Magnite (NASDAQ:MGNI) Q2 2020 Earnings Conference Call - Preliminary Transcript

Aug 10, 2020 • 04:30 pm ET


Magnite (NASDAQ:MGNI) Q2 2020 Earnings Conference Call - Preliminary Transcript


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Good afternoon, and welcome to the Magnite Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Nick Kormeluk, Head of Investor Relations. Please go ahead.

Nick Kormeluk

Thank you, operator, and good afternoon, everyone. Welcome to Magnite second quarter 2020 earnings conference call following the merger of Rubicon Project and Telaria. As you may recall, the merger closed on April 1, 2020, and this quarter's 10-Q will be the first quarter that includes the combined company results. The comparisons you will see in the 10-Q are listed as reported, as they include the combined financial results in the second quarter of 2020, but for 2019 the results do not include Telaria.

During the course of this call, when we refer to results and associated year-over-year comparisons with the phrase as reported, we are referring to the basis as reported in our 10-Q. When we make comments referring to pro forma comparisons, we are using combined company metrics for the prior year period in 2019, as the basis for comparison in order to provide additional detailed insights to business performance that management also uses to evaluate our business performance.

As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; David Day, CFO; and Tom Kershaw, our CTO, for the Q&A session. I would like to point out that we have posted financial highlights slides to our Investor Relations website to accompany today's presentation.

Before we get started, I'll remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of the COVID-19 on our business.

These statements are not guarantees of future performance. They reflect our current views with respect to future events, and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements, including with respect to the severity and duration of the COVID-19 pandemic.

A discussion of these and other risks, uncertainties and assumptions is set forth in the company's period reports filed with the SEC, including our 2019 Annual Report on Form 10-K and subsequent filings And including our 10-Q for the second quarter of 2020. We undertake no obligation to update forward-looking statements or relevant risks. Our comments here today will include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and in the financial highlights deck that is posted on our Investor Relations website. We define cash flow as adjusted EBITDA less capital expenditures,