NASDAQ$MGNI
Magnite Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported strong results with total revenue ex-TAC and CTV revenue ex-TAC exceeding guidance, and Adjusted EBITDA exceeding expectations.
Magnite reported Q1 2023 results with revenue of $130.2 million, up 10% year-over-year, and revenue ex-TAC of $116.0 million, up 8% year-over-year. The company's net loss was $98.7 million, or $0.73 per share. Adjusted EBITDA was $23.3 million, representing a 20% Adjusted EBITDA margin. The company expects revenue ex-TAC for full-year 2023 to be in the high single-digits.
- Revenue of $130.2 million, up 10% year-over-year
- Revenue ex-TAC of $116.0 million, up 8% year-over-year
- Revenue ex-TAC attributable to CTV of $46.4 million, up 10% year-over-year
- Non-GAAP earnings per share of $0.04, compared to non-GAAP earnings per share of $0.08 for Q1 2022
Headline financials
Revenue & EPS history
Magnite · Revenue · Quarterly
$130M
Revenue by segment
Magnite · $116M total across 3 segments · Q1 2023
- Mobile$46.9M+22.5%40.4%
- CTV$46.4M+9.7%40.0%
- Desktop$22.7M-14.1%19.6%
Forward guidance
Magnite expects Revenue ex-TAC for Q2 2023 to be between $132 million and $136 million and Revenue ex-TAC attributable to CTV for Q2 2023 to be between $56 million and $58 million. The company expects Adjusted EBITDA operating expenses to be between $94 million and $96 million for Q2 2023. Magnite expects revenue ex-TAC growth for full-year 2023 to be in the high single-digits and Adjusted EBITDA for full-year 2023 will be comparable or better than 2022.
Tailwinds
- Revenue ex-TAC for Q2 2023 to be between $132 million and $136 million
- Revenue ex-TAC attributable to CTV for Q2 2023 to be between $56 million and $58 million
- Expect revenue ex-TAC growth for full-year 2023 to be in the high single-digits
- Expect Adjusted EBITDA for full-year 2023 will be comparable or better than 2022
- Adjusted EBITDA margin will improve meaningfully in the second half of 2023
Headwinds
- Adjusted EBITDA operating expenses to be between $94 million and $96 million for Q2 2023
- Total capital expenditures for 2023 will be $40 million or less
- Continue to expect free cash flow for the full-year 2023 to exceed $100 million
- Uncertainty of estimates and expectations associated with new offerings
- Potential negative impacts associated with the integration of our CTV platforms and the introduction of Magnite Streaming
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+3.8%
Avg return
30 days after
45%
22 / 49 earnings
Positive
+53.9%
Q3 2022
Best reaction
-43.6%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -1.8% | +7.8% | |
| Q4 2025 | +12.6% | +15.0% | -2.7% | |
| Q3 2025 | -12.8% | -13.6% | -14.3% | |
| Q1 2025 | +19.5% | +31.2% | +41.6% | |
| Q4 2024 | -1.8% | -13.1% | -31.2% | |
| Q3 2024 | +3.1% | +23.5% | +36.4% | |
| Q2 2024 | -2.1% | -5.1% | +0.7% | |
| Q1 2024 | -2.0% | -3.0% | +37.3% | |
| Q4 2023 | +4.3% | +2.3% | -6.7% | |
| Q3 2023 | +1.6% | -3.5% | +17.3% | |
| Q2 2023 | -43.6% | -39.5% | -43.3% | |
| Q1 2023 | +35.3% | +31.5% | +53.0% | |
| Q4 2022 | -16.2% | -14.9% | -32.2% | |
| Q3 2022 | +53.9% | +69.5% | +78.5% | |
| Q2 2022 | -2.3% | +4.0% | -20.3% | |
| Q1 2022 | +8.2% | -9.9% | +7.3% | |
| Q4 2021 | +14.7% | +24.5% | +14.3% | |
| Q3 2021 | -14.3% | -9.8% | -36.8% | |
| Q2 2021 | +14.2% | +10.7% | +6.4% | |
| Q1 2021 | -23.0% | -30.3% | -5.5% | |
| Q4 2020 | -8.2% | -1.0% | -22.4% | |
| Q3 2020 | -10.3% | -6.9% | +63.5% | |
| Q2 2020 | +8.9% | +6.0% | -10.0% | |
| Q1 2020 | -9.3% | -28.7% | +23.2% | |
| Q4 2019 | -8.3% | -5.2% | -48.5% | |
| Q3 2019 | -9.7% | -12.1% | -11.0% | |
| Q2 2019 | +33.8% | +27.5% | +32.5% | |
| Q1 2019 | +2.1% | +1.2% | +5.1% | |
| Q4 2018 | +13.1% | +16.8% | +17.1% | |
| Q3 2018 | +25.3% | +31.3% | +18.4% | |
| Q2 2018 | +13.9% | +16.7% | +38.2% | |
| Q1 2018 | -5.6% | +5.6% | +21.1% | |
| Q4 2017 | +16.3% | +15.7% | +26.2% | |
| Q3 2017 | -42.3% | -42.9% | -49.3% | |
| Q2 2017 | -18.0% | -16.6% | -18.4% | |
| Q1 2017 | -1.1% | -3.2% | +0.4% | |
| Q4 2016 | -31.3% | -33.6% | -35.3% | |
| Q3 2016 | -13.9% | -10.7% | -0.1% | |
| Q2 2016 | +0.1% | -1.8% | -10.7% | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +4.1% | — | — | |
| Q3 2015 | +7.2% | — | — | |
| Q2 2015 | -4.3% | — | — | |
| Q1 2015 | -3.1% | — | — | |
| Q4 2014 | -0.1% | — | — | |
| Q3 2014 | -10.7% | — | — | |
| Q2 2014 | +2.5% | — | — | |
| Q1 2014 | -4.3% | — | — | |
| Q4 2013 | -4.3% | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — |
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