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Magnite Reports Fourth Quarter and Full-Year 2024 Results

In This Article:

Total Revenue up 4% & Contribution ex-TAC(1) up 9% in Fourth Quarter

Contribution ex-TAC(1) from CTV Grows 23% in Fourth Quarter

Adjusted EBITDA Margin(2) of 42% in Fourth Quarter

NEW YORK, Feb. 26, 2025 (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, 2024.

Recent Highlights:

  • Revenue of $194.0 million for Q4 2024, up 4% from Q4 2023

  • Contribution ex-TAC(1) of $180.2 million for Q4 2024, an increase of 9% from Q4 2023

  • Contribution ex-TAC(1) attributable to CTV for Q4 2024 of $77.9 million, which exceeded guidance of $75 to $77 million, and was up 23% year-over-year

  • Contribution ex-TAC(1) attributable to DV+ for Q4 2024 of $102.3 million, an increase of 1% year-over-year

  • Net income for Q4 2024 of $36.4 million, or $0.24 per diluted share, compared to net income of $30.9 million, or $0.16 per diluted share for Q4 2023

  • Adjusted EBITDA(1) of $76.5 million in Q4 2024 representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $70.4 million for Q4 2023

  • Non-GAAP diluted earnings per share(1) of $0.34 for Q4 2024, compared to non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023

  • Operating cash flow(3) in Q4 2024 of $64.4 million

  • Contribution ex-TAC(1) attributable to CTV for the full-year 2024 of $260.2 million, an increase of 19% year-over-year, representing 43% of total Contribution ex-TAC(1)

  • Adjusted EBITDA(1) for the full-year 2024 of $196.9 million, an increase of 15% from the full-year 2023

  • Ended 2024 with $483.2 million in cash and cash equivalents

Expectations:

  • Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million

  • Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million

  • Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million

  • Adjusted EBITDA operating expenses(4) for Q1 2025 to be between $111 and $113 million

  • Total Contribution ex-TAC(1) growth above 10% for the full-year 2025

  • Excluding political, total 2025 Contribution ex-TAC(1) growth in the mid-teens

  • Adjusted EBITDA margin(2) expansion of at least 100 basis points for 2025

  • Mid-teens percentage growth of Adjusted EBITDA(1) for 2025

  • High-teens to 20% growth in free cash flow(5) for 2025

“CTV performed well above expectations based on strength from our partnerships with many of the largest industry players. Our DV+ business grew modestly in Q4 due to marketers pausing campaigns after the election, but has rebounded since the start of 2025 and resumed growth in the mid-to-high single digits. We are very encouraged with partner and agency traction to start 2025, and have also made strides to improve efficiency across our business.” said Michael G. Barrett, CEO of Magnite. “We look forward to a solid growth year in 2025, despite a mixed ad spend environment and political comps. We continue to balance top-line growth and profitability to drive free cash flow, which is reflected in our outlook for 2025. Key areas of investment will be live sports, ClearLine, agency marketplaces, curation, AI and overall platform efficiency.”