Business
Magnite Reports First Quarter 2022 Results
Total Revenue Grows over 90% CTV Represents 40% of Revenue ex-TAC in Q1 2022 Adjusted EBITDA Increases 208% Year-Over-Year NEW YORK, May 04, 2022 (GLOBE
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue Grows over 90% CTV Represents 40% of Revenue ex-TAC in Q1 2022 Adjusted EBITDA Increases 208% Year-Over-Year NEW YORK, May 04, 2022 (GLOBE NEWSWIRE) -- Magnite (Nasdaq: MGNI), the world's largest independent sell-side advertising platform, today reported its results of operations for the quarter ended March 31, 2022. First quarter 2022 financial results of Magnite represent the combined performance of Magnite, SpotX, and SpringServe. First quarter 2021 comparative numbers do not include results from SpotX and SpringServe, unless noted as pro-forma(1). Recent Magnite Highlights Revenue of $118.1 million for Q1 2022, up 94% from Q1 2021Revenue ex-TAC(2) of $107.1 million for Q1 2022, up 79% from Q1 2021 and up 15% on a pro-forma basis(1)Revenue ex-TAC(2) attributable to CTV of $42.3 million for Q1 2022, up 253% year-over-year, and up 27% on a pro forma basis(1)Net loss of $44.6 million in Q1 2022, for a loss per share of $0.34, compared to net loss of $12.9 million, for a loss per share of $0.11 in Q1 of 2021Adjusted EBITDA(2) was $28.8 million in Q1 2022, up 208% over Adjusted EBITDA of $9.4 million in Q1 of 2021Adjusted EBITDA margin in Q1 2022 was 27%(4)Non-GAAP earnings per share(2) of $0.08 for Q1 2022, compared to non-GAAP earnings per share of $0.03 for Q1 of 2021Operating cash flow(5) in Q1 2022 was $20.1 million Expectations: Revenue ex-TAC(2) for Q2 2022 to be between $123 million and $127 millionRevenue ex-TAC(2) attributable to CTV for Q2 2022 to be between $51 million and $53 millionAdjusted EBITDA operating expenses(3) to be between $83 and $85 million for Q2 2022Maintain that revenue ex-TAC(2) for full year 2022 to be well over $500 millionMaintain that free cash flow(6) for the full year 2022, after capital expenditures and cash interest payments, to exceed $100 millionMaintain that total capital expenditures for 2022 to be approximately $40 million to $45 million “We are pleased with the strong CTV and DV+ revenue growth in Q1, resulting in outperformance on EBITDA margins and solid bottom line results. We continue to build upon our leading independent CTV capabilities and market leading position, and continue to add scale to better serve our existing customers, and win new customers in this exciting market. We expect solid growth in Q2 and further growth acceleration in the second half of the year, ...