Business
Magnite Reports Second Quarter 2023 Results
Total Revenue Grows 11% & Contribution ex-TAC Grows 9% Year-Over-Year Contribution ex-TAC From CTV Grows 8% Year-Over-Year NEW YORK, Aug. 09, 2023 (GLOBE
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue Grows 11% & Contribution ex-TAC Grows 9% Year-Over-Year Contribution ex-TAC From CTV Grows 8% Year-Over-Year NEW YORK, Aug. 09, 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 June 30, 2023. Q2 2023 Highlights: Revenue of $152.5 million, up 11% year-over-yearContribution ex-TAC(1) of $134.7 million, up 9% year-over-yearContribution ex-TAC(1) attributable to CTV of $56.1 million, up 8% year-over-yearContribution ex-TAC(1) attributable to DV+ of $78.6 million, up 10% year-over yearNet loss of $73.9 million, for a loss per share of $0.54, compared to net loss of $25.0 million in Q2 2022, for a loss per share of $0.19Adjusted EBITDA(1) of $37.3 million, representing a 28% Adjusted EBITDA margin(3) (includes bad debt expense of $4.5 million from a buyer bankruptcy), compared to Adjusted EBITDA of $41.3 million in Q2 2022Non-GAAP earnings per share(1) of $0.09, compared to non-GAAP earnings per share of $0.14 for Q2 2022Operating cash flow(4) of $28.4 millionRepurchased $40.2 million of convertible notes during the quarter, over $90 million or 23% of total now retired Expectations: Contribution ex-TAC(1) for Q3 2023 to be between $128 million and $132 millionContribution ex-TAC(1) attributable to CTV for Q3 2023 to be between $50 million and $52 millionContribution ex-TAC(1) attributable to DV+ for Q3 2023 to be between $78 million and $80 millionAdjusted EBITDA operating expenses(2) for Q3 2023 to be between $92 million and $94 millionExpect Contribution ex-TAC(1) growth attributable to CTV for Q4 2023 to improve from Q3 guidance and to be much closer to flat year-over-yearExpect Contribution ex-TAC(1) growth for full-year 2023 to be in the mid-to-high single-digitsExpect Adjusted EBITDA(1) for full-year 2023 will be comparable to 2022Continue to expect total capital expenditures for 2023 will be less than $40 millionContinue to expect free cash flow(5) for the full-year 2023 to exceed $100 million “We delivered a solid second quarter, with both total contribution ex-TAC and CTV contribution ex-TAC growing high single digits. We continue to grow our market share in both CTV and DV+, as well as launching new products and services to better serve our partners. We feel very good about how we're pos...