MediaAlpha, Inc.

Hello and thank you for standing by. At this time, I would like to welcome everyone to the MediaAlpha, Inc. first quarter 2024 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, please press star one. I would now like to turn the conference over to Alex, the lawyer. Please go ahead.

Thank you, Jericho. After the market closed today, Media Alpha issued a press release and shareholder letter announcing results for the first quarter ended March 31st, 2024. These documents are available in the investors' section of our website and we'll be referring to them on this call. Our discussion today will include forward-looking statements about Media Alpha's business and outlook for future financial results including its financial guidance for the second quarter of 2024, 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 1, 2024, 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 and contribution, 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 would 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.

Hey, thanks, Alex. Hi, everyone. Welcome to our first quarter 2024 earnings call. I'd like to make a few comments before turning the call over to our CSO, Pat Thompson, for his remarks. We've had an outstanding start to the year. Our first quarter results exceeded the high end of our guidance ranges across the board. as we saw increasingly strong step-up in marketing investments by our P&C carrier partners during the back half of the quarter. We're confident that we're now firmly in the midst of an auto insurance market recovery, and we're expecting strong year-over-year growth in our second quarter P&C transaction value. First quarter results in our health insurance vertical were also above expectations. This was driven by continued strength in our under-65 business, as well as opportunistic carrier spend in Medicare. We expect high single to low double-digit year-over-year transaction value growth in our health insurance business in the upcoming second quarter. As auto insurance carriers' rate increases continue to significantly outpace moderating lost cost inflation, the P&C industry's recovery from a period of unprecedented underwriting losses is quickly gaining momentum. We expect these favorable market conditions to be sustained for the remainder of this year and beyond as an increasing number of carriers achieve rate adequacy and begin to reinvest in customer acquisition. We believe these positive trends will enable us to drive meaningful cash flow growth and shareholder value in the years to come. Finally, Eugene Nanko, my co-founder and the company's chief technology officer, will be transitioning out of his current role at the end of the year and handing the reins to Amy Yeh, our SVP of Technologies. Amy has worked closely with Eugene during her nine years at Media Alpha and will take over as our CTO in 2025. I would like to personally thank Eugene for all he has done over his 13 years with the company. Without him, of course, we would not be where we are today. With that, I'll turn the call over to Pat.