MediaAlpha Highlights Disclosures in White Mountains Insurance Group, Ltd. Annual Report on Form 10-K Filed February 26, 2021
February 26 2021 - 9:33AM
Business Wire
MediaAlpha, Inc. (NYSE: MAX), today announced that, in
connection with White Mountains Insurance Group, Ltd.’s (“White
Mountains”) Annual Report on Form 10-K filed today with the
Securities and Exchange Commission (“SEC”), White Mountains was
required to disclose certain summarized preliminary financial
information for MediaAlpha’s fiscal year ended December 31, 2020,
as set forth below:
- Total revenues of $584.8 million
- Total expenses of $575.4 million
- Net income of $9.4 million
- Total assets of $212.7 million
- Total liabilities of $315.8 million
As of December 31, 2020 MediaAlpha is a significant investee of
White Mountains and accordingly, White Mountains presents certain
summarized financial information within the notes to its financial
statements. As of December 31, 2020, White Mountains owned
20,532,202 shares of MediaAlpha Class A common stock, representing
35% ownership interest (32% on a fully diluted, fully converted
basis).
MediaAlpha’s total revenues for the fiscal year ended December
31, 2020 grew 43% year-over-year, exceeding the Company’s
expectations due to better than expected revenue in its Health
Insurance vertical, which grew 34% year-over-year driven by a
stronger than expected annual enrollment period and strong
performance in P&C, which grew 81% over the prior year on
increased year-end budget allocations from demand partners. Further
details and financial information, including outlook for the first
quarter and full year 2021, will be discussed during the Company’s
financial results call.
The summary financial information of MediaAlpha that is included
in White Mountains’ annual report is preliminary, and may be
revised in MediaAlpha’s Annual Report on Form 10-K for the year
ended December 31, 2020. The summary financial information also may
not be indicative of trends in other financial or operating
metrics, including Adjusted EBITDA. MediaAlpha undertakes no
obligation to update or supplement the information provided above
until the Company releases its results of operations for the fiscal
year ended December 31, 2020.
MediaAlpha will report its fourth quarter and full year 2020
financial results on Thursday, March 11, 2021 after market close.
The Company will host a Q&A conference call to discuss these
results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the
same day.
A live webcast of the call will be available on MediaAlpha’s
Investor Relations website at https://investors.mediaalpha.com. To
register for the webcast, click here. Participants may also dial
in, toll-free at (833) 350-1346 or (236) 389-2445, with passcode
2458015.
An audio replay of the conference call will be available for two
weeks following the call at https://investors.mediaalpha.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including with respect to the summary financial information
for the fiscal year ended December 31, 2020. These forward-looking
statements reflect our current views with respect to, among other
things, future events and our financial performance. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“projection,” “would,” and “outlook,” or the negative version of
those words or other comparable words or phrases of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry, management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control.
Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although we believe that the expectations reflected in
these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our
actual results to differ materially from those indicated in these
forward-looking statements, including those more fully described in
MediaAlpha’s filings with the Securities and Exchange Commission
(“SEC”), including the Quarterly Report on Form 10-Q filed with the
SEC on December 10, 2020. These factors should not be construed as
exhaustive. MediaAlpha disclaims any obligation to update any
forward-looking statements to reflect events or circumstances that
occur after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210226005407/en/
Investors Denise Garcia Hayflower Partners
Denise@HayflowerPartners.com
Press SHIFT MediaAlpha@SHIFTComm.com
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