Magnite, Inc. · NASDAQ:MGNI
Magnite — Q4 2021 Earnings Presentation
12 slides from Magnite's earnings presentation, Feb 23, 2022
Slide 1: Financial Highlights Q4 2021
Financial Highlights Q4 2021 February 23, 2022 CONFIDENTIAL © MAGNITE | © MAGNITE
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, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development
Slide 4: Highlights
Highlights ➔ Total Revenue ex-TAC(1) grew 76% year over year in Q4 2021 to $142.1 million ➔ Revenue ex-TAC attributable to CTV grew 252% year over year in Q4 2021 to (1) $54.0 million ➔ Pro forma Revenue ex-TAC attributable to CTV grew 23% year over year in Q4 (2) (1) 2021 ➔ Revenue ex-TAC attributa
Slide 5: Guidance and Long Term Financial Targets
Guidance and Long Term Financial Targets ➔ Q1 Revenue ex-TAC(1) to be between $105-109 million ➔ Q1 Revenue ex-TAC(1) attributable to CTV to be between $40-42 million ➔ Q1 Adjusted EBITDA(1) operating expenses to be between $83-$85 million ➔ 2022 Revenue ex-TAC expected to be well over $500 million
Slide 6: Magnite Q4 2021 Summary
Magnite Q4 2021 Summary Financial Measures ($MM except per share data) Three Months Ended 12/31/2021 12/31/2020 Change Fav / (Unfav) Revenue $161.3 $82.0 97% (1) Revenue ex-TAC $142.1 $81.0 76% Gross Profit $94.4 $60.8 55% Net income $0.5 $5.9 (92%) Adjusted EBITDA(1) $67.5 $30.0 125% Adjusted EBITDA
Slide 7: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q4 2021 Q4 2020 Dec 31, Sept 30, 2021 2021 Adjusted EBITDA(1) $67.5 $30.0 Cash & equivalents $230.4 $193.0 Less capital expenditures (7.3) (9.3) Debt $ 723.6 $ 722.2 Operating cash flow(2) $60.2
Slide 8: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount 2022 $148.5 2023 103.2 2024 85.3 2025 67.7 2026 21.9 Thereafter – TOTAL Remaining Amortization of Acquired Intangibles $426.6 CONFIDENTIAL © MAGNITE | © MAGNITE Note: Amounts may not foot due to rou
Slide 9: Q4 Reconciliations of Net Income to Adjusted EBITDA
Q4 Reconciliations of Net Income to Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA ($MM) Q4 2021 Q4 2020 Net income $0.5 $5.9 Add back (deduct): Depreciation and amortization, excluding amortization of 7.2 5.1 acquired intangible assets Amortization of acquired intangibles 42.6 8.0
Slide 10: Q4 Reconciliations of Net Income to Non-GAAP Income
Q4 Reconciliations of Net Income to Non-GAAP Income Reconciliation of Net Income to Non-GAAP Income ($MM, except share figures) Q4 2021 Q4 2020 Net income 0.5 $5.9 Add back (deduct): Merger, acquisition and restructuring costs, including amortization of acquired intangibles and excluding stock-based
Slide 11: Revenue by Channel and Geography
Revenue by Channel and Geography Revenue Ex-TAC Split by Channel ($MM) Q4 2021 Q4 2020 CTV Mobile Desktop Total CTV Mobile Desktop Total Revenue Ex-TAC $54.0 $51.7 $36.4 $142.1 $15.3 $39.2 $26.4 $81.0 Percent of Revenue 38% 36% 26% 19% 48% 33% Revenue Split by Geography ($MM) Q4 2021 Q4 2020 U.S. In
Slide 12: Reconciliation of Revenue to Revenue ex-TAC
Reconciliation of Revenue to Revenue ex-TAC Three Months Three Months Reconciliation of Revenue to Revenue Ex-TAC Ended Dec 31, Ended Dec 31, ($MM, except share figures) 2021 2020 Revenue $161.3 $82.0 Less: Cost of Revenue 66.8 21.2 Gross Profit 94.4 60.8 Add back: Cost of revenue, excluding TAC 47.7