MGNI Magnite

Magnite is the world's largest independent sell-side advertising platform that combines Rubicon Project's programmatic expertise with Telaria's leadership in CTV. Publishers use its technology to monetize their content across all screens and formats-including desktop, mobile, audio and CTV. And the world's leading agencies and brands trust its platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in sunny Los Angeles, bustling New York City, historic London, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM and APAC.
Company profile
Ticker
MGNI
Exchange
Website
CEO
Michael Barrett
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Alphabet • Facebook • Rackspace Technology • IHS Markit • Sabre • IAC InterActiveCorp. • Twitter • Snap • Baidu • Dada Nexus ...
Former names
RUBICON PROJECT, INC.
SEC CIK
Corporate docs
IRS number
208881738
MGNI stock data
()
News
Benzinga's Top Ratings Upgrades, Downgrades For April 6, 2021
6 Apr 21
Evercore ISI Group Initiates Coverage On Magnite with In-Line Rating, Announces Price Target of $44
6 Apr 21
Magnite Stock Is Trading Lower On Raising $412.5M Debt To Finance SpotX Acquisition
5 Apr 21
Magnite Says Invests In New Data Center In Singapore To Support Growing APAC Business
23 Mar 21
12 Consumer Discretionary Stocks Moving In Wednesday's Pre-Market Session
17 Mar 21
Press releases
Magnite Announces Pricing and Syndication of New Term Loan B and Revolver
5 Apr 21
Magnite Invests In New Data Center in Singapore to Support Growing APAC Business
23 Mar 21
Magnite Announces Closing of $400 Million of Convertible Notes
18 Mar 21
Magnite Announces Pricing of $350 Million Convertible Notes Offering
15 Mar 21
Magnite Announces $350 Million Convertible Notes Offering
15 Mar 21
Calendar
24 Feb 21
11 Apr 21
31 Dec 21
Financial summary
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Financial data from Magnite earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 117.73M | 117.73M | 117.73M | 117.73M | 117.73M | 117.73M |
Cash burn (monthly) | (positive/no burn) | (positive/no burn) | (positive/no burn) | 4.52M | (positive/no burn) | 1.01M |
Cash used (since last report) | n/a | n/a | n/a | 15.25M | n/a | 3.39M |
Cash remaining | n/a | n/a | n/a | 102.48M | n/a | 114.34M |
Runway (months of cash) | n/a | n/a | n/a | 22.7 | n/a | 113.7 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
6 Apr 21 | Kershaw Thomas | Common Stock | Sell | Dispose S | No | Yes | 40.52 | 42,074 | 1.7M | 514,976 |
6 Apr 21 | Kershaw Thomas | Common Stock | Sell | Dispose S | No | Yes | 39.56 | 7,926 | 313.55K | 557,050 |
5 Apr 21 | Evans Katie Seitz | Common Stock | Sell | Dispose S | No | No | 40.26 | 27,896 | 1.12M | 391,898 |
5 Apr 21 | Caine Paul | Common Stock | Sell | Dispose S | No | Yes | 43.1 | 100 | 4.31K | 184,608 |
5 Apr 21 | Caine Paul | Common Stock | Sell | Dispose S | No | Yes | 42.51 | 900 | 38.26K | 184,708 |
5 Apr 21 | Caine Paul | Common Stock | Sell | Dispose S | No | Yes | 41.49 | 600 | 24.89K | 185,608 |
5 Apr 21 | Caine Paul | Common Stock | Sell | Dispose S | No | Yes | 40.2 | 11,365 | 456.87K | 186,208 |
5 Apr 21 | Caine Paul | Common Stock | Sell | Dispose S | No | Yes | 39.52 | 7,035 | 278.02K | 197,573 |
5 Apr 21 | Kershaw Thomas | Common Stock | Sell | Dispose S | No | Yes | 43.49 | 1,100 | 47.84K | 564,976 |
5 Apr 21 | Kershaw Thomas | Common Stock | Sell | Dispose S | No | Yes | 42.54 | 5,026 | 213.81K | 566,076 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
13F holders |
Current |
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Total holders | 0 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares |
Current |
---|---|
Total value | 0 |
Total shares | 0 |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|
Financial report summary
?Risks
- Risks Related to the Proposed Acquisition of SpotX
- We may not be able to achieve anticipated cost savings or other anticipated benefits of our acquisition of SpotX.
- Our proposed financing of the acquisition of SpotX will significantly increase our leverage, which may put us at greater risk of defaulting on our debt obligations and limit our ability to conduct necessary operating activities, make strategic investments, respond to changing market conditions, or obtain future financing on favorable terms.
- If the acquisition of SpotX is completed, our current stockholders will generally have a reduced ownership and voting interest after the acquisition.
- If the acquisition of SpotX is completed, the seller of SpotX will own a substantial portion of our outstanding common stock, and their interests may not always coincide with the interests of the other holders.
- Completion of the acquisition of SpotX may trigger change in control or other provisions in agreements to which SpotX is a party, which may have an adverse impact on our business and results of operations following completion of the acquisition.
- Any acquisitions we undertake may disrupt our business, adversely affect operations, dilute stockholders, and expose us to costs and liabilities.
- Risks Related to COVID-19
- The recent COVID-19 pandemic and spread of COVID-19 has impacted and may have material adverse effects on our business, financial position, results of operations and/or cash flows.
- Risks Related to Our Business, Growth Prospects and Operating Results
- If CTV advertising spend grows more slowly than we expect our operating results and growth prospects could be harmed.
- We may not be able to achieve anticipated benefits of the merger with Telaria.
- We may be unsuccessful in our Supply Path Optimization efforts.
- Our Demand Manager service requires significant upfront investments, has a long on-boarding and ramp-up period, and may not be successful.
- We made a strategic decision to eliminate our buyer fees in 2017, which at the time accounted for a significant percentage of our revenue.
- Our technology development efforts may be inefficient or ineffective, which may impair our ability to attract buyers and sellers.
- The emergence of header bidding has increased competition from other demand sources and may cause infrastructure strain and added cost.
- We must increase the scale and efficiency of our technology infrastructure to support our growth and transaction volumes.
- Our belief that there is significant and growing demand for private marketplace solutions may be inaccurate, and we may not realize a return from our investments in that area.
- We have invested heavily in our mobile technology, which poses additional risks that did not affect our legacy desktop display business. To the extent our access to mobile inventory is limited by third-party technology or lack of direct relationships with mobile sellers, our ability to grow our business will be impaired.
- Fee issues have in the past and could in the future have a material adverse effect on our business.
- Our take rates may be difficult to forecast and may decrease in future periods; any decrease in our take rates may result in a decrease in our revenue notwithstanding an increase in the amount of spend transacted through our platform.
- We have a history of losses and we face many risks that may prevent us from achieving or sustaining profitability in the future.
- As a result of various factors, our operating results have in the past and may in the future fluctuate significantly, be difficult to predict, and fall below analysts' and investors' expectations.
- Risks Related to the Advertising Technology Industry, Market, and Competition
- Our revenue and operating results are highly dependent on the overall demand for advertising. Factors that affect the amount of advertising spending, such as economic downturns, can make it difficult to predict our revenue and could adversely affect our business.
- The digital advertising market is relatively new. If this market develops more slowly or differently than we expect, our business, growth prospects and financial condition would be adversely affected.
- We operate in an intensely competitive market that includes companies that have greater financial, technical and marketing resources than we do.
- Risks Related to Our Collection, Use and Disclosure of Data
- Our business depends on our ability to collect and use data to deliver advertisements, and to disclose data relating to the performance of advertisements. Any limitation imposed on our collection, use or disclosure of this data could significantly diminish the value of our solution and cause us to lose sellers, buyers, and revenue. Consumer tools, regulatory restrictions and technological limitations all threaten our ability to use and disclose data.
- If cookies are replaced by alternative tracking mechanisms, our performance may decline and we may lose buyers and revenue.
- Our belief that the elimination of third-party cookies will lead to an increased use of first-party publisher segments may be incorrect.
- Risks Related to Regulation
- Legislation and regulation of digital businesses, including privacy and data protection regimes, could create unexpected additional costs, subject us to enforcement actions for compliance failures, or cause us to change our technology solution or business model, which may have an adverse effect on the demand for our solution.
- Recent rulings from the Court of Justice of the European Union invalidated the EU-U.S. Privacy Shield as a lawful means for transferring personal data from the European Union to the United States; this introduces increased uncertainty and may require us to change our EEA and UK data practices and/or rely on an alternative legally sufficient compliance measure.
- The GDPR and changes in U.S. laws impose new requirements for end user consent or opt-out that are not yet well understood.
- In Europe, it remains unclear whether certain legal bases for data processing are permitted for behavioral advertising.
- Legal uncertainty and industry unpreparedness may mean substantial disruption and inefficiency, demand constraints, and reduced inventory supply and value.
- We are subject to regulation with respect to political advertising, which lacks clarity and uniformity.
- Failure to comply with industry self-regulation could harm our brand, reputation, and our business.
- Risks Related to Our Relationships with Buyers and Sellers and Other Strategic Relationships
- We rely on buyers and sellers to abide by contractual requirements and relevant laws, rules, and regulations when using our solution. The acts or omissions of buyers or sellers, or our own failure to meet advertising and inventory content standards and provide services that our buyers and sellers trust, could harm our brand and reputation and those of our partners, and negatively impact our business, financial condition and results of operations.
- Our contracts with buyers and sellers are generally not exclusive, may be terminated upon relatively short notice, and generally do not require minimum volumes or long-term commitments. If buyers or sellers representing a significant portion of the demand or inventory in our marketplace decide to materially reduce the use of our solution, we could experience an immediate and significant decline in our revenue and profitability and harm to our business.
- We must 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.
- We rely on technological intermediaries such as DSPs to purchase advertising on behalf of advertisers. Such buyers may have or develop high-risk credit profiles or pay slowly, which may result in credit risk to us or require additional working capital to fund our accounts payable. In addition, direct billing arrangements between buyers and sellers may result in unfavorable fee dynamics and increased working capital demands.
- Our sales efforts with buyers and sellers may require significant time and expense and may not yield the results we seek.
- Our business relationships expose us to risk of substantial liability for contract breach, violation of laws and regulations, intellectual property infringement and other losses, and our contractual indemnities and limitations of liability may not protect us adequately.
- Our solution relies on third-party open source software components. Failure to comply with the terms of the underlying open source software licenses could expose us to liabilities, and the combination of certain open source software with code that we develop could compromise the proprietary nature of our solution.
- Risks Related to Our Operations
- Real or perceived errors or failures in the operation of our solution could damage our reputation and impair our sales.
- Various risks could interrupt access to our network infrastructure or data, exposing us to significant costs and other liabilities.
- Any breach of our computer systems or confidential data in our possession could expose us to significant expense and liabilities and harm our reputation.
- Failure to detect or prevent fraud, intrusion of malware through our platform into the systems or devices of our clients and their customers, or other actions that impact the integrity of our solution or advertisement performance, could cause sellers and buyers to lose confidence in our solution and expose us to legal claims, which would cause our business to suffer. If we terminate relationships with sellers as a result of our screening efforts, our volume of paid impressions may decline.
- Failure to maintain the brand security features of our solution could harm our reputation and expose us to liabilities.
- The evolving concept of viewability involves competitive uncertainty and may cause us to incur additional costs and liability risk.
- If we fail to attract, motivate, train, and retain highly qualified engineering, marketing, sales and management personnel, our ability to execute our business strategy could be impaired.
- Our proprietary rights may be difficult to enforce, which could enable others to copy or use aspects of our solution without compensating us, thereby eroding our competitive advantages and harming our business.
- We may be subject to intellectual property rights claims by third parties, which are costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies and intellectual property.
- Risks Related to Our International Business Strategy.
- Our international operations require increased expenditures and impose additional risks and compliance imperatives, and failure to successfully execute our international plans will adversely affect our growth and operating results.
- Operating in multiple countries requires us to comply with different legal and regulatory requirements.
- Risks Related to Our Internal Controls and Finances
- If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to accurately or timely report our financial condition or results of operations. If our internal control over financial reporting is not effective, it may adversely affect investor confidence in us and the price of our common stock.
- Our ability to use our net operating losses and tax credit carryforwards to offset future taxable income may be subject to certain limitations, which could result in higher tax liabilities.
- The purchase price allocation for any acquisition we complete, including our merger with Telaria, is generally not finalized until one year after the closing of the acquisition, and any final adjustment to the valuation could have a material change on what is reported as the fair value assigned to the assets and liabilities.
- We may require additional capital to support our business, and such capital might not be available on terms acceptable to us, if at all. Inability to obtain financing could limit our ability to conduct necessary operating activities and make strategic investments.
- Our credit facility subjects us to operating restrictions and financial covenants that impose risk of default and may restrict our business and financing activities.
- Risks Related to the Securities Markets and Ownership of our Common Stock
- The price of our common stock has been and may continue to be volatile and the value of an investment in our common stock could decline.
- Competition for investors could adversely affect the price of our stock.
- If securities or industry analysts do not publish, or cease publishing, research or reports about us, our business or our market, if they publish negative evaluations of our stock, or if we fail to meet the expectations of analysts, the price of our stock and trading volume could decline.
- Provisions of our charter documents and Delaware law may inhibit a potential acquisition of the company and limit the ability of stockholders to cause changes in company management.
Management Discussion
- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
- You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes to those statements included in Item 8 to this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations and that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in "Item 1A. Risk Factors" and the "Special Note About Forward-Looking Statements."
- See "Item 1. Business" for an overview of our business, the industry in which we operate, and important industry and business trends.
Content analysis
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Financial reports
10-K
2020 FY
Annual report
24 Feb 21
10-Q
2020 Q3
Quarterly report
9 Nov 20
10-Q
2020 Q2
Quarterly report
10 Aug 20
10-Q
2020 Q1
Quarterly report
6 May 20
10-K
2019 FY
Annual report
26 Feb 20
10-Q
2019 Q3
Quarterly report
6 Nov 19
10-Q
2019 Q2
Quarterly report
31 Jul 19
10-Q
2019 Q1
Quarterly report
1 May 19
10-K
2018 Q4
Annual report
27 Feb 19
10-Q
2018 Q3
Quarterly report
7 Nov 18
Current reports
8-K
Magnite Announces Pricing of $350 Million Convertible Notes Offering
19 Mar 21
8-K
Magnite Announces $350 Million
15 Mar 21
8-K
Magnite Reports Fourth Quarter 2020 Results
24 Feb 21
8-K
Magnite to Acquire SpotX
5 Feb 21
8-K
Magnite Reports Third Quarter 2020 Results
9 Nov 20
8-K
Entry into a Material Definitive Agreement
30 Sep 20
8-K
Departure of Directors or Certain Officers
22 Sep 20
8-K
Magnite Reports Second Quarter 2020 Results
10 Aug 20
8-K
Departure of Directors or Certain Officers
5 Aug 20
8-K
Submission of Matters to a Vote of Security Holders
10 Jul 20
Registration and prospectus
8-A12B
Registration of securities on exchange
8 Jun 20
25
Voluntary exchange delisting
8 Jun 20
S-8
Registration of securities for employees
8 Apr 20
425
Business combination disclosure
23 Mar 20
424B3
Prospectus supplement
23 Mar 20
425
Business combination disclosure
27 Feb 20
425
Business combination disclosure
26 Feb 20
424B3
Prospectus supplement
12 Feb 20
S-4/A
Registration of securities issued in business combination transactions (amended)
7 Feb 20
425
Business combination disclosure
30 Jan 20
Proxies
DEFA14A
Additional proxy soliciting materials
2 Jun 20
DEFA14A
Additional proxy soliciting materials
27 May 20
DEF 14A
Definitive proxy
27 May 20
DEFA14A
Additional proxy soliciting materials
5 Apr 19
DEF 14A
Definitive proxy
5 Apr 19
DEF 14A
Definitive proxy
13 Sep 18
DEFA14A
Additional proxy soliciting materials
13 Sep 18
DEF 14A
Definitive proxy
10 Apr 17
DEFA14A
Additional proxy soliciting materials
10 Apr 17
DEF 14A
Definitive proxy
12 Apr 16
Other
EFFECT
Notice of effectiveness
12 Feb 20
CORRESP
Correspondence with SEC
6 Feb 20
UPLOAD
Letter from SEC
6 Feb 20
UPLOAD
Letter from SEC
18 Jan 17
CORRESP
Correspondence with SEC
14 Dec 16
CORRESP
Correspondence with SEC
29 Nov 16
UPLOAD
Letter from SEC
15 Nov 16
EFFECT
Notice of effectiveness
31 Mar 14
CERTNYS
Certification of approval for NYSE listing
30 Mar 14
CORRESP
Correspondence with SEC
27 Mar 14
Ownership
4
MAGNITE / Rachel Lam ownership change
7 Apr 21
4
MAGNITE / MICHAEL G. BARRETT ownership change
7 Apr 21
4
MAGNITE / Douglas S Knopper ownership change
7 Apr 21
4
MAGNITE / James Rossman ownership change
7 Apr 21
4
MAGNITE / Aaron Saltz ownership change
7 Apr 21
4
MAGNITE / Thomas Kershaw ownership change
7 Apr 21
4
MAGNITE / Paul Caine ownership change
7 Apr 21
4
MAGNITE / Katie Seitz Evans ownership change
7 Apr 21
4
MAGNITE / Adam Lee Soroca ownership change
5 Apr 21
4
MAGNITE / Aaron Saltz ownership change
5 Apr 21
Reddit threads
Which sector / industry of stock do you like in 2021 ?
10 Apr 21
Significant Insider Trading Activity (Last 7 Days)
9 Apr 21
Daily Discussion Thread for April 09, 2021
9 Apr 21
Nice bull flag forming on MGNI. Well above 200SMA, hovering around 10SMA. Could be closer to support, but still watching this one for the next few days.
7 Apr 21
Would love your thoughts
7 Apr 21
Performance of niche tech indices
5 Apr 21
Morning Update for Monday, 04/05/21
5 Apr 21
What Are Your Moves Tomorrow, March 30, 2021
29 Mar 21
Morning Update for Thursday, 03/25/21
25 Mar 21
r/Stocks Daily Discussion Wednesday - Mar 24, 2021
24 Mar 21