MediaAlpha, Inc.

Hello, my name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Media Alpha Q1 2023 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Denise Garcia, Investor Relations. You may begin.

Thank you, Chris. After the market closed today, Media Alpha issued a press release and shareholder letter announcing results for the first quarter ended March 31st, 2023. These documents are available in the investors section of our website, and we will be referring to them on this call. Our discussion today will include forward-looking statements about our business and our outlook for future financial results, including our financial guidance for the second quarter of 2023, 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 those reflected in those statements. Please refer to the company's SEC filings, including its annual report on Form 10-K and its quarterly reports on Form 10-Q, for a fuller explanation of those risks and uncertainties and the limits applicable to forward-looking statements. These forward-looking statements are based on assumptions as of today, May 4, 2023, and the company undertakes no obligation to revise or update them. In addition, on today's call, we will be referring to certain actual and projected financial metrics of MediaAlpha that are presented on a non-GAAP basis, including adjusted EBITDA, which we present in order to supplement your understanding and assessment of our financial performance. Non-GAAP measures should not be considered as a substitute for or superior to financial measures calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our press release and shareholder letter issued today. Finally, I'd like to remind everyone that this call is being recorded and will be made available for replay via a link on the investor section of the company's website at investors.medialpha.com. Now I'll turn the call over to Steve and Pat for a few introductory remarks before opening the call to your questions.

Okay, thanks Denise. Hi everyone. Welcome to our first quarter earnings call. I'd like to make a few observations before turning the call over to our CFO Pat Thompson for his comments. As we discussed in a shareholder letter, after a strong start to the year, our largest PNC carrier partner sharply pulled back their marketing investment in light of renewed profitability concerns. As a result, We expect the inevitable market recovery in our P&C vertical to be pushed back several quarters relative to our prior expectations. We responded to this unexpected change in our near-term outlook by making the difficult but necessary decision to reduce our workforce by 16%. As a result, we're guiding to positive adjusted EBITDA on Q2 despite an expected 40% to 50% year-over-year reduction in P&C transaction value and the typical seasonal smallness in our health insurance vertical. While the magnitude and duration of this P&C hard market cycle have been frustrating for us, both as a management team and as significant shareholders, we remain confident in the fundamental competitive advantages of our marketplace model and our ability to capture an increasing share of the multi-billion dollar opportunity across all of our insurance verticals. We will emerge from the current P&C market downturn with a stronger and more efficient organization which will in turn enable us to generate significant operating leverage as our top line results recover. With that, I'll turn the call over to Pat.