Magnite, Inc. · NASDAQ:MGNI
Magnite — Q1 2025 Earnings Presentation
14 slides from Magnite's earnings presentation, May 7, 2025
Slide 1: Financial Highlights Q1 2025
Financial Highlights Q1 2025 May 7, 2025 © 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: Q1 Highlights
Q1 Highlights → Contribution ex-TAC(1) of $145.8 million, an increase of 12% year-over-year → Contribution ex-TAC(1) attributable to CTV of $63.2 million, exceeded guidance of $61 to $63 million, and was up 15% year-over-year → Contribution ex-TAC(1) attributable to DV+ of $82.6 million, exceeded gu
Slide 5: Guidance
Guidance → Widened typical guidance ranges for Q2, assumed some softening in the back half of Q2, related to higher risk verticals such as auto, retail and travel → Total Contribution ex-TAC(1) for Q2 2025 to be between $154 and $160 million → Contribution ex-TAC(1) attributable to CTV for Q2 2025 t
Slide 6: Recent Wins
Recent Wins → Magnite unveiled next generation of SpringServe, combining ad server with advanced Magnite Streaming SSP capabilities with broad partner support → Netflix ad tech platform now live in the US. Programmatic now in UCAN, EMEA & LATAM with APAC launch later in Q2 → Samsung Ads expanded glob
Slide 7: Q1 2025 Summary
Q1 2025 Summary Financial Measures ($MM except per share data) Three Months Ended 3/31/2025 3/31/2024 Change Fav / (Unfav) Revenue $155.8 $149.3 4% Gross Profit $93.0 $83.4 11% (1) Contribution ex-TAC $145.8 $130.6 12% Net loss ($9.6) ($17.8) 46% Adjusted EBITDA(1) $36.8 $25.0 47% Adjusted EBITDA mar
Slide 8: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q1 2025 Q1 2024 Mar 31, 2025 Dec 31, 2024 Adjusted EBITDA(1) $36.8 $25.0 Cash & equivalents $429.7 $483.2 Less capital expenditures (18.6) (14.7) Debt $556.6 $553.7 Operating cash flow(2) $18.2
Slide 9: Net Leverage
Net Leverage Note: Net Leverage is calculated as current and non-current debt outstanding less cash & cash equivalents over trailing 4 quarter Adjusted EBITDA. © Magnite | 9
Slide 10: Amortization Schedule
Amortization Schedule Remaining Amortization Schedule for Acquired Intangibles by Period ($MM) Amount 2025 7.1 2026 6.0 2027 0.5 Thereafter 0.3 Total Remaining Amortization of Acquired Intangibles $13.9 Note: Amounts may not foot due to rounding. © Magnite | 10
Slide 11: Q1 Reconciliation of Net Loss to Adjusted EBITDA
Q1 Reconciliation of Net Loss to Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA ($MM) Q1 2025 Q1 2024 Net loss ($9.6) ($17.8) Add back (deduct): Depreciation and amortization expense, excluding amortization of 8.2 6.0 acquired intangible assets Amortization of acquired intangibles 7.4
Slide 12: Q1 Reconciliation of Net Loss to Non-GAAP Income
Q1 Reconciliation of Net Loss to Non-GAAP Income Reconciliation of Net Loss to Non-GAAP Income ($MM, except per share figures) Q1 2025 Q1 2024 Net loss ($9.6) ($17.8) Add back (deduct): Merger, acquisition and restructuring costs, including amortization of 7.4 7.6 acquired intangibles and excluding s
Slide 13: Contribution Ex-TAC by Channel and Revenue by Geography
Contribution Ex-TAC by Channel and Revenue by Geography Contribution Ex-TAC Split by Channel ($MM) Q1 2025 Q1 2024 CTV Mobile Desktop Total CTV Mobile Desktop Total Contribution ex-TAC $63.2 $58.0 $24.6 $145.8 $54.9 $53.3 $22.4 $130.6 Percent of Total 43% 40% 17% 42% 41% 17% Revenue Split by Geograp
Slide 14: Reconciliation of Revenue to Contribution Ex-TAC
Reconciliation of Revenue to Contribution Ex-TAC Reconciliation of Revenue to Contribution Three Months Ended Three Months Ended Ex-TAC ($MM) Mar 31, 2025 Mar 31, 2024 Revenue $155.8 $149.3 Less: Cost of Revenue 62.8 65.9 Gross Profit 93.0 83.4 Add back: Cost of revenue, excluding TAC 52.9 47.1 Contr