Year over year comparisons on an as reported basis do not include the results of Telaria for Q4 2019. press@magnite.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20210224006051/en/, Investor Relations Contact These non-GAAP measures include Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons: Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. Adjusted EBITDA does not reflect non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger related severance costs, and changes in the fair value of contingent consideration. Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period. Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. CTV Revenue Grew 12% Year over Year. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. © Copyright 2021 Magnite, Inc. All rights reserved. nkormeluk@magnite.com, Media Contact Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired. Publishers use our technology to monetize their content across all screens and formats—including desktop, mobile, audio and CTV. CTV Revenue Grew 51% Year over Year, on a Pro-Forma Basis. Magnite, Inc. (NASDAQ:MGNI) just released its quarterly report and things are looking bullish.The results overall were pretty good, with revenues … You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based acquisition and related expenses, including amortization of acquired intangible assets, merger related severance costs, transaction expenses, non-operational real estate expenses or income, and foreign currency gains and losses. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. Aug 10, 2020 4:05PM EDT. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue. We qualify all of our forward-looking statements by these cautionary statements. Third quarter … SpotX is an important strategic win for Magnite and our customers, and is fast growing and highly profitable. CTV revenue for Q2 2020 was $7.9 million up 12% year over year on a … Company Posts Adjusted EBITDA Margin of 23% in Quarter. Charlstie Veith(516) 300-3569 When comparisons are referred to as pro-forma, Telaria results in the prior year period in Q4 2019 and Q1 2020 are added in order to provide additional insights to business performance. Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, non-operational real estate expenses or income, or contractual commitments. Then in Q3 2020, investors were again unimpressed with … However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. Magnite, Inc., the largest independent sell-side advertising platform, today reported its results of operations for the third quarter ended September 30, 2020. Q1 2020 The Rubicon Project Inc Earnings Conference Call. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "anticipate," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions. Adjusted EBITDA may also be used as a metric for determining payment of cash incentive compensation. (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations. These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. Potentially dilutive shares consist of stock options, restricted stock awards, restricted stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method. Get it together Magnite - you're a public company! Please see the reconciliations to GAAP revenue included at the end of this press release. Because of these limitations, we also consider the comparable GAAP measure of net income (loss). “As linear TV spend accelerates its move to ad-supported CTV, we believe growth from this secular trend will fuel our growth for the foreseeable future. Nick Kormeluk(949) 500-0003 (3) Non-GAAP income (loss) per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Magnite, Inc., whose market valuation is $4.54 Billion at the time of this writing, is expected to release its quarterly earnings report May 04, 2021- May 10, 2021. CTV Pro Forma Revenue Grows 53% Year over Year in Q4 2020. Magnite (NASDAQ: MGNI), the largest independent sell-side advertising platform, today reported its results of operations for the fourth quarter and year ended December 31, 2020. Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. Zero analysts have issued estimates for Magnite’s earnings, with the highest EPS estimate coming in at $0.02 and the lowest estimate coming in at ($0.03). We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Magnite revenue was $42.3 million for Q2 2020, up 12% from Q2 2019 on an as reported basis. Expect Magnite management to thoroughly address Spruce Point's short report when it reports quarterly earnings on Feb. 24. CTV Pro Forma Revenue Grows 53% Year over Year in Q4 2020, Company Posts Adjusted EBITDA Margin of 37% in Quarter. This 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 relating to our expectations, assumptions, estimates, and projections. LOS ANGELES--(BUSINESS WIRE)--Feb. 24, 2021-- See "Reconciliation of net income (loss) to Adjusted EBITDA," "Reconciliation of net income (loss) to non-GAAP income (loss)," and "Reconciliation of GAAP income (loss) per share to non-GAAP income (loss) per share" included as part of this press release. “We had a strong finish to 2020, led by contributions from CTV and OLV formats,” said Michael G. Barrett, President and CEO of Magnite. Magnite Reports Second Quarter 2020 Results Published. Following the closing of the pending acquisition of SpotX, CTV and OLV formats would represent two-thirds of our total company revenue, which would further improve our position in the fastest growing segments of the programmatic marketplace.”, Magnite Fourth Quarter 2020 Results Summary, (in millions, except per share amounts and percentages). We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA, Acquisition & Non Recurring Related Party Revenue. SpotX non-GAAP net revenue is defined as GAAP revenue less amounts paid to sellers that are included within cost of revenue for the portion of revenue that is reported on a gross basis. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. Q1. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. These limitations include: Our Adjusted EBITDA is influenced by fluctuations in our revenue and the timing and amounts of our investments in our operations. We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, non-operational real estate expense (income), net, and provision (benefit) for income taxes. The reported $0.19 EPS for the quarter, topping the consensus estimate of $0.11 by $0.08. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: Capitalized assets financed by accounts payable and accrued expenses, Operating lease right-of-use assets obtained in exchange for new operating lease liabilities, Common stock and options issued for Merger, RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA, Depreciation and amortization expense, excluding amortization of acquired intangible assets, Non-operational real estate expense (income), net, Other non-operating (income) expense, net, RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS), Acquisition and related items, including amortization of acquired intangibles. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. © Copyright 2021 Magnite, Inc. All rights reserved. Risks that our business face include, but are not limited to, the following: we may not complete the acquisition of SpotX or realize the anticipated benefits of the SpotX Acquisition; our proposed financing of the SpotX Acquisition will significantly increase our leverage, which may put us at risk of defaulting on our debt obligations and limit our ability to conduct certain activities; the completion of the SpotX Acquisition will result in dilution to our stockholders; the severity, magnitude, and duration of the COVID-19 pandemic, including impacts of the pandemic and of responses to the pandemic by governments, business and individuals on our operations, personnel, buyers, sellers, and on the global economy and the advertising marketplace; our vulnerability to the depletion of cash resources as a result of impacts of the COVID-19 pandemic; our CTV spend may grow more slowly than we expect if industry growth rates for ad supported CTV are not accurate, if CTV sellers fail to adopt programmatic advertising solutions or if we are unable to maintain or increase access to CTV advertising inventory; we may not realize the anticipated benefits of the Merger; we may be unsuccessful in our Supply Path Optimization efforts; our ability to introduce new offerings and bring them to market in a timely manner, and otherwise adapt in response to client demands and industry trends; uncertainty of our estimates and expectations associated with new offerings; lack of adoption and market acceptance of our Demand Manager solution; our technology development efforts may be inefficient or ineffective, or not keep pace with competitors; we must increase the scale and efficiency of our technology infrastructure to support our growth; the emergence of header bidding has increased competition from other demand sources and may cause infrastructure strain and added costs; our access to mobile inventory may be limited by third-party technology or lack of direct relationships with mobile sellers; we may experience lower take rates, which may not be offset by increase in the volume of ad requests, improvements in fill-rate, and/or increases in the value of transactions through our platform; the impact of requests for discounts, fee concessions, rebates, refunds or favorable payment terms; our history of losses, and the fact that in the past our operating results have and may in the future fluctuate significantly, be difficult to predict, and fall below analysts' and investors' expectations; the effect on the advertising market and our business from difficult economic conditions or uncertainty; the effects of seasonal trends on our results of operations; we operate in an intensely competitive market that includes companies that have greater financial, technical and marketing resources than we do; the effects of consolidation in the ad tech industry; the growing percentage of online and mobile advertising spending captured by closed "walled gardens (such as Google, Facebook, Comcast, and Amazon); our ability to differentiate our offerings and compete effectively to combat commodification and disintermediation; potential limitations on our ability to collect or use data as a result of consumer tools, regulatory restrictions and technological limitations; the development and use of new identity solutions as a replacement for third-party cookies and other identifiers may disrupt the programmatic ecosystem and cause the performance of our platform to decline; the industry may not adopt or may be slow to adopt the use of first-party publisher segments as an alternative to third-party cookies; our ability to comply with, and the effect on our business of, evolving legal standards and regulations, particularly concerning data protection and privacy; our ability to comply with industry self-regulation; failure by us or our clients to meet advertising and inventory content standards could harm our brand and reputation and those of our partners; our ability to attract and retain buyers and sellers of digital advertising inventory, and increase our business with them; the freedom of buyers and sellers to direct their spending and inventory to competing sources of inventory and demand; the ability of buyers and sellers to establish direct relationships and integrations without the use of our platform; our reliance on large aggregators of advertising inventory, and the concentration of CTV among a small number of large sellers that enjoy significant negotiating leverage; our ability to provide value to both buyers and sellers of advertising without being perceived as favoring one over the other or being perceived as competing with them through our service offerings; our reliance on large sources of advertising demand, including demand side platforms ("DSPs") that may have or develop high-risk credit profiles or fail to pay invoices when due; we may be exposed to claims from clients for breach of contracts; errors or failures in the operation of our solution, interruptions in our access to network infrastructure or data, and breaches of our computer systems; our ability to ensure a high level of brand safety for our clients and to detect "bot" traffic and other fraudulent or malicious activity; our ability to access inventory with high viewability and completion rates; the use of our net operating losses and tax credit carryforwards may be subject to certain limitations; the possibility of adjustments to the purchase price allocation and valuation relating to the Merger; our ability to raise additional capital if needed; volatility in the price of our common stock; the impact of negative analyst or investor research reports; our ability to attract and retain qualified employees and key personnel; costs associated with enforcing our intellectual property rights or defending intellectual property infringement and other claims; failure to successfully execute our international growth plans; and our ability to identify future acquisitions of or investments in complementary companies or technologies and our ability to consummate the acquisitions and integrate such companies or technologies.