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Mar 31, 2024
Magnite Q1 2024 Earnings Report
Magnite's first quarter 2024 results were reported, with revenue up 15% and Contribution ex-TAC growing 12% year-over-year. CTV Contribution ex-TAC increased 18% year-over-year.
Key Takeaways
Magnite reported a strong start to 2024, exceeding top-line guidance in Q1. Contribution ex-TAC for CTV significantly surpassed expectations due to live sports and ad serving growth. DV+ also showed solid growth, contributing to overall positive momentum.
Revenue reached $149.3 million, a 15% increase year-over-year.
Contribution ex-TAC totaled $130.6 million, up 12% year-over-year.
CTV Contribution ex-TAC was $54.9 million, reflecting an 18% year-over-year growth and exceeding guidance.
Non-GAAP earnings per share were $0.05, compared to $0.04 in Q1 2023.
Magnite
Magnite
Forward Guidance
Magnite expects continued growth in Q2 2024, with Contribution ex-TAC between $142 million and $146 million, and CTV Contribution ex-TAC between $59 million and $61 million. The company anticipates full-year Contribution ex-TAC growth of at least 10% and Adjusted EBITDA margin expansion.
Positive Outlook
- Total Contribution ex-TAC for Q2 2024 to be between $142 million and $146 million
- Contribution ex-TAC attributable to CTV for Q2 2024 to be between $59 million and $61 million
- Contribution ex-TAC attributable to DV+ for Q2 2024 to be between $83 million and $85 million
- Raising Contribution ex-TAC to now grow at least 10% for the full-year 2024, with CTV growing faster than DV+
- Increasing Adjusted EBITDA margin expansion for 2024 to 100-150 basis points
Challenges Ahead
- Adjusted EBITDA operating expenses for Q2 2024 to be between $101 million and $103 million
- Total capital expenditures for 2024 to be in the mid to high $40 million range
- Net loss of $17.8 million
- Basic and diluted loss per share of $0.13
- Decrease in cash and cash equivalents from $326,219 to $252,834