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Dec 31, 2023
Magnite Q4 2023 Earnings Report
Magnite's Q4 2023 earnings were reported, with revenue up 7% and Contribution ex-TAC up 6%.
Key Takeaways
Magnite reported a strong fourth quarter with both CTV and DV+ revenue exceeding the high end of guidance. Total revenue was $186.9 million, up 7% year-over-year, and Contribution ex-TAC was $165.3 million, up 6% year-over-year.
Revenue for Q4 2023 reached $186.9 million, a 7% increase compared to Q4 2022.
Contribution ex-TAC for Q4 2023 was $165.3 million, exceeding guidance and up 6% from Q4 2022.
Net income for Q4 2023 was $30.9 million, or $0.16 per diluted share, compared to a net loss of $36.4 million in Q4 2022.
Adjusted EBITDA for Q4 2023 was $70.4 million, representing a 43% Adjusted EBITDA margin, compared to $64.2 million and 41% margin in Q4 2022.
Forward Guidance
The company expects Total Contribution ex-TAC for Q1 2024 to be between $122 and $126 million, with CTV Contribution ex-TAC between $49 and $51 million, and DV+ Contribution ex-TAC between $73 and $75 million. They anticipate approximately 10% Total Contribution ex-TAC growth for the full-year 2024, with CTV growing faster than DV+, and Adjusted EBITDA margin expansion of 100 basis points for 2024.
Positive Outlook
- Total Contribution ex-TAC for Q1 2024 to be between $122 and $126 million
- Contribution ex-TAC attributable to CTV for Q1 2024 to be between $49 and $51 million
- Contribution ex-TAC attributable to DV+ for Q1 2024 to be between $73 and $75 million
- Total Contribution ex-TAC growth of approximately 10% for the full-year 2024, with CTV growing faster than DV+
- Adjusted EBITDA margin expansion of 100 basis points for 2024
Challenges Ahead
- Adjusted EBITDA operating expenses for Q1 2024 to be between $106 and $108 million
- Adjusted EBITDA operating expenses for Q2 2024 to be between $101 and $103 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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