Business
Magnite Reports Third Quarter 2020 Results
CTV Revenue Grew 51% Year over Year, on a Pro-Forma Basis Company Posts Adjusted EBITDA Margin of 23% in Quarter LOS ANGELES--(BUSINESS WIRE)-- Magnite, Inc.
About this update from Magnite, Inc.
[{"type":"text","content":"\nCTV Revenue Grew 51% Year over Year, on a Pro-Forma Basis\n\nCompany Posts Adjusted EBITDA Margin of 23% in Quarter\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 third quarter ended September 30, 2020. Third quarter 2020 financial results of Magnite represent the combined performance of Rubicon Project and Telaria, which merged on April 1, 2020. Third quarter 2019 comparative numbers do not include results from Telaria, unless noted as pro-forma.\n\nRecent Highlights\n\n\nMagnite revenue was $61.0 million for Q3 2020, up 62% from Q3 2019 on an as reported basis and up 12% on a pro-forma basis\n\n\nCTV revenue for Q3 2020 was $11.1 million up 51% year over year on a pro-forma basis\n\n\nPro-forma non-CTV video grew year over year in Q3 2020\n\n\nExpect strong CTV growth in Q4 2020\n\n\nExpect revenue for Q4 2020 to be between $72 million to $75 million\n\n\nExpect Adjusted EBITDA operating expenses(2) to be between $50 million to $52 million for Q4 2020\n\n\nExpect Q4 Adjusted EBITDA margin(3) in Q4 2020 to be approximately 30%\n\n\nNet loss for Q3 2020 was $10.5 million, or loss per share of $0.10, compared to net loss of $6.2 million, or loss per share of $0.12 for Q3 of 2019\n\n\nAdjusted EBITDA(1) was $13.7 million for Q3 2020, compared to Adjusted EBITDA of $6.1 million for Q3 of 2019\n\n\nNon-GAAP income per share(1) was $0.06 for Q3 2020, compared to $0.02 non-GAAP loss per share for Q3 of 2019\n\n\n“We are very pleased to post strong third quarter results with growth across all formats including CTV, non-CTV video, mobile and display; and these trends are continuing into the fourth quarter,\" said Michael G. Barrett, President and CEO of Magnite. \"We believe a meaningful portion of our growth is coming from broad market share gains, which demonstrates the strength of our go to market strategy as a combined company, and are positive signs for our non-CTV video business. In programmatic ad-supported CTV, we continue to benefit from the acceleration of cord cutting, spend moving to programmatic from direct sales, inventory growth and overall consumer adoption rates. We believe the combination of these factors has significantly accelerated growth in the ad supported CTV market. It is a pretty excitin...