Business
Magnite Reports Record Fourth Quarter and Full-Year 2022 Results
Total Revenue up 9% in Fourth Quarter CTV Revenue ex-TAC Grows 20% in Fourth Quarter Adjusted EBITDA Margin of 41% in Fourth Quarter NEW YORK, Feb. 22, 2023
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue up 9% in Fourth Quarter CTV Revenue ex-TAC Grows 20% in Fourth Quarter Adjusted EBITDA Margin of 41% in Fourth Quarter NEW YORK, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising platform, today reported its results of operations for the fourth quarter and year ended December 31, 2022. Recent Highlights Revenue of $175.4 million for Q4 2022, up 9% from Q4 2021Revenue ex-TAC(1) of $156.6 million for Q4 2022, up 10% from Q4 2021Revenue ex-TAC(1) attributable to CTV for Q4 2022 was $64.6 million, up 20% year-over-yearNet loss for Q4 2022 of $36.4 million, for a loss per share of $0.27, compared to net income of $0.5 million, or break even diluted earnings per share for the fourth quarter of 2021Adjusted EBITDA(1) of $64.2 million in Q4 2022 representing a 41% Adjusted EBITDA margin(3), compared to Adjusted EBITDA of $67.5 million for the fourth quarter of 2021Non-GAAP diluted earnings per share(1) of $0.24 for Q4 2022, compared to $0.26 non-GAAP diluted earnings per share for the fourth quarter of 2021Operating cash flow(4) in Q4 2022 was $56.9 million Expectations: Revenue ex-TAC(1) for Q1 2023 to be between $109 and $113 millionRevenue ex-TAC(1) attributable to CTV for Q1 2023 to be between $42.5 and $44.5 millionAdjusted EBITDA operating expenses(2) to be between $92 and $94 million for Q1 2023Revenue ex-TAC(1) for full-year 2023 to grow versus 2022Adjusted EBITDA(1) in 2023 to be approximately the same as 2022Adjusted EBITDA margin(3) to improve meaningfully in the back half of 2023, following CTV platform consolidationTotal capital expenditures for 2023 to be $40 million or lessTotal free cash flow(5) for 2023 to be over $100 million “We delivered a strong fourth quarter with total and CTV revenue at the high end of our guidance ranges,” said Michael G. Barrett, President and CEO of Magnite. “For the full year, we also exceeded revenue targets and continue to build on our leading independent market position by growing both the CTV and the DV+ business. We are excited to introduce Magnite Streaming, which is our new industry leading CTV & OTT platform, and continue to grow and expand our partnerships, especially on the CTV side of the business, to accelerate the programmatic growth in the industry that remains ahead. We continue to expect to grow this y...