Magnite (NASDAQ: MGNI) posted its first quarter earnings report on May 4. The advertising technology company's total revenue rose 94% year over year to $118.1 million, beating analysts' expectations by $11 million. Its revenue after excluding traffic acquisition costs (ex-TAC) grew 79%. On a pro forma basis, which normalizes the year-over-year comparisons for its acquisitions, Magnite's ex-TAC revenue increased 15%.
On a generally accepted accounting principles (GAAP) basis, Magnite's net loss widened from $12.9 million to $44.6 million as it integrated its recent acquisitions. However, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 208% to $28.8 million, while its adjusted EBITDA margin rose from 15% to 27%. Its non-GAAP earnings per share (EPS) of $0.08 also met Wall Street's expectations.
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Source Fool.com