Magnite, Inc. · NASDAQ:MGNI

Magnite — Q4 2022 Earnings Presentation

13 slides from Magnite's earnings presentation, Feb 22, 2023

  1. Slide 1: Financial Highlights Q4 2022

    Financial Highlights Q4 2022 February 22, 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, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development a

  4. Slide 4: Q4 Highlights

    Q4 Highlights → Total Revenue ex-TAC(1) grew 10% year-over-year to $156.6 million → Revenue ex-TAC(1) attributable to CTV grew 20% year-over-year to $64.6 million → Revenue ex-TAC(1) attributable to CTV represented 41% of total revenue ex-TAC → Adjusted EBITDA(1) of $64.2 million, representing a 41%

  5. Slide 5: Guidance

    Guidance → Q1 Revenue ex-TAC(1) to be between $109 and $113 million → Q1 Revenue ex-TAC(1) attributable to CTV to be between $42.5 and $44.5 million → Q1 Adjusted EBITDA operating expenses(2) to be between $92 and $94 million → Expect full-year 2023 revenue ex-TAC to grow from 2022 → Adjusted EBITDA

  6. Slide 6: Q4 2022 Summary

    Q4 2022 Summary Financial Measures ($MM except per share data) Three Months Ended 12/31/2022 12/31/2021 Change Fav / (Unfav) Revenue $175.4 $161.3 9% Revenue ex-TAC(1) $156.6 $142.1 10% Gross Profit $64.4 $94.4 (32)% Net income (loss) ($36.4) $0.5 NM (1) Adjusted EBITDA $64.2 $67.5 (5)% Adjusted EBIT

  7. Slide 7: Cash Flow and Balance Sheet Highlights

    Cash Flow and Balance Sheet Highlights Operating Cash Flow Highlights ($MM) Balance Sheet Highlights ($MM) Q4 2022 Q4 2021 Dec 31, 2022 Dec 31, 2021 Adjusted EBITDA(1) $64.2 $67.5 Cash & equivalents $326.3 $230.4 Less capital expenditures (7.3) (7.3) Debt $ 726.4 $ 723.6 Operating cash flow(2) $56.9

  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) 202.5 2024 30.1 2025 14.4 2026 6.0 2027 0.4 Total Remaining Amortization of Acquired Intangibles $253.5 (1) Amortization expense include an estimated incremental $52 million in Q1, $52 milli

  10. Slide 10: Q4 Reconciliation of Net Income (Loss) to Adjusted EBITDA

    Q4 Reconciliation of Net Income (Loss) to Adjusted EBITDA Reconciliation of Net Income (Loss) to Adjusted EBITDA ($MM) Q4 2022 Q4 2021 Net income (loss) ($36.4) $0.5 Add back (deduct): Depreciation and amortization expense, excluding 8.4 7.2 amortization of acquired intangible assets Amortization of

  11. Slide 11: Q4 Reconciliation of Net Income (Loss) to Non-GAAP Income

    Q4 Reconciliation of Net Income (Loss) to Non-GAAP Income Reconciliation of Net Income (Loss) to Non-GAAP Income ($MM, except per share figures) Q4 2022 Q4 2021 Net income (loss) ($36.4) $0.5 Add back (deduct): Merger, acquisition and restructuring costs, including amortization of acquired intangible

  12. Slide 12: Revenue by Channel and Geography

    Revenue by Channel and Geography Revenue Ex-TAC Split by Channel ($MM) Q4 2022 Q4 2021 CTV Mobile Desktop Total CTV Mobile Desktop Total Revenue ex-TAC $64.6 $61.1 $30.9 $156.6 $54.0 $51.7 $36.4 $142.1 Percent of Revenue 41% 39% 20% 38% 36% 26% Revenue Split by Geography ($MM) Q4 2022 Q4 2021 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) Dec 31, 2022 Dec 31, 2021 Revenue $175.4 $161.3 Less: Cost of Revenue 111.0 66.8 Gross Profit 64.4 99.4 Add back: Cost of revenue, excluding TAC 92.2 47.7 Revenue ex-TAC

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