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Dec 31, 2021
Magnite Q4 2021 Earnings Report
Magnite's Q4 2021 results were reported, featuring a 97% increase in revenue compared to the previous year and a record adjusted EBITDA margin of 48%.
Key Takeaways
Magnite reported record Q4 2021 results, with revenue up 97% year-over-year and a record adjusted EBITDA margin of 48%. The company's non-GAAP earnings per share increased by 37% to $0.26, and CTV revenue ex-TAC grew by 52% on a pro forma basis for the year 2021.
Q4 2021 revenue increased by 97% compared to Q4 2020, reaching $161.3 million.
Q4 2021 revenue ex-TAC was $142.1 million, a 76% increase year-over-year as reported and a 10% increase on a pro forma basis.
CTV revenue ex-TAC for Q4 2021 reached $54.0 million, representing a 252% increase year-over-year as reported and a 23% increase on a pro forma basis.
Adjusted EBITDA for Q4 2021 was $67.5 million, with a 48% adjusted EBITDA margin, compared to $30.0 million and a 37% margin in Q4 2020.
Forward Guidance
Magnite expects continued growth and profitability, with strong top-line growth and continued profitability from the strong leverage in their business model. Revenue ex-TAC for Q1 2022 is expected to be between $105 and $109 million, with CTV contributing $40 to $42 million. Adjusted EBITDA operating expenses for Q1 2022 are projected to be between $83 and $85 million. For the full year 2022, revenue ex-TAC is expected to be well over $500 million, and free cash flow is anticipated to exceed $100 million.
Positive Outlook
- Revenue ex-TAC for Q1 2022 to be between $105 and $109 million
- CTV revenue ex-TAC for Q1 2022 to be between $40 and $42 million
- Revenue ex-TAC for full year 2022 to be well over $500 million
- Free cash flow for 2022 to exceed $100 million
- Total capital expenditures for 2022 to be between $40 and $45 million
Historical Earnings Impact
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