Magnite (NASDAQ: MGNI) reported Q4 EPS of $0.19, $0.05 better than the analyst estimate of $0.14. Revenue for the quarter came in at $82 million versus the consensus estimate of $75.16 million.

Recent Highlights

• Revenue was $82.0 million for Q4 2020, up 69% from Q4 2019 on an as reported basis, and up 20% on a pro forma basis(1)
• CTV revenue for Q4 2020 was $15.3 million, up 53% on a pro forma basis(1)
• Online Video ("OLV") revenue grew 35% year over year in Q4 2020 on a pro forma basis(1)
• Full year 2020 total video (CTV & OLV) pro forma revenue was $106 million or 45% of total revenue on a pro forma basis(1)
• We expect revenue for Q1 2021 to be between $58 to $62 million
• Expect strong CTV growth in Q1 2021
• Net income for Q4 2020 was $5.9 million, or income per share of $0.05, compared to net income of $1.5 million, or income per share of $0.03 for the fourth quarter of 2019
• Adjusted EBITDA(2) was $30.0 million representing a 37% Adjusted EBITDA margin(4), compared to Adjusted EBITDA of $15.3 million for the fourth quarter of 2019
• Q1 2021 Adjusted EBITDA operating expenses expected to be between $51-53 million
• Non-GAAP income per share(2) was $0.19, compared to $0.17 non-GAAP income per share for the fourth quarter of 2019

“We had a strong finish to 2020, led by contributions from CTV and OLV formats,” said Michael G. Barrett, President and CEO of Magnite. “As linear TV spend accelerates its move to ad-supported CTV, we believe growth from this secular trend will fuel our growth for the foreseeable future. SpotX is an important strategic win for Magnite and our customers, and is fast growing and highly profitable. Following the closing of the pending acquisition of SpotX, CTV and OLV formats would represent two-thirds of our total company revenue, which would further improve our position in the fastest growing segments of the programmatic marketplace.”

For earnings history and earnings-related data on Magnite (MGNI) click here.