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Mar 31, 2023
Magnite Q1 2023 Earnings Report
Reported strong results with total revenue ex-TAC and CTV revenue ex-TAC exceeding guidance, and Adjusted EBITDA exceeding expectations.
Key Takeaways
Magnite reported Q1 2023 results with revenue of $130.2 million, up 10% year-over-year, and revenue ex-TAC of $116.0 million, up 8% year-over-year. The company's net loss was $98.7 million, or $0.73 per share. Adjusted EBITDA was $23.3 million, representing a 20% Adjusted EBITDA margin. The company expects revenue ex-TAC for full-year 2023 to be in the high single-digits.
Revenue of $130.2 million, up 10% year-over-year
Revenue ex-TAC of $116.0 million, up 8% year-over-year
Revenue ex-TAC attributable to CTV of $46.4 million, up 10% year-over-year
Non-GAAP earnings per share of $0.04, compared to non-GAAP earnings per share of $0.08 for Q1 2022
Magnite
Magnite
Forward Guidance
Magnite expects Revenue ex-TAC for Q2 2023 to be between $132 million and $136 million and Revenue ex-TAC attributable to CTV for Q2 2023 to be between $56 million and $58 million. The company expects Adjusted EBITDA operating expenses to be between $94 million and $96 million for Q2 2023. Magnite expects revenue ex-TAC growth for full-year 2023 to be in the high single-digits and Adjusted EBITDA for full-year 2023 will be comparable or better than 2022.
Positive Outlook
- Revenue ex-TAC for Q2 2023 to be between $132 million and $136 million
- Revenue ex-TAC attributable to CTV for Q2 2023 to be between $56 million and $58 million
- Expect revenue ex-TAC growth for full-year 2023 to be in the high single-digits
- Expect Adjusted EBITDA for full-year 2023 will be comparable or better than 2022
- Adjusted EBITDA margin will improve meaningfully in the second half of 2023
Challenges Ahead
- Adjusted EBITDA operating expenses to be between $94 million and $96 million for Q2 2023
- Total capital expenditures for 2023 will be $40 million or less
- Continue to expect free cash flow for the full-year 2023 to exceed $100 million
- Uncertainty of estimates and expectations associated with new offerings
- Potential negative impacts associated with the integration of our CTV platforms and the introduction of Magnite Streaming