Magnite, Inc. Files Q2 2024 10-Q Report

Ticker: MGNI · Form: 10-Q · Filed: 2024-08-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financial-report, ad-tech

TL;DR

Magnite's Q2 10-Q is in. Check financials.

AI Summary

Magnite, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Rubicon Project, Inc., is based in New York and operates in the services-computer programming and data processing sector. Key financial details and operational updates for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Magnite, Inc., crucial for understanding the company's current health and future prospects in the ad-tech industry.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal significant financial health indicators or operational challenges.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The conformed period of report is June 30, 2024.

What was Magnite, Inc.'s former company name?

Magnite, Inc.'s former company name was RUBICON PROJECT, INC.

When was the company's name changed from Rubicon Project, Inc.?

The date of the name change was January 6, 2014.

What is Magnite, Inc.'s fiscal year end?

Magnite, Inc.'s fiscal year ends on December 31.

What is the SEC file number for Magnite, Inc.?

The SEC file number is 001-36384.

Filing Stats: 4,828 words · 19 min read · ~16 pages · Grade level 16.8 · Accepted 2024-08-07 16:10:01

Key Financial Figures

Filing Documents

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 June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and June 3 0 , 2023 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 3 0 , 2024 and June 3 0 , 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 3 0 , 2024 and June 3 0 , 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended J une 3 0 , 2024 and June 3 0 , 2023 8 Notes to Condensed Consolidated Financial Statements 10

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

Part II. OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5. O ther Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 326,464 $ 326,219 Accounts receivable, net 1,122,396 1,176,276 Prepaid expenses and other current assets 19,376 20,508 TOTAL CURRENT ASSETS 1,468,236 1,523,003 Property and equipment, net 62,939 47,371 Right-of-use lease asset 62,034 60,549 Internal use software development costs, net 24,923 21,926 Intangible assets, net 35,848 51,011 Goodwill 978,217 978,217 Other assets, non-current 11,008 6,729 TOTAL ASSETS $ 2,643,205 $ 2,688,806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,299,231 $ 1,372,176 Lease liabilities, current 20,014 20,402 Debt, current 3,650 3,600 Other current liabilities 6,219 5,957 TOTAL CURRENT LIABILITIES 1,329,114 1,402,135 Debt, non-current, net of debt discount and debt issuance costs 549,025 532,986 Lease liabilities, non-current 50,294 49,665 Deferred tax liability, net 287 680 Other liabilities, non-current 1,522 1,657 TOTAL LIABILITIES 1,930,242 1,987,123 Commitments and contingencies (Note 12) STOCKHOLDERS' EQUITY Preferred stock, $ 0.00001 par value, 10,000 shares authorized at June 30, 2024 and December 31, 2023; 0 shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 500,000 shares authorized at June 30, 2024 and December 31, 2023; 141,141 and 138,577 shares issued and outstanding at June 30, 2024 and December 31, 2023 2 2 Additional paid-in capital 1,418,931 1,387,715 Accumulated other comprehensive loss ( 3,177 ) ( 2,076 ) Accumulated deficit ( 702,793 ) ( 683,958 ) TOTAL STOCKHOLDERS' EQUITY 712,963 701,683 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,643,205 $ 2,688,806 The accompanying notes to unaudited condensed consoli

View on Read The Filing