Magnite, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Magnite, Inc. filed its Q1 2024 10-Q report, detailing financial performance and equity changes.</b>

AI Summary

MAGNITE, INC. (MGNI) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Magnite, Inc. reported financial results for the period ending March 31, 2024. The filing details changes in accounting methods and their impact. Information on equity instruments, including common stock and additional paid-in capital, is provided. Details regarding restricted stock units, employee stock options, and performance shares are included. The report covers the fiscal periods of Q1 2024 and Q1 2023 for comparative analysis.

Why It Matters

For investors and stakeholders tracking MAGNITE, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Magnite, Inc., crucial for understanding its performance and strategic direction in the current quarter. The detailed breakdown of equity instruments and stock-based compensation offers insights into the company's capital structure and employee incentive programs.

Risk Assessment

Risk Level: medium — MAGNITE, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, and the absence of specific financial performance metrics in the provided text prevents a definitive bullish or bearish assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management's discussion and analysis, and risk factors to make an informed investment decision.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• Q1 2024 — Fiscal Quarter (Reporting period)
• Q1 2023 — Comparative Fiscal Quarter (Reporting period)

Key Players & Entities

• MAGNITE, INC. (company) — Filer name
• 20240331 (date) — Conformed period of report
• 20240508 (date) — Filed as of date
• 1250 BROADWAY (address) — Business address street 1
• NEW YORK (location) — Business address city
• 212-243-2769 (phone) — Business phone
• RUBICON PROJECT, INC. (company) — Former company name
• 20140106 (date) — Date of name change

FAQ

Industry Context

Magnite operates in the digital advertising technology sector, providing a platform for advertising transactions.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Review the risk factors section for potential challenges and uncertainties facing Magnite, Inc.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date Magnite, Inc. submitted the 10-Q to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.00001 — ich registered Common stock, par value $0.00001 per share MGNI Nasdaq Global Select Mar
• $1,000 — e of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Sen

Filing Documents

• mgni-20240331.htm (10-Q) — 1194KB
• exhibit311q12024.htm (EX-31.1) — 12KB
• exhibit312q12024.htm (EX-31.2) — 12KB
• exhibit32q12024.htm (EX-32) — 7KB
• 0001595974-24-000022.txt (&nbsp;) — 7539KB
• mgni-20240331.xsd (EX-101.SCH) — 59KB
• mgni-20240331_cal.xml (EX-101.CAL) — 89KB
• mgni-20240331_def.xml (EX-101.DEF) — 323KB
• mgni-20240331_lab.xml (EX-101.LAB) — 700KB
• mgni-20240331_pre.xml (EX-101.PRE) — 566KB
• mgni-20240331_htm.xml (XML) — 952KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION 3

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and March 3 1 , 20 23 4 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 3 1 , 202 4 and March 3 1 , 20 23 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and March 3 1 , 20 23 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and March 3 1 , 20 23 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 41

OTHER INFORMATION

Part II. OTHER INFORMATION 42

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements MAGNITE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par values) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 252,834 $ 326,219 Accounts receivable, net 999,848 1,176,276 Prepaid expenses and other current assets 20,772 20,508 TOTAL CURRENT ASSETS 1,273,454 1,523,003 Property and equipment, net 55,533 47,371 Right-of-use lease asset 64,001 60,549 Internal use software development costs, net 23,117 21,926 Intangible assets, net 43,422 51,011 Goodwill 978,217 978,217 Other assets, non-current 16,325 6,729 TOTAL ASSETS $ 2,454,069 $ 2,688,806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,123,407 $ 1,372,176 Lease liabilities, current 19,905 20,402 Debt, current 3,650 3,600 Other current liabilities 7,729 5,957 TOTAL CURRENT LIABILITIES 1,154,691 1,402,135 Debt, non-current, net of debt discount and debt issuance costs 549,077 532,986 Lease liabilities, non-current 53,059 49,665 Deferred tax liability, net 288 680 Other liabilities, non-current 1,577 1,657 TOTAL LIABILITIES 1,758,692 1,987,123 Commitments and contingencies (Note 12) STOCKHOLDERS' EQUITY Preferred stock, $ 0.00001 par value, 10,000 shares authorized at March 31, 2024 and December 31, 2023; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 500,000 shares authorized at March 31, 2024 and December 31, 2023; 140,024 and 138,577 shares issued and outstanding at March 31, 2024 and December 31, 2023 2 2 Additional paid-in capital 1,400,181 1,387,715 Accumulated other comprehensive loss ( 3,091 ) ( 2,076 ) Accumulated deficit ( 701,715 ) ( 683,958 ) TOTAL STOCKHOLDERS' EQUITY 695,377 701,683 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,454,069 $ 2,688,806 The accompanying notes to unaudited condensed cons