Business
Magnite Reports Second Quarter 2024 Results
Total Revenue Grows 7% & Contribution ex-TAC(1) Grows 9% Year-Over-Year Contribution ex-TAC(1) from CTV Grows 12% Year-Over-Year NEW YORK, Aug. 07, 2024
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue Grows 7% & Contribution ex-TAC(1) Grows 9% Year-Over-Year Contribution ex-TAC(1) from CTV Grows 12% Year-Over-Year NEW YORK, Aug. 07, 2024 (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, 2024. Q2 2024 Highlights: Revenue of $162.9 million, up 7% year-over-yearContribution ex-TAC(1) of $146.8 million, up 9% year-over-yearContribution ex-TAC(1) attributable to CTV of $63.0 million, up 12% year-over-year, compared to guidance of $59.0 to $61.0 millionContribution ex-TAC(1) attributable to DV+ of $83.8 million, up 7% year-over year, compared to guidance of $83.0 to $85.0 millionNet loss of $1.1 million, for a loss per share of $0.01, compared to a net loss of $73.9 million, for a loss per share of $0.54 for Q2 2023Adjusted EBITDA(1) of $44.7 million, representing a 30% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $37.3 million in Q2 2023Non-GAAP earnings per share(1) of $0.14, compared to non-GAAP earnings per share(1) of $0.09 for Q2 2023Operating cash flow(3) of $29.6 million Expectations: Total Contribution ex-TAC(1) for Q3 2024 to be between $146 million and $150 millionContribution ex-TAC(1) attributable to CTV to accelerate to 18%-22% year-over-year for Q3 2024 to be between $62 million and $64 millionContribution ex-TAC(1) attributable to DV+ for Q3 2024 to be between $84 million and $86 millionAdjusted EBITDA operating expenses(4) for Q3 2024 to be between $101 million and $103 millionReaffirming Contribution ex-TAC(1) to grow at least 10% for the full-year 2024, with CTV growing faster than DV+Reaffirming Adjusted EBITDA margin(2) expansion for 2024 to 100-150 basis pointsReaffirming Adjusted EBITDA(1) growth for 2024 to be in the mid-teens, and even higher growth in free cash flow(5)Total capital expenditures for 2024 to be approximately $50 millionNet income and earnings per share to be positive for 2024 on a GAAP basis “We once again beat the high end of our total and CTV top line guidance in the second quarter, with contribution ex-TAC for CTV exceeding the high end of our range. After partnering with Netflix in late May, we are working closely with them in support of their growing advertising business with their expanded programmatic launch this summer, and mor...