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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
A summary of stock option activity for the nine months ended September 30, 2023 is as follows:

Shares Under OptionWeighted- Average Exercise PriceWeighted- Average Contractual LifeAggregate Intrinsic Value

(in thousands)(in thousands)
Outstanding at December 31, 20224,672 $8.71 
Granted130 $10.59 
Exercised(392)$5.49 
Expired(144)$21.08 
Outstanding at September 30, 20234,266 $8.65 5.6 years$8,281 
Exercisable at September 30, 20233,550 $7.36 5.1 years$8,026 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted-average input assumptions used by the Company were as follows:
Nine Months Ended
September 30, 2023September 30, 2022
Expected term (in years)5.05.0
Risk-free interest rate3.99 %1.63 %
Expected volatility84 %79 %
Dividend yield— %— %
The grant date fair value for the PSUs was estimated using a Monte-Carlo simulation model. The weighted-average input assumptions used by the Company were as follows:
Nine Months Ended
September 30, 2023September 30, 2022
Expected term (in years)3.03.0
Risk-free interest rate4.19 %1.39 %
Expected volatility of Magnite94 %84 %
Expected volatility of selected peer companies64 %63 %
Expected correlation coefficients of Magnite0.620.56
Expected correlation coefficients of selected peer companies0.540.52
Dividend yield— %— %
Schedule of Nonvested Restricted Stock Units Activity
A summary of restricted stock unit ("RSU") activity for the nine months ended September 30, 2023 is as follows:
Number of SharesWeighted-Average Grant Date Fair Value
(in thousands)
Restricted stock units outstanding at December 31, 2022
10,000 $15.06 
Granted7,244 $10.81 
Canceled(1,300)$13.44 
Vested and released
(3,853)$14.33 
Restricted stock units outstanding at September 30, 2023
12,091 $12.92 
Schedule of Nonvested Performance-Based Units Activity A summary of performance stock units activity for the nine months ended September 30, 2023 is as follows:
Number of SharesWeighted-Average Grant Date Fair Value
(in thousands)
Outstanding at December 31, 2022
639 $19.02 
Granted474 $13.32 
Vested(138)$6.15 
Forfeited(8)$6.15 
Outstanding at September 30, 2023
967 $18.17 
Schedule of Stock Based Compensation Expense
Total stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows:
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
(in thousands)(in thousands)
Cost of revenue$446 $424 $1,373 $1,191 
Sales and marketing6,371 5,491 20,869 16,257 
Technology and development4,999 6,576 15,918 16,645 
General and administrative5,652 4,911 17,159 14,096 
Merger, acquisition, and restructuring costs— — 143 2,004 
Total stock-based compensation expense$17,468 $17,402 $55,462 $50,193