its investment in equity securities without readily determinable fair values and reviews such investment on a quarterly basis to determine if it has been impaired. If the Company's assessment indicates that an impairment exists, the Company estimates the fair value of the equity investment and recognizes in its consolidated statement of operations an impairment loss that is equal to the difference between the fair value of the equity investment and its carrying amount. On March 29, 2024, the board of directors and stockholders of a company in which the Company held a minority equity investment approved a plan of restructuring and liquidation that had the effect of cancelling the Company's investment. The Company had previously determined as of December 31, 2023 that the fair value of the investment was zero and accordingly this cancellation had no impact on the consolidated financial statements as of and for the three and six months ended June 30, 2024. The Company used a market approach to estimate the fair value of equity and allocated the overall equity value to estimate the fair value of the common stock based on the liquidation preference and was classified within Level 3 of the fair value hierarchy.

Income taxes

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes MediaAlpha, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from QLH based upon MediaAlpha, Inc.’s economic interest held in QLH. QLH is treated as a pass-through partnership for income tax reporting purposes and is not subject to federal income tax. Instead, QLH’s taxable income or loss is passed through to its members, including MediaAlpha, Inc. Accordingly, the Company is not liable for income taxes on the portion of QLH’s earnings not allocated to it. MediaAlpha, Inc. files and pays corporate income taxes for U.S. federal and state income tax purposes and its corporate subsidiary, Skytiger Studio, Ltd., is subject to taxation in Taiwan. The Company expects this structure to remain in existence for the foreseeable future. The Company estimates the annual effective tax rate for the full year to be applied to actual year-to-date income (loss) and adds the tax effects of any discrete items in the reporting period in which they occur. The following table summarizes the Company's income tax expense: Three Months Ended Six Months Ended (in thousands, except percentages) 2024 2023 2024 2023 Income (loss) before income taxes $ 4,550 $ (19,830) $ 3,086 $ (34,336) Income tax expense $ 130 $ 150 $ 157 $ 228 Effective Tax Rate 2.9 % (0.8) % 5.1 % (0.7) % The Company's effective tax rate of 2.9% and 5.1% for the three and six months ended June 30, 2024, respectively, and (0.8)% and (0.7)% for the three and six months ended June 30, 2023, respectively, differed from the U.S. federal statutory rate of 21%, due primarily to the tax impacts of changes in valuation allowance, nondeductible equity-based compensation, losses associated with non-controlling interests not taxable to the Company, state taxes, and other nondeductible permanent items. There were no material changes to the Company’s unrecognized tax benefits during the three and six months ended June 30, 2024. The Company is currently under examination by various tax authorities in the United States. These examinations are in preliminary stages and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. During the three and six months ended June 30, 2024, holders of Class B-1 units exchanged 3,439,800 and 6,496,800 Class B-1 units, respectively, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis (“Exchanges”). In connection with the Exchanges, the Company did not establish any additional liabilities related to the TRA, which are presented within additional-paid-in-capital in its consolidated statements of stockholders’ equity (deficit). In connection with the Exchanges and the changes to the carrying value of the non-controlling interest, the Company also recognizes deferred tax assets associated with the basis difference in its investment in QLH through additional-paid-in-capital, but during the three and six months ended June 30, 2024, the Company did not recognize any additional deferred tax assets as the Company has recognized a full valuation allowance on its deferred tax assets. As of June 30, 2024 and December 31, 2023, the Company had a valuation allowance of $125.9 million and $95.1 million, respectively, against its deferred tax assets based on the recent history of pre-tax losses, which is considered a significant piece of objective negative evidence that is difficult to overcome and limits the ability to consider other subjective evidence, such as projections of future growth. Based on the significant improvement in the Company's pre-tax income for the six months ended June 30, 2024 and the current forecasts, the Company expects that in the foreseeable future there may be sufficient positive evidence, and/or that the objective negative evidence in the form of history of pre-tax losses will no longer be present, in which event the Company would be able to release a portion or all of the valuation allowance. Release of any amount of valuation allowance would result in a benefit to income tax expense for the period the release is recorded, which could have a material impact on net income. Tax Receivables Agreement In connection with the Reorganization Transactions and the IPO, the Company entered into the TRA with Insignia, Senior Executives, and White Mountains. The Company expects to obtain an increase in its share of the tax basis in the net assets of QLH as Class B-1 units, together with shares of Class B common stock, are exchanged for shares of Class A common stock (or, at the Company’s election, redeemed for cash of an equivalent value). The Company intends to treat any redemptions and exchanges of Class B-1 units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that it would otherwise pay in the future to various tax authorities. As of June 30, 2024 and December 31, 2023, the Company determined that making a payment under the TRA was not probable under ASC 450 — Contingencies since a valuation allowance has been recorded against the Company’s deferred tax assets. Accordingly, the Company has determined that the liabilities under the TRA were zero as of June 30, 2024 and December 31, 2023 in the consolidated balance sheets. In the event the Company generates taxable income for the current year, the Company would be required to recognize a portion or all of the liability under the TRA. If the Company had determined that making a payment under the TRA and generating sufficient future taxable income was probable, it would have also recorded a liability pursuant to the TRA of approximately $122 million as of June 30, 2024 in the consolidated balance sheets. No payments were made pursuant to the TRA during the three and six months ended June 30, 2024, and payments of $0 and $2.8 million were made during the three and six months ended June 30, 2023, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
Earnings (Loss) Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earning (Loss) Per Share	Earnings (Loss) Per Share Three Months Ended Six Months Ended (in thousands except share data and per share amounts) 2024 2023 2024 2023 Basic Net income (loss) $ 4,420 $ (19,980) $ 2,929 $ (34,564) Less: net income (loss) attributable to non-controlling interest 800 (5,694) 422 (10,012) Net income (loss) attributable to MediaAlpha, Inc. $ 3,620 $ (14,286) $ 2,507 $ (24,552) Weighted-average shares of Class A common stock outstanding - basic 53,367,896 45,160,646 50,971,172 44,518,890 Weighted-average shares of Class A common stock outstanding - diluted 53,367,896 45,160,646 65,868,384 44,518,890 Income (loss) per share of Class A common stock - basic $ 0.07 $ (0.32) $ 0.05 $ (0.55) Income (loss) per share of Class A common stock - diluted $ 0.07 $ (0.32) $ 0.04 $ (0.55) (in thousands except share data and per share amount) Six months ended June 30, 2024 Diluted Net income $ 2,929 Add: incremental tax benefits related to exchange of Class B-units — Net income available for diluted common shares $ 2,929 Weighted-average shares outstanding: Class A common stock 50,971,172 Class B-1 units 14,897,212 Weighted-average shares of Class A common stock and potential Class A common stock 65,868,384 Net income per share of Class A common stock - diluted $ 0.04 Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net income per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of certain of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect of their inclusion would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact for the three months ended June 30, 2024 and 2023: As of June 30, 2024 June 30, 2023 QLH Class B-1 Units 11,609,982 18,155,446 Restricted Class A Shares 6,455 80,268 Restricted stock units 4,065,863 5,165,167 Potentially dilutive shares 15,682,300 23,400,881 The following table summarizes the shares and units with a potentially dilutive impact for the six months ended June 30, 2024 and 2023: As of June 30, 2024 June 30, 2023 QLH Class B-1 Units 307 18,155,446 Restricted Class A Shares 6,455 80,268 Restricted stock units 4,065,863 5,165,167 Potentially dilutive shares 4,072,625 23,400,881 The outstanding PRSUs were not included in the potentially dilutive securities as of June 30, 2024 as the performance conditions have not been met.

Non-Controlling Interest

Non-Controlling Interest	6 Months Ended
Non-Controlling Interest	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Non-Controlling Interest Pursuant to QLH’s limited liability company agreement, QLH has two classes of equity securities, Class A-1 units, which have all voting rights in QLH, and Class B-1 units, which have no voting or control rights. The Company allocates a share of net income (loss) to the holders of non-controlling interests pro-rata to their ownership interest in QLH at a point in time. The non-controlling interests balance represents the Class B-1 units, substantially all of which are held by Insignia and the Senior Executives. During the three and six months ended June 30, 2024, the holders of the non-controlling interests exchanged 3,439,800 and 6,496,800 Class B-1 units, respectively, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis. As of June 30, 2024, the holders of the non-controlling interests owned 17.5% of the total equity interests in QLH, with the remaining 82.5% owned by MediaAlpha, Inc. As of December 31, 2023, the holders of the non-controlling interests owned 27.7% of the total equity interests in QLH, with the remaining 72.3% owned by MediaAlpha, Inc.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 3,620	$ (14,286)	$ 2,507	$ (24,552)

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended
Insider Trading Arrangements shares in Thousands	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Steve Yi [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 13, 2024, Steve Yi, our Chief Executive Officer, adopted a new Rule 10b5-1 trading plan. Mr. Yi’s trading plan provides for the sale of up to 1,000,000 shares of the Company’s Class A common stock, in amounts and at prices determined in accordance with formulas set forth in the plan. The plan terminates on the earlier of the date all shares under the plan are sold or April 15, 2025. The total shares that may be sold under the plan represent approximately 17% of the total shares owned by Mr. Yi and OBF Investments, LLC, which is owned by trusts for the benefit of Mr. Yi and members of his family, as of June 30, 2024.
Name	Steve Yi
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 13, 2024
Expiration Date	April 15, 2025
Arrangement Duration	337 days
Aggregate Available	1,000
Eugene Nonko [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 11, 2024, Eugene Nonko, our Chief Technology Officer, adopted a new Rule 10b5-1 trading plan. Mr. Nonko’s trading plan provides for the sale of up to 1,000,000 shares of the Company’s Class A common stock, in amounts and at prices determined in accordance with formulas set forth in the plan. The plan terminates on the earlier of the date all shares under the plan are sold or April 15, 2025. The total shares that may be sold under the plan represent approximately 17% of the total shares owned by Mr. Nonko and his family investment entities as of June 30, 2024.
Name	Eugene Nonko
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 11, 2024
Expiration Date	April 15, 2025
Arrangement Duration	339 days
Aggregate Available	1,000

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of the Company as of and for the periods presented have been included. The December 31, 2023 balance sheet data was derived from audited consolidated financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. Results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with the Company's consolidated financial statements and related notes in its 2023 Annual Report on Form 10-K.
Accounts receivable	Accounts receivable Accounts receivable are net of allowances for credit losses of $0.7 million and $0.5 million as of June 30, 2024 and December 31, 2023, respectively.
Concentrations of credit risk and of significant customers and suppliers	Concentrations of credit risk and of significant customers and suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash balances that can, at times, exceed amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in these accounts and believes it is not exposed to unusual risk beyond the normal credit risk in this area based on the financial strength of the institutions with which the Company maintains its deposits. The Company's accounts receivable, which are unsecured, may expose it to credit risk based on their collectability. The Company controls credit risk by investigating the creditworthiness of all customers prior to establishing relationships with them, performing periodic reviews of the credit activities of those customers during the course of the business relationship, regularly analyzing the collectability of accounts receivable, and recording allowances for credit losses. The Company's supplier concentration can also expose it to business risks. Customer and supplier concentrations consisted of the below: Three Months Ended Three Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 70 39 % — $ — — % Purchases — $ — — % 1 $ 8 11 % Six Months Ended Six Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 95 31 % 1 $ 22 11 % Purchases 1 $ 25 10 % 1 $ 17 11 % As of June 30, 2024 As of December 31, 2023 Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Accounts receivable 2 $ 42 46 % 1 $ 7 14 % Accounts payable 1 $ 10 11 % 1 $ 12 21 %
New accounting pronouncements	New Accounting Pronouncements Recently adopted accounting pronouncements There have been no recently adopted accounting pronouncements by the Company. Recently issued not yet adopted accounting pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosure. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a prospective basis but retrospective application is permitted. The Company is currently evaluating the impact of the ASU on its disclosures in the consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the ASU on disclosures in its consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
Summary of significant accounting policies (Tables)	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Customer and Supplier Concentration Risk	Customer and supplier concentrations consisted of the below: Three Months Ended Three Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 70 39 % — $ — — % Purchases — $ — — % 1 $ 8 11 % Six Months Ended Six Months Ended Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Revenue 2 $ 95 31 % 1 $ 22 11 % Purchases 1 $ 25 10 % 1 $ 17 11 % As of June 30, 2024 As of December 31, 2023 Number of customers or suppliers exceeding 10% Aggregate Value % of Total Number of customers or suppliers exceeding 10% Aggregate Value % of Total Accounts receivable 2 $ 42 46 % 1 $ 7 14 % Accounts payable 1 $ 10 11 % 1 $ 12 21 %

Disaggregation of revenue (Tabl

Disaggregation of revenue (Tables)	6 Months Ended
Disaggregation of revenue (Tables)	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Summary of Disaggregation of Revenue	The following table shows the Company’s revenue disaggregated by transaction model: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Open marketplace transactions $ 171,504 $ 82,856 $ 293,933 $ 190,515 Private marketplace transactions 6,770 1,916 10,990 5,887 Total $ 178,274 $ 84,772 $ 304,923 $ 196,402 The following table shows the Company’s revenue disaggregated by product vertical: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Property & casualty insurance $ 134,422 $ 39,492 $ 203,664 $ 94,599 Health insurance 34,774 35,628 82,053 81,231 Life insurance 6,518 5,889 14,081 12,980 Other 2,560 3,763 5,125 7,592 Total $ 178,274 $ 84,772 $ 304,923 $ 196,402

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
Goodwill and intangible assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of: As of June 30, 2024 December 31, 2023 (in thousands) Useful Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships 84 - 120 $ 43,500 $ (26,724) $ 16,776 $ 43,500 $ (23,947) $ 19,553 Non-compete agreements 60 303 (303) — 303 (303) — Trademarks, trade names, and domain names 60 - 120 8,884 (2,863) 6,021 8,884 (2,422) 6,462 Intangible assets $ 52,687 $ (29,890) $ 22,797 $ 52,687 $ (26,672) $ 26,015 Goodwill Indefinite $ 47,739 $ — $ 47,739 $ 47,739 $ — $ 47,739
Summary of Change in Goodwill and Intangible Assets	The following table presents the changes in goodwill and intangible assets: As of June 30, 2024 December 31, 2023 (in thousands) Goodwill Intangible Goodwill Intangible Beginning balance at January 1, $ 47,739 $ 26,015 $ 47,739 $ 32,932 Amortization — (3,218) — (6,917) Ending balance $ 47,739 $ 22,797 $ 47,739 $ 26,015
Summary of Future Amortization Expense on Identifiable Intangible Assets	As of June 30, 2024, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows: (in thousands) Amortization expense 2024–Remaining Period $ 3,210 2025 5,759 2026 5,143 2027 4,106 2028 2,298 Thereafter 2,281 $ 22,797

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
Long-term debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: As of (in thousands) June 30, December 31, 2021 Term Loan Facility $ 163,203 $ 171,000 2021 Revolving Credit Facility 5,000 5,000 Debt issuance costs (1,351) (1,701) Total debt $ 166,852 $ 174,299 Less: current portion, net of debt issuance costs of $671 and $693, respectively (8,829) (11,854) Total long-term debt $ 158,023 $ 162,445
Schedule of Expected Future Principal Payments for Borrowings	The expected future principal payments for all borrowings as of June 30, 2024 were as follows: (in thousands) Contractual maturity 2024–Remaining Period $ 4,750 2025 9,500 2026 153,953 Debt and issuance costs 168,203 Unamortized debt issuance costs (1,351) Total debt $ 166,852

Equity-based compensation (Tabl

Equity-based compensation (Tables)	6 Months Ended
Equity-based compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Equity-based Compensation Cost Recognized	Equity-based compensation cost recognized for equity-based awards outstanding during the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 QLH restricted Class B-1 units 6 14 13 59 Restricted Class A shares 101 132 206 334 Restricted stock units 8,775 15,039 17,245 29,096 Performance-based restricted stock units 339 (37) 391 — Total equity-based compensation $ 9,221 $ 15,148 $ 17,855 $ 29,489
Schedule of Equity-based Compensation Expense	Equity-based compensation cost was included in the following expense categories in the consolidated statements of operations during the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Cost of revenue $ 392 $ 981 $ 2,249 $ 1,947 Sales and marketing 2,042 2,363 3,743 4,744 Product development 1,786 2,099 3,268 4,271 General and administrative 5,001 9,705 8,595 18,527 Total equity-based compensation $ 9,221 $ 15,148 $ 17,855 $ 29,489

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
Income taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Our Income Tax Expense (Benefit)	The following table summarizes the Company's income tax expense: Three Months Ended Six Months Ended (in thousands, except percentages) 2024 2023 2024 2023 Income (loss) before income taxes $ 4,550 $ (19,830) $ 3,086 $ (34,336) Income tax expense $ 130 $ 150 $ 157 $ 228 Effective Tax Rate 2.9 % (0.8) % 5.1 % (0.7) %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
Earnings (Loss) Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Calculation of Basic and Diluted Net Loss Per Share	Three Months Ended Six Months Ended (in thousands except share data and per share amounts) 2024 2023 2024 2023 Basic Net income (loss) $ 4,420 $ (19,980) $ 2,929 $ (34,564) Less: net income (loss) attributable to non-controlling interest 800 (5,694) 422 (10,012) Net income (loss) attributable to MediaAlpha, Inc. $ 3,620 $ (14,286) $ 2,507 $ (24,552) Weighted-average shares of Class A common stock outstanding - basic 53,367,896 45,160,646 50,971,172 44,518,890 Weighted-average shares of Class A common stock outstanding - diluted 53,367,896 45,160,646 65,868,384 44,518,890 Income (loss) per share of Class A common stock - basic $ 0.07 $ (0.32) $ 0.05 $ (0.55) Income (loss) per share of Class A common stock - diluted $ 0.07 $ (0.32) $ 0.04 $ (0.55) (in thousands except share data and per share amount) Six months ended June 30, 2024 Diluted Net income $ 2,929 Add: incremental tax benefits related to exchange of Class B-units — Net income available for diluted common shares $ 2,929 Weighted-average shares outstanding: Class A common stock 50,971,172 Class B-1 units 14,897,212 Weighted-average shares of Class A common stock and potential Class A common stock 65,868,384 Net income per share of Class A common stock - diluted $ 0.04
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The effects of certain of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect of their inclusion would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact for the three months ended June 30, 2024 and 2023: As of June 30, 2024 June 30, 2023 QLH Class B-1 Units 11,609,982 18,155,446 Restricted Class A Shares 6,455 80,268 Restricted stock units 4,065,863 5,165,167 Potentially dilutive shares 15,682,300 23,400,881 The following table summarizes the shares and units with a potentially dilutive impact for the six months ended June 30, 2024 and 2023: As of June 30, 2024 June 30, 2023 QLH Class B-1 Units 307 18,155,446 Restricted Class A Shares 6,455 80,268 Restricted stock units 4,065,863 5,165,167 Potentially dilutive shares 4,072,625 23,400,881

Summary of significant accoun_4

Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Accounts receivable, allowance for credit losses	$ 684		$ 684		$ 537
Payments pursuant to tax receivable agreement			0	$ 2,822
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Outstanding amount drawn under revolving credit facility	168,200		168,200
Available credit under agreement	45,000		$ 45,000
Tax Receivables Agreement \| Related Party
Significant Accounting Policies [Line Items]
Percentage of cash savings required to pay			85%
Payments pursuant to tax receivable agreement	$ 0	$ 0	$ 0	$ 2,800

Summary of significant accoun_5

Summary of significant accounting policies - Summary of Customer and Supplier Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Revenue	$ 178,274	$ 84,772	$ 304,923	$ 196,402
Purchases	146,589	71,006	249,558	164,268
Accounts receivable	90,696		90,696		$ 53,773
Accounts payable	90,604		90,604		56,279
Top One Supplier \| Supplier Concentration Risk \| Purchases
Significant Accounting Policies [Line Items]
Purchases		$ 8,000	$ 25,000	$ 17,000
Concentration risk percentage		11%	10%	11%
Top One Supplier \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable	10,000		$ 10,000		$ 12,000
Concentration risk percentage			11%		21%
Top One Customer \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Significant Accounting Policies [Line Items]
Revenue				$ 22,000
Concentration risk percentage				11%
Top One Customer \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable					$ 7,000
Concentration risk percentage					14%
Top Two Customers \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Significant Accounting Policies [Line Items]
Revenue	$ 70,000		$ 95,000
Concentration risk percentage	39%		31%
Top Two Customers \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable	$ 42,000		$ 42,000
Concentration risk percentage			46%

Disaggregation of revenue - Sum

Disaggregation of revenue - Summary of Disaggregation of Revenue by Transaction Model (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 178,274	$ 84,772	$ 304,923	$ 196,402
Open marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	171,504	82,856	293,933	190,515
Private marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	$ 6,770	$ 1,916	$ 10,990	$ 5,887

Disaggregation of revenue - S_2

Disaggregation of revenue - Summary of Disaggregation of Revenue by Product Vertical (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 178,274	$ 84,772	$ 304,923	$ 196,402
Property & casualty insurance
Disaggregation of Revenue [Line Items]
Revenue	134,422	39,492	203,664	94,599
Health insurance
Disaggregation of Revenue [Line Items]
Revenue	34,774	35,628	82,053	81,231
Life insurance
Disaggregation of Revenue [Line Items]
Revenue	6,518	5,889	14,081	12,980
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 2,560	$ 3,763	$ 5,125	$ 7,592

Goodwill and intangible asset_2

Goodwill and intangible assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	$ 52,687	$ 52,687
Accumulated amortization	(29,890)	(26,672)
Net carrying amount	22,797	26,015	$ 32,932
Goodwill	47,739	47,739	$ 47,739
Customer relationships
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	43,500	43,500
Accumulated amortization	(26,724)	(23,947)
Net carrying amount	$ 16,776	19,553
Customer relationships \| Minimum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	84 months
Customer relationships \| Maximum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	120 months
Non-compete agreements
Goodwill And Intangible Assets [Line Items]
Useful life (months)	60 months
Gross carrying amount	$ 303	303
Accumulated amortization	(303)	(303)
Net carrying amount	0	0
Trademarks, trade names, and domain names
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	8,884	8,884
Accumulated amortization	(2,863)	(2,422)
Net carrying amount	$ 6,021	$ 6,462
Trademarks, trade names, and domain names \| Minimum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	60 months
Trademarks, trade names, and domain names \| Maximum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	120 months

Goodwill and intangible asset_3

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,600	$ 1,700	$ 3,218	$ 3,458	$ 6,917
Accumulated impairment of goodwill	$ 0		$ 0

Goodwill and intangible asset_4

Goodwill and intangible assets - Summary of Change in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill
Beginning balance at January 1,			$ 47,739	$ 47,739	$ 47,739
Ending balance	$ 47,739		47,739		47,739
Intangible assets
Beginning balance at January 1,			26,015	32,932	32,932
Amortization	(1,600)	$ (1,700)	(3,218)	$ (3,458)	(6,917)
Ending balance	$ 22,797		$ 22,797		$ 26,015

Goodwill and intangible asset_5

Goodwill and intangible assets - Summary of Future Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024 - Remaining Period	$ 3,210
2025	5,759
2026	5,143
2027	4,106
2028	2,298
Thereafter	2,281
Net carrying amount	$ 22,797	$ 26,015	$ 32,932

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 3,300	$ 3,700	$ 7,000	$ 7,100
Amortization of deferred debt issuance costs	200	200	380	398
Accrued interest	3,400		3,400		$ 3,700
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	200	$ 200	300	$ 300
Available credit under agreement	$ 45,000		$ 45,000
Commitment fee percentage			0.38%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
2021 Credit Facilities \| Term loan
Debt Instrument [Line Items]
Quarterly amortization rate	7.82%		7.82%
2021 Credit Facilities \| Revolving Credit Facility \| Line of credit
Debt Instrument [Line Items]
Quarterly amortization rate	7.90%		7.90%

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (1,351)	$ (1,701)
Total debt	166,852	174,299
Current portion of long-term debt	(8,829)	(11,854)
Total long-term debt	158,023	162,445
Debt issuance costs	671	693
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	168,200
Term loan \| 2021 Credit Facilities
Debt Instrument [Line Items]
2021 Term Loan Facility	163,203	171,000
Line of credit \| 2021 Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	$ 5,000	$ 5,000

Long-term debt - Schedule of Ex

Long-term debt - Schedule of Expected Future Principal Payments for Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024–Remaining Period	$ 4,750
2025	9,500
2026	153,953
Debt and issuance costs	168,203
Unamortized debt issuance costs	(1,351)	$ (1,701)
Total debt	$ 166,852	$ 174,299

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Litigation And Other Matters [Line Items]
Contingency reserves for litigation liabilities	$ 0		$ 0		$ 0
FTC Act, Telemarketing Sales Rule
Litigation And Other Matters [Line Items]
Legal fees incurred	$ 700,000	$ 1,100,000	$ 1,800,000	$ 1,400,000

Equity-based compensation - Nar

Equity-based compensation - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 3
Weighted average period of recognition	2 months 1 day
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 100
Weighted average period of recognition	2 months 1 day
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 64,400
Weighted average period of recognition	2 years 8 months 8 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 900
Weighted average period of recognition	8 months 12 days

Equity-based compensation - Sum

Equity-based compensation - Summary of Equity-based Compensation Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 9,221	$ 15,148	$ 17,855	$ 29,489
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	6	14	13	59
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	101	132	206	334
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	8,775	15,039	17,245	29,096
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 339	$ (37)	$ 391	$ 0

Equity-based compensation - Sch

Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 9,221	$ 15,148	$ 17,855	$ 29,489
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	392	981	2,249	1,947
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	2,042	2,363	3,743	4,744
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,786	2,099	3,268	4,271
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 5,001	$ 9,705	$ 8,595	$ 18,527

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Feb. 24, 2022 period	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity securities without readily determinable fair value		$ 0
Fair Value, Inputs, Level 3 \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input		0.0660
Customer Helper Team, LLC
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset acquisition, contingent consideration, number of periods \| period	2
Contingent consideration period (in years)	12 months
Contingent consideration, fair value		$ 0	$ 0

Income taxes - Narrative (Detai

Income taxes - Narrative (Details)	3 Months Ended		6 Months Ended
Income taxes - Narrative (Details)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rate	2.90%	(0.80%)	5.10%	(0.70%)
Statutory federal tax rate			21%
Conversion of stock (in shares) \| shares	3,439,800		6,496,800
Stockholder's equity, exchange ratio	1		1
Deferred tax assets, valuation allowance	$ 125,900,000		$ 125,900,000		$ 95,100,000
Liability on tax receivable agreement	0		0		$ 0
Unrecognized liability on tax receivable agreement	122,000,000		122,000,000
Payments pursuant to tax receivable agreement			0	$ 2,822,000
Tax Receivables Agreement \| Related Party
Income Tax Disclosure [Line Items]
Payments pursuant to tax receivable agreement	$ 0	$ 0	$ 0	$ 2,800,000

Income taxes - Summary of Our I

Income taxes - Summary of Our Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 4,550	$ (19,830)	$ 3,086	$ (34,336)
Income tax expense	$ 130	$ 150	$ 157	$ 228
Effective Tax Rate	2.90%	(0.80%)	5.10%	(0.70%)

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic
Net income (loss)	$ 4,420	$ (1,491)	$ (19,980)	$ (14,584)	$ 2,929	$ (34,564)
Net income (loss) attributable to non-controlling interest	800		(5,694)		422	(10,012)
Net income (loss) attributable to MediaAlpha, Inc.	$ 3,620		$ (14,286)		$ 2,507	$ (24,552)
Weighted-average shares of Class A common stock outstanding - basic (in shares)	53,367,896		45,160,646		50,971,172	44,518,890
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	53,367,896		45,160,646		65,868,384	44,518,890
Income (loss) per share of Class A common stock - basic (in dollars per share)	$ 0.07		$ (0.32)		$ 0.05	$ (0.55)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.07		$ (0.32)		$ 0.04	$ (0.55)
Diluted
Net income (loss)	$ 4,420	$ (1,491)	$ (19,980)	$ (14,584)	$ 2,929	$ (34,564)
Add: incremental tax benefits related to exchange of Class B-units					0
Net income available for diluted common shares					$ 2,929
Weighted-average shares of common stock outstanding - diluted (in shares)	53,367,896		45,160,646		65,868,384	44,518,890
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.07		$ (0.32)		$ 0.04	$ (0.55)
Class A Common
Basic
Weighted-average shares of Class A common stock outstanding - diluted (in shares)					50,971,172
Income (loss) per share of Class A common stock - basic (in dollars per share)	0.07		(0.32)		$ 0.05	(0.55)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	0.07		(0.32)		$ 0.04	(0.55)
Diluted
Weighted-average shares of common stock outstanding - diluted (in shares)					50,971,172
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.07		$ (0.32)		$ 0.04	$ (0.55)
Class B-1 Units
Basic
Weighted-average shares of Class A common stock outstanding - diluted (in shares)					14,897,212
Diluted
Weighted-average shares of common stock outstanding - diluted (in shares)					14,897,212

Earnings (Loss) Per Share- Sche

Earnings (Loss) Per Share- Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	15,682,300	23,400,881	4,072,625	23,400,881
QLH Class B-1 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	11,609,982	18,155,446	307	18,155,446
Restricted Class A shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	6,455	80,268	6,455	80,268
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	4,065,863	5,165,167	4,065,863	5,165,167

Non-Controlling Interest - Narr

Non-Controlling Interest - Narrative (Details)	3 Months Ended	6 Months Ended
Non-Controlling Interest - Narrative (Details)	Jun. 30, 2024 shares	Jun. 30, 2024 shares	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Conversion of stock (in shares)	3,439,800	6,496,800
Stockholder's equity, exchange ratio	1	1
QLH
Noncontrolling Interest [Line Items]
Non-controlling interests owned	82.50%	82.50%	72.30%
QLH \| QLH Class B-1 Unitholders
Noncontrolling Interest [Line Items]
Ownership interest owned	17.50%	17.50%	27.70%