Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock was listed on the New York Stock Exchange, or the NYSE, from April 1, 2014 through June 8, 2020, under the symbol "RUBI."
On June 8, 2020, the Company voluntarily delisted its common stock from the NYSE and commenced listing on The Nasdaq Global Select Market of The Nasdaq Stock Market LLC ("Nasdaq"). On June 30, 2020, the Company changed its name from "The Rubicon Project, Inc." to "Magnite, Inc." In connection with the name change, the Company changed its ticker symbol from "RUBI" to "MGNI."
Holders of Record
As of February 19, 2021, there were approximately 62 holders of record of our common stock. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders also does not include stockholders whose shares may be held in trust by other entities.
Dividend Policy
We have never declared or paid any dividends and we do not anticipate paying any cash dividends in the foreseeable future. In addition, our credit facility contains restrictions on our ability to pay dividends.
Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
We presently have no publicly announced repurchase plan or program.
Upon vesting of most restricted stock units or stock awards, we are required to deposit minimum statutory employee withholding taxes on behalf of the holders of the vested awards. As reimbursement for these tax deposits, we have the option to withhold from shares otherwise issuable upon vesting a portion of those shares with a fair market value equal to the amount of the deposits we paid. Withholding of shares in this manner is accounted for as a repurchase of common stock. There were no repurchases during the quarter ended December 31, 2020.
Stock Performance Graph
This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of ours under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The following graph compares the cumulative total stockholder return on an initial investment of $100 in our common stock between December 31, 2015 and December 31, 2020, with the comparative cumulative total returns of the S&P 500 Index, Nasdaq,Internet Index, S&P Internet Select Industry Index and Russell 2000 Index over the same period. As previously discussed, we have not paid any cash dividends and, therefore, the cumulative total return calculation for us is based solely upon stock price appreciation (depreciation) and not reinvestment of cash dividends, whereas the data for the comparative indexes assumes reinvestments of dividends. The graph assumes our closing sales price on December 31, 2015 of $16.45 per share as the initial value of our common stock. The returns shown are based on historical results and are not necessarily indicative of, nor intended to forecast, future stock price performance.
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COMPARISON OF CUMULATIVE TOTAL RETURN
Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes appearing in Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.
The following table sets forth our selected consolidated historical financial and operating data for the periods indicated. The consolidated statements of operations data for the years ended December 31, 2020, 2019, and 2018 and the consolidated balance sheet data as of December 31, 2020 and 2019 have been derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
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Year Ended
December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016
(in thousands, except per share data)
Revenue $ 221,628 $ 156,414 $ 124,685 $ 155,545 $ 278,221
Expenses:
Cost of revenue 77,747 57,391 60,003 56,836 73,247
Sales and marketing 76,030 44,565 44,556 51,794 83,328
Technology and development 51,546 40,250 37,863 47,500 51,184
General and administrative 52,987 39,750 42,431 55,596 68,570
Restructuring and other exit costs 17,552 2,041 3,440 5,959 3,316
Impairment of intangible assets — — — 4,585 23,473
Impairment of goodwill — — — 90,251 —
Total expenses 275,862 183,997 188,293 312,521 303,118
Loss from operations (54,234) (27,583) (63,608) (156,976) (24,897)
Other (income) expense: (1,495) (593) (2,143) (431) (1,984)
Loss before income taxes (52,739) (26,990) (61,465) (156,545) (22,913)
Provision (benefit) for income taxes 693 (1,512) 357 (1,762) (4,860)
Net income (loss) (53,432) (25,478) (61,822) (154,783) (18,053)
Net income (loss) per share attributable to common stockholders (1) :
Basic $ (0.55) $ (0.48) $ (1.23) $ (3.17) $ (0.39)
Diluted $ (0.55) $ (0.48) $ (1.23) $ (3.17) $ (0.39)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders (1) :
Basic 96,700 52,614 50,259 48,869 46,655
Diluted 96,700 52,614 50,259 48,869 46,655
(1) See Note 3 to our consolidated financial statements for a description of the method used to compute basic and diluted net income (loss) per share attributable to common stockholders.
Consolidated Balance Sheet Data
At December 31
2020 2019 2018 2017 2016
(in thousands)
Cash and cash equivalents $ 117,676 $ 88,888 $ 80,452 $ 76,642 $ 149,423
Marketable securities, current and non-current $ — $ — $ 7,524 $ 54,999 $ 40,550
Accounts receivable, net $ 471,666 $ 217,571 $ 205,683 $ 165,890 $ 192,064
Property, equipment and internal use software development costs, net $ 39,841 $ 39,720 $ 48,057 $ 60,127 $ 52,768
Total assets $ 938,960 $ 395,120 $ 360,012 $ 383,635 $ 519,775
Total long-term liabilities $ 35,149 $ 15,685 $ 1,017 $ 1,780 $ 1,825
Total liabilities $ 557,347 $ 283,184 $ 241,999 $ 219,024 $ 220,262
Common stockholders' equity (deficit) $ 381,613 $ 111,936 $ 118,013 $ 164,611 $ 299,513
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