0001595974-26-000022 | 10-Q | XBRL Viewer

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands, except per share data)
Basic Net Income (Loss) Per Share:
Net income (loss)	$	4,412	$	(9,634)


Weighted-average common shares outstanding used to compute basic net income (loss) per share	143,541		141,852
Basic net income (loss) per share	$	0.03	$	(0.07)

Diluted Net Income (Loss) Per Share:



Net income (loss) used to calculate diluted income (loss) per share	$	4,412	$	(9,634)

Denominator:
Weighted-average common shares used to compute basic net income (loss) per share	143,541		141,852
Dilutive effect of weighted-average restricted stock units	2,342		—
Dilutive effect of weighted-average common stock options	1,616		—
Dilutive effect of weighted-average performance stock units	551		—
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares	27		—

Weighted-average shares used to compute diluted net income (loss) per share	148,077		141,852
Diluted net income (loss) per share	$	0.03	$	(0.07)

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
	March 31, 2026	March 31, 2025
	(in thousands)
Unvested restricted stock units	—	5,117
Options to purchase common stock	—	2,087
Unvested performance stock units	—	987
ESPP shares	—	65
Convertible Senior Notes	2,639	3,210
Total shares excluded from diluted net income (loss) per share	2,639	11,466

The following table presents the achievement levels for the performance stock units as of March 31, 2026, using actual achievement levels for the tranches for which the performance period had been completed and expected achievement levels for ongoing performance periods:


	Tranche 1	Tranche 2	Tranche 3
Award Year:
2021	0%	0%	0%
2023*	126%	—	—
2024	150%	150%	128%
2025	80%	46%	46%
2026	26%	26%	26%
* The performance stock units granted during 2023 vested on January 1, 2026 with an achievement of approximately 126%.

The following table presents the achievement levels for the performance stock units as of March 31, 2025, using actual achievement levels for the tranches for which the performance period had been completed and expected achievement levels for ongoing performance periods:


	Tranche 1	Tranche 2	Tranche 3
Award Year:
2021	0%	0%	0%
2023	118%	—	—
2024	150%	150%	150%
2025	44%	44%	44%

These expected and actual achievement levels as of March 31, 2026 and 2025 are included in the calculation of weighted-average shares in the net income (loss) per share tables above. Refer to Note 11 for additional information related to performance stock units.

For the three months ended March 31, 2026 and 2025, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 9) was approximately 2,639,414 and 3,210,098, respectively, and were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. The Convertible Senior Notes had an initial conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which was subject to anti-dilution adjustments in certain circumstances. On March 15, 2026, the Convertible Senior Notes matured, and no Convertible Senior Notes remained outstanding at March 31 2026.

Stock-Based Compensation - Schedule of Performance Stock Units Activity (Details) - Unvested performance stock units shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Beginning balance (in shares)	1,687
Granted (in shares)	498
Vested and released (in shares)	(599)
Ending balance (in shares)	1,586
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 16.40
Granted (in dollars per share) \| $ / shares	18.59
Vested and released (in dollars per share) \| $ / shares	13.32
Ending balance (in dollars per share) \| $ / shares	$ 18.25
Tranche 1
Weighted-Average Grant Date Fair Value
Grants above target (in shares)	125

Debt - Schedule of Term Loan B Facility (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
2024 Term Loan B Facility, net of debt discount and issuance costs	$ 347,217	$ 347,665
Secured Debt \| 2024 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
2024 Term Loan B Facility	359,546	360,454
Unamortized debt discount	(4,060)	(4,275)
Unamortized debt issuance costs	(4,637)	(4,882)
2024 Term Loan B Facility, net of debt discount and issuance costs	$ 350,849	$ 351,297

- 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

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Current and long term debt as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Convertible Senior Notes	$	—	$	205,067
Less: Unamortized debt issuance costs	—		(252)
Net carrying value of Convertible Senior Notes	—		204,815

2024 Term Loan B Facility	359,546		360,454
Less: Unamortized debt discount and issuance costs	(8,697)		(9,157)
Net carrying value of 2024 Term Loan B Facility	350,849		351,297

Balance Sheet Presentation:
Debt, current, net of debt issuance costs	3,632		208,447
Debt, non-current, net of debt discount and issuance costs	347,217		347,665
Total debt	$	350,849	$	556,112

Maturities of the principal amount of the Company's debt were as follows as of March 31, 2026 (in thousands):


Fiscal Year
Remaining 2026	$	2,724
2027	3,632
2028	3,632
2029	3,632
2030	3,632
Thereafter	342,294
Total	$	359,546

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 $0.7 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively.

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").

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 Convertible Senior Notes matured on March 15, 2026, and the Company repaid the outstanding principal balance of $205.1 million in full with cash on hand. No Convertible Senior Notes remained outstanding as of March 31, 2026.

In connection with the pricing of the Convertible Senior Notes, the Company entered into privately negotiated capped call transactions with various financial institutions (the "Capped Call Transactions"). The cost of the Capped Call Transactions were recorded as a reduction of the Company's additional paid-in capital in the accompanying consolidated financial statements. The Capped Call Transactions expired as of March 15, 2026.

The following table sets forth interest expense related to the Convertible Senior Notes for the three months ended March 31, 2026 and 2025 (in thousands, except interest rates):


	Three Months Ended
	March 31, 2026			March 31, 2025

Contractual interest expense	$	107		$	128
Amortization of debt issuance costs	252			293
Total interest expense	$	359		$	421
Effective interest rate	0.82		%	0.82		%

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 March 31, 2026, the contractual interest rate related to the 2024 Term Loan B Facility was 6.67%. 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 March 31, 2026, no amounts were outstanding under the 2024 Revolving Credit Facility and the Company was in compliance with its debt covenants. At March 31, 2026, amounts available under the 2024 Revolving Credit Facility were $170.9 million, net of letters of credit outstanding in the amount of $4.1 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 March 31, 2026.

The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	(in thousands)
2024 Term Loan B Facility	$	359,546	$	360,454
Unamortized debt discount	(4,060)		(4,275)
Unamortized debt issuance costs	(4,637)		(4,882)
2024 Term Loan B Facility, net of debt discount and issuance costs	$	350,849	$	351,297

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 three months ended March 31, 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
	March 31, 2026			March 31, 2025

Contractual interest expense	$	6,025		$	7,230
Amortization of debt discount	215			256
Amortization of debt issuance costs	245			282
Total interest expense	$	6,485		$	7,768
Effective interest rate	7.20		%	8.56		%

The estimated remaining amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs was as follows as of March 31, 2026 (in thousands):


Fiscal Year	Debt Discount		Debt Issuance Costs
Remaining 2026	$	641	$	733
2027	847		968
2028	839		958
2029	830		948
2030	821		938
Thereafter	82		92
Total	$	4,060	$	4,637

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
	March 31, 2026		March 31, 2025
Interest expense	$	7,008	$	8,420
Interest income	(2,451)		(3,243)
Interest expense, net	$	4,557	$	5,177

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Details) $ in Millions	May 04, 2026 USD ($)
Subsequent Events \| Revolving Credit Facility \| 2024 Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Proceeds from lines of credit	$ 60

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

Major classes of property and equipment were as follows:


	March 31, 2026		December 31, 2025
	(in thousands)
Computer equipment and network hardware	$	242,695	$	227,762
Furniture, fixtures, and office equipment	2,669		2,639
Leasehold improvements	1,180		1,117
Purchased software	1,108		1,108
Gross property and equipment	247,652		232,626
Accumulated depreciation	(131,787)		(124,080)
Property and equipment, net	$	115,865	$	108,546

Depreciation expense related to property and equipment totaled $8.0 million and $5.0 million for the three months ended March 31, 2026 and 2025, respectively.

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


	March 31, 2026		December 31, 2025
	(in thousands)
United States	$	103,672	$	95,035
International	12,193		13,511
Total	$	115,865	$	108,546

Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2026	$ 85,244
2027	74,449
2028	11,179
2029	1,047
2030	1,053
Thereafter	37
Total	$ 173,009

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	Mar. 31, 2026	Dec. 31, 2025
Debt Discount
Remaining 2026	$ 641
2027	847
2028	839
2029	830
2030	821
Thereafter	82
Total	4,060	$ 4,275
Debt Issuance Costs
Remaining 2026	733
2027	968
2028	958
2029	948
2030	938
Thereafter	92
Total	$ 4,637	$ 4,882

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Major Classes of Property and Equipment and Property and Equipment by Geographical Region

Major classes of property and equipment were as follows:


	March 31, 2026		December 31, 2025
	(in thousands)
Computer equipment and network hardware	$	242,695	$	227,762
Furniture, fixtures, and office equipment	2,669		2,639
Leasehold improvements	1,180		1,117
Purchased software	1,108		1,108
Gross property and equipment	247,652		232,626
Accumulated depreciation	(131,787)		(124,080)
Property and equipment, net	$	115,865	$	108,546

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


	March 31, 2026		December 31, 2025
	(in thousands)
United States	$	103,672	$	95,035
International	12,193		13,511
Total	$	115,865	$	108,546

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Beginning balance (in shares)	9,518
Granted (in shares)	4,367
Canceled (in shares)	(195)
Vested and released (in shares)	(1,969)
Ending balance (in shares)	11,721
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 12.86
Granted (in dollars per share)	16.11	$ 16.21
Canceled (in dollars per share)	12.96
Vested and released (in dollars per share)	13.48
Ending balance (in dollars per share)	$ 13.96

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 19,685	$ 21,209
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	685	572
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	8,374	9,144
Technology and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,718	4,635
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,908	$ 6,858

Lease Obligations - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Fiscal Year
Remaining 2026	$ 19,624
2027	20,724
2028	16,942
2029	17,009
2030	9,517
Thereafter	5,647
Total lease payments (undiscounted)	89,463
Less: imputed interest	(10,645)
Lease liabilities—total (discounted)	$ 78,818

Debt - Convertible Senior Notes and Capped Call Transactions (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 15, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2023	Mar. 31, 2021
Debt Instrument [Line Items]
Repayments of convertible debt		$ 205,067,000	$ 0
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principle amount					$ 400,000,000.0
Interest rate					0.25%
Over-allotment options					$ 50,000,000.0
Debt instrument, repurchased during period, face amount				$ 194,900,000
Repayments of convertible debt	$ 205,100,000			$ 165,500,000
Convertible debt		$ 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

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
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 technology solutions 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 and operate connected television ("CTV") channels, applications, websites, 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 buyers and sellers 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 reach their target audiences across 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 months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any future interim period, the year ending December 31, 2026, or for any future year. The condensed consolidated balance sheet at December 31, 2025 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, 2025 included in its 2025 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, 2025 included in its Annual Report on Form 10-K, except for the adoption of Accounting Standard Update ("ASU") 2025-05 as described in "Recently Adopted Accounting Standards" below. 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. Recently Adopted Accounting Standards In July 2025, the Financial Accounting Standards Board ("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 adopted ASU 2025-05 as of January 1, 2026 on a prospective basis. As permitted by ASU 2025-05, the Company elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of its current accounts receivable when developing reasonable and supportable forecasts. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted 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 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.

Net Income (Loss) Per Share - Narrative (Details)	3 Months Ended
Net Income (Loss) Per Share - Narrative (Details)	Mar. 31, 2026 USD ($) equityInstrument	Mar. 31, 2025 equityInstrument
Convertible Senior Notes \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion ratio	0.0156539
Convertible debt \| $	$ 0
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares issuable assuming conversion \| equityInstrument	2,639,414	3,210,098

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Current and long term debt as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Convertible Senior Notes	$	—	$	205,067
Less: Unamortized debt issuance costs	—		(252)
Net carrying value of Convertible Senior Notes	—		204,815

2024 Term Loan B Facility	359,546		360,454
Less: Unamortized debt discount and issuance costs	(8,697)		(9,157)
Net carrying value of 2024 Term Loan B Facility	350,849		351,297

Balance Sheet Presentation:
Debt, current, net of debt issuance costs	3,632		208,447
Debt, non-current, net of debt discount and issuance costs	347,217		347,665
Total debt	$	350,849	$	556,112

Schedule of Maturities of Long-term Debt

Maturities of the principal amount of the Company's debt were as follows as of March 31, 2026 (in thousands):


Fiscal Year
Remaining 2026	$	2,724
2027	3,632
2028	3,632
2029	3,632
2030	3,632
Thereafter	342,294
Total	$	359,546

The estimated remaining amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs was as follows as of March 31, 2026 (in thousands):


Fiscal Year	Debt Discount		Debt Issuance Costs
Remaining 2026	$	641	$	733
2027	847		968
2028	839		958
2029	830		948
2030	821		938
Thereafter	82		92
Total	$	4,060	$	4,637

Summary of Interest Expense and Interest Income

The following table sets forth interest expense related to the Convertible Senior Notes for the three months ended March 31, 2026 and 2025 (in thousands, except interest rates):


	Three Months Ended
	March 31, 2026			March 31, 2025

Contractual interest expense	$	107		$	128
Amortization of debt issuance costs	252			293
Total interest expense	$	359		$	421
Effective interest rate	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
	March 31, 2026			March 31, 2025

Contractual interest expense	$	6,025		$	7,230
Amortization of debt discount	215			256
Amortization of debt issuance costs	245			282
Total interest expense	$	6,485		$	7,768
Effective interest rate	7.20		%	8.56		%

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
	March 31, 2026		March 31, 2025
Interest expense	$	7,008	$	8,420
Interest income	(2,451)		(3,243)
Interest expense, net	$	4,557	$	5,177

Schedule of Debt

The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	(in thousands)
2024 Term Loan B Facility	$	359,546	$	360,454
Unamortized debt discount	(4,060)		(4,275)
Unamortized debt issuance costs	(4,637)		(4,882)
2024 Term Loan B Facility, net of debt discount and issuance costs	$	350,849	$	351,297

- 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
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Remaining lease term	4 years 3 months 18 days		4 years 2 months 12 days
Discount rate	6.09%		6.03%
Operating lease expense	$ 6.7	$ 5.1
Variable lease expense	1.3	0.9
Cash paid for amounts included in lease liabilities	6.2	$ 4.9
Total future undiscounted lease payments under leases not yet commenced	$ 34.1
Operating lease not yet commenced, term of contract	7 years 10 months 24 days
Leases Commencing 2030
Lessee, Lease, Description [Line Items]
Total future undiscounted lease payments under leases not yet commenced	$ 32.8
Operating lease not yet commenced, term of contract	8 years 2 months 12 days
Minimum
Lessee, Lease, Description [Line Items]
Term of lease contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of lease contract	10 years

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income (Loss) Per Share

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


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands, except per share data)
Basic Net Income (Loss) Per Share:
Net income (loss)	$	4,412	$	(9,634)


Weighted-average common shares outstanding used to compute basic net income (loss) per share	143,541		141,852
Basic net income (loss) per share	$	0.03	$	(0.07)

Diluted Net Income (Loss) Per Share:



Net income (loss) used to calculate diluted income (loss) per share	$	4,412	$	(9,634)

Denominator:
Weighted-average common shares used to compute basic net income (loss) per share	143,541		141,852
Dilutive effect of weighted-average restricted stock units	2,342		—
Dilutive effect of weighted-average common stock options	1,616		—
Dilutive effect of weighted-average performance stock units	551		—
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares	27		—

Weighted-average shares used to compute diluted net income (loss) per share	148,077		141,852
Diluted net income (loss) per share	$	0.03	$	(0.07)

Schedule of Shares Excluded From Calculation of Diluted Net Income (Loss) Per Share


	Three Months Ended
	March 31, 2026	March 31, 2025
	(in thousands)
Unvested restricted stock units	—	5,117
Options to purchase common stock	—	2,087
Unvested performance stock units	—	987
ESPP shares	—	65
Convertible Senior Notes	2,639	3,210
Total shares excluded from diluted net income (loss) per share	2,639	11,466

Schedule of Actual and Expected Achievement Levels for Performance Stock Units


	Tranche 1	Tranche 2	Tranche 3
Award Year:
2021	0%	0%	0%
2023*	126%	—	—
2024	150%	150%	128%
2025	80%	46%	46%
2026	26%	26%	26%
* The performance stock units granted during 2023 vested on January 1, 2026 with an achievement of approximately 126%.


	Tranche 1	Tranche 2	Tranche 3
Award Year:
2021	0%	0%	0%
2023	118%	—	—
2024	150%	150%	150%
2025	44%	44%	44%

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
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 months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any future interim period, the year ending December 31, 2026, or for any future year. The condensed consolidated balance sheet at December 31, 2025 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, 2025 included in its 2025 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, 2025 included in its Annual Report on Form 10-K, except for the adoption of Accounting Standard Update ("ASU") 2025-05 as described in "Recently Adopted Accounting Standards" below.
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.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In July 2025, the Financial Accounting Standards Board ("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 adopted ASU 2025-05 as of January 1, 2026 on a prospective basis. As permitted by ASU 2025-05, the Company elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of its current accounts receivable when developing reasonable and supportable forecasts. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted 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 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

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+ Details

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Accounts payable—seller	$	1,533,897	$	1,572,103
Accounts payable—trade	31,826		15,037
Accrued employee-related payables	21,913		19,524
Accrued holdback - indemnification claims	2,000		1,000
Total	$	1,589,636	$	1,607,664

Stock-Based Compensation - Schedule of Weighted Average Assumptions (Details) - Unvested performance stock units	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years	3 years
Risk-free interest rate	3.52%	4.26%
Expected volatility of Magnite	66.00%	78.00%
Expected volatility of selected peer companies	54.00%	56.00%
Expected correlation coefficients of Magnite	48.00%	57.00%
Expected correlation coefficients of selected peer companies	45.00%	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.

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+ Details

Revenue - Schedule of Revenue Recognized on a Net Basis and on a Gross Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 164,371	$ 155,771
Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Net basis
Disaggregation of Revenue [Line Items]
Revenue	$ 158,407	$ 138,074
Net basis \| Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	96.00%	89.00%
Gross basis
Disaggregation of Revenue [Line Items]
Revenue	$ 5,964	$ 17,697
Gross basis \| Revenue from Contract with Customer Benchmark \| Concentration of Basis of Revenue Recognition
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	4.00%	11.00%

- Definition

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+ 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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+ Details

- 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.

+ References

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-Section 50
-Paragraph 4
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 2.6	$ 7.4

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Section 45
-Paragraph 28
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Property and Equipment - Schedule of Major Classes of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 247,652	$ 232,626
Accumulated depreciation	(131,787)	(124,080)
Property and equipment, net	115,865	108,546
Computer equipment and network hardware
Property, Plant and Equipment [Line Items]
Gross property and equipment	242,695	227,762
Furniture, fixtures, and office equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	2,669	2,639
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,180	1,117
Purchased software
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 1,108	$ 1,108

Stock-Based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Shares Under Option
Beginning balance (in shares) \| shares	3,687
Granted (in shares) \| shares	91
Exercised (in shares) \| shares	(5)
Ending balance (in shares) \| shares	3,773
Exercisable (in shares) \| shares	3,538
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 9.07
Granted (in dollars per share) \| $ / shares	16.23
Exercised (in dollars per share) \| $ / shares	5.16
Ending balance (in dollars per share) \| $ / shares	9.25
Exercisable (in dollars per share) \| $ / shares	$ 8.94
Weighted- Average Contractual Life
Outstanding	3 years 9 months 18 days
Exercisable	3 years 6 months
Aggregate Intrinsic Value
Outstanding \| $	$ 18,027
Exercisable \| $	$ 17,833

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

A summary of stock option activity for the three months ended March 31, 2026 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, 2025	3,687	$	9.07
Granted	91	$	16.23
Exercised	(5)	$	5.16


Outstanding at March 31, 2026	3,773	$	9.25	3.8 years	$	18,027
Exercisable at March 31, 2026	3,538	$	8.94	3.5 years	$	17,833

Schedule of Weighted-Average Input Assumptions

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


	Three Months Ended
		March 31, 2026		March 31, 2025
Expected term (in years)		5.0		5.0
Risk-free interest rate		3.73	%	4.45	%
Expected volatility		78	%	84	%
Dividend yield		—	%	—	%

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


	Three Months Ended
		March 31, 2026		March 31, 2025
Performance period (in years)		3.0		3.0
Risk-free interest rate		3.52	%	4.26	%
Expected volatility of Magnite		66	%	78	%
Expected volatility of selected peer companies		54	%	56	%
Expected correlation coefficients of Magnite		0.48		0.57
Expected correlation coefficients of selected peer companies		0.45		0.47
Dividend yield		—	%	—	%

Schedule of Restricted Stock Units Activity

A summary of restricted stock unit ("RSU") activity for the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Restricted stock units outstanding at December 31, 2025	9,518	$	12.86
Granted	4,367	$	16.11
Canceled	(195)	$	12.96
Vested and released	(1,969)	$	13.48
Restricted stock units outstanding and unvested at March 31, 2026	11,721	$	13.96

Schedule of Performance Stock Units Activity

A summary of PSU activity for the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2025	1,687	$	16.40
Granted *	498	$	18.59
Vested and released *	(599)	$	13.32

Outstanding at March 31, 2026	1,586	$	18.25
* PSUs granted and weighted-average grant date fair value include 125 shares issued above the target shares for a PSU that vested and was released during the three months ended March 31, 2026.

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
	March 31, 2026		March 31, 2025
	(in thousands)
Cost of revenue	$	685	$	572
Sales and marketing	8,374		9,144
Technology and development	4,718		4,635
General and administrative	5,908		6,858

Total stock-based compensation expense	$	19,685	$	21,209

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligations

As of March 31, 2026, 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 2026	$	85,244
2027	74,449
2028	11,179
2029	1,047
2030	1,053
Thereafter	37
Total	$	173,009

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fiscal Year
Remaining 2026	$ 5,466
2027	2,466
2028	1,367
2029	79
2030	79
Thereafter	359
Total	$ 9,816	$ 12,445

Debt - Schedule of Interest Expense Related to the Term Loan B Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 7,008	$ 8,420
Secured Debt \| Credit Agreements, 2021 and 2024 \| Line of Credit
Debt Instrument [Line Items]
Contractual interest expense	6,025	7,230
Amortization of debt discount	215	256
Amortization of debt issuance costs	245	282
Total interest expense	$ 6,485	$ 7,768
Effective interest rate	7.20%	8.56%

- 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

- 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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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company’s intangible assets as of March 31, 2026 and December 31, 2025 included the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Amortizable intangible assets:
Developed technology	$	112,250	$	112,250
Customer relationships	60		60
In-process research and development	8,830		8,830

Other intangible assets	1,844		1,844
Non-compete agreements	690		690
Total identifiable intangible assets, gross	123,674		123,674
Accumulated amortization—intangible assets:
Developed technology	(104,054)		(101,880)
Customer relationships	(60)		(38)
In-process research and development	(8,607)		(8,273)

Other intangible assets	(986)		(954)
Non-compete agreements	(151)		(84)
Total accumulated amortization—intangible assets	(113,858)		(111,229)
Total intangible assets, net	$	9,816	$	12,445

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 March 31, 2026:


Fiscal Year	Amount
	(in thousands)
Remaining 2026	$	5,466
2027	2,466
2028	1,367
2029	79
2030	79
Thereafter	359
Total	$	9,816

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Payment terms in days (or less)	75 days
Accounts receivable, allowance for credit loss	$ 4,259	$ 4,013	$ 2,582	$ 2,902
Contra seller payable	$ 2,300	$ 2,200

Revenue - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 4,013	$ 2,902
Write-offs	(32)	(110)
Increase (decrease) in provision for expected credit losses	235	(210)
Recoveries of previous write-offs	43	0
Allowance for credit losses, ending balance	$ 4,259	$ 2,582

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of stock option activity for the three months ended March 31, 2026 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, 2025	3,687	$	9.07
Granted	91	$	16.23
Exercised	(5)	$	5.16


Outstanding at March 31, 2026	3,773	$	9.25	3.8 years	$	18,027
Exercisable at March 31, 2026	3,538	$	8.94	3.5 years	$	17,833

At March 31, 2026, the Company had unrecognized stock-based compensation expense relating to unvested stock options of approximately $2.1 million, which is expected to be recognized over a weighted-average period of 2.7 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 three months ended March 31, 2026 and 2025 was $10.64 and $11.40, respectively, per share. The weighted-average input assumptions used by the Company were as follows:


	Three Months Ended
		March 31, 2026		March 31, 2025
Expected term (in years)		5.0		5.0
Risk-free interest rate		3.73	%	4.45	%
Expected volatility		78	%	84	%
Dividend yield		—	%	—	%

Restricted Stock Units

A summary of restricted stock unit ("RSU") activity for the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Restricted stock units outstanding at December 31, 2025	9,518	$	12.86
Granted	4,367	$	16.11
Canceled	(195)	$	12.96
Vested and released	(1,969)	$	13.48
Restricted stock units outstanding and unvested at March 31, 2026	11,721	$	13.96

The weighted-average grant date fair value per share of restricted stock units granted during the three months ended March 31, 2026 and 2025 was $16.11 and $16.21, respectively.

The fair value of restricted stock units that vested and were released during the three months ended March 31, 2026 and 2025 was $23.0 million and $48.1 million, respectively, based on their respective vesting dates. At March 31, 2026, the intrinsic value of unvested restricted stock units was $139.2 million. At March 31, 2026, the Company had unrecognized stock-based compensation expense relating to unvested restricted stock units of approximately $150.9 million, which is expected to be recognized over a weighted-average period of 2.8 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 ("TSR") relative 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 three months ended March 31, 2026, the Company granted PSUs with an aggregate target of 373,653 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, 2026, as well as certain interim measurements based on relative TSR for the one-year and two-year periods beginning on January 1, 2026.

A summary of PSU activity for the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2025	1,687	$	16.40
Granted *	498	$	18.59
Vested and released *	(599)	$	13.32

Outstanding at March 31, 2026	1,586	$	18.25
* PSUs granted and weighted-average grant date fair value include 125 shares issued above the target shares for a PSU that vested and was released during the three months ended March 31, 2026.

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 three months ended March 31, 2026 and March 31, 2025 was $20.35 and $20.93, respectively, per share. The weighted-average input assumptions used by the Company were as follows:


	Three Months Ended
		March 31, 2026		March 31, 2025
Performance period (in years)		3.0		3.0
Risk-free interest rate		3.52	%	4.26	%
Expected volatility of Magnite		66	%	78	%
Expected volatility of selected peer companies		54	%	56	%
Expected correlation coefficients of Magnite		0.48		0.57
Expected correlation coefficients of selected peer companies		0.45		0.47
Dividend yield		—	%	—	%

During the three months ended March 31, 2026 and 2025, the fair value of PSUs that vested and were released was $9.7 million and $1.9 million, respectively, based on their respective vesting dates. At March 31, 2026, the intrinsic value of unvested performance stock units based on expected achievement levels was $11.4 million. As of March 31, 2026, the Company had unrecognized stock-based compensation expense relating to unvested PSUs of approximately $12.9 million, which will be recognized over a weighted-average period of 1.4 years.

Stock-Based Compensation Expense

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


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands)
Cost of revenue	$	685	$	572
Sales and marketing	8,374		9,144
Technology and development	4,718		4,635
General and administrative	5,908		6,858

Total stock-based compensation expense	$	19,685	$	21,209

As of March 31, 2026, an aggregate of 12,953,675 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 March 31, 2026, the Company has reserved 3,959,114 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").

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at March 31, 2026:


	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	$	18,247	$	18,247	$	—	$	—

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at December 31, 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	$	342,771	$	342,771	$	—	$	—

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
Revenue:
Net basis	$	158,407	96	%	$	138,074	89	%
Gross basis	5,964		4		17,697		11
Total	$	164,371	100	%	$	155,771	100	%

Schedule of Disaggregation of Revenue

The following table presents the Company's revenue by channel for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
Channel:
CTV	$	85,380	52	%	$	72,549	47	%
Mobile	55,606		34	%	58,461		37	%
Desktop	23,385		14	%	24,761		16	%
Total	$	164,371	100	%	$	155,771	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 months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
United States	$	123,295	75	%	$	116,784	75	%

International	41,076		25		38,987		25	%
Total	$	164,371	100	%	$	155,771	100	%

Schedule of Allowance for Doubtful Accounts

The following is a summary of activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands)
Allowance for credit losses, beginning balance	$	4,013	$	2,902

Write-offs	(32)		(110)
Increase (decrease) in provision for expected credit losses	235		(210)
Recoveries of previous write-offs	43		—
Allowance for credit losses, ending balance	$	4,259	$	2,582

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,412	$ (9,634)
Other comprehensive income (loss):
Foreign currency translation adjustments	(28)	829
Other comprehensive income (loss)	(28)	829
Comprehensive income (loss)	$ 4,384	$ (8,805)

- 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.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
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)	143,301	142,964
Common stock, shares, outstanding (in shares)	143,301	142,964

Revenue - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 164,371	$ 155,771
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 123,295	$ 116,784
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	75.00%	75.00%
International
Disaggregation of Revenue [Line Items]
Revenue	$ 41,076	$ 38,987
International \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.00%	25.00%

- Definition

+ 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.

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense on property and equipment	$ 8.0	$ 5.0

Lease Obligations - Schedule of Right-of-Use Assets By Geographical Region (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Total	$ 74,655	$ 66,611
United States
Lessee, Lease, Description [Line Items]
Total	68,685	59,634
International
Lessee, Lease, Description [Line Items]
Total	$ 5,970	$ 6,977

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Accounts payable—seller	$	1,533,897	$	1,572,103
Accounts payable—trade	31,826		15,037
Accrued employee-related payables	21,913		19,524
Accrued holdback - indemnification claims	2,000		1,000
Total	$	1,589,636	$	1,607,664

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 16.11	$ 16.21
Fair value of restricted stock vested	$ 23.0	$ 48.1
Intrinsic value of nonvested unit	139.2
Unrecognized employee stock-based compensation	$ 150.9
Unrecognized employee stock-based compensation, period for recognition	2 years 9 months 18 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 Weighted-Average Input Assumptions (Details) - Stock Option	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years	5 years
Risk-free interest rate	3.73%	4.45%
Expected volatility	78.00%	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

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax benefit	$ (681)	$ (853)

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Performance Stock Units (Details) - Performance Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	100.00%
Granted (in shares)	498,000
Granted (in dollars per share)	$ 20.35	$ 20.93
Fair value of performance stock vested	$ 9.7	$ 1.9
Intrinsic value of nonvested unit	11.4
Unrecognized employee stock-based compensation	$ 12.9
Unrecognized employee stock-based compensation, period for recognition	1 year 4 months 24 days
Aggregate Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	373,653
Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	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%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 184,648	$ 553,362
Accounts receivable, net	1,430,657	1,301,955
Prepaid expenses and other current assets	32,276	26,261
TOTAL CURRENT ASSETS	1,647,581	1,881,578
Property and equipment, net	115,865	108,546
Right-of-use lease assets	74,655	66,611
Internal use software development costs, net	29,416	28,799
Intangible assets, net	9,816	12,445
Goodwill	983,902	983,902
Other assets, non-current	85,272	82,494
TOTAL ASSETS	2,946,507	3,164,375
Current liabilities:
Accounts payable and accrued expenses	1,589,636	1,607,664
Lease liabilities, current	21,737	20,163
Debt, current, net of debt issuance costs	3,632	208,447
Other current liabilities	5,903	5,462
TOTAL CURRENT LIABILITIES	1,620,908	1,841,736
Debt, non-current, net of debt discount and issuance costs	347,217	347,665
Lease liabilities, non-current	57,081	50,085
Other liabilities, non-current	3,394	2,539
TOTAL LIABILITIES	2,028,600	2,242,025
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value, 10,000 shares authorized at March 31, 2026 and December 31, 2025; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 500,000 shares authorized at March 31, 2026 and December 31, 2025; 143,301 and 142,964 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,431,531	1,440,358
Accumulated other comprehensive loss	(1,479)	(1,451)
Accumulated deficit	(512,147)	(516,559)
TOTAL STOCKHOLDERS' EQUITY	917,907	922,350
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,946,507	$ 3,164,375

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financial Standby Letter of Credit
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 4.1	$ 4.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES:
Net income (loss)	$ 4,412	$ (9,634)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	14,367	15,601
Stock-based compensation	19,685	21,209
Loss on extinguishment of debt	0	2,152
Amortization of debt discount and issuance costs	848	967
Non-cash lease expense	527	(516)
Deferred income taxes	(1,152)	154
Unrealized foreign currency (gain) loss, net	(3,010)	4,496
Other items, net	(23)	(101)
Changes in operating assets and liabilities:
Accounts receivable	(129,312)	147,859
Prepaid expenses and other assets	(7,965)	(11,469)
Accounts payable and accrued expenses	(21,402)	(166,353)
Other liabilities	2,259	(1,804)
Net cash (used in) provided by operating activities	(120,766)	2,561
INVESTING ACTIVITIES:
Purchases of property and equipment	(9,400)	(14,377)
Capitalized internal use software development costs	(3,720)	(2,821)
Net cash used in investing activities	(13,120)	(17,198)
FINANCING ACTIVITIES:
Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount	0	92,622
Repayment of the Term Loan B Facility from refinancing and repricing activities	0	(92,622)
Payment for debt issuance costs	0	(159)
Repayment of debt	(908)	0
Repayment of convertible senior notes	(205,067)	0
Proceeds from exercise of stock options	26	252
Purchase of treasury stock	(14,483)	(19,229)
Taxes paid related to net share settlement	(14,645)	(20,314)
Net cash used in financing activities	(235,077)	(39,450)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	249	575
CHANGE IN CASH AND CASH EQUIVALENTS	(368,714)	(53,512)
CASH AND CASH EQUIVALENTS — Beginning of period	553,362	483,220
CASH AND CASH EQUIVALENTS — End of period	184,648	429,708
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:
Cash paid for income taxes	303	571
Cash paid for interest	6,288	6,679
Capitalized assets financed by accounts payable and accrued expenses and other liabilities	6,683	8,133
Capitalized stock-based compensation	590	422
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	13,837	11,692
Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities	(150)	2,047
Non-cash financing activity related to Amendment Nos. 1 and 2 to the 2024 Credit Agreement	$ 0	$ 270,555

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		143,215,003
Entity Central Index Key	0001595974
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025, the Company had $4.1 million and $4.0 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 March 31, 2026, 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 2026	$	85,244
2027	74,449
2028	11,179
2029	1,047
2030	1,053
Thereafter	37
Total	$	173,009

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 class action lawsuits alleging violations 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 reimbursement of 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 March 31, 2026. However, based on management’s knowledge as of March 31, 2026, 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.

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	$ 123,674	$ 123,674
Total accumulated amortization—intangible assets	(113,858)	(111,229)
Total	9,816	12,445
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	112,250	112,250
Total accumulated amortization—intangible assets	(104,054)	(101,880)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	60	60
Total accumulated amortization—intangible assets	(60)	(38)
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	(8,607)	(8,273)
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	1,844	1,844
Total accumulated amortization—intangible assets	(986)	(954)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets, gross	690	690
Total accumulated amortization—intangible assets	$ (151)	$ (84)

- 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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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Debt - Schedule of Interest Expense Related to the Convertible Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 7,008	$ 8,420
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	107	128
Amortization of debt issuance costs	252	293
Total interest expense	$ 359	$ 421
Effective interest rate	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

+ 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

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 164,371	$ 155,771
Expenses:
Cost of revenue	60,408	62,799
Sales and marketing	46,088	48,106
Technology and development	25,173	22,292
General and administrative	24,983	23,938
Total expenses	156,652	157,135
Income (loss) from operations	7,719	(1,364)
Other (income) expense:
Interest expense, net	4,557	5,177
Foreign exchange (gain) loss, net	(147)	2,217
Loss on extinguishment of debt	0	2,152
Other income	(422)	(423)
Total other expense, net	3,988	9,123
Income (loss) before income taxes	3,731	(10,487)
Benefit for income taxes	(681)	(853)
Net income (loss)	$ 4,412	$ (9,634)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.03	$ (0.07)
Diluted (in dollars per share)	$ 0.03	$ (0.07)
Weighted average shares used to compute net income (loss) per share:
Basic (in shares)	143,541	141,852
Diluted (in shares)	148,077	141,852

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable—seller	$ 1,533,897	$ 1,572,103
Accounts payable—trade	31,826	15,037
Accrued employee-related payables	21,913	19,524
Accrued holdback - indemnification claims	2,000	1,000
Total	$ 1,589,636	$ 1,607,664

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, 2024		141,427
Beginning balance at Dec. 31, 2024	$ 768,218	$ 2	$ 1,433,809	$ (4,421)	$ (661,172)	$ 0
Beginning balance, treasury stock (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
Issuance of common stock related to RSU and PSU vesting	0
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 stock (in shares) at Mar. 31, 2025						0
Beginning balance (in shares) at Dec. 31, 2025	142,964	142,964
Beginning balance at Dec. 31, 2025	$ 922,350	$ 2	1,440,358	(1,451)	(516,559)	$ 0
Beginning balance, treasury stock (in shares) at Dec. 31, 2025						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		5
Exercise of common stock options	26		26
Issuance of common stock related to RSU and PSU vesting (in shares)		2,568
Issuance of common stock related to RSU and PSU vesting	0
Shares withheld related to net share settlement (in shares)		(1,139)
Shares withheld related to net share settlement	(14,645)		(14,645)
Purchase of treasury stock (in shares)						(1,097)
Purchase of treasury stock	(14,483)					$ (14,483)
Retirement of common stock (in shares)		(1,097)				1,097
Retirement of common stock	0		(14,483)			$ 14,483
Stock-based compensation	20,275		20,275
Other comprehensive income (loss)	(28)			(28)
Net income (loss)	$ 4,412				4,412
Ending balance (in shares) at Mar. 31, 2026	143,301	143,301
Ending balance at Mar. 31, 2026	$ 917,907	$ 2	$ 1,431,531	$ (1,479)	$ (512,147)	$ 0
Ending balance, treasury stock (in shares) at Mar. 31, 2026						0

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Plans

In the first quarter of 2026, 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)?

Adam Soroca

Former Chief Product Officer(1)

Adopted March 09, 2026

June 8, 2026 - December 9, 2026

Sell up to 298,259*, subject to certain conditions

Yes

David Pearson

Director

Adopted March 09, 2026

June 8, 2026 - March 9, 2027

Sell up to 10,766, subject to certain conditions

Yes

Michael Barrett

Chief Executive Officer and Director

Adopted March 13, 2026

June 15, 2026 - March 17, 2027

Sell up to 686,160*, 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. Soroca ceased serving as our Chief Product Officer effective April 8, 2026.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Adam Soroca [Member]

Trading Arrangements, by Individual

Name

Adam Soroca

Title

Former Chief Product Officer(1)

Rule 10b5-1 Arrangement Adopted

true

March 09, 2026

December 9, 2026

185 days

298,259

David Pearson [Member]

Trading Arrangements, by Individual

Name

David Pearson

Title

Director

Rule 10b5-1 Arrangement Adopted

true

March 09, 2026

March 9, 2027

275 days

10,766

Michael Barrett [Member]

Trading Arrangements, by Individual

Name

Michael Barrett

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

March 13, 2026

March 17, 2027

276 days

686,160

Revenue

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
Revenue:
Net basis	$	158,407	96	%	$	138,074	89	%
Gross basis	5,964		4		17,697		11
Total	$	164,371	100	%	$	155,771	100	%

The following table presents the Company's revenue by channel for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
Channel:
CTV	$	85,380	52	%	$	72,549	47	%
Mobile	55,606		34	%	58,461		37	%
Desktop	23,385		14	%	24,761		16	%
Total	$	164,371	100	%	$	155,771	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 months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026				March 31, 2025
	(in thousands, except percentages)
United States	$	123,295	75	%	$	116,784	75	%

International	41,076		25		38,987		25	%
Total	$	164,371	100	%	$	155,771	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 credit losses 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 credit losses. Accounts receivable are presented net of an allowance for credit losses of $4.3 million at March 31, 2026, and $4.0 million at December 31, 2025. Accounts receivable are written off against the allowance for credit losses 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 $2.3 million and $2.2 million as of March 31, 2026 and December 31, 2025, respectively.

The following is a summary of activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands)
Allowance for credit losses, beginning balance	$	4,013	$	2,902

Write-offs	(32)		(110)
Increase (decrease) in provision for expected credit losses	235		(210)
Recoveries of previous write-offs	43		—
Allowance for credit losses, ending balance	$	4,259	$	2,582

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 months ended March 31, 2026 and 2025, the activity related to the

provision for expected credit losses associated with accounts receivable and the activity of contra seller payables related to recoveries of uncollected buyer receivables were immaterial, which resulted in immaterial amounts of bad debt expense or recovery recognized in the respective periods.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Stock Options (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Unrecognized employee stock-based compensation	$ 2.1
Unrecognized employee stock-based compensation, period for recognition	2 years 8 months 12 days
Grant date fair value of options granted (in dollars per share)	$ 10.64	$ 11.40

- 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

Net Income (Loss) Per Share - Schedule of Shares Excluded From Calculation of Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	2,639	11,466
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	5,117
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	2,087
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	987
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	65
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)	2,639	3,210

Fair Value Measurements - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 15, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 18,247,000			$ 342,771,000
Repayments of convertible debt		205,067,000	$ 0
Convertible Senior Notes \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repayments of convertible debt	$ 205,100,000			$ 165,500,000
Convertible debt		0
Credit Agreements, 2021 and 2024 \| Line of Credit \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan fair value		357,700,000			360,000,000.0
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					$ 199,200,000

Net Income (Loss) Per Share - Schedule of Actual and Expected Achievement Levels for Performance Stock Units (Details)	Mar. 31, 2026	Mar. 31, 2025
2021 \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	0.00%	0.00%
2021 \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	0.00%	0.00%
2021 \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	0.00%	0.00%
2023 \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	126.00%	118.00%
2023 \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	0.00%	0.00%
2023 \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	0.00%	0.00%
2024 \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	150.00%	150.00%
2024 \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	150.00%	150.00%
2024 \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	128.00%	150.00%
2025 \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	80.00%	44.00%
2025 \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	46.00%	44.00%
2025 \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	46.00%	44.00%
2026 \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	26.00%
2026 \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	26.00%
2026 \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement percentage	26.00%

Property and Equipment - Schedule of Property and Equipment by Geographical Region (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 115,865	$ 108,546
United States
Property, Plant and Equipment [Line Items]
Total	103,672	95,035
International
Property, Plant and Equipment [Line Items]
Total	$ 12,193	$ 13,511

Lease Obligations

3 Months Ended

Mar. 31, 2026

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 4.2 years as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, a weighted average discount rate of 6.09% and 6.03%, respectively, has been applied to the remaining lease payments to calculate the lease liabilities included within the condensed consolidated balance sheets.

Operating lease expense was $6.7 million and $5.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company recognized variable lease expense of $1.3 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.

Cash paid for amounts included in lease liabilities was $6.2 million and $4.9 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 (in thousands):


Fiscal Year
Remaining 2026	$	19,624
2027	20,724
2028	16,942
2029	17,009
2030	9,517
Thereafter	5,647
Total lease payments (undiscounted)	89,463
Less: imputed interest	(10,645)
Lease liabilities—total (discounted)	$	78,818

In addition to the lease liabilities included in these consolidated financial statements, the Company entered into agreements for office space and data centers that had not commenced as of March 31, 2026; therefore, the leases were not included in the lease liabilities and ROU assets balance as of March 31, 2026. The Company has future commitments totaling $34.1 million over a weighted average term of 7.9 years related to these agreements, of which $32.8 million relate to one lease that will commence in 2030 over 8.2 years.

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


	March 31, 2026		December 31, 2025
	(in thousands)
United States	$	68,685	$	59,634
International	5,970		6,977
Total	$	74,655	$	66,611

Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 (in thousands):


Fiscal Year
Remaining 2026	$	19,624
2027	20,724
2028	16,942
2029	17,009
2030	9,517
Thereafter	5,647
Total lease payments (undiscounted)	89,463
Less: imputed interest	(10,645)
Lease liabilities—total (discounted)	$	78,818

Schedule of Right-of-Use Assets By Geographical Location

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


	March 31, 2026		December 31, 2025
	(in thousands)
United States	$	68,685	$	59,634
International	5,970		6,977
Total	$	74,655	$	66,611

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
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, and nondeductible executive compensation. The Company recorded an income tax benefit of $0.7 million and $0.9 million for the three months ended March 31, 2026, and 2025, respectively. The tax benefit for the three months ended March 31, 2026 was primarily the result of the vesting of share-based awards. The tax benefit for the three months ended March 31, 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 Company continues to maintain a partial valuation allowance against certain state and foreign DTAs where it is not more likely than not that such assets will be realized. The Company released a majority of the domestic and foreign valuation allowances during the quarter ended December 31, 2025. The Company continues to maintain a partial valuation allowance on certain DTAs until there is sufficient evidence to support the reversal of all or some additional portion of these allowances. The exact timing and amount of future valuation allowance releases are dependent upon when sufficient evidence exists to support their realization. Due to the net operating loss ("NOL") 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 India, Netherlands, Sweden, and the United Kingdom, all tax years remain open for examination by the local country tax authorities, for France, only 2023 and forward are open, for Australia and Singapore, only 2022 and forward are open for examination, for Brazil, Canada, Germany, Malaysia and New Zealand, only 2021 and forward are open for examination, for Italy, only 2020 and forward are open for examination, and for Japan, only 2019 and forward remain open for examination. Pursuant to Section 382 of the Internal Revenue Code (the "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 three months ended March 31, 2026 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 year ended December 31, 2025, and the OBBBA changes effective for 2026 are reflected in the Company's estimated effective tax rate for the three months ended March 31, 2026. Based on current projections, the continuing impact is expected to 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 2026 to be immaterial.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Schedule of Disaggregation of Revenue by Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 164,371	$ 155,771
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
CTV
Disaggregation of Revenue [Line Items]
Revenue	$ 85,380	$ 72,549
CTV \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52.00%	47.00%
Mobile
Disaggregation of Revenue [Line Items]
Revenue	$ 55,606	$ 58,461
Mobile \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	34.00%	37.00%
Desktop
Disaggregation of Revenue [Line Items]
Revenue	$ 23,385	$ 24,761
Desktop \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	14.00%	16.00%

- Definition

+ 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.

Debt - Schedule of Interest Expense and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest expense	$ 7,008	$ 8,420
Interest income	(2,451)	(3,243)
Interest expense, net	$ 4,557	$ 5,177

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The Company’s intangible assets as of March 31, 2026 and December 31, 2025 included the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Amortizable intangible assets:
Developed technology	$	112,250	$	112,250
Customer relationships	60		60
In-process research and development	8,830		8,830

Other intangible assets	1,844		1,844
Non-compete agreements	690		690
Total identifiable intangible assets, gross	123,674		123,674
Accumulated amortization—intangible assets:
Developed technology	(104,054)		(101,880)
Customer relationships	(60)		(38)
In-process research and development	(8,607)		(8,273)

Other intangible assets	(986)		(954)
Non-compete agreements	(151)		(84)
Total accumulated amortization—intangible assets	(113,858)		(111,229)
Total intangible assets, net	$	9,816	$	12,445

Amortization of intangible assets for the three months ended March 31, 2026 and 2025 was $2.6 million and $7.4 million, respectively.

The estimated remaining amortization expense associated with the Company's intangible assets was as follows as of March 31, 2026:


Fiscal Year	Amount
	(in thousands)
Remaining 2026	$	5,466
2027	2,466
2028	1,367
2029	79
2030	79
Thereafter	359
Total	$	9,816

Debt - 2021 and 2024 Credit Agreements (Details) - USD ($) $ in Thousands				3 Months Ended
	Mar. 18, 2025	Sep. 18, 2024	Feb. 06, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 30, 2021
Line of Credit Facility [Line Items]
Total				$ 350,849		$ 556,112
Loss on extinguishment of debt				0	$ 2,152
Principal balance repaid				$ 0	$ 92,622
2024 Credit Agreement, Debt Repricing \| Line of Credit
Line of Credit Facility [Line Items]
Debt fees	$ 1,100
Secured Debt \| 2021 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principle amount							$ 360,000
Long-term debt, term							7 years
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			7 years
Reduction of interest rate	0.75%	0.75%
Interest rate				6.67%
Total				$ 350,849		$ 351,297
Quarterly payments of principle balance	0.25%
Aggregate annual payments of principle balance	1.00%
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| SOFR
Line of Credit Facility [Line Items]
Variable interest rate		3.75%	4.50%
Secured Debt \| 2024 Credit Agreement \| Line of Credit \| Alternate Base Rate
Line of Credit Facility [Line Items]
Variable interest rate	3.00%
Secured Debt \| 2024 Credit Agreement, Debt Repricing \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 92,600
Loss on extinguishment of debt	2,200
Debt fees	1,000
Debt issuance costs, gross	0
Debt instrument, noncash, financing activity	270,600
Principal balance repaid	92,600
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 \| 2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Long-term debt, term			5 years
Maximum borrowing capacity			$ 175,000
Debt utilization triggering leverage ratio compliance, percent			35.00%
Leverage ratio maximum			3.25
Debt outstanding				0
Available borrowing capacity				170,900
Letter of Credit \| 2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Total				$ 4,100

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
	Mar. 31, 2026	Mar. 31, 2025
Basic Net Income (Loss) Per Share:
Net income (loss)	$ 4,412	$ (9,634)
Weighted-average common shares outstanding used to compute basic net income (loss) per share (in shares)	143,541	141,852
Basic net income (loss) per share (in dollars per share)	$ 0.03	$ (0.07)
Diluted Net Income (Loss) Per Share:
Net income (loss) used to calculate diluted income (loss) per share	$ 4,412	$ (9,634)
Denominator:
Weighted-average common shares used to compute basic net income (loss) per share (in shares)	143,541	141,852
Weighted-average shares used to compute diluted net income (loss) per share (in shares)	148,077	141,852
Diluted net income (loss) per share (in dollars per share)	$ 0.03	$ (0.07)
Restricted Stock Units
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	2,342	0
Stock Option
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	1,616	0
Performance Stock Units
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	551	0
ESPP shares
Denominator:
Dilutive effect of weighted-average share-based payments (in shares)	27	0

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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 March 31, 2026:


	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	$	18,247	$	18,247	$	—	$	—

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at December 31, 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	$	342,771	$	342,771	$	—	$	—

At March 31, 2026 and December 31, 2025, cash equivalents of $18.2 million and $342.8 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 March 31, 2026 and December 31, 2025, the Company had debt outstanding under its 2024 Term Loan B Facility and at December 31, 2025, the Company also had debt outstanding under its Convertible Senior Notes (as defined in Note 9) included in its balance sheets. On March 15, 2026, the Convertible Senior Notes matured and the Company repaid the outstanding principal balance of $205.1 million in full with cash on hand. No Convertible Senior Notes remained outstanding at March 31, 2026. The estimated fair value of the Company's Convertible Senior Notes was $199.2 million as of December 31, 2025. 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 December 31, 2025 and is classified as Level 2 in the fair value hierarchy. At March 31, 2026 and December 31, 2025, the estimated fair value of the Company's 2024 Term Loan B Facility was $357.7 million and $360.0 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
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 4, 2026, the Company drew $60 million under its existing 2024 Revolving Credit Facility (as defined in Note 9) to support general corporate purposes after the maturity and full repayment of the outstanding principal balance of the Convertible Senior Notes (as defined in Note 9).

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 18,247	$ 342,771
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	18,247	342,771
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

Debt - Schedule of Maturities of Principle Amount of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
Remaining 2026	$ 2,724
2027	3,632
2028	3,632
2029	3,632
2030	3,632
Thereafter	342,294
Total	$ 359,546

Stock-Based Compensation - Stock-Based Compensation Expense (Details)	Mar. 31, 2026 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved (in shares)	12,953,675
Employee Stock \| 2014 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved (in shares)	3,959,114

- 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

Debt - Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Amortization of debt discount and issuance costs	$ 0.7	$ 0.8

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt, current, net of debt issuance costs	$ 3,632	$ 208,447
Debt, non-current, net of debt discount and issuance costs	347,217	347,665
Total debt	350,849	556,112
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible Senior Notes and 2024 Term Loan B Facility	0	205,067
Less: Unamortized debt discount and issuance costs	0	(252)
Total debt	0	204,815
2024 Term Loan B Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Convertible Senior Notes and 2024 Term Loan B Facility	359,546	360,454
Less: Unamortized debt discount and issuance costs	(8,697)	(9,157)
Debt, non-current, net of debt discount and issuance costs	350,849	351,297
Total debt	$ 350,849	$ 351,297