Magnite, Inc. · NASDAQ:MGNI
Magnite — Q2 2024 Earnings Presentation
15 slides from Magnite's earnings presentation, Aug 7, 2024
Slide 1: Financial Highlights Q2 2024
Financial Highlights Q2 2024 August 7, 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: Q2 Highlights
Q2 Highlights → Total Contribution ex-TAC(1) grew 9% year-over-year to $146.8 million, exceeded guidance of $142 to $146 million → Contribution ex-TAC(1) attributable to CTV grew 12% year-over-year to $63.0 million, exceeded guidance of $59 to $61 million → Contribution ex-TAC(1) attributable to DV+
Slide 5: Recent Wins
Recent Wins → Netflix Selects Magnite as Key Global Programmatic Advertising Partner → United Selects Magnite's SpringServe to Power Advertising Solution for Inflight Personal Device Entertainment → New ROKU Exchange integrated with Magnite for demand facilitation, ClearLine and agency marketplace sol
Slide 6: Q3 Guidance
Q3 Guidance → Total Contribution ex-TAC(1) for Q3 2024 to be between $146 and $150 million → Contribution ex-TAC(1) for Q3 2024 for CTV to be between $62 and $64 million → Contribution ex-TAC(1) for Q3 2024 for DV+ to be between $84 and $86 million → Adjusted EBITDA operating expenses(2) for Q3 2024
Slide 7: Full-year 2024 Guidance
Full-year 2024 Guidance → Reaffirming Contribution ex-TAC(1) to grow at least 10% for the full-year 2024, with CTV growing faster than DV+ → Reaffirming Adjusted EBITDA margin(2) expansion for full-year 2024 to 100-150 basis points → Reaffirming Adjusted EBITDA(1) growth for full-year 2024 to mid-teens
Slide 8: Q2 2024 Summary
Q2 2024 Summary Financial Measures ($MM except per share data) Three Months Ended 6/30/2024 6/30/2023 Change Fav / (Unfav) Revenue $162.9 $152.5 7% Gross Profit $100.3 $22.4 348% (1) Contribution ex-TAC $146.8 $134.7 9% Net loss ($1.1) ($73.9) 99% Adjusted EBITDA(1) $44.7 $37.3 20% Adjusted EBITDA ma
Slide 9: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q2 2024 Q2 2023 June 30, 2024 Dec 31, 2023 Adjusted EBITDA(1) $44.7 $37.3 Cash & equivalents $326.5 $326.2 Less capital expenditures (15.1) (8.9) Debt $552.7 $536.6 Operating cash flow(2) $29.6
Slide 10: Net Leverage
Net Leverage Note: Net Leverage is calculated as current and non-current debt outstanding less cash & cash equivalents over trailing 4 quarter Adjusted EBITDA. © Magnite | 10
Slide 11: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount Remaining 2024 15.0 2025 14.4 2026 6.0 2027 0.4 Total Remaining Amortization of Acquired Intangibles $35.8 Note: Amounts may not foot due to rounding. © Magnite | 11
Slide 12: Q2 Reconciliation of Net Loss to Adjusted EBITDA
Q2 Reconciliation of Net Loss to Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA ($MM) Q2 2024 Q2 2023 Net loss ($1.1) ($73.9) Add back (deduct): Depreciation and amortization expense, excluding amortization of 6.7 10.3 acquired intangible assets Amortization of acquired intangibles 7.
Slide 13: Q2 Reconciliation of Net Loss to Non-GAAP Income
Q2 Reconciliation of Net Loss to Non-GAAP Income Reconciliation of Net Loss to Non-GAAP Income ($MM, except per share figures) Q2 2024 Q2 2023 Net loss ($1.1) ($73.9) Add back (deduct): Merger, acquisition and restructuring costs, including amortization of 7.6 78.7 acquired intangibles and excluding
Slide 14: Contribution Ex-TAC by Channel and Revenue by Geography
Contribution Ex-TAC by Channel and Revenue by Geography Contribution Ex-TAC Split by Channel ($MM) Q2 2024 Q2 2023 CTV Mobile Desktop Total CTV Mobile Desktop Total Contribution ex-TAC $63.0 $57.7 $26.1 $146.8 $56.1 $53.4 $25.2 $134.7 Percent of Total 43% 39% 18% 42% 39% 19% Revenue Split by Geograp
Slide 15: Reconciliation of Revenue to Contribution Ex-TAC
Reconciliation of Revenue to Contribution Ex-TAC Reconciliation of Revenue to Contribution Three Months Ended Three Months Ended Ex-TAC ($MM) June 30, 2024 June 30, 2023 Revenue $162.9 $152.5 Less: Cost of Revenue 62.6 130.2 Gross Profit 100.3 22.4 Add back: Cost of revenue, excluding TAC 46.5 112.3