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Mar 31, 2021
Magnite Q1 2021 Earnings Report
Reported a 67% year-over-year increase in revenue for Q1 2021, driven by CTV growth and the acquisition of SpotX.
Key Takeaways
Magnite reported a strong start to 2021 with significant revenue growth, driven by strength in technology, health, and retail ad spend sectors across all channels and formats. The acquisition of SpotX is expected to further accelerate CTV scale and growth.
Total revenue for Q1 2021 was $60.7 million, up 67% year-over-year.
CTV revenue for Q1 2021 was $12.0 million, up 32% year-over-year on a pro-forma basis.
Net loss for Q1 2021 was $12.9 million, or loss per share of $0.11.
Non-GAAP income per share was $0.03 for Q1 2021.
Revenue by Segment
Forward Guidance
Magnite expects continued growth in Q2 2021, particularly in CTV, with revenue ex-TAC attributable to CTV expected to grow greater than 90% year over year on a pro-forma basis.
Positive Outlook
- Revenue ex-TAC for Q2 2021 to be between $92 million to $96 million (excluding SpotX results for April).
- Revenue ex-TAC attributable to CTV expected to be between $30 million to $34 million (excluding SpotX results for April).
- Revenue ex-TAC attributable to CTV expected to grow greater than 90% year over year for pro-forma full quarter Q2 2021 (combined company results as if the acquisition occurred on April 1, 2021).
- Q2 Adjusted EBITDA margin in Q2 2021 to be approximately 27% (excluding SpotX results for April).
Challenges Ahead
- Adjusted EBITDA operating expenses to be between $68 to $70 million for Q2 2021 (excluding SpotX results for April).
- Adjusted EBITDA operating expenses to be between $76 to $79 million for Q3 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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