CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(unaudited) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023Revenue$193,968 $186,932 $668,170 $619,710 Expenses (1)(2): Cost of revenue 67,786 70,025 258,838 409,906 Sales and marketing 40,628 37,575 166,142 173,982 Technology and development 22,262 23,183 95,243 94,318 General and administrative 23,074 21,025 96,860 89,048 Merger, acquisition, and restructuring costs — — — 7,465 Total expenses 153,750 151,808 617,083 774,719 Income (loss) from operations 40,218 35,124 51,087 (155,009)Other expense: Interest expense, net 5,433 8,100 27,032 32,369 Foreign exchange (gain) loss, net (6,303) 3,495 (5,083) 1,953 (Gain) loss on extinguishment of debt — (8,348) 7,706 (26,480)Other income (1,170) (1,287) (5,052) (5,304)Total other (income) expense, net (2,040) 1,960 24,603 2,538 Income (loss) before income taxes 42,258 33,164 26,484 (157,547)Provision for income taxes 5,851 2,250 3,698 1,637 Net income (loss)$36,407 $30,914 $22,786 $(159,184)Net earnings (loss) per share: Basic$0.26 $0.22 $0.16 $(1.17)Diluted$0.24 $0.16 $0.16 $(1.17)Weighted average shares used to compute net earnings (loss) per share: Basic 141,106 138,212 140,557 136,620 Diluted 152,434 143,793 146,810 136,620 (1) Stock-based compensation expense included in our expenses was as follows: Three Months Ended Year EndedDecember 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023Cost of revenue$423 $436 $1,924 $1,809Sales and marketing 7,473 6,394 31,436 27,263Technology and development 3,617 4,624 18,210 20,542General and administrative 5,845 5,701 24,949 22,860Merger, acquisition, and restructuring costs — — — 143Total stock-based compensation expense$17,358 $17,155 $76,519 $72,617 (2) Depreciation and amortization expense included in our expenses was as follows: Three Months Ended Year Ended December 31,2024 December 31,2023 December 31,2024 December 31,2023Cost of revenue$13,538 $13,901 $47,570 $211,956Sales and marketing 2,473 2,628 10,157 27,584Technology and development 88 188 460 779General and administrative 71 103 323 501Total depreciation and amortization expense$16,170 $16,820 $58,510 $240,820 MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(unaudited) Year Ended December 31, 2024 December 31, 2023OPERATING ACTIVITIES: Net income (loss)$22,786 $(159,184)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 58,510 240,820 Stock-based compensation 76,519 72,617 (Gain) loss on extinguishment of debt 7,706 (26,480)Provision for doubtful accounts 587 4,666 Amortization of debt discount and issuance costs 4,119 6,279 Non-cash lease expense (4,772) (1,712)Deferred income taxes 95 (2,379)Unrealized foreign currency (gain) loss, net (7,001) 1,266 Other items, net 23 3,007 Changes in operating assets and liabilities: Accounts receivable (26,024) (220,102)Prepaid expenses and other assets 1,980 1,004 Accounts payable and accrued expenses 97,380 294,677 Other liabilities 3,293 (112)Net cash provided by operating activities 235,201 214,367 INVESTING ACTIVITIES: Purchases of property and equipment (32,810) (26,764)Capitalized internal use software development costs (14,260) (10,619)Other investing activities (432) — Net cash used in investing activities (47,502) (37,383)FINANCING ACTIVITIES: Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount 413,463 — Repayment of the Term Loan B Facility from refinancing and repricing activities (403,113) — Payment for debt issuance costs (4,547) — Repayment of debt (1,823) (3,600)Repurchase of Convertible Senior Notes — (165,518)Proceeds from exercise of stock options 572 2,166 Proceeds from issuance of common stock under employee stock purchase plan 3,589 3,513 Taxes paid related to net share settlement (22,472) (11,814)Purchase of treasury stock (14,573) — Repayment of finance leases — (276)Payment of indemnification claims holdback — (2,313)Net cash used in financing activities (28,904) (177,842)EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (1,794) 575 CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 157,001 (283)CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 326,219 326,502 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period$483,220 $326,219 MAGNITE, INC.
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)(In thousands)(unaudited) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023Net income (loss)$36,407 $30,914 $22,786 $(159,184)Add back (deduct): Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense 7,472 7,622 30,134 209,812 Stock-based compensation expense 17,358 17,155 76,519 72,617 Non-operational real estate and other expense, net 1,597 20 1,579 310 Foreign exchange (gain) loss, net (6,303) 3,495 (5,083) 1,953 Interest expense, Convertible Senior Notes 421 508 1,686 2,620 (Gain) loss on extinguishment of debt — (8,348) 7,706 (26,480)Other debt refinancing expense — — 4,103 — Tax effect of Non-GAAP adjustments(1) (5,339) (10,218) (32,806) (23,740)Non-GAAP income$51,613 $41,148 $106,624 $77,908 (1)Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss). MAGNITE, INC.
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