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Sep 30, 2023
Magnite Q3 2023 Earnings Report
Revenue increased by 3% and Contribution ex-TAC grew by 4% year-over-year. CTV share gains continued with ad spend growth over 20%.
Key Takeaways
Magnite reported a 3% increase in revenue to $150.1 million and a 4% increase in Contribution ex-TAC to $133.1 million year-over-year. CTV ad spend increased over 20%, outpacing market growth estimates.
Revenue reached $150.1 million, a 3% increase year-over-year.
Contribution ex-TAC totaled $133.1 million, up 4% year-over-year.
CTV Contribution ex-TAC was $52.5 million, a 6% decrease year-over-year, but above guidance.
Non-GAAP earnings per share was $0.12, compared to $0.18 for Q3 2022.
Revenue by Segment
Forward Guidance
Total Contribution ex-TAC for Q4 2023 is expected to be between $158 million and $162 million, with CTV Contribution ex-TAC between $61 million and $63 million, and DV+ Contribution ex-TAC between $97 million and $99 million. Adjusted EBITDA operating expenses for Q4 2023 are projected to be between $94 million and $96 million.
Positive Outlook
- Total Contribution ex-TAC growth in the high single digits for the full-year 2024, with CTV growing faster than DV+
- Targeting Adjusted EBITDA margin expansion of 50-100 basis points for 2024
- Double digit percentage growth of Adjusted EBITDA for 2024, and even higher growth in free cash flow
- Total capital expenditures for 2024 to be in the mid $40 million range
- CTV Contribution ex-TAC for Q4 2023 to be between $61 million and $63 million
Challenges Ahead
- Total Contribution ex-TAC for Q4 2023 to be between $158 million and $162 million
- Contribution ex-TAC attributable to DV+ for Q4 2023 to be between $97 million and $99 million
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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