Magnite, Inc. · NASDAQ:MGNI

Magnite — Q3 2023 Earnings Presentation

13 slides from Magnite's earnings presentation, Nov 8, 2023

  1. Slide 1: Financial Highlights Q3 2023

    Financial Highlights Q3 2023 November 8, 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: Q3 Highlights

    Q3 Highlights → Total Contribution ex-TAC(1) grew 4% year-over-year to $133.1 million → Contribution ex-TAC(1) attributable to CTV was $52.5 million, down 6% year-over-year, compared to guidance of $50 to $52 million → CTV ad spend(2) grew over 20% year-over-year - demonstrating market share gains →

  5. Slide 5: Guidance

    Guidance → Total Contribution ex-TAC(1) for Q4 2023 to be between $158 and $162 million → Contribution ex-TAC(1) for Q4 2023 for CTV to be between $61 and $63 million → Contribution ex-TAC(1) for Q4 2023 for DV+ to be between $97 and $99 million → Adjusted EBITDA operating expenses(2) for Q4 2023 to

  6. Slide 6: Q3 2023 Summary

    Q3 2023 Summary Financial Measures ($MM except per share data) Three Months Ended 9/30/2023 9/30/2022 Change Fav / (Unfav) Revenue $150.1 $145.8 3% Gross Profit $65.2 $74.1 (12)% (1) Contribution ex-TAC $133.1 $127.7 4% Net loss ($17.5) ($24.4) 28% (1) Adjusted EBITDA $40.3 $44.4 (9)% Adjusted EBITDA

  7. Slide 7: Cash Flow and Balance Sheet Highlights

    Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q3 2023 Q3 2022 Sept 30, 2023 Dec 31, 2022 Adjusted EBITDA(1) $40.3 $44.4 Cash & equivalents $310.5 $326.3 Less capital expenditures (8.5) (15.8) Debt $605.2 $726.4 Operating cash flow(2) $31.8

  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 7.6 2024 30.1 2025 14.4 2026 6.0 2027 0.4 Total Remaining Amortization of Acquired Intangibles $58.6 Note: Amounts may not foot due to rounding. © Magnite | 9

  10. Slide 10: Q3 Reconciliation of Net Loss to Adjusted EBITDA

    Q3 Reconciliation of Net Loss to Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA ($MM) Q3 2023 Q3 2022 Net loss ($17.5) ($24.4) Add back (deduct): Depreciation and amortization expense, excluding 9.5 8.5 amortization of acquired intangible assets Amortization of acquired intangibles 29

  11. Slide 11: Q3 Reconciliation of Net Loss to Non-GAAP Income

    Q3 Reconciliation of Net Loss to Non-GAAP Income Reconciliation of Net Income (Loss) to Non-GAAP Income ($MM, except per share figures) Q3 2023 Q3 2022 Net income (loss) ($17.5) ($24.4) 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 Contribution Ex-TAC Split by Channel ($MM) Q3 2023 Q3 2022 CTV Mobile Desktop Total CTV Mobile Desktop Total Contribution ex-TAC $52.5 $55.0 $25.7 $133.1 $55.8 $44.7 $27.2 $127.7 Percent of Total 39% 41% 20% 44% 35% 21% Revenue Split by Geography ($MM) Q3 2023 Q3 202

  13. Slide 13: 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) Sept 30, 2023 Sept 30, 2022 Revenue $150.1 $145.8 Less: Cost of Revenue 84.9 71.8 Gross Profit 65.2 74.1 Add back: Cost of revenue, excluding TAC 67.9 53.6 Con

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