$MGNI

RUBICON PROJECT, INC.

CIK:0001595974|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 192,823	$ 173,332	$ 357,194	$ 329,103
Expenses:
Cost of revenue	62,038	64,953	122,446	127,752
Sales and marketing	47,000	42,323	93,088	90,429
Technology and development	24,135	21,583	49,308	43,875
General and administrative	28,428	22,514	53,411	46,452
Total expenses	161,601	151,373	318,253	308,508
Income from operations	31,222	21,959	38,941	20,595
Other (income) expense:
Interest expense, net	6,314	5,071	10,871	10,248
Foreign exchange (gain) loss, net	(223)	4,944	(370)	7,161
Loss on extinguishment of debt	0	0	0	2,152
Other income	(416)	(153)	(838)	(576)
Total other expense, net	5,675	9,862	9,663	18,985
Income before income taxes	25,547	12,097	29,278	1,610
Provision for income taxes	6,178	958	5,497	105
Net income	$ 19,369	$ 11,139	$ 23,781	$ 1,505
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.08	$ 0.17	$ 0.01
Diluted (in dollars per share)	$ 0.13	$ 0.08	$ 0.16	$ 0.01
Weighted average shares used to compute net income per share:
Basic (in shares)	143,024	141,654	143,281	141,752
Diluted (in shares)	147,172	148,260	147,623	149,184

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net income	$ 23,781	$ 1,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,922	27,811
Stock-based compensation	39,311	40,767
Loss on extinguishment of debt	0	2,152
Amortization of debt discount and issuance costs	1,444	1,860
Non-cash lease expense	655	(942)
Deferred income taxes	(1,159)	316
Unrealized foreign currency (gain) loss, net	(4,084)	6,595
Other items, net	(370)	102
Changes in operating assets and liabilities:
Accounts receivable	(81,984)	(102,239)
Prepaid expenses and other assets	(6,316)	(6,438)
Accounts payable and accrued expenses	59,990	52,288
Other liabilities	5,672	(2,688)
Net cash provided by operating activities	65,862	21,089
INVESTING ACTIVITIES:
Purchases of property and equipment	(21,533)	(26,891)
Capitalized internal use software development costs	(8,062)	(6,364)
Net cash used in investing activities	(29,595)	(33,255)
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)
Proceeds from the Revolving Credit Facility	60,000	0
Repayment of the Revolving Credit Facility	(60,000)	0
Payment for debt issuance costs	0	(159)
Repayment of the Term Loan B Facility	(1,816)	(908)
Repayment of convertible senior notes	(205,067)	0
Proceeds from exercise of stock options	3,984	1,709
Proceeds from issuance of common stock under employee stock purchase plan	2,387	2,111
Purchase of treasury stock	(35,543)	(22,880)
Taxes paid related to net share settlement	(21,351)	(27,258)
Net cash used in financing activities	(257,406)	(47,385)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	392	2,335
CHANGE IN CASH AND CASH EQUIVALENTS	(220,747)	(57,216)
CASH AND CASH EQUIVALENTS — Beginning of period	553,362	483,220
CASH AND CASH EQUIVALENTS — End of period	332,615	426,004
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:
Cash paid for income taxes	2,112	2,040
Cash paid for interest	12,933	14,477
Capitalized assets financed by accounts payable and accrued expenses and other liabilities	2,858	11,676
Capitalized stock-based compensation	1,300	948
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	15,496	18,683
Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities	8,139	2,129
Non-cash financing activity related to Amendment Nos. 1 and 2 to the 2024 Credit Agreement	$ 0	$ 270,555

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 332,615	$ 553,362
Accounts receivable, net	1,383,778	1,301,955
Prepaid expenses and other current assets	30,007	26,261
TOTAL CURRENT ASSETS	1,746,400	1,881,578
Property and equipment, net	116,045	108,546
Right-of-use lease assets	62,290	66,611
Internal use software development costs, net	31,131	28,799
Intangible assets, net	7,320	12,445
Goodwill	983,902	983,902
Other assets, non-current	85,738	82,494
TOTAL ASSETS	3,032,826	3,164,375
Current liabilities:
Accounts payable and accrued expenses	1,666,940	1,607,664
Lease liabilities, current	23,863	20,163
Debt, current, net of debt issuance costs	3,632	208,447
Other current liabilities	9,293	5,462
TOTAL CURRENT LIABILITIES	1,703,728	1,841,736
Debt, non-current, net of debt discount and issuance costs	346,768	347,665
Lease liabilities, non-current	42,715	50,085
Other liabilities, non-current	3,342	2,539
TOTAL LIABILITIES	2,096,553	2,242,025
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value, 10,000 shares authorized at June 30, 2026 and December 31, 2025; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 500,000 shares authorized at June 30, 2026 and December 31, 2025; 143,382 and 142,964 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,430,446	1,440,358
Accumulated other comprehensive loss	(1,397)	(1,451)
Accumulated deficit	(492,778)	(516,559)
TOTAL STOCKHOLDERS' EQUITY	936,273	922,350
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,032,826	$ 3,164,375