Financial Performance - Revenue for the three months ended September 30, 2024, was $162.003 million, a 7.9% increase from $150.085 million in the same period last year[7]. - Net income for the three months ended September 30, 2024, was $5.214 million, compared to a net loss of $17.477 million for the same period in 2023[9]. - Total expenses for the three months ended September 30, 2024, were $146.880 million, down from $167.928 million in the prior year, representing a 12.5% decrease[7]. - The company reported a comprehensive income of $7.305 million for the three months ended September 30, 2024, compared to a comprehensive loss of $18.439 million in the same period last year[9]. - Net loss for the nine months ended September 30, 2024, was $13,621,000, a significant improvement compared to a net loss of $190,098,000 for the same period in 2023[15]. - Adjusted EBITDA for the three months ended September 30, 2024, was $50.6 million, a 26% increase from $40.3 million in the prior year[124]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $120.3 million, an increase of $19.4 million compared to the prior year[134]. Revenue Breakdown - Revenue recognized on a net basis for the three months ended September 30, 2024, was $141.969 million, representing 88% of total revenue, compared to $123.703 million (82%) in the prior year[30]. - The company’s revenue from Connected TV (CTV) for the three months ended September 30, 2024, was $76.217 million, accounting for 47% of total revenue, compared to $67.765 million (45%) in the same period of 2023[31]. - International revenue for the three months ended September 30, 2024, was $41.763 million, representing 26% of total revenue, consistent with the prior year[32]. - Revenue from CTV and mobile increased by $8.5 million, or 12%, and $3.5 million, or 6%, respectively, for the three months ended September 30, 2024[110]. - The United States contributed $120.2 million, accounting for 74% of total revenue, while international revenue was $41.8 million, making up 26%[32]. Expenses and Costs - Total expenses decreased by 13% to $146.88 million for the three months ended September 30, 2024, compared to $167.93 million for the same period in 2023[105]. - Cost of revenue decreased by 26% to $62.54 million for the three months ended September 30, 2024, compared to $84.88 million for the same period in 2023[105]. - General and administrative expenses increased by 15% to $24.49 million for the three months ended September 30, 2024, compared to $21.29 million for the same period in 2023[105]. - Technology and development expenses decreased by 14% to $20.26 million for the three months ended September 30, 2024, compared to $23.54 million for the same period in 2023[105]. - Operating lease expense for the nine months ended September 30, 2024, was $17.2 million, compared to $18.8 million for the same period in 2023, indicating a decrease of approximately 8.5%[58]. Cash and Liquidity - Cash provided by operating activities for the nine months ended September 30, 2024, was $120,504,000, slightly down from $125,282,000 in the prior year[15]. - Total cash, cash equivalents, and restricted cash at the end of September 2024 was $387,244,000, an increase from $310,555,000 at the end of September 2023[17]. - The company believes existing cash and cash equivalents will be sufficient to meet liquidity requirements for at least the next twelve months[137]. - The company’s cash and cash equivalents balance is influenced by operating results, capital expenditures, and changes in working capital[138]. Stockholder Equity and Debt - The total stockholders' equity as of September 30, 2024, was $725.876 million, up from $701.683 million at the end of 2023[5]. - The accumulated deficit as of September 30, 2024, was $697.579 million, an increase from $683.958 million at the end of the previous year[5]. - As of September 30, 2024, the total debt of the Company is $553.8 million, compared to $536.6 million as of December 31, 2023, reflecting an increase of approximately 3.9%[67]. - The net carrying value of Convertible Senior Notes is $203.3 million as of September 30, 2024, consistent with the previous period[67]. - The company repurchased $9,006,000 worth of treasury stock during the nine months ended September 30, 2024[15]. Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[7]. - The company expects revenue to continue increasing through the remainder of 2024, with CTV being the biggest growth driver, including political advertising[110]. - The company is investing in identity solutions to adapt to the decreased reliance on third-party cookies, enhancing audience targeting capabilities[91]. - The company aims to leverage its scale and expertise in CTV to advance a first-party identity model, creating value opportunities for clients[93]. Accounting and Compliance - The company expects the impact of adopting new accounting standards related to segment reporting to be limited to disclosing significant expenses starting with the annual period ending December 31, 2024[24]. - The company expects limited impact from the adoption of new accounting standards effective in 2024 and 2025, primarily related to segment disclosures and income tax information[24].

NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, and Disney have announced a two-year deal extension. As the relationship grows into its sixth year, Magnite continues to be Disney’s preferred supply-side technology partner. Disney leverages Magnite’s technology to monetize its ad-supported inventory across the company’s entire portfolio. Magnite facilitates transactions for all 30+ DSPs that Disney works with. "Disney is committed to ...

NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Magnite (Nasdaq: MGNI), the world's largest independent sell-side advertising company, will announce its financial results for the third quarter ended September 30, 2024 after the market close on Thursday, November 7, 2024. The Company will host a conference call at 1:30 PM (PT) / 4:30 PM (ET) the same day to discuss its financial results and outlook. Live conference call Toll free number: (844) 875-6911 (for domestic callers) Direct dial number: (412) 902-6511 (f ...

Core Viewpoint - The remarks made by a senior executive at Walt Disney regarding its relationship with Magnite have negatively impacted Magnite's stock performance, leading to a nearly 11% decline in its stock price [1]. Group 1: Company Relationships - Jamie Power, a senior vice president at Walt Disney, stated that Disney no longer uses Magnite, opting instead for platforms operated by Google and The Trade Desk [2]. - Benchmark analyst Dan Kurnos noted that the change in Disney's relationship with Magnite was previously announced in March, suggesting that the market's reaction was based on a misunderstanding of the timeline [3]. Group 2: Analyst Perspectives - Analyst Dan Kurnos expressed skepticism about Disney creating a complete ad stack without Magnite, indicating that Magnite may still play a crucial role in future negotiations [4]. - B. Riley's Daniel Day defended Magnite, maintaining a buy recommendation and a price target of $18.50, emphasizing that Disney still considers Magnite "critical" to its success [4]. Group 3: Market Reaction - Despite the defense from analysts, Magnite's stock continued to decline, indicating that investor sentiment remained influenced by the initial negative news from Disney's executive [5].

NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, today announced the successful repricing of the outstanding loans under its senior secured term loan facility (Term Loan) due in February 2031. The $364 million repricing reduces the interest rate by 75 basis points to Term SOFR + 3.75% from the previous rate of Term SOFR + 4.5%. The interest rate improvement represents a cumulative reduction of 125 basis points compared to the ...

PARIS, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ:MGNI), the largest independent sell-side advertising company, today announced it will work with TF1 PUB, French leading video advertising network, to streamline access to the broadcaster's programmatic demand. Magnite joins TF1 PUB's list of technology partners to support the TF1 group's digital acceleration. The TF1 Group is now a major player in streaming in France, with the launch of TF1+ earlier this year. TF1+ is the leading free French streamin ...

Group 1 - TargetSmart has announced an exclusive partnership with Magnite to enhance political campaign capabilities for Democratic campaigns and advocacy organizations [1][2] - The collaboration allows immediate activation of campaigns using TargetSmart data across Magnite's extensive CTV footprint on any demand-side platform [1][2] - Magnite is recognized as the largest independent sell-side advertising company, providing access to over 90% of programmatic supply in the US and reaching 92 million ad-supported streaming TV households [2][3] Group 2 - CTV ad spending is projected to account for 14% of the total $10.7 billion ad spend this year, highlighting the importance of quick voter outreach for politically-focused organizations [3] - The partnership offers a centralized access point for running CTV campaigns at scale, leveraging TargetSmart's data for enhanced campaign effectiveness [3] - TargetSmart specializes in political data, enabling campaigns to communicate effectively with large audiences through personalized outreach and multichannel marketing strategies [4]

Magnite (MGNI) came out with quarterly earnings of $0.14 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this digital ad exchange operator would post a loss of $0.02 per share when it actually produced earnings of $0.05, delivering a surprise of 350%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Magnite, which belo ...

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, today introduced automated wrapper management within Demand Manager to help publishers grow revenue and increase efficiency. Built on Prebid technology, Demand Manager gives publishers the yield management tools, reporting insights, and data enrichment connections that align with publishers' business strategies and goals. Using machine learning, the feature finds the optimal con ...

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, today introduced automated wrapper management within Demand Manager to help publishers grow revenue and increase efficiency. Built on Prebid technology, Demand Manager gives publishers the yield management tools, reporting insights, and data enrichment connections that align with publishers' business strategies and goals. Using machine learning, the feature finds the optimal con ...