CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(unaudited) Three Months Ended March 31, 2025 March 31, 2024OPERATING ACTIVITIES: Net loss$(9,634) $(17,757)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 15,601 13,567 Stock-based compensation 21,209 20,831 Loss on extinguishment of debt 2,152 7,387 Amortization of debt discount and issuance costs 967 1,152 Non-cash lease expense (516) (546)Deferred income taxes 154 (7,770)Unrealized foreign currency (gain) loss, net 4,496 (3,910)Other items, net (101) 124 Changes in operating assets and liabilities: Accounts receivable 147,859 175,313 Prepaid expenses and other assets (11,469) (812)Accounts payable and accrued expenses (166,353) (249,742)Other liabilities (1,804) 1,752 Net cash provided by (used in) operating activities 2,561 (60,411)INVESTING ACTIVITIES: Purchases of property and equipment (14,377) (5,873)Capitalized internal use software development costs (2,821) (3,379)Net cash used in investing activities (17,198) (9,252)FINANCING ACTIVITIES: Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount 92,622 361,350 Repayment of the Term Loan B Facility from refinancing and repricing activities (92,622) (351,000)Payment for debt issuance costs (159) (4,510)Proceeds from exercise of stock options 252 — Purchase of treasury stock (19,229) — Taxes paid related to net share settlement (20,314) (8,941)Net cash used in financing activities (39,450) (3,101)EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 575 (621)CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (53,512) (73,385)CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 483,220 326,219 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period$429,708 $252,834 MAGNITE, INC.
Adjusted EBITDA: We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes.
RECONCILIATION OF NET LOSS TO NON-GAAP INCOME(In thousands)(unaudited) Three Months Ended March 31, 2025 March 31, 2024Net loss$(9,634) $(17,757)Add back (deduct): Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense 7,383 7,589 Stock-based compensation expense 21,209 20,831 Non-operational real estate and other (income) expense, net (36) 24 Foreign exchange (gain) loss, net 2,217 (2,315)Interest expense, Convertible Senior Notes 421 421 Loss on extinguishment of debt 2,152 7,387 Other debt refinancing expense 967 3,140 Tax effect of Non-GAAP adjustments (1) (6,822) (11,336)Non-GAAP income$17,857 $7,984 (1)Non-GAAP income includes the estimated tax impact from the reconciling items between net loss and non-GAAP income. MAGNITE, INC.
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