Magnite, Inc. · NASDAQ:MGNI

Magnite — Q1 2023 Earnings Presentation

13 slides from Magnite's earnings presentation, May 10, 2023

  1. Slide 1: Financial Highlights Q1 2023

    Financial Highlights Q1 2023 May 10, 2023 © Magnite | 1

  2. Slide 2: Safe Harbor

    Safe Harbor FORWARD-LOOKING STATEMENTS This presentation, press release 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

  3. 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

  4. Slide 4: Q1 Highlights

    Q1 Highlights → Total Revenue ex-TAC(1) grew 8% year-over-year to $116.0 million → Revenue ex-TAC(1) attributable to CTV grew 10% year-over-year to $46.4 million → Revenue ex-TAC(1) attributable to CTV represented 40% of total revenue ex-TAC → Adjusted EBITDA(1) of $23.3 million, representing a 20%

  5. Slide 5: Guidance

    Guidance → Q2 Revenue ex-TAC(1) to be between $132 and $136 million → Q2 Revenue ex-TAC(1) attributable to CTV to be between $56 and $58 million → Q2 Adjusted EBITDA operating expenses(2) to be between $94 and $96 million → Expect Revenue ex-TAC(1) growth for full-year 2023 to be in the high single-

  6. Slide 6: Q1 2023 Summary

    Q1 2023 Summary Financial Measures ($MM except per share data) Three Months Ended 3/31/2023 3/31/2022 Change Fav / (Unfav) Revenue $130.2 $118.1 10% Revenue ex-TAC(1) $116.0 $107.1 8% Gross Profit $5.3 $58.7 (91)% Net income (loss) ($98.7) ($44.6) (121)% (1) Adjusted EBITDA $23.3 $28.8 (19)% Adjusted

  7. Slide 7: Cash Flow and Balance Sheet Highlights

    Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q1 2023 Q1 2022 Mar 31, 2023 Dec 31, 2022 Adjusted EBITDA(1) $23.3 $28.8 Cash & equivalents $236.6 $326.3 Less capital expenditures (9.6) (8.7) Debt $677.6 $726.4 Operating cash flow(2) $13.7 $2

  8. 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

  9. Slide 9: Amortization Schedule

    Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount 2023(1) 116.1 2024 30.1 2025 14.4 2026 6.0 2027 0.4 Total Remaining Amortization of Acquired Intangibles $167.1 (1) Amortization expense include an estimated incremental $52 million in Q2 and $8 mil

  10. 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 2023 Q1 2022 Net loss ($98.7) ($44.6) Add back (deduct): Depreciation and amortization expense, excluding 9.4 7.4 amortization of acquired intangible assets Amortization of acquired intangibles 86

  11. Slide 11: Q1 Reconciliation of Net Loss to Non-GAAP Income

    Q1 Reconciliation of Net Loss to Non-GAAP Income Reconciliation of Net Income (Loss) to Non-GAAP Income ($MM, except per share figures) Q1 2023 Q1 2022 Net income (loss) ($98.7) ($44.6) Add back (deduct): Merger, acquisition and restructuring costs, including amortization of acquired intangibles and

  12. Slide 12: Revenue by Channel and Geography

    Revenue by Channel and Geography Revenue Ex-TAC Split by Channel ($MM) Q1 2023 Q1 2022 CTV Mobile Desktop Total CTV Mobile Desktop Total Revenue ex-TAC $46.4 $46.9 $22.7 $116.0 $42.3 $38.3 $26.5 $107.1 Percent of Revenue 40% 40% 20% 40% 35% 25% Revenue Split by Geography ($MM) Q1 2023 Q1 2022 U.S. I

  13. Slide 13: Reconciliation of Revenue to Revenue Ex-TAC

    Reconciliation of Revenue to Revenue Ex-TAC Reconciliation of Revenue to Revenue Ex-TAC Three Months Ended Three Months Ended ($MM) Mar 31, 2023 Mar 31, 2022 Revenue $130.2 $118.1 Less: Cost of Revenue 124.8 59.4 Gross Profit 5.3 58.7 Add back: Cost of revenue, excluding TAC 110.7 48.4 Revenue ex-TAC

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