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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
CEO
Michael Barrett
Employees
Incorporated
Location
Fiscal year end
Former names
RUBICON PROJECT, INC.
SEC CIK
IRS number
208881738

MGNI stock data

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Calendar

24 Feb 21
11 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

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

Beta Read what these cash burn values mean

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

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 Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 147 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change

Financial report summary

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Competition
CanadaTeamAT&TComcast
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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