MediaAlpha, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Media Alpha third quarter 2020 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Denise Garcia.

Thank you, operator. Our discussion today will include forward-looking statements about our outlook for future financial results, including our financial guidance for full year 2020, which are based on assumptions, forecasts, expectations, and information currently available to management. These forward-looking statements are subject to risks and uncertainties that could cause future results or events to differ materially from today's guidance. Please refer to the earnings release we filed with the SEC on Form 8K and the shareholder letter we posted to the investor relations section of our website today for a fuller explanation of those risks and uncertainties and the limits applicable to forward-looking statements. MediaAlpha will routinely post information that may be important to investors on our IR website, investors.medialpha.com. and we use this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for the purposes of the SEC's regulation-fair disclosure. In addition, we will be referring to certain actual and projected financial metrics of MediaAlpha, which are non-GAAP financial metrics measures. These metrics include adjusted EBITDA, contribution, and contribution margin, and we present them in order to supplement your understanding and assessment of our financial performance. Non-GAAP measures should not be considered a substitute for or superior to financial measures calculated in accordance with GAAP. The most directly comparable GAAP measures, as well as reconciliations of the non-GAAP measures to those GAAP measures, are available in our third quarter earnings release. As a reminder, we've published a shareholder letter on our IR website that we'll refer to during this Q&A session. Now I'll turn the call over to Steve.

Thanks, Denise. Hi, everyone. Welcome to our first earnings call as a public company. Before we open the call to questions, I want to recap some important concepts we discussed during our IPO process. I'll start with the enormity of our market opportunity. Insurance carrier spend on digital distribution is projected to increase from $4 billion in 2019 to $16 billion by 2025. We believe we're still in the early stages of the $2 trillion insurance industry shift to a digital direct-to-consumer distribution model. We've built the leading technology platform to connect insurance consumers with insurance carriers at or near the point of purchase. Our transparent, data-science-based approach has enabled us to achieve tremendous scale one that is now two to three times larger than other insurance customer acquisition marketplaces. Our platform is unique in its ability to serve insurance carriers' needs holistically, whether they're looking to acquire new customers or generate revenue from their non-converting shoppers by intelligently referring these consumers to other insurance carriers and distributors. As a company, transparency underlies and inspires everything we do, From our product development, to how we work with our partners, to how we treat our team members. Our company was self-funded until our IPO. We believe in growing profitably and the importance of stewardship. Most of all, the only scorecard that has ever mattered to us is one that measures the enduring value we have created for our partners. We're pleased with our third quarter performance and we anticipate a strong, record-breaking fourth quarter. With that said, I'm looking forward to discussing our most recent results with you, so we'll open the call to questions now.