Business
Magnite Reports First Quarter 2023 Results
Total Revenue Grows 10% & Revenue ex-TAC Grows 8% Year-Over-Year Revenue ex-TAC From CTV Grows 10% Year-Over-Year NEW YORK, May 10, 2023 (GLOBE NEWSWIRE) --
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue Grows 10% & Revenue ex-TAC Grows 8% Year-Over-Year Revenue ex-TAC From CTV Grows 10% Year-Over-Year NEW YORK, May 10, 2023 (GLOBE NEWSWIRE) -- Magnite (Nasdaq: MGNI), the world's largest independent sell-side advertising company, today reported its results of operations for the quarter ended March 31, 2023. Q1 2023 Highlights: Revenue of $130.2 million, up 10% year-over-yearRevenue ex-TAC(1) of $116.0 million, up 8% year-over-yearRevenue ex-TAC(1) attributable to CTV of $46.4 million, up 10% year-over-yearNet loss of $98.7 million, for a loss per share of $0.73, compared to net loss of $44.6 million in Q1 2022, for a loss per share of $0.34Adjusted EBITDA(1) of $23.3 million, representing a 20% Adjusted EBITDA margin(3), compared to Adjusted EBITDA of $28.8 million in Q1 2022Non-GAAP earnings per share(1) of $0.04, compared to non-GAAP earnings per share of $0.08 for Q1 2022Operating cash flow(4) of $13.7 millionRepurchased $50.3 million of convertible notes during the quarter Expectations: Revenue ex-TAC(1) for Q2 2023 to be between $132 million and $136 millionRevenue ex-TAC(1) attributable to CTV for Q2 2023 to be between $56 million and $58 millionAdjusted EBITDA operating expenses(2) to be between $94 million and $96 million for Q2 2023Expect revenue ex-TAC(1) growth for full-year 2023 to be in the high single-digitsExpect Adjusted EBITDA(1) for full-year 2023 will be comparable or better than 2022Continue to expect Adjusted EBITDA(3) margin will improve meaningfully in the second half of 2023Continue to expect total capital expenditures for 2023 will be $40 million or lessContinue to expect free cash flow(5) for the full-year 2023 to exceed $100 million “We delivered strong results in Q1, with both total revenue ex-TAC and CTV revenue ex-TAC exceeding the high end of our guidance. Adjusted EBITDA also exceeded our expectations and delivered a margin of 20% for the quarter. We see this improvement carrying into Q2 and are cautiously optimistic for the year. We feel very good about our market position as the leading independent differentiated sell-side advertising company and leader in CTV. Our ability to post positive results during challenging times demonstrates the value we provide our partners. We continue to grow and expand our deep partnerships and support the large industry shift from linear to CTV adver...