| Net Income (Loss) Per Share |
Net Income (Loss) Per Share The following table presents the calculation of basic and diluted net income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (in thousands except share data and per share amounts) | 2026 | | 2025 | | 2026 | | 2025 | | Basic | | | | | | | | | Net income (loss) | $ | 41,783 | | | $ | (22,533) | | | $ | 55,829 | | | $ | (24,867) | | | Less: net income (loss) attributable to non-controlling interest | 2,345 | | | (3,791) | | | 4,924 | | | (4,177) | | | Net income (loss) attributable to MediaAlpha, Inc. | $ | 39,438 | | | $ | (18,742) | | | $ | 50,905 | | | $ | (20,690) | | Denominator: | | | | | | | | Weighted-average shares of Class A common stock outstanding - basic | 53,747,946 | | | 56,141,117 | | | 54,791,225 | | | 55,888,125 | | Weighted-average shares of Class A common stock outstanding - diluted | 62,072,166 | | | 56,141,117 | | | 63,115,445 | | | 55,888,125 | | Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - basic | $ | 0.73 | | | $ | (0.33) | | | $ | 0.93 | | | $ | (0.37) | | Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - diluted | $ | 0.65 | | | $ | (0.33) | | | $ | 0.86 | | | $ | (0.37) | |
| | | | | | | | | | | | | (in thousands except share data and per share amount) | Three Months Ended
June 30, 2026 | | Six Months Ended
June 30, 2026 | | Diluted | | | | Net income | $ | 41,783 | | | $ | 55,829 | | | Add: incremental tax benefits related to exchange of Class B-1 units | (1,141) | | | (1,835) | | Net income available for diluted common shares | $ | 40,642 | | | $ | 53,994 | | | Weighted-average shares outstanding: | | | | | Class A common stock | 53,747,946 | | | 54,791,225 | | | Class B-1 units | 8,324,220 | | | 8,324,220 | | | | | | | | | | | Weighted-average shares of Class A common stock and potential Class A common stock | 62,072,166 | | | 63,115,445 | | | Net income attributable to MediaAlpha, Inc. per share of Class A common stock - diluted | $ | 0.65 | | | $ | 0.86 | |
Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested restricted stock units and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net income (loss) per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of the Company’s potentially dilutive securities were not included in the calculation of diluted income (loss) per share as the effect of their inclusion would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | As of | | June 30, 2026 | | June 30, 2025 | | QLH Class B-1 Units | — | | | 11,609,982 | | | | | | | Restricted stock units | 6,251,678 | | | 5,521,475 | | | | | | | Potentially dilutive shares | 6,251,678 | | | 17,131,457 | |
The outstanding PRSUs were not included in the potentially dilutive securities as of June 30, 2026 as the performance conditions have not been met.
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