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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 10-Q
__________________
  (Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
 
Commission File Number: 001-36384
__________________
MAGNITE, INC.
(Exact name of registrant as specified in its charter)
 __________________
Delaware20-8881738
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1250 Broadway, 15th Floor
New York, New York 10001
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code:
(212) 243-2769
______________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.00001 per shareMGNINasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  No
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
ClassOutstanding as of November 3, 2022
Common Stock, $0.00001 par value133,384,717


Table of Contents
MAGNITE, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page No.
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 6.
2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
3

Table of Contents
MAGNITE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par values)
(unaudited)
September 30, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$253,552$230,401
Accounts receivable, net
804,350927,781
Prepaid expenses and other current assets
21,36319,934
TOTAL CURRENT ASSETS
1,079,2651,178,116
Property and equipment, net
45,48934,067
Right-of-use lease asset
74,40976,986
Internal use software development costs, net
23,05120,093
Intangible assets, net
322,547426,615
Goodwill
978,217969,873
Other assets, non-current
6,1066,862
TOTAL ASSETS
$2,529,084$2,712,612
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$890,071$1,000,956
Lease liabilities, current
19,45219,142
Debt, current
3,6003,600
Other current liabilities
5,8855,697
TOTAL CURRENT LIABILITIES
919,0081,029,395
Debt, non-current, net of debt issuance costs722,077 720,023
Deferred tax liability, net
11,50613,303
Lease liabilities, non-current
64,28866,487
Other liabilities, non-current
1,7032,647
TOTAL LIABILITIES
1,718,5821,831,855
Commitments and contingencies (Note 12)


STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value, 10,000 shares authorized at September 30, 2022 and December 31, 2021; 0 shares issued and outstanding at September 30, 2022 and December 31, 2021
Common stock, $0.00001 par value; 500,000 shares authorized at September 30, 2022 and December 31, 2021; 133,349 and 132,553 shares issued at September 30, 2022 and December 31, 2021, respectively, and 133,349 and 132,204 shares outstanding at September 30, 2022 and December 31, 2021, respectively
2 2
Additional paid-in capital
1,304,182 1,282,589
Accumulated other comprehensive loss(5,293)(1,376)
Treasury stock at cost, 0 and 349 shares outstanding at September 30, 2022 and December 31, 2021, respectively
 (6,007)
Accumulated deficit
(488,389)(394,451)
TOTAL STOCKHOLDERS' EQUITY
810,502880,757
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$2,529,084$2,712,612

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.
4

Table of Contents
MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
 Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Revenue$145,815 $131,871 $401,670 $307,127 
Expenses:
Cost of revenue71,753 63,541 196,150 134,823 
Sales and marketing49,848 52,260 151,675 118,122 
Technology and development25,134 21,059 71,214 53,436 
General and administrative20,235 16,535 59,405 47,673 
Merger, acquisition, and restructuring costs 2,424 7,468 37,778 
Total expenses166,970 155,819 485,912 391,832 
Loss from operations(21,155)(23,948)(84,242)(84,705)
Other (income) expense:
Interest expense, net7,016 7,280 21,273 12,595 
Other income(1,369)(955)(3,991)(3,317)
Foreign exchange gain, net(1,976)(1,246)(5,042)(1,358)
Total other expense, net3,671 5,079 12,240 7,920 
Loss before income taxes(24,826)(29,027)(96,482)(92,625)
Benefit for income taxes(435)(4,708)(2,544)(92,237)
Net loss$(24,391)$(24,319)$(93,938)$(388)
Net loss per share:
Basic and Diluted$(0.18)$(0.18)$(0.71)$ 
Weighted average shares used to compute net loss per share:
Basic and Diluted133,144 131,501 132,611 124,325 

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.


 
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MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(unaudited)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net loss$(24,391)$(24,319)$(93,938)$(388)
Other comprehensive loss:
Foreign currency translation adjustments(1,972)(525)(3,917)(469)
Other comprehensive loss(1,972)(525)(3,917)(469)
Comprehensive loss$(26,363)$(24,844)$(97,855)$(857)

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.



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MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(unaudited)
Common Stock Additional
Paid-In
Capital
Accumulated  Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Treasury StockTotal
Stockholders’
Equity
Shares
Amount
SharesAmount
Balance at December 31, 2020114,029 $2 $777,084 $(957)$(394,516)$381,613 
Exercise of common stock options733 — 5,785 — — — — 5,785 
Issuance of common stock related to RSU vesting1,351 — — — — — — — 
Stock-based compensation— — 7,108 — — — — 7,108 
Capped call options— — (38,960)— — — — (38,960)
Other comprehensive loss— — — (313)— — — (313)
Net loss— — — — (12,877)— — (12,877)
Balance at March 31, 2021116,113

$2 

$751,017 

$(1,270)

$(407,393)

 $ $342,356 
Exercise of common stock options384— 1,480— — — — 1,480 
Issuance of common stock related to employee stock purchase plan121 — 1,154 — — — — 1,154 
Issuance of common stock related to RSU vesting2,208 — — — — — — — 
Issuance of common stock associated with the SpotX Acquisition12,374 — 495,591 — — — — 495,591 
Stock-based compensation— — 9,928 — — — — 9,928 
Other comprehensive income— — — 369 — — — 369 
Net income— — — — 36,808 — — 36,808 
Balance at June 30, 2021131,200

$2 

$1,259,170 

$(901)

$(370,585)

 $ $887,686 
Exercise of common stock options275— 1,482 — — — — 1,482 
Issuance of common stock related to RSU vesting314 — — — — — — — 
Stock-based compensation— — 12,441 — — — — 12,441 
Other comprehensive loss— — — (525)— — — (525)
Net loss— — — — (24,319)— — (24,319)
Balance at September 30, 2021
131,789$2 $1,273,093 $(1,426)$(394,904) $ $876,765 
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Common Stock Additional
Paid-In
Capital
Accumulated  Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Treasury StockTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 2021132,553 $2 $1,282,589 $(1,376)$(394,451)(349)$(6,007)$880,757 
Exercise of common stock options311 — 1,107 — — — — 1,107 
Issuance of common stock related to RSU vesting783 — — — — — — — 
Shares withheld related to net share settlement(315)— (4,260)— — — — (4,260)
Purchase of treasury stock— — — — — (931)(12,138)(12,138)
Retirement of common stock(1,280)— (18,145)— — 1,280 18,145  
Stock-based compensation— — 16,927 — — — — 16,927 
Other comprehensive income— — — 110 — — — 110 
Net loss— — — — (44,593)— — (44,593)
Balance at March 31, 2022132,052 $2 $1,278,218 $(1,266)$(439,044) $ $837,910 
Exercise of common stock options164 — 501 — — — — 501 
Issuance of common stock related to employee stock purchase plan238 — 2,141 — — — — 2,141 
Issuance of common stock related to RSU vesting1,165 — — — — — — — 
Shares withheld related to net share settlement(462)— (5,198)— — — — (5,198)
Purchase of treasury stock— — — — — (312)(3,525)(3,525)
Retirement of common stock(312)— (3,525)— — 312 3,525  
Stock-based compensation — 16,559 — — — — 16,559 
Other comprehensive loss— —  (2,055)— (2,055)
Net loss— — — — (24,954)— — (24,954)
Balance at June 30, 2022132,845 $2 $1,288,696 $(3,321)$(463,998) $ $821,379 
Exercise of common stock options39 — 163 — — — — 163 
Issuance of common stock related to RSU vesting722 — — — — — — — 
Shares withheld related to net share settlement(257)— (2,401)— — — — (2,401)
Stock-based compensation— — 17,724 — — — — 17,724 
Other comprehensive loss— — — (1,972)— — — (1,972)
Net loss— — — — (24,391)— — (24,391)
Balance at September 30, 2022133,349 $2 $1,304,182 $(5,293)$(488,389) $ $810,502 


The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.
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MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Nine Months Ended
September 30, 2022September 30, 2021
OPERATING ACTIVITIES:
Net loss$(93,938)$(388)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization138,641 97,084 
Stock-based compensation50,193 28,521 
Impairment of intangible assets3,320  
(Gain) loss on disposal of property and equipment(59)78 
Provision for doubtful accounts(357)217 
Amortization of debt discount and issuance costs5,092 3,223 
Non-cash lease expense1,340 1,825 
Deferred income taxes(1,626)(91,540)
Unrealized foreign currency gains, net(5,231)(2,578)
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable125,268 (92,131)
Prepaid expenses and other assets(1,751)(297)
Accounts payable and accrued expenses(116,575)113,795 
Other liabilities(472)191 
Net cash provided by operating activities103,845 58,000 
INVESTING ACTIVITIES:
Purchases of property and equipment(18,004)(13,985)
Capitalized internal use software development costs(11,177)(8,525)
Mergers and acquisitions, net of cash acquired(20,755)(653,060)
Net cash used in investing activities(49,936)(675,570)
FINANCING ACTIVITIES:
Proceeds from Convertible Senior Notes offering 400,000 
Proceeds from issuance of debt, net of debt discount 349,200 
Payment for capped call options (38,960)
Payment for debt issuance costs (30,378)
Proceeds from exercise of stock options1,771 8,747 
Proceeds from issuance of common stock under employee stock purchase plan2,141 1,154 
Repayment of debt(2,700)(900)
Repayment of financing lease(602) 
Purchase of treasury stock(15,663) 
Taxes paid related to net share settlement(11,859) 
Payment of indemnification claims holdback(1,409) 
Net cash (used in) provided by financing activities(28,321)688,863 
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH(2,484)(591)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH23,104 70,702 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period230,693 117,731 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period$253,797 $188,433 
The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.

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MAGNITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)

Nine Months Ended
September 30, 2022September 30, 2021
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents$253,552 $188,182 
Restricted cash included in prepaid expenses and other current assets245  
Restricted cash included in other assets, non-current 251 
Total cash, cash equivalents and restricted cash$253,797 $188,433 
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:
Cash paid for income taxes$4,356 $1,221 
Cash paid for interest$18,624 $7,671 
Capitalized assets financed by accounts payable and accrued expenses$10,195 $1,513 
Capitalized stock-based compensation$1,017 $956 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities$11,542 $22,651 
Purchase consideration - indemnification claims holdback$2,293 $1,409 
Common stock and options issued for mergers and acquisitions$ $495,591 
Debt discount, non-cash$ $10,800 

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these statements.
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MAGNITE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1—Organization and Summary of Significant Accounting Policies
Company Overview
Magnite, Inc. ("Magnite" or the "Company"), formerly known as The Rubicon Project, Inc., was formed in Delaware and began operations on April 20, 2007. On April 1, 2020, Magnite completed a stock-for-stock merger with Telaria, Inc. ("Telaria" and such merger the "Telaria Merger"), a leading sell-side advertising platform and provider of connected television ("CTV") technology. On April 30, 2021, the Company completed its acquisition of SpotX, Inc. ("SpotX" and such acquisition the "SpotX Acquisition"), a leading CTV and video advertising platform. On July 1, 2021, the Company completed its acquisition of SpringServe, LLC ("SpringServe" and such acquisition the "SpringServe Acquisition"), a leading ad serving platform for CTV. 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, 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.
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, or 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, 2022 are not necessarily indicative of the results that may be expected for any future interim period, the year ending December 31, 2022, or for any future year.
The condensed consolidated balance sheet at December 31, 2021 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, 2021 included in its 2021 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, 2021 included in its Annual Report on Form 10-K.
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. Due to the economic uncertainty as a result of the COVID-19 pandemic, geopolitical events, including the conflict in Ukraine, and economic and macroeconomic factors like labor shortages, supply chain disruptions, inflation, and recessionary concerns impacting the markets and communities in which the Company's clients operate, it has become more difficult to apply certain assumptions and judgments into these estimates. The extent of the impact of these factors on the Company's operational and financial performance will depend on future developments, which are highly uncertain and cannot be predicted, including but not limited to the duration and how quickly and to what extent normal economic and operating conditions can resume. During the nine months ended September 30, 2022, this uncertainty continued to result in a higher level of judgment related to its estimates and assumptions. As of the date of issuance of the condensed consolidated financial statements for the three and nine months ended September 30, 2022, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, judgments, or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ materially from these estimates.
Recently Adopted Accounting Standards
In July 2021, the FASB issued Update No. 2021-05, Leases (Topic 842)—Lessors – Certain Leases with Variable Lease Payments ("ASU 2021-05"). ASU 2021-05 requires a lessor to classify a lease with variable lease payments that do not depend on
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an index or rate as an operating lease if specified criteria are met. The Company adopted ASU 2021-05 on January 1, 2022 on a prospective basis, which did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.
Recent Accounting Pronouncements Not Yet Adopted
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires the recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. Considerations to determine the amount of contract assets and contract liabilities to record at the acquisition date include the terms of the acquired contract, such as timing of payment, identification of each performance obligation in the contract and allocation of the contract transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception. ASU 2021-08 is effective for the Company beginning in the first quarter of 2023. ASU 2021-08 should be applied prospectively for acquisitions occurring on or after the effective date of the amendments. Early adoption of the proposed amendments would be permitted, including adoption in an interim period. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements.
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 any significant effect on the Company’s financial position, cash flows or results of operations.
Note 2—Net Loss Per Share
The following table presents the basic and diluted net loss per share:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands, except per share data)
Basic and Diluted Loss Per Share:
Net loss$(24,391)$(24,319)$(93,938)$(388)
Weighted-average common shares outstanding133,144 131,501 132,611 124,325 
Weighted-average common shares outstanding used to compute net loss per share133,144 131,501 132,611 124,325 
Basic and diluted loss per share$(0.18)$(0.18)$(0.71)$ 
The following weighted-average shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders for each period presented because they are anti-dilutive:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands)(in thousands)
Options to purchase common stock1,280 4,116 1,985 4,712 
Unvested restricted stock units903 4,253 1,600 5,876 
Unvested performance stock units54 195 113 196 
ESPP shares49 11 23 49 
Convertible Senior Notes6,262 6,262 6,262 4,499 
Total shares excluded from net loss per share8,548 14,837 9,983 15,332 

For the three and nine months ended September 30, 2022 and September 30, 2021, the Company excluded outstanding performance stock units (as described in Note 9) from the calculation of diluted net loss per share because they were anti-dilutive. As of September 30, 2022, the performance stock units granted during April 2020, April 2021, August 2021, and February 2022 had expected achievement levels of 53%, 0%, 0%, and 0%, respectively. As of September 30, 2021, the performance stock units granted during April 2020, April 2021, and August 2021 had expected achievement levels of 150%, 0%, and 0% respectively. Refer to Note 9—"Stock-Based Compensation" for additional information related to performance stock units.
For the three and nine months ended September 30, 2022 and September 30, 2021, shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 13) were excluded from the calculation of diluted loss per share because they were anti-dilutive. Diluted earnings per share for the Convertible Senior Notes is calculated under the if-converted method in accordance with ASC 260, Earnings Per Share. 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-
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dilution adjustments in certain circumstances. As of September 30, 2022 and 2021, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes is approximately 6,261,560. Refer to Note 13—"Debt" for additional information related to accounting for Convertible Senior Notes issued and associated Capped Call Transactions.
Note 3—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 Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
The following table presents our revenue recognized on a net basis and on a gross basis for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands, except percentages)
Revenue:
Net basis$116,999 80 %$105,866 80 %$330,015 82 %$258,236 84 %
Gross basis28,816 20 26,005 20 71,655 18 48,891 16 
Total$145,815 100 %$131,871 100 %$401,670 100 %$307,127 100 %
The following table presents our revenue by channel for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021