Magnite Reports Second Quarter 2020 Results

About this update from Magnite, Inc.

[{"type":"text","content":"\nCTV Revenue Grew 12% Year over Year\n\n\nRevenue Growth Accelerating in Q3 - Most Significantly in CTV\n\n LOS ANGELES--(BUSINESS WIRE)--\nMagnite, Inc. (Nasdaq: MGNI), the largest independent sell-side advertising platform, today reported its results of operations for the second quarter ended June 30, 2020. With the Rubicon Project and Telaria merger closing on April 1, 2020, second quarter 2020 financial results of the newly renamed Magnite represent the combined performance of both companies. The second quarter 2019 comparative numbers reflect only the results of standalone Rubicon Project, unless otherwise noted as pro-forma.\n\n\nRecent Highlights\n\n\n\nMagnite revenue was $42.3 million for Q2 2020, up 12% from Q2 2019 on an as reported basis\n\n\nCTV revenue for Q2 2020 was $7.9 million up 12% year over year on a pro-forma basis\n\n\nCTV growth accelerated to approximately 50% year over year in Q3 since start of July on a pro-forma basis\n\n\nExpect revenue for Q3 2020 to be between $51 to $55 million\n\n\nExpect Adjusted EBITDA operating expenses to be between $49 to $50 million for Q3 2020\n\n\nExpect to be Adjusted EBITDA positive for Q3 2020\n\n\nNet loss for Q2 2020 was $39.1 million, or loss per share of $0.36 which includes $19.5 million of acquisition related costs including non-cash acquired intangible amortization, compared to net loss of $8.3 million, or loss per share of $0.16 for Q2 of 2019\n\n\nAdjusted EBITDA(1) loss was $3.5 for Q2 2020, compared to Adjusted EBITDA of $4.4 million for Q2 of 2019\n\n\nNon-GAAP loss per share(1) was $0.10 for Q2 2020, compared to $0.06 non-GAAP loss per share for the Q2 of 2019\n\n\nMerger related cost synergies of more than $20 million run-rate on track\n\n\n\n“We are pleased to see a meaningful recovery in revenue across our entire business, specifically with the pace of year over year growth in CTV to start the third quarter. This follows our first full post-merger quarter creating an industry leading CTV and full service SSP. Programmatic ad-supported CTV is benefiting from the acceleration of cord cutting, buyers wanting more flexibility and control of their spend, inventory growth and overall consumer adoption rates,” said Michael G. Barrett, President and CEO of Magnite. “Going to market as the leading independent omnichannel supply-side platform, newly branded as M...

More updates from Magnite, Inc.