Magnite, Inc. · NASDAQ:MGNI
Magnite — Q1 2024 Earnings Presentation
13 slides from Magnite's earnings presentation, May 8, 2024
Slide 1: Financial Highlights Q1 2024
Financial Highlights Q1 2024 May 8, 2024 © Magnite | 1
Slide 2: Safe Harbor
Safe Harbor FORWARD-LOOKING STATEMENTS This presentation and management's prepared remarks during the conference call referred to above include, and management's answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to ou
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our techno
Slide 4: Q1 Highlights
Q1 Highlights → Total Contribution ex-TAC(1) grew 12% year-over-year to $130.6 million, exceeded guidance of $122 to $126 million → Contribution ex-TAC(1) attributable to CTV grew 18% year-over-year to $54.9 million, exceeded guidance of $49 to $51 million → Contribution ex-TAC(1) attributable to DV
Slide 5: Guidance
Guidance → Total Contribution ex-TAC(1) for Q2 2024 to be between $142 and $146 million → Contribution ex-TAC(1) for Q2 2024 for CTV to be between $59 and $61 million → Contribution ex-TAC(1) for Q2 2024 for DV+ to be between $83 and $85 million → Adjusted EBITDA operating expenses(2) for Q2 2024 to
Slide 6: Q1 2024 Summary
Q1 2024 Summary Financial Measures ($MM except per share data) Three Months Ended 3/31/2024 3/31/2023 Change Fav / (Unfav) Revenue $149.3 $130.2 15% Gross Profit $83.4 $5.3 NM (1) Contribution ex-TAC $130.6 $116.0 12% Net loss ($17.8) ($98.7) 82% Adjusted EBITDA(1) $25.0 $23.3 7% Adjusted EBITDA marg
Slide 7: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q1 2024 Q1 2023 Mar 31, 2024 Dec 31, 2023 Adjusted EBITDA(1) $25.0 $23.3 Cash & equivalents $252.8 $326.2 Less capital expenditures (14.7) (9.6) Debt $552.7 $536.6 Operating cash flow(2) $10.3 $
Slide 8: Net Leverage
Net Leverage Note: Net Leverage is calculated as current and non-current debt outstanding less cash & cash equivalents over trailing 4 quarter Adjusted EBITDA. © Magnite | 8
Slide 9: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount Remaining 2024 22.5 2025 14.4 2026 6.0 2027 0.4 Total Remaining Amortization of Acquired Intangibles $43.4 Note: Amounts may not foot due to rounding. © Magnite | 9
Slide 10: Q1 Reconciliation of Net Loss to Adjusted EBITDA
Q1 Reconciliation of Net Loss to Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA ($MM) Q1 2024 Q1 2023 Net income (loss) ($17.8) ($98.7) Add back (deduct): Depreciation and amortization expense, excluding amortization of 6.0 9.4 acquired intangible assets Amortization of acquired intan
Slide 11: Q1 Reconciliation of Net Loss to Non-GAAP Income
Q1 Reconciliation of Net Loss to Non-GAAP Income Reconciliation of Net Loss to Non-GAAP Income ($MM, except per share figures) Q1 2024 Q1 2023 Net income (loss) ($17.8) ($98.7) Add back (deduct): Merger, acquisition and restructuring costs, including amortization of 7.6 93.8 acquired intangibles and
Slide 12: Revenue by Channel and Geography
Revenue by Channel and Geography Contribution Ex-TAC Split by Channel ($MM) Q1 2024 Q1 2023 CTV Mobile Desktop Total CTV Mobile Desktop Total Contribution ex-TAC $54.9 $53.3 $22.4 $130.6 $46.4 $46.9 $22.7 $116.0 Percent of Total 42% 41% 17% 40% 40% 20% Revenue Split by Geography ($MM) Q1 2024 Q1 202
Slide 13: Reconciliation of Revenue to Contribution Ex-TAC
Reconciliation of Revenue to Contribution Ex-TAC Reconciliation of Revenue to Contribution Three Months Ended Three Months Ended Ex-TAC ($MM) Mar 31, 2024 Mar 31, 2023 Revenue $149.3 $130.2 Less: Cost of Revenue 65.9 124.8 Gross Profit 83.4 5.3 Add back: Cost of revenue, excluding TAC 47.1 110.7 Cont