Loading...
•
Jun 30, 2024
Magnite Q2 2024 Earnings Report
Magnite reported Q2 2024 earnings with revenue up 7% year-over-year and Contribution ex-TAC up 9% year-over-year.
Key Takeaways
Magnite's Q2 2024 earnings revealed a 7% increase in revenue, reaching $162.9 million, and a 9% rise in Contribution ex-TAC, totaling $146.8 million. CTV Contribution ex-TAC grew by 12% year-over-year to $63.0 million. The company reported a net loss of $1.1 million, or $0.01 per share, and a non-GAAP earnings per share of $0.14.
Revenue reached $162.9 million, a 7% increase year-over-year.
Contribution ex-TAC totaled $146.8 million, up 9% year-over-year.
CTV Contribution ex-TAC grew by 12% year-over-year to $63.0 million.
Non-GAAP earnings per share was $0.14, compared to $0.09 for Q2 2023.
Magnite
Magnite
Forward Guidance
Magnite expects total Contribution ex-TAC for Q3 2024 to be between $146 million and $150 million. Contribution ex-TAC attributable to CTV is expected to accelerate to 18%-22% year-over-year for Q3 2024, between $62 million and $64 million. Adjusted EBITDA operating expenses for Q3 2024 are expected to be between $101 million and $103 million. The company reaffirmed Contribution ex-TAC to grow at least 10% for the full-year 2024, with CTV growing faster than DV+, and reaffirmed Adjusted EBITDA margin expansion for 2024 to 100-150 basis points and Adjusted EBITDA growth for 2024 to be in the mid-teens, with even higher growth in free cash flow. Total capital expenditures for 2024 are expected to be approximately $50 million. Net income and earnings per share are expected to be positive for 2024 on a GAAP basis.
Positive Outlook
- Total Contribution ex-TAC for Q3 2024 to be between $146 million and $150 million
- Contribution ex-TAC attributable to CTV to accelerate to 18%-22% year-over-year for Q3 2024 to be between $62 million and $64 million
- Contribution ex-TAC attributable to DV+ for Q3 2024 to be between $84 million and $86 million
- Reaffirming Contribution ex-TAC to grow at least 10% for the full-year 2024, with CTV growing faster than DV+
- Reaffirming Adjusted EBITDA margin expansion for 2024 to 100-150 basis points
Challenges Ahead
- Adjusted EBITDA operating expenses for Q3 2024 to be between $101 million and $103 million
- Total capital expenditures for 2024 to be approximately $50 million
- Net loss of $1.1 million for the quarter
- Loss per share of $0.01 for the quarter
- Uncertainty regarding the timing and amount of future charges that impact non-GAAP financial expectations