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Sep 30, 2024
Magnite Q3 2024 Earnings Report
Reported revenue increased and net income improved year-over-year, driven by growth in CTV and DV+ segments.
Key Takeaways
Magnite reported strong Q3 2024 results, with revenue up 8% year-over-year and Contribution ex-TAC up 12% year-over-year. The company supported Netflix's initial programmatic CTV ad launch and saw growth in both CTV and DV+ segments. Net income improved significantly compared to the previous year.
Revenue grew by 8% year-over-year, reaching $162.0 million.
Contribution ex-TAC increased by 12% year-over-year, amounting to $149.4 million.
CTV Contribution ex-TAC grew by 23% year-over-year, totaling $64.4 million.
Net income was $5.2 million, a significant improvement from the net loss of $17.5 million in Q3 2023.
Magnite
Magnite
Forward Guidance
The company expects Total Contribution ex-TAC for Q4 2024 to be between $182 million and $186 million and Adjusted EBITDA operating expenses for Q4 2024 to be between $102 million and $104 million.
Positive Outlook
- Raising Contribution ex-TAC(1) to grow 11%-12% for the full-year 2024
- Raising Adjusted EBITDA margin(2) expansion for 2024 to 150-200 basis points
- Raising Adjusted EBITDA(1) growth for 2024 to be above 15%
- Raising free cash flow(5) growth to approximately 20% for 2024
- Net income and earnings per share to be positive for 2024 on a GAAP basis