Business
Magnite Reports Third Quarter 2022 Results
Total Revenue Grows 11% & Revenue ex-TAC Grows 12% Year-Over-Year CTV Revenue ex-TAC Grew 29% Year-Over-Year & Represents 44% of Total Adjusted EBITDA Margin
About this update from Magnite, Inc.
[{"type":"text","content":"Total Revenue Grows 11% & Revenue ex-TAC Grows 12% Year-Over-Year CTV Revenue ex-TAC Grew 29% Year-Over-Year & Represents 44% of Total Adjusted EBITDA Margin of 35% NEW YORK, Nov. 09, 2022 (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, 2022. Q3 2022 Highlights: Revenue of $145.8 million, up 11% year-over-yearRevenue ex-TAC(1) of $127.7 million, up 12% year-over-yearRevenue ex-TAC(1) attributable to CTV of $55.8 million, up 29% year-over-yearNet loss of $24.4 million, for a loss per share of $0.18, compared to net loss of $24.3 million in Q3 2021, for a loss per share of $0.18Adjusted EBITDA(1) of $44.4 million, up 11% over Adjusted EBITDA of $40.0 million in Q3 2021Adjusted EBITDA margin of 35%(3)Non-GAAP earnings per share(1) of $0.18, compared to non-GAAP earnings per share of $0.14 for Q3 2021Operating cash flow(4) of $28.6 million Expectations: Revenue ex-TAC(1) for Q4 2022 to be between $151 million and $157 millionRevenue ex-TAC(1) attributable to CTV for Q4 2022 to be between $63 million and $65 millionAdjusted EBITDA operating expenses(2) to be between $88 million and $90 million for Q4 2022Total capital expenditures for Q4 2022 to be approximately $9 millionQ4 guidance implies revenue ex-TAC(1) for full-year 2022 will exceed $510 millionQ4 guidance implies free cash flow(5) for the full-year 2022 will exceed $105 million “We delivered strong results in Q3, with total revenue ex-TAC and CTV revenue ex-TAC exceeding our guidance for the quarter. Adjusted EBITDA also grew nicely and delivered a margin of 35% for the quarter. We were able to show improvement in Q3 growth rates in CTV and DV+ as compared to Q2, despite challenging macro conditions. We continue to build upon and scale our CTV capabilities to better serve new and existing customers and believe we are well positioned to grow revenue in 2023,” said Michael G. Barrett, President and CEO of Magnite. Third Quarter2022Results Summary(in millions, except per share amounts and percentages) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 ChangeFavorable/ (Unfavorable) September 30, 2022 September 30, 2021 ChangeFavorable/ (Unfavorable)Revenue$145.8 $131.9 11% $401.7 $307.1 31%Revenue ex-TAC(1)$127.7 $114.1 ...