Magnite reports second quarter 2023 results

Total revenue grows 11% & contribution ex-tac grows 9% year-over-year contribution ex-tac from ctv grows 8% year-over-year new york, aug. 09, 2023 (globe newswire) -- magnite (nasdaq: mgni), the world's largest independent sell-side advertising company, today reported its results of operations for the quarter ended june 30, 2023. q2 2023 highlights: revenue of $152.5 million, up 11% year-over-year contribution ex-tac(1) of $134.7 million, up 9% year-over-year contribution ex-tac(1) attributable to ctv of $56.1 million, up 8% year-over-year contribution ex-tac(1) attributable to dv+ of $78.6 million, up 10% year-over year net loss of $73.9 million, for a loss per share of $0.54, compared to net loss of $25.0 million in q2 2022, for a loss per share of $0.19 adjusted ebitda(1) of $37.3 million, representing a 28% adjusted ebitda margin(3) (includes bad debt expense of $4.5 million from a buyer bankruptcy), compared to adjusted ebitda of $41.3 million in q2 2022 non-gaap earnings per share(1) of $0.09, compared to non-gaap earnings per share of $0.14 for q2 2022 operating cash flow(4) of $28.4 million repurchased $40.2 million of convertible notes during the quarter, over $90 million or 23% of total now retired expectations: contribution ex-tac(1) for q3 2023 to be between $128 million and $132 million contribution ex-tac(1) attributable to ctv for q3 2023 to be between $50 million and $52 million contribution ex-tac(1) attributable to dv+ for q3 2023 to be between $78 million and $80 million adjusted ebitda operating expenses(2) for q3 2023 to be between $92 million and $94 million expect contribution ex-tac(1) growth attributable to ctv for q4 2023 to improve from q3 guidance and to be much closer to flat year-over-year expect contribution ex-tac(1) growth for full-year 2023 to be in the mid-to-high single-digits expect adjusted ebitda(1) for full-year 2023 will be comparable to 2022 continue to expect total capital expenditures for 2023 will be less than $40 million continue to expect free cash flow(5) for the full-year 2023 to exceed $100 million “we delivered a solid second quarter, with both total contribution ex-tac and ctv contribution ex-tac growing high single digits.
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