MediaAlpha Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-1.14	16.63	-40.42	-57.67	-5.28	14.8
Depreciation & Amortization	4.33	6.68	7.27	6.15	3.35	3.49
Other Amortization	0.7	0.76	0.79	0.83	1.18	1.23
Loss (Gain) From Sale of Investments	-	-	1.41	8.59	-	-
Stock-Based Compensation	30.43	34.08	53.32	58.47	45.71	24.75
Provision & Write-off of Bad Debts	-0.04	0.5	0.01	0.14	0.14	0.53
Other Operating Activities	9.04	13.3	-15.43	-2.21	-0.78	-2.37
Change in Accounts Receivable	-2.32	-89.66	6.22	17.34	20.06	-40.81
Change in Accounts Payable	-6.9	49.28	2.29	-7.8	-36.48	57.79
Change in Other Net Operating Assets	40.05	14.3	4.78	4.43	0.7	-7.99
Operating Cash Flow	87.58	45.87	20.23	28.27	28.62	51.41
Operating Cash Flow Growth	139.03%	126.74%	-28.45%	-1.21%	-44.33%	132.17%
Capital Expenditures	-0.35	-0.25	-0.07	-0.1	-0.65	-0.3
Cash Acquisitions	-	-	-	-49.68	-	-
Sale (Purchase) of Intangibles	-	-0.4	-	-	-	-
Investment in Securities	-	-	-	-	-	-10
Investing Cash Flow	-0.35	-0.65	-0.07	-49.78	-0.65	-10.3
Long-Term Debt Issued	-	-	-	25	190	217.5
Long-Term Debt Repaid	-	-12.55	-9.5	-29.5	-186.38	-131.15
Net Debt Issued (Repaid)	-9.5	-12.55	-9.5	-4.5	3.63	86.35
Issuance of Common Stock	0.85	0.85	1.46	1.36	-	124.18
Repurchase of Common Stock	-36.99	-6.31	-3.72	-9.03	-3.38	-90.01
Common Dividends Paid	-	-	-	-	-0.23	-
Dividends Paid	-	-	-	-	-0.23	-131.42
Other Financing Activities	-1.56	-1.22	-5.67	-2.35	-0.98	-16.69
Financing Cash Flow	-47.19	-19.22	-17.43	-14.52	-0.96	-27.59
Net Cash Flow	40.04	26	2.73	-36.02	27.01	13.53
Free Cash Flow	87.23	45.62	20.16	28.18	27.97	51.11
Free Cash Flow Growth	139.53%	126.30%	-28.46%	0.73%	-45.28%	132.37%
Free Cash Flow Margin	7.77%	5.28%	5.19%	6.14%	4.33%	8.74%
Free Cash Flow Per Share	1.56	0.86	0.44	0.67	0.46	1.59
Cash Interest Paid	12.4	13.94	13.77	7.07	5.6	6.04
Cash Income Tax Paid	1.14	0.23	-0.26	-2.38	0.31	-
Levered Free Cash Flow	86.2	32.34	37.68	50.74	31.02	50.84
Unlevered Free Cash Flow	92.89	40.55	46.45	55.68	34.73	54.57
Change in Working Capital	30.83	-26.07	13.29	13.97	-15.72	8.99

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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