Magnite, Inc. · NASDAQ:MGNI
Magnite — Q4 2024 Earnings Presentation
16 slides from Magnite's earnings presentation, Feb 26, 2025
Slide 1: Financial Highlights Q4 2024
Financial Highlights Q4 2024 February 26, 2025 © 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: Q4 Highlights
Q4 Highlights → Contribution ex-TAC(1) of $180.2 million, an increase of 9% year-over-year → Contribution ex-TAC(1) attributable to CTV of $77.9 million, exceeded guidance of $75 to $77 million, and was up 23% year-over-year → Contribution ex-TAC(1) attributable to DV+ of $102.3 million, an increase
Slide 5: 2024 Full-Year Highlights
2024 Full-Year Highlights → Total Contribution ex-TAC(1) grew 11% year-over-year to $606.9 million, from $549.1 in 2023 → Contribution ex-TAC(1) attributable to CTV of $260.2 million, an increase of 19% year-over-year, and represented 43% of total → Contribution ex-TAC(1) attributable to DV+ grew 5%
Slide 6: Recent Wins
Recent Wins → Netflix Selected Magnite as Key Global Programmatic Advertising Partner → Disney Two Year Renewal Including Service Expansion → United Selected Magnite's SpringServe to Power Advertising Solution for Inflight Personal Device Entertainment → LG Ad Solutions Renewed Global Relationship inc
Slide 7: Guidance
Guidance → Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million → Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million → Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million → Adjusted EBITDA operating ex
Slide 8: Q4 2024 Summary
Q4 2024 Summary Financial Measures ($MM except per share data) Three Months Ended 12/31/2024 12/31/2023 Change Fav / (Unfav) Revenue $194.0 $186.9 4% Gross Profit $126.2 $116.9 8% (1) Contribution ex-TAC $180.2 $165.3 9% Net income $36.4 $30.9 18% Adjusted EBITDA(1) $76.5 $70.4 9% Adjusted EBITDA mar
Slide 9: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q4 2024 Q4 2023 Dec 31, 2024 Dec 31, 2023 Adjusted EBITDA(1) $76.5 $70.4 Cash & equivalents $483.2 $326.2 Less capital expenditures (12.1) (11.8) Debt $553.7 $536.6 Operating cash flow(2) $64.4
Slide 10: Net Leverage
Net Leverage Note: Net Leverage is calculated as current and non-current debt outstanding less cash & cash equivalents over trailing 4 quarter Adjusted EBITDA. © Magnite | 10
Slide 11: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount 2025 14.5 2026 6.0 2027 0.5 Thereafter 0.3 Total Remaining Amortization of Acquired Intangibles $21.3 Note: Amounts may not foot due to rounding. © Magnite | 11
Slide 12: Q4 Reconciliation of Net Income to Adjusted EBITDA
Q4 Reconciliation of Net Income to Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA ($MM) Q4 2024 Q4 2023 Net income $36.4 $30.9 Add back (deduct): Depreciation and amortization expense, excluding amortization of 8.7 9.2 acquired intangible assets Amortization of acquired intangibles
Slide 13: Q4 Reconciliation of Net Income to Non-GAAP Income
Q4 Reconciliation of Net Income to Non-GAAP Income Reconciliation of Net Income to Non-GAAP Income ($MM, except per share figures) Q4 2024 Q4 2023 Net income $36.4 $30.9 Add back (deduct): Merger, acquisition and restructuring costs, including amortization of 7.4 7.6 acquired intangibles and excludin
Slide 14: Q4 Calculation of Diluted Earnings Per Share
Q4 Calculation of Diluted Earnings Per Share Calculation of Diluted Earnings Per Share ($MM, except per share figures) Q4 2024 Q4 2023 Net income (loss) $36.4 $30.9 Adjustments: Interest expense, Convertible Senior Notes, net of tax 0.5 0.5 Gain on extinguishment of debt, net of tax — (8.2) Net incom
Slide 15: Contribution Ex-TAC by Channel and Revenue by Geography
Contribution Ex-TAC by Channel and Revenue by Geography Contribution Ex-TAC Split by Channel ($MM) Q4 2024 Q4 2023 CTV Mobile Desktop Total CTV Mobile Desktop Total Contribution ex-TAC $77.9 $71.7 $30.6 $180.2 $63.5 $71.6 $30.2 $165.3 Percent of Total 43% 40% 17% 38% 44% 18% Revenue Split by Geograp
Slide 16: Reconciliation of Revenue to Contribution Ex-TAC
Reconciliation of Revenue to Contribution Ex-TAC Reconciliation of Revenue to Contribution Three Months Ended Three Months Ended Ex-TAC ($MM) Dec 31, 2024 Dec 31, 2023 Revenue $194.0 $186.9 Less: Cost of Revenue 67.8 70.0 Gross Profit 126.2 116.9 Add back: Cost of revenue, excluding TAC 54.0 48.4 Con