NASDAQ$MGNI
Magnite Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Revenue increased by 3% and Contribution ex-TAC grew by 4% year-over-year. CTV share gains continued with ad spend growth over 20%.
Magnite reported a 3% increase in revenue to $150.1 million and a 4% increase in Contribution ex-TAC to $133.1 million year-over-year. CTV ad spend increased over 20%, outpacing market growth estimates.
- Revenue reached $150.1 million, a 3% increase year-over-year.
- Contribution ex-TAC totaled $133.1 million, up 4% year-over-year.
- CTV Contribution ex-TAC was $52.5 million, a 6% decrease year-over-year, but above guidance.
- Non-GAAP earnings per share was $0.12, compared to $0.18 for Q3 2022.
Headline financials
Revenue & EPS history
Magnite · Revenue · Quarterly
$150M
Revenue by segment
Magnite · $133M total across 3 segments · Q3 2023
- Mobile$55M+22.9%41.3%
- CTV$52.5M-5.9%39.4%
- Desktop$25.7M-5.4%19.3%
Forward guidance
Total Contribution ex-TAC for Q4 2023 is expected to be between $158 million and $162 million, with CTV Contribution ex-TAC between $61 million and $63 million, and DV+ Contribution ex-TAC between $97 million and $99 million. Adjusted EBITDA operating expenses for Q4 2023 are projected to be between $94 million and $96 million.
Tailwinds
- Total Contribution ex-TAC growth in the high single digits for the full-year 2024, with CTV growing faster than DV+
- Targeting Adjusted EBITDA margin expansion of 50-100 basis points for 2024
- Double digit percentage growth of Adjusted EBITDA for 2024, and even higher growth in free cash flow
- Total capital expenditures for 2024 to be in the mid $40 million range
- CTV Contribution ex-TAC for Q4 2023 to be between $61 million and $63 million
Headwinds
- Total Contribution ex-TAC for Q4 2023 to be between $158 million and $162 million
- Contribution ex-TAC attributable to DV+ for Q4 2023 to be between $97 million and $99 million
- Adjusted EBITDA operating expenses for Q4 2023 to be between $94 million and $96 million
- Net loss of $17.5 million, for a loss per share of $0.13
- Adjusted EBITDA of $40.3 million, representing a 30% Adjusted EBITDA margin
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 Q3 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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