For the quarter ending 2026-03-31, MAX had -$20,825K decrease in cash & cash equivalents over the period. -$1,598K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | 14,046 | 33,985 | -7,224 | - |
| Equity-based compensation expense | 7,259 | 7,533 | 22,798 | - |
| Non-cash lease expense | 261 | 250 | 688 | - |
| Depreciation expense on property and equipment | 74 | 72 | 201 | - |
| Amortization of intangible assets | 477 | 512 | 2,467 | - |
| Amortization of deferred debt issuance costs | 140 | 136 | 518 | - |
| Loss on extinguishment of debt | -235 | - | - | - |
| Write-off of intangible assets | 0 | 0 | 13,416 | - |
| Impairment of cost method investment | - | 0 | - | - |
| Credit losses | 45 | -160 | -13 | - |
| Deferred taxes | 6,035 | -138,894 | - | - |
| Tax receivables agreement | -803 | 124,169 | -80 | - |
| Accounts receivable | 10,822 | -6,312 | -13,774 | - |
| Prepaid expenses and other current assets | 108 | 290 | 382 | - |
| Other assets | -125 | -124 | 4,039 | - |
| Accounts payable | 304 | -11,587 | -2,882 | - |
| Accrued expenses | -18,824 | -29,610 | 33,804 | - |
| Net cash (used in) provided by operating activities | -1,556 | -7,448 | 23,623 | 49,423 |
| Purchases of property and equipment | 42 | 40 | 68 | 232 |
| Acquisition of intangible assets | - | 0 | 0 | - |
| Net cash (used in) investing activities | -42 | -40 | -68 | -232 |
| Proceeds from revolving line of credit | 15,000 | - | - | - |
| Repayments on revolving line of credit | 5,000 | - | - | - |
| Proceeds from issuance of long-term debt | 150,000 | - | - | - |
| Repayments on long-term debt | 148,953 | 2,375 | 2,375 | 4,750 |
| Payments of debt issuance costs | 2,101 | 0 | 284 | - |
| Repurchases of class a common stock | 20,268 | 14,376 | 32,893 | - |
| Contributions from qlhs members | 274 | 436 | 42 | 391 |
| Distributions to non-controlling interests | 508 | 409 | 54 | 787 |
| Payments pursuant to tax receivables agreement | 6,990 | 0 | - | - |
| Shares withheld for taxes on vesting of restricted stock units | 681 | 1,253 | 1,031 | 1,930 |
| Net cash (used in) financing activities | -19,227 | -17,977 | -36,595 | -7,076 |
| Net (decrease) increase in cash and cash equivalents | -20,825 | -25,465 | -13,040 | 42,115 |
| Cash and cash equivalents, beginning of period | 46,876 | 72,341 | 43,266 | - |
| Cash and cash equivalents, end of period | 26,051 | 46,876 | 72,341 | - |
MediaAlpha, Inc. (MAX)
MediaAlpha, Inc. (MAX)