Magnite Files Q3 2024 10-Q with Financial Updates
Ticker: MGNI · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Magnite's Q3 2024 10-Q is in. Check financials vs. last year.
AI Summary
Magnite, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter of 2024, comparing them to the same period in 2023. Key financial data and balance sheet information as of September 30, 2024, and December 31, 2023, were included in the filing.
Why It Matters
This filing provides investors with the latest financial performance and position of Magnite, Inc., crucial for understanding the company's trajectory in the digital advertising space.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal significant risks or opportunities.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
- 2024-11-07 — Filing Date (The date the report was officially submitted to the SEC.)
- 2023-12-31 — Prior Year End Date (Provides a comparison point for balance sheet items from the previous fiscal year.)
Key Players & Entities
- MAGNITE, INC. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241107 (date) — Filing date
- RUBICON PROJECT, INC. (company) — Former company name
FAQ
What were Magnite's total revenues for the third quarter of 2024?
The filing indicates the reporting period is Q3 2024, but specific revenue figures for the quarter are not detailed in the provided snippet.
How does Magnite's net income in Q3 2024 compare to Q3 2023?
The filing covers the period ending September 30, 2024, and includes comparative periods, but specific net income figures are not present in the provided text.
What is Magnite's current cash and cash equivalents balance as of September 30, 2024?
The provided text does not contain specific balance sheet line items such as cash and cash equivalents.
What were the significant changes in Magnite's equity accounts between December 31, 2023, and September 30, 2024?
The filing references equity accounts like Common Stock, Additional Paid In Capital, Accumulated Other Comprehensive Income, and Retained Earnings for these dates, but the specific values and changes are not detailed in the snippet.
Has Magnite's former name, Rubicon Project, Inc., been mentioned in recent filings?
Yes, the filing explicitly states 'FORMER COMPANY: FORMER CONFORMED NAME: RUBICON PROJECT, INC.' and 'DATE OF NAME CHANGE: 20140106'.
Filing Stats: 4,845 words · 19 min read · ~16 pages · Grade level 18.6 · Accepted 2024-11-07 16:19:39
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-20240930.htm (10-Q) — 1602KB
- exhibit311q32024.htm (EX-31.1) — 12KB
- exhibit312q32024.htm (EX-31.2) — 12KB
- exhibit32q32024.htm (EX-32) — 7KB
- 0001595974-24-000041.txt ( ) — 8876KB
- mgni-20240930.xsd (EX-101.SCH) — 60KB
- mgni-20240930_cal.xml (EX-101.CAL) — 88KB
- mgni-20240930_def.xml (EX-101.DEF) — 380KB
- mgni-20240930_lab.xml (EX-101.LAB) — 741KB
- mgni-20240930_pre.xml (EX-101.PRE) — 600KB
- mgni-20240930_htm.xml (XML) — 1245KB
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 September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 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 28
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 44
Controls and Procedures
Item 4. Controls and Procedures 45
OTHER INFORMATION
Part II. OTHER INFORMATION 46
Legal Proceedings
Item 1. Legal Proceedings 46
Risk Factors
Item 1A. Risk Factors 46
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 5. Other Information 47
Exhibits
Item 6. Exhibits 48
Signatures
Signatures 49 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 387,244 $ 326,219 Accounts receivable, net 1,163,804 1,176,276 Prepaid expenses and other current assets 22,318 20,508 TOTAL CURRENT ASSETS 1,573,366 1,523,003 Property and equipment, net 64,553 47,371 Right-of-use lease assets 57,565 60,549 Internal use software development costs, net 26,676 21,926 Intangible assets, net 28,349 51,011 Goodwill 978,217 978,217 Other assets, non-current 9,145 6,729 TOTAL ASSETS $ 2,737,871 $ 2,688,806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,384,732 $ 1,372,176 Lease liabilities, current 18,232 20,402 Debt, current 3,641 3,600 Other current liabilities 7,013 5,957 TOTAL CURRENT LIABILITIES 1,413,618 1,402,135 Debt, non-current, net of debt discount and debt issuance costs 550,168 532,986 Lease liabilities, non-current 46,577 49,665 Other liabilities, non-current 1,632 2,337 TOTAL LIABILITIES 2,011,995 1,987,123 Commitments and contingencies (Note 12) STOCKHOLDERS' EQUITY Preferred stock, $ 0.00001 par value, 10,000 shares authorized at September 30, 2024 and December 31, 2023; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 500,000 shares authorized at September 30, 2024 and December 31, 2023; 141,148 and 138,577 shares issued and outstanding at September 30, 2024 and December 31, 2023 2 2 Additional paid-in capital 1,424,539 1,387,715 Accumulated other comprehensive loss ( 1,086 ) ( 2,076 ) Accumulated deficit ( 697,579 ) ( 683,958 ) TOTAL STOCKHOLDERS' EQUITY 725,876 701,683 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,737,871 $ 2,688,806 The accompanying notes to unaudited condensed consolidated finan