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Sep 30, 2021
Magnite Q3 2021 Earnings Report
Magnite's Q3 2021 results were reported, with CTV revenue growing over 50% on a pro forma basis and representing 38% of revenue ex-TAC.
Key Takeaways
Magnite reported Q3 2021 financial results, which represent the combined performance of Magnite, SpotX, and SpringServe. Revenue ex-TAC attributable to CTV was $43.1 million, up 290% year over year, and up 51% on a pro forma basis. The company expects solid growth in Q4, even with some pockets of sector weakness in the broader economy.
Revenue of $131.9 million for Q3 2021, up 116% from Q3 2020.
Revenue ex-TAC of $114.1 million for Q3 2021, up 89% from Q3 2020 and up 26% on a pro-forma basis.
Revenue ex-TAC attributable to CTV of $43.1 million for Q3 2021, up 290% year over year, and up 51% on a pro forma basis.
Non-GAAP earnings per share of $0.14 for Q3 2021, compared to non-GAAP earnings per share of $0.06 for Q3 of 2020.
Magnite
Magnite
Forward Guidance
The company expects solid growth in Q4, even with some pockets of sector weakness in the broader economy.
Positive Outlook
- Revenue ex-TAC for Q4 2021 to be between $138 million and $142 million
- Revenue ex-TAC attributable to CTV for Q4 2021 to be between $52 million and $56 million
Challenges Ahead
- Adjusted EBITDA operating expenses to be between $79 and $81 million for Q4 2021
- Total capital expenditures for Q4 2021 to be approximately $8 million