Magnite reports fourth quarter and full-year 2023 results

Total revenue up 7% & contribution ex-tac (1) up 6% in fourth quarter adjusted ebitda margin (2) of 43% in fourth quarter full-year 2023 ctv ad spend (3) growth over 20% new york, feb. 28, 2024 (globe newswire) -- magnite (nasdaq: mgni), the world's largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended december 31, 2023. recent highlights: revenue of $186.9 million for q4 2023, up 7% from q4 2022 contribution ex-tac(1) of $165.3 million for q4 2023, exceeded guidance of $158 to $162 million, and was up 6% from q4 2022 contribution ex-tac(1) attributable to ctv for q4 2023 was $63.5 million, exceeded guidance of $61 to $63 million, and was down 2% year-over-year contribution ex-tac(1) attributable to dv+ for q4 2023 was $101.8 million, exceeded guidance of $97 to $99 million, and was up 11% year-over-year net income for q4 2023 of $30.9 million, or $0.16 per diluted share, compared to a net loss of $36.4 million, or $0.27 per share for q4 2022 adjusted ebitda(1) of $70.4 million in q4 2023 representing a 43% adjusted ebitda margin(2), compared to adjusted ebitda(1) of $64.2 million, a margin of 41% for q4 2022 non-gaap diluted earnings per share(1) of $0.29 for q4 2023, compared to $0.24 non-gaap diluted earnings per share(1) for q4 2022 operating cash flow(4) in q4 2023 was $58.6 million expectations: total contribution ex-tac(1) for q1 2024 to be between $122 and $126 million contribution ex-tac(1) attributable to ctv for q1 2024 to be between $49 and $51 million contribution ex-tac(1) attributable to dv+ for q1 2024 to be between $73 and $75 million adjusted ebitda operating expenses(5) for q1 2024 to be between $106 and $108 million adjusted ebitda operating expenses(5) for q2 2024 to be between $101 and $103 million total contribution ex-tac(1) growth of approximately 10% for the full-year 2024, with ctv growing faster than dv+ adjusted ebitda margin(2) expansion of 100 basis points for 2024 double digit percentage growth of adjusted ebitda(1) for 2024, and even higher growth in free cash flow(6) “we delivered a strong fourth quarter with ctv and dv+ revenue both exceeding the high end of our guidance ranges.
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