0001595974-25-000043 | 10-Q | XBRL Viewer

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Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 983,902	$ 983,902		$ 983,902		$ 978,217
Deferred tax liabilities	(1,500)	(1,500)		(1,500)
Amortization expense of intangible assets		2,200	$ 7,500	12,500	$ 22,700
Historical cost writeoff				37,300
Streamr.ai Acquisition
Finite-Lived Intangible Assets [Line Items]
Purchase price	10,100
Payments to acquire businesses, gross	8,100
Contingent consideration	$ 2,000	2,000		2,000
Contingent consideration, liability, partial release, earnout period	1 year
Goodwill	$ 5,700	$ 5,700		$ 5,700
Streamr.ai Acquisition \| Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 5,000
Estimated useful life	3 years
Streamr.ai Acquisition \| Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 700
Streamr.ai Acquisition \| Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years
Streamr.ai Acquisition \| Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Streamr.ai Acquisition \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 100
Estimated useful life	6 months
Streamr.ai Acquisition \| Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 200
Estimated useful life	3 years

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Current and long term debt as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Convertible Senior Notes	$	205,067	$	205,067
Less: Unamortized debt issuance costs	(545)		(1,424)
Net carrying value of Convertible Senior Notes	204,522		203,643

2024 Term Loan B Facility	361,361		363,177
Less: Unamortized debt discount and issuance costs	(9,618)		(13,075)
Net carrying value of 2024 Term Loan B Facility	351,743		350,102

Balance Sheet Presentation:
Debt, current, net of debt issuance costs	208,154		3,641
Debt, non-current, net of debt discount and issuance costs	348,111		550,104
Total debt	$	556,265	$	553,745

Maturities of the principal amount of the Company's debt were as follows as of September 30, 2025 (in thousands):


Fiscal Year
Remaining 2025	$	908
2026	208,699
2027	3,632
2028	3,632
2029	3,632
Thereafter	345,925
Total	$	566,428

Amortization of debt discount and debt issuance costs is computed using the effective interest method and is included in interest expense in the condensed consolidated statement of operations. Amortization of the debt discount and debt issuance costs associated with the Company's indebtedness totaled $0.8 million and $2.3 million for the three and nine months ended September 30, 2025, respectively, and $0.8 million and $2.7 million for the three and nine months ended September 30, 2024, respectively. In addition, amortization of deferred financing costs was an immaterial amount for each of the three and nine months ended September 30, 2025 and 2024. Deferred financing costs are included in other assets, non-current in the condensed consolidated balance sheets.

Convertible Senior Notes and Capped Call Transactions

In March 2021, the Company issued $400.0 million aggregate principal amount of 0.25% convertible senior notes in a private placement, including $50.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers (collectively, the "Convertible Senior Notes"). The Convertible Senior Notes will mature on March 15, 2026, unless earlier repurchased, redeemed or converted.

During the year ended December 31, 2023, the Company repurchased $194.9 million of principal balance of its Convertible Senior Notes in the open market with cash on hand for $165.5 million.

The following table sets forth interest expense related to the Convertible Senior Notes for the three and nine months ended September 30, 2025 and 2024 (in thousands, except interest rates):


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Contractual interest expense	$	129		$	129		$	385		$	385
Amortization of debt issuance costs	292			293			879			880
Total interest expense	$	421		$	422		$	1,264		$	1,265
Effective interest rate	0.82		%	0.82		%	0.82		%	0.82		%

The estimated remaining amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes was as follows as of September 30, 2025 (in thousands):


Fiscal Year	Debt Issuance Costs
Remaining 2025	$	293
2026	252


Total	$	545

2021 and 2024 Credit Agreements

On April 30, 2021, the Company entered into a credit agreement (the "2021 Credit Agreement") with Goldman Sachs Bank USA as administrative agent and collateral agent, and other lender parties thereto. The 2021 Credit Agreement provided for a $360.0 million seven-year senior secured term loan facility ("2021 Term Loan B Facility"), which had a maturity in April 2028, and a $65.0 million senior secured revolving credit facility (as amended in June 2021, the "2021 Revolving Credit Facility"), which had a maturity in December 2025. In June 2023, the Company amended the 2021 Credit Agreement (the "Amended 2021 Credit Agreement") to transition away from a variable interest rate based on the Eurodollar Rate towards a similar variable interest rate based on Adjusted Term SOFR, as defined in the Amended 2021 Credit Agreement, which is based on the secured overnight financing rate ("SOFR").

On February 6, 2024, the Company refinanced the Amended 2021 Credit Agreement and entered into a new credit agreement (the "2024 Credit Agreement") with Morgan Stanley Senior Funding, Inc. as the Company term loan administrative agent

and Citibank, N.A. as the Company's revolving facility administrative agent and collateral agent, and other lender parties thereto. The 2024 Credit Agreement included a $365.0 million seven-year senior secured term loan facility (the "2024 Term Loan B Facility"), which will mature in February 2031 and a $175.0 million five-year senior secured revolving credit facility (the "2024 Revolving Credit Facility"), which will mature in February 2029. The Company primarily used the proceeds from the 2024 Term Loan B Facility to repay in full all outstanding amounts owed under the Company's Amended 2021 Credit Agreement. Accordingly, the Amended 2021 Credit Agreement was terminated and replaced in its entirety. The obligations under the 2024 Credit Agreement are secured by substantially all of the assets of the Company.

On September 18, 2024, the Company entered into Amendment No. 1 to the 2024 Credit Agreement ("Amendment No. 1"), which reduced the interest rate of the 2024 Term Loan B Facility by 75 basis points to Term SOFR (as defined in the 2024 Credit Agreement) plus a margin of 3.75% from the previous rate of Term SOFR plus a margin of 4.50%, and on March 18, 2025, the Company entered into Amendment No. 2 to the 2024 Credit Agreement ("Amendment No. 2"), which reduced the interest rate of the 2024 Term Loan B Facility by an additional 75 basis points to Term SOFR plus a margin of 3.00%. The remaining terms of the 2024 Term Loan B Facility and the 2024 Revolving Credit Facility were substantially unchanged by these amendments.

As of September 30, 2025, the contractual interest rate related to the 2024 Term Loan B Facility was 7.16%. In addition to having to pay contractual interest on the 2024 Term Loan B Facility, the Company is also required to pay certain other fees, primarily to the lenders under the 2024 Revolving Credit Facility, in order to maintain their revolving facility commitments.

The covenants of the 2024 Credit Agreement include customary negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted payments. In addition, the 2024 Credit Agreement contains a springing financial covenant that is tested on the last day of any fiscal quarter only if utilization of the 2024 Revolving Credit Facility exceeds 35% of the total revolving commitments, whereby the Company is required to maintain a First Lien Net Leverage Ratio below 3.25 to 1.00. As of September 30, 2025, no amounts were outstanding under the 2024 Revolving Credit Facility and the Company was in compliance with its debt covenants. At September 30, 2025, amounts available under the 2024 Revolving Credit Facility were $171.0 million, net of letters of credit outstanding in the amount of $4.0 million.

The 2024 Credit Agreement includes customary events of default, and customary rights and remedies upon the occurrence of any event of default thereunder, including rights to accelerate the loans, terminate the commitments thereunder and realize upon the collateral securing the obligations under the 2024 Credit Agreement. The 2024 Credit Agreement calls for customary scheduled loan amortization payments of 0.25% of the initial principal balance, which at the time of Amendment No. 2 was $363.2 million, payable quarterly (i.e. 1% in aggregate per year) as well as a provision that requires the Company to prepay the 2024 Term Loan B Facility based on an annual calculation of free cash flow ("Excess Cash Flow") as defined by the 2024 Credit Agreement. The Company was not required to make any such mandatory prepayment required by the Excess Cash Flow provision for the period ended September 30, 2025.

The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility at September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
	(in thousands)
2024 Term Loan B Facility	$	361,361	$	363,177
Unamortized debt discount	(4,490)		(6,198)
Unamortized debt issuance costs	(5,128)		(6,877)
2024 Term Loan B Facility, net of debt discount and issuance costs	$	351,743	$	350,102

February 6, 2024 Debt Refinance

As part of the debt refinance on February 6, 2024, where lenders under the Amended 2021 Credit Agreement continued to be lenders under the 2024 Credit Agreement, certain of their loans and revolving facility commitments were deemed to have been modified ("Modified Loans" and "Modified Commitments," respectively). The Company continued to defer debt discount costs of $3.7 million and debt issuance costs of $5.7 million from Modified Loans over the term of the new 2024 Term Loan B Facility. The Company continued to defer financing costs as of February 6, 2024 of an immaterial amount from Modified Commitments over the term of the new 2024 Revolver Facility.

For lenders of the 2021 Credit Agreement that did not continue to participate in the 2024 Credit Agreement, their pro-rata portion of the unamortized debt discount of $2.8 million, unamortized debt issuance costs of $4.3 million, and unamortized deferred financing costs of an immaterial amount were deemed to be extinguished. The resulting loss on extinguishment of debt of $7.4 million is included in other (income) expense in the Company's condensed consolidated statement of operations for the nine months ended September 30, 2024.

The Company paid $7.7 million in third-party fees related to the closing of the 2024 Credit Agreement. Third-party fees attributed to new lenders of $2.4 million were capitalized as part of the debt issuance costs and will be amortized over the term of the 2024 Term Loan B Facility while third-party fees attributed to Modified Loans of $3.1 million were included in general and administrative expenses in the Company's condensed consolidated statement of operations for the nine months ended September 30, 2024. In addition, third-party fees of $2.1 million attributed to new revolving lenders and Modified Commitments were capitalized as part of deferred financing costs and will be amortized over the term of the 2024 Revolving Facility. The Company also capitalized additional debt discount costs of $3.7 million associated with the closing of the 2024 Term Loan B Facility, which will be amortized over the term of the 2024 Term Loan B Facility.

September 18, 2024 Debt Repricing

The Company analyzed the changes of Amendment No. 1 on a lender-by-lender basis and determined that the transaction would primarily be accounted for as a modification, with a portion of it accounted for as debt extinguishment and new debt issuance. As a result, the Company recognized an immaterial loss on extinguishment related to unamortized debt discount and unamortized debt issuance costs related to the portion of the 2024 Term Loan B Facility that was extinguished. The Company paid $1.0 million in third-party fees related to Amendment No. 1 of which an immaterial amount was capitalized as debt issuance costs and $1.0 million was included in general and administrative expenses in the Company's condensed consolidated statement of operations for the three and nine months ended September 30, 2024. As part of Amendment No. 1, most lenders decided to roll their loan balances over from the original 2024 Term Loan B Facility to the amended 2024 Term Loan B Facility, while some decided to cash out and reassign their loan balances. On September 18, 2024, $312.0 million of the 2024 Term Loan B Facility principal balance was rolled over as part of non-cash financing activities while $52.1 million of the 2024 Term Loan B Facility principal balance was repaid and then reissued.

March 18, 2025 Debt Repricing

The Company analyzed the changes of Amendment No. 2 on a lender-by-lender basis and determined that the transaction would primarily be accounted for as a modification, with a portion of it accounted for as debt extinguishment and new debt issuance. As a result, the Company recognized a loss on extinguishment of $2.2 million related to $1.0 million of unamortized debt discount and $1.1 million of unamortized debt issuance costs related to the portion of the 2024 Term Loan B Facility that was extinguished. The Company paid $1.1 million in third-party fees related to Amendment No. 2 of which an immaterial amount was capitalized as debt issuance costs and $1.0 million was included in general and administrative expenses in the Company's condensed consolidated statement of operations for the nine months ended September 30, 2025. As part of Amendment No. 2, most of the 2024 Term Loan B lenders decided to roll their loan balances over from Amendment No. 1 to Amendment No. 2, while some decided to cash out and reassign their loan balances. On March 18, 2025, $270.6 million of the 2024 Term Loan B principal balance from Amendment No. 1 was rolled over to Amendment No. 2 as part of non-cash financing activities while $92.6 million of the 2024 Term Loan B Facility principal balance from Amendment No. 1 was repaid and then reissued as part of Amendment No. 2.

The following table sets forth interest expense related to the 2024 Term Loan B Facility and the 2021 Term Loan B Facility (in thousands, except interest rates):


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Contractual interest expense	$	6,786		$	9,084		$	20,738		$	27,282
Amortization of debt discount	216			264			688			848
Amortization of debt issuance costs	247			292			776			1,008
Total interest expense	$	7,249		$	9,640		$	22,202		$	29,138
Effective interest rate	8.00		%	10.59		%	8.16		%	10.71		%

The estimated remaining amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs was as follows as of September 30, 2025 (in thousands):


Fiscal Year	Debt Discount		Debt Issuance Costs
Remaining 2025	$	215	$	246
2026	856		978
2027	847		968
2028	839		958
2029	830		948
Thereafter	903		1,030
Total	$	4,490	$	5,128

Total Interest Expense and Interest Income

Interest expense consists primarily of contractual interest expense and amortization of debt discount, debt issuance costs, and deferred financing costs related to the Company's debt facilities under its 2024 Credit Agreement and Amended 2021 Credit Agreement as well as its Convertible Senior Notes. Interest income primarily consists of interest earned on the Company's cash equivalents. The following includes interest expense and interest income, as presented within interest expense, net in the condensed consolidated statement of operations (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest expense	$	7,901	$	10,522	$	24,122	$	31,140
Interest income	(3,233)		(3,674)		(9,206)		(9,541)
Interest expense, net	$	4,668	$	6,848	$	14,916	$	21,599

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 482,127	$ 483,220
Accounts receivable, net	1,215,444	1,200,046
Prepaid expenses and other current assets	27,943	19,914
TOTAL CURRENT ASSETS	1,725,514	1,703,180
Property and equipment, net	97,043	68,730
Right-of-use lease assets	65,481	50,329
Internal use software development costs, net	28,088	26,625
Intangible assets, net	15,078	21,309
Goodwill	983,902	978,217
Other assets, non-current	5,587	6,378
TOTAL ASSETS	2,920,693	2,854,768
Current liabilities:
Accounts payable and accrued expenses	1,479,746	1,466,377
Lease liabilities, current	20,200	16,086
Debt, current, net of debt issuance costs	208,154	3,641
Other current liabilities	4,949	9,880
TOTAL CURRENT LIABILITIES	1,713,049	1,495,984
Debt, non-current, net of debt discount and issuance costs	348,111	550,104
Lease liabilities, non-current	48,757	38,983
Other liabilities, non-current	2,822	1,479
TOTAL LIABILITIES	2,112,739	2,086,550
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value, 10,000 shares authorized at September 30, 2025 and December 31, 2024; 0 shares issued and outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock, $0.00001 par value; 500,000 shares authorized at September 30, 2025 and December 31, 2024; 143,643 and 141,427 shares issued and outstanding at September 30, 2025 and December 31, 2024	2	2
Additional paid-in capital	1,449,094	1,433,809
Accumulated other comprehensive loss	(1,533)	(4,421)
Accumulated deficit	(639,609)	(661,172)
TOTAL STOCKHOLDERS' EQUITY	807,954	768,218
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,920,693	$ 2,854,768

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 885	$ 1,029	$ 990	$ (2,153)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Stock-Based Compensation - Stock Based Compensation Expense - Narrative (Details)	Sep. 30, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved (in shares)	16,191,569
Employee Stock \| 2014 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved (in shares)	4,111,203

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable—seller	$ 1,430,277	$ 1,417,780
Accounts payable—trade	27,758	30,899
Accrued employee-related payables	20,711	17,698
Accrued holdback - indemnification claims	1,000	0
Total	$ 1,479,746	$ 1,466,377

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares, issued (in shares)	143,643	141,427
Common stock, shares, outstanding (in shares)	143,643	141,427

Debt - Schedule of Amortization Expense for Debt Issuance Costs (Details) - Convertible Senior Notes - Convertible Debt $ in Thousands	Sep. 30, 2025 USD ($)
Debt Issuance Costs
Remaining 2025	$ 293
2026	252
Total	$ 545

Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Maturity of Lease Liabilities

The maturity of the Company's lease liabilities associated with leases included in the lease liabilities and right-of-use ("ROU") assets were as follows as of September 30, 2025 (in thousands):


Fiscal Year
Remaining 2025	$	6,048
2026	21,885
2027	16,384
2028	12,152
2029	12,158
Thereafter	9,521
Total lease payments (undiscounted)	78,148
Less: imputed interest	(9,191)
Lease liabilities—total (discounted)	$	68,957

Schedule Of Right-Of-Use Assets By Geographical Location

The Company's operating lease right-of-use assets by geographical region were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
United States	$	57,941	$	45,178
International	7,540		5,151
Total	$	65,481	$	50,329

Debt - Credit Agreements - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Mar. 18, 2025	Sep. 18, 2024	Feb. 06, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Apr. 30, 2021
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount				$ 556,265		$ 556,265		$ 553,745
Loss on extinguishment of debt				$ 0	$ (319)	(2,152)	$ (7,706)
Principal balance repaid						$ 92,622	$ 403,113
2021 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Loss on extinguishment of debt			$ 7,400
2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Debt fees			7,700
2024 Credit Agreement, Debt Repricing \| Line of Credit
Line of Credit Facility [Line Items]
Debt fees	$ 1,100	$ 1,000
Secured Debt \| 2021 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principle amount									$ 360,000
Long-term debt, term (in years)									7 years
Secured Debt \| 2021 Credit Agreement \| Line of Credit \| Debt Discount
Line of Credit Facility [Line Items]
Unamortized debt issuance costs associated with debt extinguishment			2,800
Secured Debt \| 2021 Credit Agreement \| Line of Credit \| Debt Refinance Cost
Line of Credit Facility [Line Items]
Unamortized debt issuance costs associated with debt extinguishment			4,300
Secured Debt \| 2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 363,200		$ 365,000
Long-term debt, term (in years)			7 years
Reduction of interest rate	0.75%	0.75%
Variable interest rate	3.00%	3.75%	4.50%
Interest rate				7.16%		7.16%
Letters of credit outstanding, amount				$ 351,743		$ 351,743		350,102
Quarterly payments of principle balance (percent)	0.25%
Aggregate annual payments of principle balance (percent)	1.00%
Debt discount costs				4,490		4,490		$ 6,198
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| Existing Lenders
Line of Credit Facility [Line Items]
Debt fees			$ 3,100
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| New Lenders
Line of Credit Facility [Line Items]
Debt issuance costs, gross			2,400
Debt discount costs			3,700
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| Debt Discount \| Existing Lenders
Line of Credit Facility [Line Items]
Debt issuance costs, gross			3,700
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| Deferred Financing Costs \| Existing Lenders
Line of Credit Facility [Line Items]
Debt issuance costs, gross			5,700
Secured Debt \| 2024 Credit Agreement, Debt Repricing \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 92,600	$ 52,100
Debt issuance costs, gross	0	0
Loss on extinguishment of debt	(2,200)
Debt fees	1,000	1,000
Debt instrument, noncash, financing activity	270,600	312,000
Principal balance repaid	92,600	$ 52,100
Secured Debt \| 2024 Credit Agreement, Debt Repricing \| Line of Credit \| Debt Discount
Line of Credit Facility [Line Items]
Unamortized debt issuance costs associated with debt extinguishment	1,000
Secured Debt \| 2024 Credit Agreement, Debt Repricing \| Line of Credit \| Debt Refinance Cost
Line of Credit Facility [Line Items]
Unamortized debt issuance costs associated with debt extinguishment	$ 1,100
Revolving Credit Facility \| 2021 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 65,000
Revolving Credit Facility \| 2021 Credit Agreement \| Line of Credit \| Deferred Financing Costs
Line of Credit Facility [Line Items]
Unamortized debt issuance costs associated with debt extinguishment			$ 0
Revolving Credit Facility \| 2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Long-term debt, term (in years)			5 years
Maximum borrowing capacity			$ 175,000
Debt utilization triggering leverage ratio compliance, percent			35.00%
Leverage ratio maximum			3.25
Debt outstanding				0		0
Available borrowing capacity				171,000		171,000
Revolving Credit Facility \| 2024 Credit Agreement \| Line of Credit \| Existing Lenders
Line of Credit Facility [Line Items]
Debt issuance costs, gross			$ 0
Revolving Credit Facility \| Credit Agreements, 2021 and 2024 \| Line of Credit \| New Lenders
Line of Credit Facility [Line Items]
Debt issuance costs, gross			$ 2,100
Letter of Credit \| 2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount				$ 4,000		$ 4,000

Debt - Schedule of Interest Expense and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Interest expense	$ 7,901	$ 10,522	$ 24,122	$ 31,140
Interest income	(3,233)	(3,674)	(9,206)	(9,541)
Interest expense, net	$ 4,668	$ 6,848	$ 14,916	$ 21,599

Revenue - Schedule of Revenue Recognized on a Net Basis and on a Gross Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 179,494	$ 162,003	$ 508,597	$ 474,202
Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Net basis
Disaggregation of Revenue [Line Items]
Revenue	$ 160,121	$ 141,969	$ 452,713	$ 400,165
Net basis \| Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	89.00%	88.00%	89.00%	84.00%
Gross basis
Disaggregation of Revenue [Line Items]
Revenue	$ 19,373	$ 20,034	$ 55,884	$ 74,037
Gross basis \| Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	12.00%	11.00%	16.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Debt - Schedule of Maturities of Principle Amount of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Debt Disclosure [Abstract]
Remaining 2025	$ 908
2026	208,699
2027	3,632
2028	3,632
2029	3,632
Thereafter	345,925
Total	$ 566,428

Property and Equipment - Schedule of Property and Equipment by Major Class (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 224,130	$ 191,340
Accumulated depreciation	(127,087)	(122,610)
Property and equipment, net	97,043	68,730
Computer equipment and network hardware
Property, Plant and Equipment [Line Items]
Gross property and equipment	218,951	184,155
Furniture, fixtures, and office equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	2,961	3,486
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,110	2,576
Purchased software
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 1,108	$ 1,123

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

For the majority of transactions on the Company's platform, the Company reports revenue on a net basis as it does not act as the principal in the purchase and sale of digital advertising inventory because it does not have control of the digital advertising inventory and does not set prices agreed upon within the auction marketplace. For certain advertising campaigns that are transacted through insertion orders, the Company reports revenue on a gross basis, based primarily on its determination that the Company acts as the primary obligor in the delivery of advertising campaigns for buyers with respect to such transactions.

The following table presents the Company's revenue recognized on a net basis and on a gross basis for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
Revenue:
Net basis	$	160,121	89	%	$	141,969	88	%	$	452,713	89	%	$	400,165	84	%
Gross basis	19,373		11		20,034		12		55,884		11		74,037		16
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%

The following table presents the Company's revenue by channel for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
Channel:
CTV	$	87,799	49	%	$	76,217	47	%	$	242,745	48	%	$	226,578	48	%
Mobile	64,964		36	%	59,835		37	%	187,600		37		172,392		36
Desktop	26,731		15	%	25,951		16	%	78,252		15		75,232		16
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%

The following table presents the Company's revenue disaggregated by geographic location, based on the location of the Company's sellers for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
United States	$	134,732	75	%	$	120,240	74	%	$	383,927	75	%	$	357,015	75	%

International	44,762		25		41,763		26	%	124,670		25		117,187		25
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%

Payment terms are specified in agreements between the Company and the buyers and sellers on its platform. The Company generally bills buyers at the end of each month for the full purchase price of impressions filled in that month. The Company recognizes volume discounts as a reduction of revenue as they are incurred. Specific payment terms may vary by agreement, but are generally seventy-five days or less. The Company's accounts receivable are recorded at the amount of gross billings to buyers, net of allowances for the amounts the Company is responsible to collect. The Company's accounts payable related to amounts due to sellers are recorded at the net amount payable to sellers (refer to Note 7). Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis.

Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for doubtful accounts is reviewed quarterly, requires judgment, and is based on the best estimate of the amount of expected credit losses in existing accounts receivable. The Company reviews the status of the then-outstanding accounts receivable on a customer-by-customer basis, taking into consideration the aging schedule of receivables, its historical collection experience, current information regarding the client, subsequent collection history, and other relevant data, in establishing the allowance for doubtful accounts.

Accounts receivable are presented net of an allowance for doubtful accounts of $4.1 million at September 30, 2025, and $2.9 million at December 31, 2024. Accounts receivable are written off against the allowance for doubtful accounts when the Company determines amounts are no longer collectible.

The Company reviews the associated payable to sellers for recovery of buyer receivable allowance and write-offs; in some cases, the Company can reduce the payable to sellers. The reduction of seller payables related to recovery of uncollected buyer receivables is netted against allowance expense. The contra seller payables related to recoveries were $2.6 million and $1.9 million as of September 30, 2025 and December 31, 2024, respectively.

The following is a summary of activity in the allowance for doubtful accounts for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)				(in thousands)
Allowance for doubtful accounts, beginning balance	$	3,130	$	2,653	$	2,902	$	20,363

Write-offs	(1)		(17)		(161)		(18,951)
Increase in provision for expected credit losses	1,015		986		1,403		2,210

Allowance for doubtful accounts, ending balance	$	4,144	$	3,622	$	4,144	$	3,622

During the nine months ended September 30, 2024, the Company wrote off $19.0 million of allowance for doubtful accounts, of which $18.5 million was attributable to the outstanding accounts receivable from a buyer that filed for bankruptcy during 2023.

The change in provision for expected credit losses associated with accounts receivable and the offsetting impact of the change to contra seller payables related to recoveries of uncollected buyer receivables result in the amount of bad debt expense or recoveries the Company recognizes each period. During the three and nine months ended September 30, 2025, the provision for expected credit losses associated with accounts receivable increased by $1.0 million and $1.4 million, respectively, partially offset by increases of contra seller payables related to recoveries of uncollected buyer receivables of $0.6 million and $1.0 million, respectively, which resulted in immaterial amounts of bad debt expense. During the three and nine months ended September 30, 2024, the provision for expected credit losses associated with accounts receivable increased by $1.0 million and $2.2 million, respectively, partially offset by increases of contra seller payables related to recoveries of uncollected buyer receivables of $0.6 million and $1.5 million, respectively, which resulted in an immaterial amounts of bad debt expense.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Net Income (Loss) Per Share - Schedule of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Basic Net Income (Loss) Per Share:
Net income (loss)	$ 20,058	$ 11,139	$ (9,634)	$ 5,214	$ (1,078)	$ (17,757)	$ 21,563	$ (13,621)
Weighted-average common shares outstanding used to compute basic net income (loss) per share (in shares)	143,009			141,270			142,176	140,376
Basic net income (loss) per share (in dollars per share)	$ 0.14			$ 0.04			$ 0.15	$ (0.10)
Diluted Net Income (Loss) Per Share:
Net income (loss) used to calculate diluted income (loss) per share	$ 20,058			$ 5,214			$ 21,563	$ (13,621)
Denominator:
Weighted-average common shares used to compute basic net income (loss) per share (in shares)	143,009			141,270			142,176	140,376
Weighted-average shares used to compute diluted net income (loss) per share (in shares)	153,166			148,697			150,516	140,376
Diluted net income (loss) per share (in dollars per share)	$ 0.13			$ 0.04			$ 0.14	$ (0.10)
Unvested restricted stock units
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	6,124			4,654			4,887	0
Stock Option
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	2,412			1,955			2,153	0
Unvested performance stock units
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	1,569			796			1,260	0
ESPP shares
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	52			22			40	0

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income. The Company's annual estimated effective tax rate differs from the statutory rate primarily as a result of state taxes, foreign taxes, deductible stock option expenses, nondeductible executive compensation, and changes in the Company's valuation allowance. The Company recorded an income tax provision of $0.9 million and $1.0 million for the three and nine months ended September 30, 2025, and an income tax provision of $1.0 million and tax benefit of $2.2 million for the three and nine months ended September 30, 2024, respectively. The tax provision for the three and nine months ended September 30, 2025 was primarily the result of the Company's ability to recognize deferred tax assets ("DTAs") subject to the domestic valuation allowance and the federal, state, and foreign income tax provisions. The tax provision and benefit for the three and nine months ended September 30, 2024, respectively, was primarily the result of the Company's ability to recognize DTAs subject to the domestic valuation allowance and the foreign income tax provision. The Company continues to maintain a partial valuation allowance for the domestic DTAs. Due to uncertainty as to the realization of benefits from the Company's domestic and certain international DTAs, including net operating loss carryforwards and research and development tax credits, the Company has a partial valuation allowance reserved against such assets. The Company intends to continue to maintain a partial valuation allowance on the DTAs until there is sufficient evidence to support the reversal of all or some additional portion of these allowances. Given the Company's current earnings and anticipated future earnings, the Company believes that there is a reasonable possibility that within the next twelve months, sufficient positive evidence may become available to allow the Company to reach a conclusion that all or a significant portion of the valuation allowance will no longer be needed. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. Due to the net operating loss carryforwards, all of the Company's United States federal and a majority of its state returns are open to examination by the Internal Revenue Service and state jurisdictions for all years since inception. For the Netherlands, India, Sweden, and the United Kingdom, all tax years remain open for examination by the local country tax authorities, for France, only 2022 and forward are open, for Australia and Singapore, only 2021 and forward are open for examination, for Brazil, Canada, Germany, and Malaysia, only 2020 and forward are open for examination, for Italy and New Zealand, only 2019 and forward are open for examination, and for Japan, only 2018 and forward remain open for examination. Pursuant to Section 382 of the Internal Revenue Code, the Company and Telaria, Inc. both underwent ownership changes for tax purposes (i.e. a more than 50% change in stock ownership in aggregated 5% shareholders) on April 1, 2020 due to the merger with Telaria Inc. As a result, the use of the Company's total domestic NOL carryforwards and tax credits generated prior to the ownership change will be subject to annual use limitations under Section 382 and Section 383 of the Code and comparable state income tax laws. The Company believes that the ownership change will not impact its ability to utilize substantially all of its NOLs and state research and development carryforward tax credits to the extent it will generate taxable income that can be offset by such losses. The Company reasonably expects some of its federal research and development carryforward tax credits will not be recovered prior to expiration. There was no material change to the Company's unrecognized tax benefits in the nine months ended September 30, 2025 and the Company does not expect to have any material changes to unrecognized tax benefits through the end of the fiscal year. On July 4, 2025, the President of the United States signed H.R. 1, commonly referred to as the "One Big Beautiful Bill Act" ("OBBBA") into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. OBBBA also includes certain changes to the U.S. taxation of foreign activity, including changes to foreign tax credits, Global Intangible Low-Taxed Income, Foreign-Derived Intangible Income, and Base Erosion and Anti-Abuse Tax amongst other changes. These changes are generally effective for tax years beginning after December 31, 2025. OBBBA changes effective for 2025 were reflected in the income tax provision for the three and nine months ended September 30, 2025. Based on current projections, the continuing impact will be a deferral of the payment of current income taxes over multiple years; however, the Company expects the net impact to its effective tax rate for 2025 to be immaterial.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has commitments under non-cancelable operating leases for facilities and its managed data center facilities (refer to Note 8).

As of September 30, 2025 and December 31, 2024, the Company had $4.0 million and $5.2 million, respectively, of letters of credit associated with office leases available for borrowing, on which there were no outstanding borrowings as of either date.

In the normal course of business, the Company enters into non-cancelable contractual obligations with various parties, primarily related to cloud-managed service agreements, software service agreements, and data center providers. As of September 30, 2025, the Company's outstanding non-cancelable contractual obligations with a remaining term in excess of one year consist of the following (in thousands):


Fiscal Year
Remaining 2025	$	35,718
2026	112,050
2027	65,505
2028	13,142


Total	$	226,415

The amounts above include commitments under a cloud-managed services agreement, under which the Company has a non-cancelable commitment from July 2025 to June 2028 containing minimum spend amounts for each twelve-month period (i.e. July 2025 to June 2026, July 2026 to June 2027, and July 2027 to June 2028) as well as an additional minimum spend amount over the entire three-year term. The table above approximates the manner in which the Company expects to fulfill the obligation.

Guarantees and Indemnification

The Company’s agreements with sellers, buyers, and other third parties typically obligate the Company to provide indemnity and defense for losses resulting from claims of intellectual property infringement, damages to property or persons, business losses, or other liabilities. Generally, these indemnity and defense obligations relate to the Company’s own business operations, obligations, and acts or omissions. However, under some circumstances, the Company agrees to indemnify and defend contract counterparties against losses resulting from their own business operations, obligations, and acts or omissions, or the business operations, obligations, and acts or omissions of third parties. For example, because the Company’s business interposes the Company between buyers and sellers in various ways, buyers often require the Company to indemnify them against acts and omissions of sellers, and sellers often require the Company to indemnify them against acts and omissions of buyers. In addition, the Company’s agreements with sellers, buyers, and other third parties typically include provisions limiting the Company’s liability to the counterparty, and the counterparty’s liability to the Company. These limits sometimes do not apply to certain liabilities, including indemnity obligations. These indemnity and limitation of liability provisions generally survive termination or expiration of the agreements in which they appear. The Company has also entered into indemnification agreements with its directors, executive officers, and certain other officers that will require the Company, among other things, to indemnify them against certain liabilities

that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on the Company’s condensed consolidated financial statements.

Litigation

The Company and its subsidiaries may from time to time be parties to legal or regulatory proceedings, lawsuits and other claims incident to their business activities and to the Company’s status as a public company. Such routine matters may include, among other things, assertions of contract breach or intellectual property infringement, claims for indemnity arising in the course of the Company’s business, claims relating to our collection or use of data, regulatory investigations, audits by taxing authorities, or enforcement proceedings, and claims by persons whose employment has been terminated. For example, the Company has recently been subject to lawsuits alleging violation of various privacy statutes. Additionally, on September 16, 2025, the Company filed a lawsuit against Google LLC ("Google") in the U.S. District Court of the Eastern District of Virginia. The complaint alleges that Google has engaged in anticompetitive conduct in the ad exchange and ad server markets in violation of federal antitrust laws, including actions that restrict publishers' ability to use competing services and favor Google's own advertising exchange. Magnite seeks monetary damages, an injunction, structural relief, and reasonable costs and expenses. Magnite intends to pursue its claims vigorously, but cannot predict the outcome of this matter.

Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, management is unable to ascertain the ultimate aggregate amount of monetary liability or awards, amounts which may be covered by insurance or recoverable from third parties, or the financial impact with respect to such matters as of September 30, 2025. However, based on management’s knowledge as of September 30, 2025, management believes that the final resolution of these matters known at such date, individually and in the aggregate, will not have a material adverse effect upon the Company’s condensed consolidated financial position, results of operations or cash flows.

Employment Contracts

The Company has entered into severance agreements with certain employees and officers. The Company may be required to pay severance and accelerate the vesting of certain equity awards in the event of involuntary terminations.

Lease Obligations - Schedule of Right-Of-Use Assets by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Total	$ 65,481	$ 50,329
United States
Lessee, Lease, Description [Line Items]
Total	57,941	45,178
International
Lessee, Lease, Description [Line Items]
Total	$ 7,540	$ 5,151

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 978,217
Additions for the Streamr.ai Acquisition	5,685
Ending balance	$ 983,902

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Stock-Based Compensation - Stock Options - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Number of Shares
Intrinsic values of options exercised	$ 8.2
Stock Option
Number of Shares
Unrecognized employee stock-based compensation	$ 2.0
Unrecognized employee stock-based compensation, period for recognition (in years)	1 year 10 months 24 days
Grant date fair value of options granted (in dollars per share)	$ 11.40	$ 6.34

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Schedule of Performance Stock Units Activity (Details) - Unvested performance stock units	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares)	1,427,000
Granted (in shares)	368,000
Vested (in shares)	(108,000)
Ending balance (in shares)	1,687,000
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 15.35
Granted (in dollars per share) \| $ / shares	20.72
Vested (in dollars per share) \| $ / shares	17.28
Ending balance (in dollars per share) \| $ / shares	$ 16.40
Tranche one
Number of Shares
Granted (in shares)	346,287
Weighted-Average Grant Date Fair Value
Grants above target (in shares)	22,000

Revenue - Schedule of Revenue Disaggregated by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 179,494	$ 162,003	$ 508,597	$ 474,202
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 134,732	$ 120,240	$ 383,927	$ 357,015
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	75.00%	74.00%	75.00%	75.00%
International
Disaggregation of Revenue [Line Items]
Revenue	$ 44,762	$ 41,763	$ 124,670	$ 117,187
International \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.00%	26.00%	25.00%	25.00%

- Definition

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+ Details

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense on property and equipment	$ 6.5	$ 4.0	$ 17.4	$ 10.9

Revenue - Schedule of Revenue Disaggregated by Sales Distribution Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 179,494	$ 162,003	$ 508,597	$ 474,202
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
CTV
Disaggregation of Revenue [Line Items]
Revenue	$ 87,799	$ 76,217	$ 242,745	$ 226,578
CTV \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	49.00%	47.00%	48.00%	48.00%
Mobile
Disaggregation of Revenue [Line Items]
Revenue	$ 64,964	$ 59,835	$ 187,600	$ 172,392
Mobile \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	36.00%	37.00%	37.00%	36.00%
Desktop
Disaggregation of Revenue [Line Items]
Revenue	$ 26,731	$ 25,951	$ 78,252	$ 75,232
Desktop \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15.00%	16.00%	15.00%	16.00%

- Definition

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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

A summary of stock option activity for the nine months ended September 30, 2025 was as follows:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in thousands)
Outstanding at December 31, 2024	4,160	$	8.57
Granted	81	$	16.46
Exercised	(507)	$	5.86
Expired	(28)	$	17.23

Outstanding at September 30, 2025	3,706	$	9.05	4.1 years	$	51,112
Exercisable at September 30, 2025	3,440	$	8.76	3.8 years	$	48,725

Schedule of Weighted-Average Input Assumptions

The weighted-average input assumptions used by the Company were as follows:


	Nine Months Ended
		September 30, 2025		September 30, 2024
Expected term (in years)		5.0		5.0
Risk-free interest rate		4.45	%	3.93	%
Expected volatility		84	%	84	%
Dividend yield		—	%	—	%

The weighted-average input assumptions used by the Company were as follows:


	Nine Months Ended
		September 30, 2025		September 30, 2024
Performance period (in years)		3.0		3.0
Risk-free interest rate		4.26	%	4.05	%
Expected volatility of Magnite		78	%	87	%
Expected volatility of selected peer companies		56	%	55	%
Expected correlation coefficients of Magnite		0.57		0.59
Expected correlation coefficients of selected peer companies		0.47		0.47
Dividend yield		—	%	—	%

Schedule of Nonvested Restricted Stock Units Activity

A summary of restricted stock unit ("RSU") activity for the nine months ended September 30, 2025 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Restricted stock units outstanding at December 31, 2024	11,809	$	10.69
Granted	4,284	$	16.54
Canceled	(767)	$	11.70
Vested and released	(4,774)	$	11.54
Restricted stock units outstanding and unvested at September 30, 2025	10,552	$	12.61

Schedule of Nonvested Performance-Based Units Activity

A summary of PSU activity for the nine months ended September 30, 2025 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2024	1,427	$	15.35
Granted *	368	$	20.72
Vested	(108)	$	17.28

Outstanding at September 30, 2025	1,687	$	16.40
* PSUs granted and weighted-average grant date fair value include 22 shares issued above the target shares for a PSU that vested and was released during the nine months ended September 30, 2025.

Schedule of Stock Based Compensation Expense

Total stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)				(in thousands)
Cost of revenue	$	479	$	523	$	1,586	$	1,501
Sales and marketing	7,777		7,755		25,369		23,963
Technology and development	3,959		4,288		12,801		14,593
General and administrative	5,829		6,104		19,055		19,104

Total stock-based compensation expense	$	18,044	$	18,670	$	58,811	$	59,161

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Remaining lease term	4 years 3 months 18 days		4 years 3 months 18 days		4 years 7 months 6 days
Discount rate	5.98%		5.98%		6.12%
Operating lease expense	$ 5.7	$ 5.7	$ 16.4	$ 17.2
Variable lease expense	1.2	0.0	3.0	1.5
Cash paid for amounts included in lease liabilities	6.4	6.0	16.7	18.8
Sublease income	0.0	$ 1.3	0.7	$ 3.9
Total future undiscounted lease payments under leases not yet commenced	$ 7.1		$ 7.1
Operating lease not yet commenced, term of contract	4 years 4 months 24 days		4 years 4 months 24 days
Minimum
Lessee, Lease, Description [Line Items]
Term of lease contract	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of lease contract	10 years		10 years

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2023		138,577
Beginning Balance at Dec. 31, 2023	$ 701,683	$ 2	$ 1,387,715	$ (2,076)	$ (683,958)	$ 0
Beginning Balance, treasury (in shares) at Dec. 31, 2023						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock related to RSU and PSU vesting (in shares)		2,363
Shares withheld related to net share settlement (in shares)		(916)
Shares withheld related to net share settlement	(8,941)		(8,941)
Stock-based compensation	21,407		21,407
Other comprehensive income (loss)	(1,015)			(1,015)
Net income (loss)	(17,757)				(17,757)
Ending Balance (in shares) at Mar. 31, 2024		140,024
Ending Balance at Mar. 31, 2024	695,377	$ 2	1,400,181	(3,091)	(701,715)	$ 0
Ending Balance, treasury (in shares) at Mar. 31, 2024						0
Beginning Balance (in shares) at Dec. 31, 2023		138,577
Beginning Balance at Dec. 31, 2023	701,683	$ 2	1,387,715	(2,076)	(683,958)	$ 0
Beginning Balance, treasury (in shares) at Dec. 31, 2023						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	990
Net income (loss)	(13,621)
Ending Balance (in shares) at Sep. 30, 2024		141,148
Ending Balance at Sep. 30, 2024	725,876	$ 2	1,424,539	(1,086)	(697,579)	$ 0
Ending Balance, treasury (in shares) at Sep. 30, 2024						0
Beginning Balance (in shares) at Mar. 31, 2024		140,024
Beginning Balance at Mar. 31, 2024	695,377	$ 2	1,400,181	(3,091)	(701,715)	$ 0
Beginning Balance, treasury (in shares) at Mar. 31, 2024						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		32
Exercise of common stock options	187		187
Issuance of common stock related to employee stock purchase plan (in shares)		305
Issuance of common stock related to employee stock purchase plan	1,983		1,983
Issuance of common stock related to RSU and PSU vesting (in shares)		1,165
Shares withheld related to net share settlement (in shares)		(385)
Shares withheld related to net share settlement	(3,802)		(3,802)
Stock-based compensation	20,382		20,382
Other comprehensive income (loss)	(86)			(86)
Net income (loss)	(1,078)				(1,078)
Ending Balance (in shares) at Jun. 30, 2024		141,141
Ending Balance at Jun. 30, 2024	712,963	$ 2	1,418,931	(3,177)	(702,793)	$ 0
Ending Balance, treasury (in shares) at Jun. 30, 2024						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		34
Exercise of common stock options	181		181
Issuance of common stock related to RSU and PSU vesting (in shares)		1,060
Shares withheld related to net share settlement (in shares)		(389)
Shares withheld related to net share settlement	(4,939)		(4,939)
Purchase of treasury stock (in shares)						(698)
Purchase of treasury stock	(9,006)					$ (9,006)
Retirement of common stock (in shares)		(698)				698
Retirement of common stock	0		(9,006)			$ 9,006
Stock-based compensation	19,372		19,372
Other comprehensive income (loss)	2,091			2,091
Net income (loss)	5,214				5,214
Ending Balance (in shares) at Sep. 30, 2024		141,148
Ending Balance at Sep. 30, 2024	$ 725,876	$ 2	1,424,539	(1,086)	(697,579)	$ 0
Ending Balance, treasury (in shares) at Sep. 30, 2024						0
Beginning Balance (in shares) at Dec. 31, 2024	141,427	141,427
Beginning Balance at Dec. 31, 2024	$ 768,218	$ 2	1,433,809	(4,421)	(661,172)	$ 0
Beginning Balance, treasury (in shares) at Dec. 31, 2024						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		49
Exercise of common stock options	252		252
Issuance of common stock related to RSU and PSU vesting (in shares)		2,522
Shares withheld related to net share settlement (in shares)		(1,022)
Shares withheld related to net share settlement	(20,314)		(20,314)
Purchase of treasury stock (in shares)						(1,500)
Purchase of treasury stock	(19,229)					$ (19,229)
Retirement of common stock (in shares)		(1,500)				(1,500)
Retirement of common stock	0		(19,229)			$ 19,229
Stock-based compensation	21,631		21,631
Other comprehensive income (loss)	829			829
Net income (loss)	(9,634)				(9,634)
Ending Balance (in shares) at Mar. 31, 2025		141,476
Ending Balance at Mar. 31, 2025	$ 741,753	$ 2	1,416,149	(3,592)	(670,806)	$ 0
Ending Balance, treasury (in shares) at Mar. 31, 2025						0
Beginning Balance (in shares) at Dec. 31, 2024	141,427	141,427
Beginning Balance at Dec. 31, 2024	$ 768,218	$ 2	1,433,809	(4,421)	(661,172)	$ 0
Beginning Balance, treasury (in shares) at Dec. 31, 2024						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	2,888
Net income (loss)	$ 21,563
Ending Balance (in shares) at Sep. 30, 2025	143,643	143,643
Ending Balance at Sep. 30, 2025	$ 807,954	$ 2	1,449,094	(1,533)	(639,609)	$ 0
Ending Balance, treasury (in shares) at Sep. 30, 2025						0
Beginning Balance (in shares) at Mar. 31, 2025		141,476
Beginning Balance at Mar. 31, 2025	741,753	$ 2	1,416,149	(3,592)	(670,806)	$ 0
Beginning Balance, treasury (in shares) at Mar. 31, 2025						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		308
Exercise of common stock options	1,457		1,457
Issuance of common stock related to employee stock purchase plan (in shares)		157
Issuance of common stock related to employee stock purchase plan	2,111		2,111
Issuance of common stock related to RSU and PSU vesting (in shares)		1,249
Shares withheld related to net share settlement (in shares)		(437)
Shares withheld related to net share settlement	(6,944)		(6,944)
Purchase of treasury stock (in shares)						(370)
Purchase of treasury stock	(3,651)					$ (3,651)
Retirement of common stock (in shares)		(370)				(370)
Retirement of common stock	0		(3,651)			$ 3,651
Stock-based compensation	20,084		20,084
Other comprehensive income (loss)	2,518			2,518
Net income (loss)	11,139				11,139
Ending Balance (in shares) at Jun. 30, 2025		142,383
Ending Balance at Jun. 30, 2025	768,467	$ 2	1,429,206	(1,074)	(659,667)	$ 0
Ending Balance, treasury (in shares) at Jun. 30, 2025						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		150
Exercise of common stock options	1,263		1,263
Issuance of common stock related to RSU and PSU vesting (in shares)		1,111
Shares withheld related to net share settlement (in shares)		(1)
Shares withheld related to net share settlement	(10)		(10)
Stock-based compensation	18,635		18,635
Other comprehensive income (loss)	(459)			(459)
Net income (loss)	$ 20,058				20,058
Ending Balance (in shares) at Sep. 30, 2025	143,643	143,643
Ending Balance at Sep. 30, 2025	$ 807,954	$ 2	$ 1,449,094	$ (1,533)	$ (639,609)	$ 0
Ending Balance, treasury (in shares) at Sep. 30, 2025						0

Stock-Based Compensation - Schedule of Weighted Average Assumptions (Details) - Unvested performance stock units	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years	3 years
Risk-free interest rate	4.26%	4.05%
Expected volatility of Magnite	78.00%	87.00%
Expected volatility of selected peer companies	56.00%	55.00%
Expected correlation coefficients of Magnite	57.00%	59.00%
Expected correlation coefficients of selected peer companies	47.00%	47.00%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Company Overview Magnite, Inc. ("Magnite" or the "Company"), was formed in Delaware and began operations on April 20, 2007. The Company's common stock is listed on the Nasdaq Global Select Market of The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "MGNI." Magnite has its principal offices in New York City, Los Angeles, Denver, London, and Sydney, and additional offices in Europe, Asia, North America, and South America. The Company provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers globally, across all channels, formats and auction types. The Company's platform features applications and services for sellers of digital advertising inventory, or publishers, that own or operate websites, applications, connected television ("CTV") channels, and other digital media properties, to manage and monetize their inventory; applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms, to buy digital advertising inventory; and a transparent, independent marketplace that brings buyers and sellers together and facilitates intelligent decision making and automated transaction execution at scale. The Company's clients include many of the world's leading sellers and buyers of digital advertising inventory. Sellers monetize their inventory through the Company’s platform by seamlessly connecting to a global market of integrated buyers that transact through real-time bidding. These transactions include biddable auctions, where multiple buyers bid against each other in a real-time auction for the right to purchase a publisher's inventory, as well as reserve auctions, where publishers establish direct deals or private marketplaces with select buyers. At the same time, buyers leverage the Company’s platform to manage their advertising spending and reach their target audiences, simplify order management and campaign tracking, obtain actionable insights into audiences for their advertising, and access impression-level purchasing from thousands of sellers. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for the interim period presented have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future interim period, the year ending December 31, 2025, or for any future year. The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in its 2024 Annual Report on Form 10-K. There have been no significant changes in the Company's accounting policies from those disclosed in its audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in its Annual Report on Form 10-K. Refer to Note 6 for the useful lives of the Company's intangible assets associated with the acquisition of Streamrai, Inc. Segments Management has determined that the Company operates as one operating segment and one reportable segment. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer ("CEO"). The Company has one primary business activity, where it provides a platform to all of its customers, buyers and sellers, that automates the purchase and sale of digital advertising inventory globally, across all channels, formats, and auction types, as described above. The Company’s CODM reviews financial information on a consolidated basis, principally to make decisions about how to allocate resources and to measure the Company’s performance. The CODM reviews consolidated net income (loss), which is the measure of financial profit and loss most closely aligned with generally accepted accounting principles. The CODM considers budget-to-actual variances for this measure, predominantly in the annual budget, forecasting process, and quarterly results assessment. The CODM does not review any balance sheet information at any other level than on a consolidated basis and does not review any income statement information at any other level than on a consolidated basis with the exception of revenue by geography and by channel (refer to Note 3). The significant expense information regularly provided to the CODM is the same as that included in the face of the Company's consolidated income statement of operations. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed financial statements and accompanying footnotes. Actual results could differ materially from these estimates. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") to enhance income tax information primarily through changes in the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption and retrospective application are permitted. The Company will adopt the guidance for the fiscal year ending December 31, 2025 on a prospective basis. The Company expects the impact of adoption of this guidance to be limited to footnote disclosure and to result in additional disaggregation of information disclosed in the rate reconciliation and with respect to income taxes paid. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and presented in the footnotes. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes and simplifies the recognition and disclosure framework for internal-use software costs by changing from a project-stage approach to a more judgment-based approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its financial statements and disclosures. The Company does not believe there are any other recently issued and effective or not yet effective pronouncements that would have or are expected to have a material impact on the Company’s present or future condensed consolidated financial statements.

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Current and long term debt as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Convertible Senior Notes	$	205,067	$	205,067
Less: Unamortized debt issuance costs	(545)		(1,424)
Net carrying value of Convertible Senior Notes	204,522		203,643

2024 Term Loan B Facility	361,361		363,177
Less: Unamortized debt discount and issuance costs	(9,618)		(13,075)
Net carrying value of 2024 Term Loan B Facility	351,743		350,102

Balance Sheet Presentation:
Debt, current, net of debt issuance costs	208,154		3,641
Debt, non-current, net of debt discount and issuance costs	348,111		550,104
Total debt	$	556,265	$	553,745

Schedule of Maturities of Long-term Debt

Maturities of the principal amount of the Company's debt were as follows as of September 30, 2025 (in thousands):


Fiscal Year
Remaining 2025	$	908
2026	208,699
2027	3,632
2028	3,632
2029	3,632
Thereafter	345,925
Total	$	566,428

The estimated remaining amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes was as follows as of September 30, 2025 (in thousands):


Fiscal Year	Debt Issuance Costs
Remaining 2025	$	293
2026	252


Total	$	545

mortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs was as follows as of September 30, 2025 (in thousands):


Fiscal Year	Debt Discount		Debt Issuance Costs
Remaining 2025	$	215	$	246
2026	856		978
2027	847		968
2028	839		958
2029	830		948
Thereafter	903		1,030
Total	$	4,490	$	5,128

Summary of Interest Expense and Interest Income

The following table sets forth interest expense related to the Convertible Senior Notes for the three and nine months ended September 30, 2025 and 2024 (in thousands, except interest rates):


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Contractual interest expense	$	129		$	129		$	385		$	385
Amortization of debt issuance costs	292			293			879			880
Total interest expense	$	421		$	422		$	1,264		$	1,265
Effective interest rate	0.82		%	0.82		%	0.82		%	0.82		%

The following table sets forth interest expense related to the 2024 Term Loan B Facility and the 2021 Term Loan B Facility (in thousands, except interest rates):


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Contractual interest expense	$	6,786		$	9,084		$	20,738		$	27,282
Amortization of debt discount	216			264			688			848
Amortization of debt issuance costs	247			292			776			1,008
Total interest expense	$	7,249		$	9,640		$	22,202		$	29,138
Effective interest rate	8.00		%	10.59		%	8.16		%	10.71		%

The following includes interest expense and interest income, as presented within interest expense, net in the condensed consolidated statement of operations (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest expense	$	7,901	$	10,522	$	24,122	$	31,140
Interest income	(3,233)		(3,674)		(9,206)		(9,541)
Interest expense, net	$	4,668	$	6,848	$	14,916	$	21,599

Schedule of Debt

The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility at September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
	(in thousands)
2024 Term Loan B Facility	$	361,361	$	363,177
Unamortized debt discount	(4,490)		(6,198)
Unamortized debt issuance costs	(5,128)		(6,877)
2024 Term Loan B Facility, net of debt discount and issuance costs	$	351,743	$	350,102

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Net Income (Loss) Per Share - Schedule of Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	3,210	3,210	3,210	8,840
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	0	0	0	3,293
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	0	0	0	1,744
Unvested performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	0	0	0	546
ESPP shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	0	0	0	47
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	3,210	3,210	3,210	3,210

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for the interim period presented have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future interim period, the year ending December 31, 2025, or for any future year. The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in its 2024 Annual Report on Form 10-K. There have been no significant changes in the Company's accounting policies from those disclosed in its audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in its Annual Report on Form 10-K. Refer to Note 6 for the useful lives of the Company's intangible assets associated with the acquisition of Streamrai, Inc.
Segments	Segments Management has determined that the Company operates as one operating segment and one reportable segment. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer ("CEO"). The Company has one primary business activity, where it provides a platform to all of its customers, buyers and sellers, that automates the purchase and sale of digital advertising inventory globally, across all channels, formats, and auction types, as described above. The Company’s CODM reviews financial information on a consolidated basis, principally to make decisions about how to allocate resources and to measure the Company’s performance. The CODM reviews consolidated net income (loss), which is the measure of financial profit and loss most closely aligned with generally accepted accounting principles. The CODM considers budget-to-actual variances for this measure, predominantly in the annual budget, forecasting process, and quarterly results assessment. The CODM does not review any balance sheet information at any other level than on a consolidated basis and does not review any income statement information at any other level than on a consolidated basis with the exception of revenue by geography and by channel (refer to Note 3). The significant expense information regularly provided to the CODM is the same as that included in the face of the Company's consolidated income statement of operations.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed financial statements and accompanying footnotes. Actual results could differ materially from these estimates.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") to enhance income tax information primarily through changes in the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption and retrospective application are permitted. The Company will adopt the guidance for the fiscal year ending December 31, 2025 on a prospective basis. The Company expects the impact of adoption of this guidance to be limited to footnote disclosure and to result in additional disaggregation of information disclosed in the rate reconciliation and with respect to income taxes paid. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and presented in the footnotes. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes and simplifies the recognition and disclosure framework for internal-use software costs by changing from a project-stage approach to a more judgment-based approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and for interim periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its financial statements and disclosures. The Company does not believe there are any other recently issued and effective or not yet effective pronouncements that would have or are expected to have a material impact on the Company’s present or future condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Debt - Convertible Senior Notes and Capped Call Transactions - Narrative (Details) - Convertible Senior Notes - Convertible Debt - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2021
Debt Instrument [Line Items]
Aggregate principle amount		$ 400,000,000
Interest rate		0.25%
Over-allotment options		$ 50,000,000
Debt instrument, repurchased during period, face amount	$ 194,900,000
Repayments of convertible debt	$ 165,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt - Schedule of Amortization Expense for the Term Loan B Facility Debt Discount and Issuance Costs (Details) - Secured Debt - 2024 Credit Agreement - Line of Credit - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Discount
Remaining 2025	$ 215
2026	856
2027	847
2028	839
2029	830
Thereafter	903
Total	4,490	$ 6,198
Debt Issuance Costs
Remaining 2025	246
2026	978
2027	968
2028	958
2029	948
Thereafter	1,030
Total	$ 5,128	$ 6,877

Lease Obligations

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Lease Obligations

The Company has operating leases for office facilities and data centers. The lease terms of the Company’s operating leases generally range from 1.0 year to 10.0 years. The Company's lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The weighted average remaining lease term of leases included in lease liabilities is 4.3 years and 4.6 years as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, a weighted average discount rate of 5.98% and 6.12%, respectively, has been applied to the remaining lease payments to calculate the lease liabilities included within the condensed consolidated balance sheet.

Operating lease expense was $5.7 million and $5.7 million for the three months ended September 30, 2025 and 2024, respectively, and $16.4 million and $17.2 million for the nine months ended September 30, 2025 and 2024, respectively. The Company recognized variable lease expense of $1.2 million and an immaterial amount for the three months ended September 30, 2025 and 2024, respectively, and $3.0 million and $1.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Cash paid for amounts included in lease liabilities was $6.4 million and $6.0 million for the three months ended September 30, 2025 and 2024, respectively, and $16.7 million and $18.8 million for the nine months ended September 30, 2025 and 2024, respectively.

The maturity of the Company's lease liabilities associated with leases included in the lease liabilities and right-of-use ("ROU") assets were as follows as of September 30, 2025 (in thousands):


Fiscal Year
Remaining 2025	$	6,048
2026	21,885
2027	16,384
2028	12,152
2029	12,158
Thereafter	9,521
Total lease payments (undiscounted)	78,148
Less: imputed interest	(9,191)
Lease liabilities—total (discounted)	$	68,957

The Company also received rental income of an immaterial amount and $1.3 million for real estate leases for which it subleased the property to a third party during the three months ended September 30, 2025 and 2024, respectively and $0.7 million and $3.9 million for the nine months ended September 30, 2025 and 2024, respectively. Rental income is included in other income in the condensed consolidated statements of operations.

In addition to the lease liabilities included in these consolidated financial statements, the Company entered into agreements for data centers that had not commenced as of September 30, 2025; therefore, the leases were not included in the lease liabilities and ROU assets balance as of September 30, 2025. The Company has future commitments totaling $7.1 million over a term of 4.4 years related to these agreements.

The Company's operating lease right-of-use assets by geographical region were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
United States	$	57,941	$	45,178
International	7,540		5,151
Total	$	65,481	$	50,329

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Major classes of property and equipment were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
Computer equipment and network hardware	$	218,951	$	184,155
Furniture, fixtures, and office equipment	2,961		3,486
Leasehold improvements	1,110		2,576
Purchased software	1,108		1,123
Gross property and equipment	224,130		191,340
Accumulated depreciation	(127,087)		(122,610)
Property and equipment, net	$	97,043	$	68,730

The Company's property and equipment, net by geographical region was as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
United States	$	82,596	$	51,708
International	14,447		17,022
Total	$	97,043	$	68,730

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
2024 Credit Agreement \| Line of Credit \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan fair value	$ 362,500	$ 368,200
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	306,825	436,731
Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Convertible notes	$ 199,200	$ 190,200

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

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- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes to the Company's goodwill were as follows (in thousands):


	Total


Ending balance at December 31, 2024	$	978,217
Additions for the Streamr.ai Acquisition	5,685
Ending balance at September 30, 2025	$	983,902

Schedule of Intangible Assets

The Company's intangible assets are being amortized over their estimated useful lives as follows:


			Years
Developed technology			3 to 5
In-process research and development			3 to 5
Customer relationships			0.5 to 4
Non-compete agreements			2 to 3
Other intangible assets			3 to 10

Schedule of Finite-Lived Intangible Assets

The Company’s intangible assets as of September 30, 2025 and December 31, 2024 included the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Amortizable intangible assets:
Developed technology	$	114,756	$	109,736
Customer relationships	60		37,300
In-process research and development	8,830		8,830

Other intangible assets	1,844		1,332
Non-compete agreements	690		—
Total identifiable intangible assets, gross	126,180		157,198
Accumulated amortization—intangible assets:
Developed technology	(102,213)		(93,941)
Customer relationships	(8)		(34,192)
In-process research and development	(7,938)		(6,856)

Other intangible assets	(921)		(900)
Non-compete agreements	(22)		—
Total accumulated amortization—intangible assets	(111,102)		(135,889)
Total intangible assets, net	$	15,078	$	21,309

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated remaining amortization expense associated with the Company's intangible assets was as follows as of September 30, 2025:


Fiscal Year	Amount
	(in thousands)
Remaining 2025	$	2,633
2026	8,095
2027	2,466
2028	1,367
2029	79
Thereafter	438
Total	$	15,078

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Financial Standby Letter of Credit
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 4.0	$ 5.2

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details)	Sep. 30, 2025
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Minimum \| In-process research and development
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 months
Minimum \| Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	2 years
Minimum \| Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Maximum \| In-process research and development
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	4 years
Maximum \| Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum \| Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years

- Definition

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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation, Fiscal Year Maturity

As of September 30, 2025, the Company's outstanding non-cancelable contractual obligations with a remaining term in excess of one year consist of the following (in thousands):


Fiscal Year
Remaining 2025	$	35,718
2026	112,050
2027	65,505
2028	13,142


Total	$	226,415

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share, Basic and Diluted

The following table presents the basic and diluted net income (loss) per share:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands, except per share data)
Basic Net Income (Loss) Per Share:
Net income (loss)	$	20,058	$	5,214	$	21,563	$	(13,621)


Weighted-average common shares outstanding used to compute basic net income (loss) per share	143,009		141,270		142,176		140,376
Basic net income (loss) per share	$	0.14	$	0.04	$	0.15	$	(0.10)

Diluted Net Income (Loss) Per Share:



Net income (loss) used to calculate diluted income (loss) per share	$	20,058	$	5,214	$	21,563	$	(13,621)

Denominator:
Weighted-average common shares used to compute basic net income (loss) per share	143,009		141,270		142,176		140,376
Dilutive effect of weighted-average restricted stock units	6,124		4,654		4,887		—
Dilutive effect of weighted-average common stock options	2,412		1,955		2,153		—
Dilutive effect of weighted-average performance stock units	1,569		796		1,260		—
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares	52		22		40		—

Weighted-average shares used to compute diluted net income (loss) per share	153,166		148,697		150,516		140,376
Diluted net income (loss) per share	$	0.13	$	0.04	$	0.14	$	(0.10)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Share

The following weighted-average shares have been excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for each period presented because they were anti-dilutive:


	Three Months Ended		Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
	(in thousands)		(in thousands)
Unvested restricted stock units	—	—	—	3,293
Options to purchase common stock	—	—	—	1,744
Unvested performance stock units	—	—	—	546
ESPP shares	—	—	—	47
Convertible Senior Notes	3,210	3,210	3,210	3,210
Total shares excluded from diluted net income (loss) per share	3,210	3,210	3,210	8,840

Lease Obligations - Schedule of Lease Liability Maturities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Fiscal Year
Remaining 2025	$ 6,048
2026	21,885
2027	16,384
2028	12,152
2029	12,158
Thereafter	9,521
Total lease payments (undiscounted)	78,148
Less: imputed interest	(9,191)
Lease liabilities—total (discounted)	$ 68,957

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are based on market data obtained from independent sources. The fair value hierarchy is based on the following three levels of inputs, of which the first two are considered observable and the last one is considered unobservable:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•Level 3 – Unobservable inputs.

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at September 30, 2025:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents	$	306,825	$	306,825	$	—	$	—

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at December 31, 2024:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents	$	436,731	$	436,731	$	—	$	—

At September 30, 2025 and December 31, 2024, cash equivalents of $306.8 million and $436.7 million, respectively, consisted of money market funds with original maturities of three months or less. The carrying amounts of cash equivalents are classified as Level 1 or Level 2 depending on whether or not their fair values are based on quoted market prices for identical securities that are traded in an active market.

At September 30, 2025 and December 31, 2024, the Company had debt outstanding under its Convertible Senior Notes and loans under its 2024 Term Loan B Facility (as defined in Note 9) included in its balance sheets. The estimated fair value of the Company's Convertible Senior Notes was $199.2 million and $190.2 million as of September 30, 2025 and December 31, 2024, respectively. The estimated fair value of Convertible Senior Notes is based on market rates and the closing trading price of the Convertible Senior Notes as of September 30, 2025 and December 31, 2024 and is classified as Level 2 in the fair value hierarchy. At September 30, 2025 and December 31, 2024, the estimated fair value of the Company's 2024 Term Loan B Facility was $362.5 million and $368.2 million, respectively. The estimated fair value is based on borrowing rates currently available to the Company for financing with similar terms and is classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Long-term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Amortization of debt discount and issuance costs	$ 0.8	$ 0.8	$ 2.3	$ 2.7
Amortization of deferred financing costs	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Stock-Based Compensation - Performance Stock Units - Narrative (Details) - Performance Shares Units - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	100.00%
Granted (in shares)	368,000
Granted (in dollars per share)	$ 20.93	$ 11.76
Fair value of performance stock vested	$ 1.9
Intrinsic value of nonvested unit	42.7
Unrecognized employee stock-based compensation	$ 8.9
Unrecognized employee stock-based compensation, period for recognition (in years)	1 year 1 month 6 days
Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	346,287
Vesting period (in years)	3 years
Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	150.00%

Debt - Schedule of Term Loan B Facility (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
2024 Term Loan B Facility, net of debt discount and issuance costs	$ 348,111	$ 550,104
Secured Debt \| 2024 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
2024 Term Loan B Facility	361,361	363,177
Unamortized debt discount	(4,490)	(6,198)
Unamortized debt issuance costs	(5,128)	(6,877)
2024 Term Loan B Facility, net of debt discount and issuance costs	$ 351,743	$ 350,102

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments that are Measured at Fair Value on a Recurring Basis

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at September 30, 2025:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents	$	306,825	$	306,825	$	—	$	—

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at December 31, 2024:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents	$	436,731	$	436,731	$	—	$	—

Fair Value Measurements - Schedule of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 306,825	$ 436,731
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	306,825	436,731
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

2025 Acquisition—Streamrai, Inc.

In September 2025, the Company completed the acquisition of the business of Streamrai, Inc. ("Streamr.ai" and such acquisition the "Streamr.ai Acquisition"), a platform that specializes in artificial intelligence tools that make CTV advertising accessible to small and medium-sized businesses ("SMBs"). The total purchase consideration was $10.1 million, of which $8.1 million was paid in cash and $2.0 million was held back to cover possible indemnification claims that will be partially released one year after the acquisition, with the remainder released by March 2027. In accordance with the accounting for business combinations, the Company recorded the acquisition based on the fair value of the consideration transferred and then allocated the purchase price to the identifiable assets acquired and liabilities assumed based on their respective fair values as of the acquisition date. The excess of the value of consideration transferred over the aggregate fair value of those net assets was recorded as goodwill. The allocation of purchase consideration resulted in an estimated $5.0 million of developed technology intangible assets with an estimated useful life of 3 years, $0.7 million of non-compete intangible assets with an estimated useful life of 2 to 3 years, $0.1 million of customer relationships with an estimated useful life of 0.5 years, $0.2 million of trademark and tradename intangible assets with an estimated useful life of 3 years, goodwill of $5.7 million, which is attributable to the workforce of Streamr.ai and revenue synergies from the acquisition, and deferred tax liability of $1.5 million. The purchase price allocation is preliminary and subject to change pending finalization of the valuation. For tax purposes, the acquisition of Streamr.ai will be treated as a stock acquisition. The goodwill recognized in the acquisition of Streamr.ai is not tax deductible for tax purposes.

Acquisition related costs associated with the Streamr.ai Acquisition during the three and nine months ended September 30, 2025 were immaterial. In addition, Streamr.ai's post-acquisition revenue and operating results on a standalone basis were immaterial.

The Company's intangible assets are being amortized over their estimated useful lives as follows:


			Years
Developed technology			3 to 5
In-process research and development			3 to 5
Customer relationships			0.5 to 4
Non-compete agreements			2 to 3
Other intangible assets			3 to 10

The Company’s intangible assets as of September 30, 2025 and December 31, 2024 included the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Amortizable intangible assets:
Developed technology	$	114,756	$	109,736
Customer relationships	60		37,300
In-process research and development	8,830		8,830

Other intangible assets	1,844		1,332
Non-compete agreements	690		—
Total identifiable intangible assets, gross	126,180		157,198
Accumulated amortization—intangible assets:
Developed technology	(102,213)		(93,941)
Customer relationships	(8)		(34,192)
In-process research and development	(7,938)		(6,856)

Other intangible assets	(921)		(900)
Non-compete agreements	(22)		—
Total accumulated amortization—intangible assets	(111,102)		(135,889)
Total intangible assets, net	$	15,078	$	21,309

Amortization of intangible assets for the three months ended September 30, 2025 and 2024 was $2.2 million and $7.5 million, respectively, and $12.5 million and $22.7 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the Company wrote off fully amortized intangible assets with a historical cost of $37.3 million.

The estimated remaining amortization expense associated with the Company's intangible assets was as follows as of September 30, 2025:


Fiscal Year	Amount
	(in thousands)
Remaining 2025	$	2,633
2026	8,095
2027	2,466
2028	1,367
2029	79
Thereafter	438
Total	$	15,078

Changes to the Company's goodwill were as follows (in thousands):


	Total


Ending balance at December 31, 2024	$	978,217
Additions for the Streamr.ai Acquisition	5,685
Ending balance at September 30, 2025	$	983,902

Revenue - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 3,130	$ 2,653	$ 2,902	$ 20,363
Write-offs	(1)	(17)	(161)	(18,951)
Increase in provision for expected credit losses	1,015	986	1,403	2,210
Allowance for doubtful accounts, ending balance	$ 4,144	$ 3,622	$ 4,144	$ 3,622

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fiscal Year
Remaining 2025	$ 2,633
2026	8,095
2027	2,466
2028	1,367
2029	79
Thereafter	438
Total	$ 15,078	$ 21,309

Stock-Based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Shares Under Option
Beginning balance (in shares) \| shares	4,160
Granted (in shares) \| shares	81
Exercised (in shares) \| shares	(507)
Expired (in shares) \| shares	(28)
Ending balance (in shares) \| shares	3,706
Exercisable (in shares) \| shares	3,440
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 8.57
Granted (in dollars per share) \| $ / shares	16.46
Exercised (in dollars per share) \| $ / shares	5.86
Expired (in dollars per share) \| $ / shares	17.23
Ending balance (in dollars per share) \| $ / shares	9.05
Exercisable (in dollars per share) \| $ / shares	$ 8.76
Weighted- Average Contractual Life
Outstanding	4 years 1 month 6 days
Exercisable	3 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding \| $	$ 51,112
Exercisable \| $	$ 48,725

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 18,044	$ 18,670	$ 58,811	$ 59,161
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	479	523	1,586	1,501
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7,777	7,755	25,369	23,963
Technology and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,959	4,288	12,801	14,593
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,829	$ 6,104	$ 19,055	$ 19,104

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Payment terms in days (or less)			75 days
Accounts receivable, allowance for credit loss	$ 4,144	$ 3,622	$ 4,144	$ 3,622	$ 3,130	$ 2,902	$ 2,653	$ 20,363
Contra seller payable	2,600		2,600			$ 1,900
Write-offs	1	17	161	18,951
Increase in provision for expected credit losses	1,015	986	1,403	2,210
Increase (decrease) in contra seller payable	$ 600	$ 600	$ 1,000	1,500
One Buyer
Disaggregation of Revenue [Line Items]
Write-offs				$ 18,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment - Schedule of Property and Equipment by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 97,043	$ 68,730
United States
Property, Plant and Equipment [Line Items]
Total	82,596	51,708
International
Property, Plant and Equipment [Line Items]
Total	$ 14,447	$ 17,022

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt, current, net of debt issuance costs	$ 208,154	$ 3,641
Debt, non-current, net of debt discount and issuance costs	348,111	550,104
Total debt	556,265	553,745
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible Senior Notes and Term Loan B Facility	205,067	205,067
Less: Unamortized discount and issuance costs	(545)	(1,424)
Total debt	204,522	203,643
2024 Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Convertible Senior Notes and Term Loan B Facility	361,361	363,177
Less: Unamortized discount and issuance costs	(9,618)	(13,075)
Debt, non-current, net of debt discount and issuance costs	351,743	350,102
Total debt	$ 351,743	$ 350,102

Debt - Schedule of Interest Expense Related to the Term Loan B Facility (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Contractual interest expense	$ 7,901	$ 10,522	$ 24,122	$ 31,140
Secured Debt \| Credit Agreements, 2021 and 2024 \| Line of Credit
Debt Instrument [Line Items]
Contractual interest expense	6,786	9,084	20,738	27,282
Amortization of debt discount	216	264	688	848
Amortization of debt issuance costs	247	292	776	1,008
Total interest expense	$ 7,249	$ 9,640	$ 22,202	$ 29,138
Effective interest rate	8.00%	10.59%	8.16%	10.71%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

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+ Details

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	$ 126,180	$ 157,198
Total accumulated amortization—intangible assets	(111,102)	(135,889)
Total	15,078	21,309
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	114,756	109,736
Total accumulated amortization—intangible assets	(102,213)	(93,941)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	60	37,300
Total accumulated amortization—intangible assets	(8)	(34,192)
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	8,830	8,830
Total accumulated amortization—intangible assets	(7,938)	(6,856)
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	1,844	1,332
Total accumulated amortization—intangible assets	(921)	(900)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	690	0
Total accumulated amortization—intangible assets	$ (22)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Plans

In the third quarter of 2025, the following trading plans were adopted or terminated by our Section 16 officers or directors:

Officer Name

Officer Title

Date Plan Adopted/Terminated

Duration of Plan

Shares to be Purchased or Sold

Intended to Satisfy Rule 10b5-1(c)?

David Day

Chief Financial Officer

Adopted August 13, 2025

November 20, 2025 - March 11, 2026

Sell up to 62,760, subject to certain conditions

Yes

Adam Soroca

Chief Product Officer

Adopted August 18, 2025

December 1, 2025 - May 29, 2026

Sell up to 321,228*, subject to certain conditions

Yes

Paul Caine

Director

Adopted August 20, 2025

November 19, 2025 - October 30, 2026

Sell up to 50,000, subject to certain conditions

Yes

Katie Evans

President, Operations

Adopted August 28, 2025

November 28, 2025 - August 28, 2026

Sell up to 77,382, subject to certain conditions

Yes

Sean Buckley

President, Revenue

Adopted September 10, 2025

December 10, 2025 - December 8, 2026

Sell up to 336,944*, subject to certain conditions

Yes

David Buonasera

Chief Technology Officer

Adopted September 11, 2025

December 11, 2025 - September 11, 2026

Sell up to 48,221, subject to certain conditions

Yes

Michael Barrett

Chief Executive Officer and Director

Terminated July 15, 2025 (1)

June 15, 2025 - May 31, 2026

Sell up to 460,000, subject to certain conditions

Yes

*Represents a combination of previously vested shares and gross amounts of shares that will vest over the duration of the plan (shares that will actually be sold under the plan are net of tax withholding).

(1) Mr. Barrett’s plan was terminated following the sale of all vested RSUs eligible for sale in his account.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

David Day [Member]

Trading Arrangements, by Individual

Name

David Day

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

August 13, 2025

March 11, 2026

112 days

62,760

Trading Arrangements, by Individual

Name

Adam Soroca

Title

Chief Product Officer

Rule 10b5-1 Arrangement Adopted

true

August 18, 2025

May 29, 2026

180 days

321,228

Trading Arrangements, by Individual

Name

Paul Caine

Title

Director

Rule 10b5-1 Arrangement Adopted

true

August 20, 2025

October 30, 2026

346 days

50,000

Trading Arrangements, by Individual

Name

Katie Evans

Title

President, Operations

Rule 10b5-1 Arrangement Adopted

true

August 28, 2025

August 28, 2026

274 days

77,382

Sean Buckley [Member]

Trading Arrangements, by Individual

Name

Sean Buckley

Title

President, Revenue

Rule 10b5-1 Arrangement Adopted

true

September 10, 2025

December 8, 2026

364 days

336,944

David Buonasera [Member]

Trading Arrangements, by Individual

Name

David Buonasera

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

September 11, 2025

September 11, 2026

275 days

48,221

Michael Barrett [Member]

Trading Arrangements, by Individual

Name

Michael Barrett

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Terminated

true

Termination Date

July 15, 2025

Expiration Date

May 31, 2026

Aggregate Available

460,000

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 20,058	$ 5,214	$ 21,563	$ (13,621)
Other comprehensive income (loss):
Foreign currency translation adjustments	(459)	2,091	2,888	990
Other comprehensive income (loss)	(459)	2,091	2,888	990
Comprehensive income (loss)	$ 19,599	$ 7,305	$ 24,451	$ (12,631)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
OPERATING ACTIVITIES:
Net income (loss)	$ 21,563	$ (13,621)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	40,119	42,340
Stock-based compensation	58,811	59,161
Loss on extinguishment of debt	2,152	7,706
Amortization of debt discount and issuance costs	2,752	3,136
Non-cash lease expense	(1,633)	(2,291)
Deferred income taxes	(1,347)	(2,176)
Unrealized foreign currency (gain) loss, net	4,356	(846)
Other items, net	619	711
Changes in operating assets and liabilities:
Accounts receivable	(16,319)	10,113
Prepaid expenses and other assets	(7,407)	(855)
Accounts payable and accrued expenses	9,880	16,426
Other liabilities	(5,835)	700
Net cash provided by operating activities	107,711	120,504
INVESTING ACTIVITIES:
Purchases of property and equipment	(45,131)	(29,082)
Capitalized internal use software development costs	(10,148)	(11,587)
Mergers and acquisitions, net of indemnification claims holdback	(8,100)	0
Other investing activities	(362)	0
Net cash used in investing activities	(63,741)	(40,669)
FINANCING ACTIVITIES:
Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount	92,622	413,463
Repayment of the Term Loan B Facility from refinancing and repricing activities	(92,622)	(403,113)
Payment for debt issuance costs	(159)	(4,547)
Proceeds from exercise of stock options	2,972	368
Proceeds from issuance of common stock under employee stock purchase plan	2,111	1,983
Purchase of treasury stock	(22,880)	(9,006)
Taxes paid related to net share settlement	(27,268)	(17,682)
Net cash used in financing activities	(47,040)	(19,447)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,977	637
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,093)	61,025
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	483,220	326,219
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	482,127	387,244
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:
Cash paid for income taxes	2,836	3,160
Cash paid for interest	21,674	28,748
Capitalized assets financed by accounts payable and accrued expenses and other liabilities	6,969	511
Capitalized stock-based compensation	1,539	2,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	31,032	11,020
Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities	2,140	0
Non-cash financing activity related to Amendment Nos. 1 and 2 to the 2024 Credit Agreement	270,555	311,974
Purchase consideration - indemnification claims holdback	2,000	0
2024 Credit Agreement
FINANCING ACTIVITIES:
Repayment of debt	$ (1,816)	$ (913)

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of stock option activity for the nine months ended September 30, 2025 was as follows:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in thousands)
Outstanding at December 31, 2024	4,160	$	8.57
Granted	81	$	16.46
Exercised	(507)	$	5.86
Expired	(28)	$	17.23

Outstanding at September 30, 2025	3,706	$	9.05	4.1 years	$	51,112
Exercisable at September 30, 2025	3,440	$	8.76	3.8 years	$	48,725

The total intrinsic value of options exercised during the nine months ended September 30, 2025 was $8.2 million, based on their respective exercise dates. At September 30, 2025, the Company had unrecognized stock-based compensation expense relating to unvested stock options of approximately $2.0 million, which is expected to be recognized over a weighted-average period of 1.9 years.

The Company estimates the fair value of stock options that contain service conditions using the Black-Scholes option pricing model. The grant date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $11.40 and $6.34, respectively, per share. The weighted-average input assumptions used by the Company were as follows:


	Nine Months Ended
		September 30, 2025		September 30, 2024
Expected term (in years)		5.0		5.0
Risk-free interest rate		4.45	%	3.93	%
Expected volatility		84	%	84	%
Dividend yield		—	%	—	%

Restricted Stock Units

A summary of restricted stock unit ("RSU") activity for the nine months ended September 30, 2025 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Restricted stock units outstanding at December 31, 2024	11,809	$	10.69
Granted	4,284	$	16.54
Canceled	(767)	$	11.70
Vested and released	(4,774)	$	11.54
Restricted stock units outstanding and unvested at September 30, 2025	10,552	$	12.61

The weighted-average grant date fair value per share of restricted stock units granted during the nine months ended September 30, 2025 and 2024 was $16.54 and $9.35, respectively.

The fair value of restricted stock units that vested and were released during the nine months ended September 30, 2025 and 2024 was $94.5 million and $48.5 million, respectively, based on their respective vesting dates. At September 30, 2025, the intrinsic value of unvested restricted stock units was $229.8 million. At September 30, 2025, the Company had unrecognized stock-based compensation expense relating to unvested restricted stock units of approximately $115.6 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Performance Stock Units

The Company grants performance stock units ("PSU") to select executive employees that vest based on share price metrics tied to total shareholder return relative ("TSR") to a peer group, subject to a time-based service component. Between 0% and 150% of the performance stock units will vest at the end of the performance period, which is generally on the third anniversary of the PSU grant date.

Stock-based compensation expense for PSUs is based on the grant date fair value and the number of shares assuming a performance measurement of 100%. The compensation expense will not be reversed if the performance metrics are not met.

During the nine months ended September 30, 2025, the Company granted PSUs with an aggregate target of 346,287 shares, assuming a performance measurement of 100%. The amount of shares that will ultimately vest will be determined based on the Company's TSR relative to the TSRs of a peer group for the three year-period beginning January 1, 2025, as well as certain interim measurements based on relative TSR for the one-year and two-year periods beginning on January 1, 2025.

A summary of PSU activity for the nine months ended September 30, 2025 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2024	1,427	$	15.35
Granted *	368	$	20.72
Vested	(108)	$	17.28

Outstanding at September 30, 2025	1,687	$	16.40
* PSUs granted and weighted-average grant date fair value include 22 shares issued above the target shares for a PSU that vested and was released during the nine months ended September 30, 2025.

The grant date fair value for the PSUs was estimated using a Monte-Carlo simulation model. The grant date fair value of PSUs granted during the nine months ended September 30, 2025 and September 30, 2024 was $20.93 and $11.76, respectively, per share. The weighted-average input assumptions used by the Company were as follows:


	Nine Months Ended
		September 30, 2025		September 30, 2024
Performance period (in years)		3.0		3.0
Risk-free interest rate		4.26	%	4.05	%
Expected volatility of Magnite		78	%	87	%
Expected volatility of selected peer companies		56	%	55	%
Expected correlation coefficients of Magnite		0.57		0.59
Expected correlation coefficients of selected peer companies		0.47		0.47
Dividend yield		—	%	—	%

During the nine months ended September 30, 2025, the fair value of PSUs that vested and were released was $1.9 million, based on their respective vesting dates. At September 30, 2025, the intrinsic value of unvested performance stock units based on expected achievement levels was $42.7 million. As of September 30, 2025, the Company had unrecognized stock-based compensation expense relating to unvested PSUs of approximately $8.9 million, which will be recognized over a weighted-average period of 1.1 years.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)				(in thousands)
Cost of revenue	$	479	$	523	$	1,586	$	1,501
Sales and marketing	7,777		7,755		25,369		23,963
Technology and development	3,959		4,288		12,801		14,593
General and administrative	5,829		6,104		19,055		19,104

Total stock-based compensation expense	$	18,044	$	18,670	$	58,811	$	59,161

As of September 30, 2025, an aggregate of 16,191,569 shares remained available for future grants under the Magnite, Inc. Amended and Restated 2014 Equity Incentive Plan (the "Amended and Restated 2014 Equity Incentive Plan").

As of September 30, 2025, the Company has reserved 4,111,203 shares of its common stock for issuance under the Magnite, Inc. Amended and Restated 2014 Employee Stock Purchase Plan (the "Amended and Restated 2014 Employee Stock Purchase Plan").

Stock-Based Compensation - Restricted Stock Units - Narrative (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 16.54	$ 9.35
Fair value of restricted stock vested	$ 94.5	$ 48.5
Intrinsic value of nonvested unit	229.8
Unrecognized employee stock-based compensation	$ 115.6
Unrecognized employee stock-based compensation, period for recognition (in years)	2 years 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Number of Shares
Beginning balance (in shares)	11,809
Granted (in shares)	4,284
Canceled (in shares)	(767)
Vested and released (in shares)	(4,774)
Ending balance (in shares)	10,552
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.69
Granted (in dollars per share)	16.54	$ 9.35
Canceled (in dollars per share)	11.70
Vested and released (in dollars per share)	11.54
Ending balance (in dollars per share)	$ 12.61

Debt - Schedule of Interest Expense Related to the Convertible Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Contractual interest expense	$ 7,901	$ 10,522	$ 24,122	$ 31,140
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	129	129	385	385
Amortization of debt issuance costs	292	293	879	880
Total interest expense	$ 421	$ 422	$ 1,264	$ 1,265
Effective interest rate	0.82%	0.82%	0.82%	0.82%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

+ Details

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The following table presents the basic and diluted net income (loss) per share:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands, except per share data)
Basic Net Income (Loss) Per Share:
Net income (loss)	$	20,058	$	5,214	$	21,563	$	(13,621)


Weighted-average common shares outstanding used to compute basic net income (loss) per share	143,009		141,270		142,176		140,376
Basic net income (loss) per share	$	0.14	$	0.04	$	0.15	$	(0.10)

Diluted Net Income (Loss) Per Share:



Net income (loss) used to calculate diluted income (loss) per share	$	20,058	$	5,214	$	21,563	$	(13,621)

Denominator:
Weighted-average common shares used to compute basic net income (loss) per share	143,009		141,270		142,176		140,376
Dilutive effect of weighted-average restricted stock units	6,124		4,654		4,887		—
Dilutive effect of weighted-average common stock options	2,412		1,955		2,153		—
Dilutive effect of weighted-average performance stock units	1,569		796		1,260		—
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares	52		22		40		—

Weighted-average shares used to compute diluted net income (loss) per share	153,166		148,697		150,516		140,376
Diluted net income (loss) per share	$	0.13	$	0.04	$	0.14	$	(0.10)


	Three Months Ended		Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
	(in thousands)		(in thousands)
Unvested restricted stock units	—	—	—	3,293
Options to purchase common stock	—	—	—	1,744
Unvested performance stock units	—	—	—	546
ESPP shares	—	—	—	47
Convertible Senior Notes	3,210	3,210	3,210	3,210
Total shares excluded from diluted net income (loss) per share	3,210	3,210	3,210	8,840

As of September 30, 2025, the performance stock units granted during 2021, 2023, 2024, and 2025 had expected achievement levels of 0%, 150%, 150%, and 150%, respectively. The performance stock units granted during 2022 vested on February 1, 2025 with an achievement of approximately 125%. As of September 30, 2024, the performance stock units granted in 2021, 2022, 2023, and 2024 had expected achievement levels of 0%, 99%, 115%, and 150%, respectively. These expected and actual achievement levels are included in the calculation of weighted-average shares in the tables above. Refer to Note 11 for additional information related to performance stock units.

For the three and nine months ended September 30, 2025 and 2024, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 9) was approximately 3,210,098 and were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. The Convertible Senior Notes have an initial

conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which will be subject to anti-dilution adjustments in certain circumstances.

Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2025	$ 35,718
2026	112,050
2027	65,505
2028	13,142
Total	$ 226,415

Net Income (Loss) Per Share - Narrative (Details)	3 Months Ended		9 Months Ended
Net Income (Loss) Per Share - Narrative (Details)	Sep. 30, 2025 equityInstrument	Sep. 30, 2024 equityInstrument	Sep. 30, 2025 equityInstrument	Sep. 30, 2024 equityInstrument	Feb. 01, 2025
Convertible Senior Notes \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion ratio			0.0156539
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares issuable assuming conversion (in shares)	3,210,098	3,210,098	3,210,098	3,210,098
Performance Shares, Granted in 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance measurement percentage	0.00%	0.00%	0.00%	0.00%
Performance Shares, Granted in 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance measurement percentage	150.00%	115.00%	150.00%	115.00%
Performance Shares, Granted in 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance measurement percentage	150.00%	150.00%	150.00%	150.00%
Performance Shares, Granted in 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance measurement percentage	150.00%		150.00%
Performance Shares, Granted in 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance measurement percentage		99.00%		99.00%	125.00%

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 179,494	$ 162,003	$ 508,597	$ 474,202
Expenses:
Cost of revenue	69,356	62,544	197,108	191,052
Sales and marketing	40,348	39,585	130,777	125,514
Technology and development	20,198	20,261	64,073	72,981
General and administrative	24,551	24,490	71,003	73,786
Total expenses	154,453	146,880	462,961	463,333
Income from operations	25,041	15,123	45,636	10,869
Other (income) expense:
Interest expense, net	4,668	6,848	14,916	21,599
Foreign exchange (gain) loss, net	(416)	3,019	6,745	1,220
Loss on extinguishment of debt	0	319	2,152	7,706
Other income	(154)	(1,306)	(730)	(3,882)
Total other expense, net	4,098	8,880	23,083	26,643
Income (loss) before income taxes	20,943	6,243	22,553	(15,774)
Provision (benefit) for income taxes	885	1,029	990	(2,153)
Net income (loss)	$ 20,058	$ 5,214	$ 21,563	$ (13,621)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.14	$ 0.04	$ 0.15	$ (0.10)
Diluted (in dollars per share)	$ 0.13	$ 0.04	$ 0.14	$ (0.10)
Weighted average shares used to compute net income (loss) per share:
Basic (in shares)	143,009	141,270	142,176	140,376
Diluted (in shares)	153,166	148,697	150,516	140,376

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognized on a Net Basis and on a Gross Basis

The following table presents the Company's revenue recognized on a net basis and on a gross basis for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
Revenue:
Net basis	$	160,121	89	%	$	141,969	88	%	$	452,713	89	%	$	400,165	84	%
Gross basis	19,373		11		20,034		12		55,884		11		74,037		16
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%

Schedule of Disaggregation of Revenue

The following table presents the Company's revenue by channel for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
Channel:
CTV	$	87,799	49	%	$	76,217	47	%	$	242,745	48	%	$	226,578	48	%
Mobile	64,964		36	%	59,835		37	%	187,600		37		172,392		36
Desktop	26,731		15	%	25,951		16	%	78,252		15		75,232		16
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	(in thousands, except percentages)
United States	$	134,732	75	%	$	120,240	74	%	$	383,927	75	%	$	357,015	75	%

International	44,762		25		41,763		26	%	124,670		25		117,187		25
Total	$	179,494	100	%	$	162,003	100	%	$	508,597	100	%	$	474,202	100	%

Schedule of Allowance for Doubtful Accounts

The following is a summary of activity in the allowance for doubtful accounts for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)				(in thousands)
Allowance for doubtful accounts, beginning balance	$	3,130	$	2,653	$	2,902	$	20,363

Write-offs	(1)		(17)		(161)		(18,951)
Increase in provision for expected credit losses	1,015		986		1,403		2,210

Allowance for doubtful accounts, ending balance	$	4,144	$	3,622	$	4,144	$	3,622

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-36384
Entity Registrant Name	MAGNITE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8881738
Entity Address, Address Line One	1250 Broadway,
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	243-2769
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	MGNI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		143,647,869
Entity Central Index Key	0001595974
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Major classes of property and equipment were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
Computer equipment and network hardware	$	218,951	$	184,155
Furniture, fixtures, and office equipment	2,961		3,486
Leasehold improvements	1,110		2,576
Purchased software	1,108		1,123
Gross property and equipment	224,130		191,340
Accumulated depreciation	(127,087)		(122,610)
Property and equipment, net	$	97,043	$	68,730

Depreciation expense related to property and equipment totaled $6.5 million and $4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $17.4 million and $10.9 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company's property and equipment, net by geographical region was as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
United States	$	82,596	$	51,708
International	14,447		17,022
Total	$	97,043	$	68,730

Stock-Based Compensation - Schedule of Weighted-Average Input Assumptions (Details) - Stock Option	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years	5 years
Risk-free interest rate	4.45%	3.93%
Expected volatility	84.00%	84.00%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Accounts payable—seller	$	1,430,277	$	1,417,780
Accounts payable—trade	27,758		30,899
Accrued employee-related payables	20,711		17,698
Accrued holdback - indemnification claims	1,000		—
Total	$	1,479,746	$	1,466,377

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Accounts payable—seller	$	1,430,277	$	1,417,780
Accounts payable—trade	27,758		30,899
Accrued employee-related payables	20,711		17,698
Accrued holdback - indemnification claims	1,000		—
Total	$	1,479,746	$	1,466,377