Magnite, Inc. · NASDAQ:MGNI
Magnite — Q3 2021 Earnings Presentation
12 slides from Magnite's earnings presentation, Nov 3, 2021
Slide 1: Financial Highlights Q3 2021
Financial Highlights Q3 2021 November 3, 2021 CONFIDENTIAL © MAGNITE | © MAGNITE 1
Slide 2: Safe Harbor
Safe Harbor FORWARD-LOOKING STATEMENTS This presentation and 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 t
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 89% year over year in Q3 2021 to $114.1 million. Representing 26% growth on a pro forma basis(2) ➔ Revenue ex-TAC attributable to CTV grew 290% year over year in Q3 2021 to $43.1 million (1) ➔ Pro forma Revenue ex-TAC attributable to CTV grew 51% year over y
Slide 5: Guidance & Long Term Financial Targets
Guidance & Long Term Financial Targets ➔ Q4 Revenue ex-TAC(1) to be between $138-142 million ➔ Q4 Revenue ex-TAC(1) attributable to CTV to be between $52-56 million ➔ Q4 Adjusted EBITDA(1) operating expenses to be between $79-$81 million ➔ Q4 Adjusted EBITDA(1) margins to be approximately 43% at mid
Slide 6: Magnite Q3 2021 Summary
Magnite Q3 2021 Summary Financial Measures ($MM except per share data) Three Months Ended 9/30/2021 9/30/2020 Change Fav / (Unfav) Revenue $131.9 $61.0 116% Revenue ex-TAC(1) $114.1 $60.3 89% Net loss ($24.3) ($10.5) (131%) Adjusted EBITDA(1) $40.0 $13.7 191% (2) Adjusted EBITDA margin 35% 23% 12 pp
Slide 7: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q3 2021 Q3 2020 Sept 30, June 30, 2021 2021 Adjusted EBITDA(1) $40.0 $13.7 Cash & equivalents $188.2 $193.0 Less capital expenditures (6.0) (5.3) Debt $ 722.9 $ 722.2 Operating cash flow $34.0 $
Slide 8: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount 2021 $42.5 2022 147.4 2023 102.0 2024 84.2 2025 66.7 Thereafter 20.8 TOTAL Remaining Amortization of Acquired Intangibles $463.6 Note: Amounts may not foot due to rounding. CONFIDENTIAL © MAGNITE |
Slide 9: Q3 MGNI Reconciliations of Net Loss to Adjusted EBITDA
Q3 MGNI Reconciliations of Net Loss to Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA ($MM) Q3 2021 Q3 2020 Net loss ($24.3) ($10.5) Add back (deduct): Depreciation and amortization, excluding amortization of 6.5 6.3 acquired intangible assets Amortization of acquired intangibles 42.2
Slide 10: Q3 MGNI Reconciliations of Net Loss to Non-GAAP Income (Loss)
Q3 MGNI Reconciliations of Net Loss to Non-GAAP Income (Loss) Reconciliation of Net Loss to Non-GAAP Income (Loss) ($MM, except share figures) Q3 2021 Q3 2020 Net Loss ($24.3) ($10.5) Add back (deduct): Merger, acquisition and restructuring costs, including amortization of acquired intangibles and ex
Slide 11: Revenue Split by Channel & Revenue by Geography
Revenue Split by Channel & Revenue by Geography Revenue Ex-TAC Split by Channel ($MM) Q3 2021 Q3 2020 CTV Mobile Desktop Total CTV Mobile Desktop Total Revenue Ex-TAC $43.1 $41.7 $29.2 $114.1 $11.1 $29.0 $20.2 $60.3 Percent of Revenue 38% 36% 26% 18% 48% 34% Revenue Split by Geography ($MM) Q3 2021
Slide 12: Reconciliation of Revenue to Revenue ex-TAC
RECONCILIATION OF REVENUE TO REVENUE EX-TAC (PRELIMINARY AND UNAUDITED) Three Months Three Months Reconciliation of Revenue to Revenue Ex-TAC Ended Sept 30, Ended Sept 30, ($MM, except share figures) 2021 2020 Revenue $131.9 $61.0 Less: Cost of Revenue 63.5 21.0 Gross Profit 68.3 40.0 Add back: Cost o