Business
Magnite Reports Third Quarter 2021 Results
CTV Revenue Grows Over 50% in Q3 on a Pro Forma Basis and Represents 38% of Revenue ex-TAC NEW YORK, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Magnite (Nasdaq: MGNI),
About this update from Magnite, Inc.
[{"type":"text","content":"CTV Revenue Grows Over 50% in Q3 on a Pro Forma Basis and Represents 38% of Revenue ex-TAC NEW YORK, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Magnite (Nasdaq: MGNI), the world's largest independent sell-side advertising platform, today reported its results of operations for the quarter ended September 30, 2021. Third quarter 2021 financial results of Magnite represent the combined performance of Magnite, SpotX, and SpringServe. Third quarter 2020 comparative numbers do not include results from SpotX and SpringServe, unless noted as pro-forma. Recent Magnite Highlights Revenue of $131.9 million for Q3 2021, up 116% from Q3 2020Revenue ex-TAC(2) of $114.1 million for Q3 2021, up 89% from Q3 2020 and up 26% on a pro-forma basis(1)Revenue ex-TAC(2) attributable to CTV of $43.1 million for Q3 2021, up 290% year over year, and up 51% on a pro forma basis(1)Net loss of $24.3 million in Q3 2021, for a loss per share of $0.18, compared to net loss of $10.5 million, for a loss per share of $0.10 in Q3 of 2020Adjusted EBITDA(2) of $40.0 million in Q3 2021 representing a margin of 35%(4), as compared to Adjusted EBITDA of $13.7 million in Q3 of 2020Non-GAAP earnings per share(2) of $0.14 for Q3 2021, compared to non-GAAP earnings per share of $0.06 for Q3 of 2020Operating free cash flow(5) in Q3 2021 was $34.0 millionSpringServe acquisition closed on July 1, 2021 Expectations: Revenue ex-TAC(2) for Q4 2021 to be between $138 million and $142 millionRevenue ex-TAC(2) attributable to CTV for Q4 2021 to be between $52 million and $56 millionAdjusted EBITDA operating expenses(3) to be between $79 and $81 million for Q4 2021Total capital expenditures for Q4 2021 to be approximately $8 million “We are pleased with the Company's recent performance in our CTV and DV+ business in Q3, which drove top line growth. Our business continued to show substantial leverage as we exceeded expectations on the bottom line. We also added a very strategic technology this quarter with SpringServe’s ad server, to further enhance our strong CTV market position and better serve customers in this exciting market. We expect solid growth in Q4, even with some pockets of sector weakness in the broader economy, and continue to be excited about the long term growth outlook for the industry and our business ,” said Michael G. Barrett, President and CEO of Magnite. Third Quarter 202...