MediaAlpha, Inc.

Thank you for standing by. My name is Christina and I'll be your conference operator today. At this time, I would like to welcome everyone to the Media Alpha Q3 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 would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I would now like to turn the floor over to Denise Garcia, Investor Relations. Denise, you may begin your conference.

Thank you, Christina. After the market closed today, Media Alpha issued a press release and shareholder letter announcing results for the third quarter ended September 30th, 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 fourth 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, November 1, 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 with 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 Investors 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.

Thank you so much, Denise. Hi, everyone. Welcome to our third quarter 2023 earnings call. I'd like to make a few observations before turning the call over to our CFO, Pat Thompson, for his comments. We continue to execute well in a difficult market environment. Our third quarter results came in at or above the high end of our guidance range due to strong top line growth and profitability in our health insurance vertical. For the fourth quarter, we expect our health transaction value to be roughly flat year over year as continued strength in our under 65 segments is offset by near-term weakness in Medicare as the industry adapts to recent regulatory changes. Q3 results in our P&C insurance vertical were in line with our expectations, as carriers have maintained consistent levels of advertising spend since June. While we expect T&C advertising spend to remain at or near current levels through the remainder of the year, we're encouraged by the industry's improving underwriting profitability and continue to expect a broader market recovery to take hold in 2024. Looking forward, our immediate focus is on delivering solid results in our health vertical during the current open and annual enrollment periods. Longer term, our objective remains to capitalize on the significant growth opportunities presented by the insurance industry's ongoing shift to digital customer acquisition, and we remain confident in our ability to drive significant top and bottom line growth in the years to come. With that, I'll turn the call over to Pat. Thanks, Steve.