Magnite Inc (MGNI) 2023 Q2 法說會逐字稿

Good day, and welcome to the Magnite Second Quarter 2023 Earnings Call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Magnite 2023 年第二季財報電話會議。 （操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Nick Kormeluk of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部的 Nick Kormeluk。請繼續。

Thank you, operator. And good afternoon, everyone. Welcome to Magnite's Second Quarter 2023 Earnings Conference Call. As a reminder, this conference call is being recorded. Joining me on the call are Michael Barrett, CEO; and David Day, our CFO. I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation.

謝謝您，接線生。大家下午好。歡迎參加 Magnite 2023 年第二季財報電話會議。提醒一下，本次電話會議正在錄音。參加電話會議的還有執行長 Michael Barrett；以及我們的財務長 David Day。我想指出的是，我們已經在投資者關係網站上發布了財務重點幻燈片，以配合今天的簡報。

Before we get started, I'll remind you that our prepared remarks and answers to questions will include information that may be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of macroeconomic factors on our business. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

在我們開始之前，我要提醒您，我們準備好的評論和問題的答案將包括可能被視為前瞻性陳述的信息，包括但不限於有關我們預期的財務業績和戰略目標的陳述，包括宏觀經濟因素對我們業務的潛在影響。這些聲明並不能保證未來的表現。它們反映了我們目前對未來事件的看法，基於假設和估計，並受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、業績或成就與前瞻性陳述預測或暗示的預期或結果存在重大差異。

A discussion of these and other risks, uncertainties and assumptions is set forth in the company's periodic reports filed with the SEC, including our second quarter 2023 quarterly report on Form 10-Q and our 2022 annual report on Form 10-K. We undertake no obligation to provide forward-looking statements or relevant risks.

有關這些和其他風險、不確定性和假設的討論載於公司向美國證券交易委員會提交的定期報告中，包括我們 2023 年第二季度的 10-Q 表季度報告和 2022 年的 10-K 表年度報告。我們不承擔提供前瞻性陳述或相關風險的義務。

Our commentary today will include non-GAAP financial measures, including contribution ex-TAC or less traffic acquisition costs to more accurately reflect what we previously referred to as revenue ex-TAC, adjusted EBITDA and non-GAAP income per share. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and in the financial highlights deck that is posted on our Investor Relations website.

我們今天的評論將包括非公認會計準則財務指標，包括扣除 TAC 後的貢獻或更少的流量獲取成本，以更準確地反映我們之前所說的扣除 TAC 後的收入、調整後的 EBITDA 和非公認會計準則每股收益。我們的報告結果的 GAAP 指標和非 GAAP 指標之間的對帳可以在我們的收益新聞稿和發佈在投資者關係網站上的財務亮點中找到。

At times, in response to your questions, we may offer additional metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail may be onetime in nature, and we may or may not provide an update on the future of these metrics. I encourage you to visit our Investor Relations website to access our press release, financial highlights deck, periodic SEC reports and the webcast replay of today's call to learn more about Magnite.

有時，在回答您的問題時，我們可能會提供額外的指標，以便更深入地了解我們的業務動態。請注意，這些額外的細節可能是一次性的，我們可能會或可能不會提供這些指標的未來更新。我鼓勵您訪問我們的投資者關係網站，以查看我們的新聞稿、財務亮點、定期的 SEC 報告以及今天電話會議的網路重播，以了解有關 Magnite 的更多資訊。

I will now turn the call over to Michael. Michael, please go ahead.

現在我將電話轉給麥可。邁克爾，請繼續。

Thank you, Nick. Q2 was a solid quarter for Magnite. Total revenue grew 11%. Contribution ex-TAC grew 9%. And adjusted EBITDA came in at $37 million with a margin of 28%. That said, EBITDA and margin were negatively impacted by the MediaMath bankruptcy, which David will discuss in more detail.

謝謝你，尼克。對於 Magnite 來說，第二季是一個強勁的季度。總收入成長11%。扣除 TAC 後的貢獻增加了 9%。調整後的 EBITDA 為 3,700 萬美元，利潤率為 28%。儘管如此，EBITDA 和利潤率還是受到了 MediaMath 破產的負面影響，David 將對此進行更詳細的討論。

Once again, our DV+ business was a bright spot as contribution ex-TAC grew 10% year-over-year despite an industry-wide weakness in CPMs, showing clear market share gains. About a year ago, we refocused on our DV+ business, completed a number of technical improvements and consolidated our online video activity. This freed us up to put greater focus on the needs of our partners, platform enhancements and optimizations for ad spend performance. We're now seeing the results of those efforts, and we expect more strength in our DV+ business moving forward.

我們的 DV+ 業務再次成為亮點，儘管整個行業的 CPM 表現疲軟，但扣除 TAC 後的貢獻仍同比增長 10%，顯示出明顯的市場份額增長。大約一年前，我們重新將重點放在 DV+ 業務上，完成了一些技術改進並鞏固了我們的線上影片活動。這使我們能夠更加專注於合作夥伴的需求、平台增強和廣告支出績效優化。我們現在看到了這些努力的成果，我們期待我們的 DV+ 業務在未來取得更大的進步。

On the CTV front, contribution ex-TAC grew a healthy 8%. We continue to execute well against our plan this quarter while managing through a challenging market that is far from normal.

在 CTV 方面，扣除 TAC 後的貢獻健康增加了 8%。本季度，我們繼續順利執行計劃，同時應對遠非正常的市場挑戰。

Starting in June, we began to see softness in our managed service business driven by macro challenges as several large managed service campaigns were paused based upon ad budget pressure, particularly in the auto and media and entertainment verticals. As we've discussed in previous earnings calls, our managed service business operates at our highest take rate, so the flow through to financials are significant.

從 6 月開始，我們開始看到託管服務業務因宏觀挑戰而出現疲軟，因為由於廣告預算壓力，幾個大型託管服務活動被暫停，特別是在汽車、媒體和娛樂垂直領域。正如我們在先前的收益電話會議上所討論的那樣，我們的託管服務業務以最高的收費率運營，因此對財務的影響非常大。

The industry also saw TV upfronts, excluding sports and live events, come in weaker than anticipated, which is a good indicator of advertiser sentiment in the current challenged ad spend environment. On a positive note, we would hope that, though buyers were cautious in the upfronts, their budgets remain largely intact and that spend could be deployed in the scatter market, which will benefit streaming services and programmatic partners like Magnite.

該行業還發現，不包括體育和現場活動在內的電視預付款低於預期，這很好地表明了當前充滿挑戰的廣告支出環境下廣告商的情緒。從積極的一面來看，我們希望，儘管買家在前期付款方面持謹慎態度，但他們的預算基本上保持不變，並且這些支出可以部署在分散市場，這將有利於串流媒體服務和 Magnite 等程序化合作夥伴。

Several trends also accelerated this quarter into Q3. The most significant of those trends is that the largest and fastest-growing streaming players, the broadcasters, plus services and TV OEMs, are all getting truly serious about programmatic and are taking share from smaller CTV publishers. We're seeing this shift manifest itself in our own partners, including Disney, Roku, Warner Bros., Discovery and VIZIO, who are moving more inventory toward programmatic transactions and away from traditional direct-sold executions.

本季和第三季度，幾個趨勢也加速發展。這些趨勢中最重要的是，規模最大、成長最快的串流媒體播放器、廣播公司以及服務和電視原始設備製造商都對程式化廣告非常重視，並從較小的 CTV 出版商手中奪取份額。我們看到這種轉變在我們自己的合作夥伴身上有所體現，包括迪士尼、Roku、華納兄弟、Discovery 和 VIZIO，他們正在將更多的庫存轉向程式化交易，而不是傳統的直銷方式。

While we believe this trend is positive for the long-term health of the programmatic CTV market and our business, it is negatively impacting our near-term financials. The reason is simple. As all those large sellers move direct-sold deals to publisher direct programmatic, they're becoming a bigger part of our ad spend mix, but they're relying on services with lower take rates.

雖然我們認為這一趨勢對程序化連網電視市場和我們業務的長期健康有利，但它對我們的近期財務狀況產生了負面影響。原因很簡單。隨著所有這些大型賣家將直銷交易轉向出版商直接程序化購買，他們正在成為我們廣告支出組合中更大的一部分，但他們依賴收費率較低的服務。

What's not showing up in our financials is that we're growing market share at a far greater rate than our revenue would suggest. In Q2, our ad spend grew at a significantly higher rate than our revenue and industry forecasts.

我們的財務報表沒有顯示的是，我們的市佔率成長速度遠高於我們的收入所暗示的速度。在第二季度，我們的廣告支出成長率明顯高於我們的收入和產業預測。

With that being said, we see a huge, long-term opportunity here. The shift to premium programmatic CTV is in full swing, and Netflix hasn't even started its programmatic efforts. Magnite is winning at the top-tier clients. And from experience, we know that the more we work with these types of companies, the closer we get to them, the more we can move to delivering higher value, higher take rate services over time.

話雖如此，我們看到這裡有一個巨大的長期機會。向優質程式化互聯電視的轉變正在如火如荼地進行，而 Netflix 甚至還沒有開始其程式化努力。 Magnite 正在贏得頂級客戶。從經驗來看，我們知道，我們與這些類型的公司合作得越多，我們與他們的聯繫就越密切，我們就越能隨著時間的推移提供更高價值、更高接受率的服務。

So what makes us confident that we can expand our value generation on this growing market share? It's a combination of continuing to execute on existing industry-leading products and introducing new, innovative services. On the existing front, we're going to: upsell higher-value SSP services to those clients by running auctions and bringing proprietary demand; continue to win new ad serving clients as SpringServe; expand our SpringServe tiles business and other proprietary formats; and continue to create direct private marketplaces between agencies and premium publishers, further accelerating our SPO efforts.

那麼，什麼讓我們有信心在不斷增長的市場份額上擴大我們的價值創造呢？這是繼續執行現有行業領先產品和推出新的創新服務的結合。在現有方面，我們將：透過拍賣和帶來專有需求向這些客戶推銷更高價值的 SSP 服務；繼續贏得 SpringServe 等新的廣告服務客戶；擴大我們的 SpringServe 瓷磚業務和其他專有格式；並繼續在代理商和優質出版商之間建立直接的私人市場，進一步加快我們的 SPO 工作。

On the new and future front, this quarter, we introduced 2 new, innovative offerings in one new partnership. First, there's ClearLine, the self-service direct video buying solution for agencies. We believe strongly in this product's ability to unlock linear budgets and efficiently bring them to programmatic, which, as I mentioned, is of strategic interest to agencies. In fact, we recently announced that the list of agencies using ClearLine has expanded beyond our launch partners, Camelot, GroupM and MiQ, to include GSD&M, Horizon Media, Omnicom Media Group Germany and Stagwell Brand X Performance Network.

在新的和未來的方面，本季度，我們在一個新的合作夥伴關係中推出了兩項新的創新產品。首先，有 ClearLine，這是為代理商提供的自助式直接影片購買解決方案。我們堅信該產品能夠釋放線性預算並有效地將其程序化，正如我所提到的，這對機構來說具有戰略利益。事實上，我們最近宣布，使用 ClearLine 的代理商名單已經從我們的啟動合作夥伴 Camelot、GroupM 和 MiQ 擴展到 GSD&M、Horizo​​n Media、Omnicom Media Group Germany 和 Stagwell Brand X Performance Network。

ClearLine has also seen robust momentum on the sell-side, where we've added A&E Networks, AMC Networks, DIRECTV Advertising, DISH Media, Disney Advertising, FOX Digital, Nine and Warner Bros. Discovery to our launch partners, LG and VIZIO.

ClearLine 在賣方市場也表現出強勁勢頭，我們已將 A&E Networks、AMC Networks、DIRECTV Advertising、DISH Media、Disney Advertising、FOX Digital、Nine 和 Warner Bros. Discovery 添加到我們的發布合作夥伴 LG 和 VIZIO 中。

Second, in June, we introduced Magnite Access, a suite of omnichannel audience, data and identity products that make it easier for media owners and their advertising partners to maximize the value of their data assets, including a DMP, a data storefront, a secure solution enabling sellers and buyers to match datasets and more. Parts of Access are available to clients today, and others are in testing and on track to reach wider availability this year.

其次，6 月份，我們推出了 Magnite Access，這是一套全通路受眾、數據和身份產品，使媒體所有者及其廣告合作夥伴能夠更輕鬆地最大化其數據資產的價值，其中包括 DMP、數據店面、使賣家和買家能夠匹配數據集的安全解決方案等。 Access 的部分功能現已向客戶開放，其他功能正在測試中，預計今年內廣泛普及。

And finally, earlier this month, we and FreeWheel announced an integration enabling clients of their ad server, including many of the world's largest programmers and broadcasters, to work seamlessly with Magnite for their programmatic needs. Not only does this integration allow our mutual clients to better maximize yield across sales channels, but it also unifies their view of ad creatives, frequency capping and other data across systems, which ultimately improves the advertiser and consumer experience. We expect it will take a few quarters for this integration to ramp up, but we're bullish on the value for the industry and the opportunities it opens for us to further grow our footprint.

最後，本月初，我們和 FreeWheel 宣布了一項整合，使其廣告伺服器的客戶（包括許多世界上最大的程式設計師和廣播公司）能夠與 Magnite 無縫合作，滿足他們的程式化需求。這種整合不僅使我們的共同客戶能夠更好地實現跨銷售管道收益最大化，而且還統一了他們對跨系統的廣告創意、頻率上限和其他數據的視圖，最終改善了廣告商和消費者的體驗。我們預計此次整合將需要幾個季度的時間才能完成，但我們對產業價值以及它為我們進一步擴大影響力帶來的機會充滿信心。

We believe these efforts will both positively influence our revenue and increase our role as a strategic partner to our clients. And now that we have completed the CTV platform integration that began with our acquisition of SpotX 2 years ago, we will apply even more focus towards innovation that advances our technology and leadership position.

我們相信這些努力將對我們的收入產生積極影響，並增強我們作為客戶策略夥伴的作用。現在，我們已經完成了兩年前收購 SpotX 以來開始的 CTV 平台整合，我們將更加重視創新，提升我們的技術和領導地位。

In summary, we are very pleased with how our business is performing and our share gains in both DV+ and CTV. Though the rapid shift to premium programmatic and CTV has come with some near-term revenue pressure, the ad spend growth represents a significant opportunity for us to expand our relationship with the industry's top players. I'm confident that we have the resources and the strategy to execute on this opportunity.

總而言之，我們對我們的業務表現以及 DV+ 和 CTV 的份額成長感到非常滿意。儘管向優質程式化和連網電視的快速轉變在短期內帶來了一些收入壓力，但廣告支出的成長為我們擴大與產業頂尖企業的關係提供了重要機會。我相信我們擁有資源和策略來抓住這個機會。

With that, I'll turn the call over to David for more detail on the financials. David?

說完這些，我將把電話轉給戴維，以了解有關財務狀況的更多詳細資訊。戴維？

Thanks, Michael. Q2 was a solid quarter for Magnite. We reported total and CTV contribution ex-TAC results within our guidance range, and our DV+ business performed very well. Total revenue for Q2 was $153 million, up 11%. Contribution ex-TAC was $135 million, up 9% from Q2 2022 and at the midpoint of our guidance. CTV contribution ex-TAC was $56 million, up from $52 million or 8% from last year. DV+ contribution ex-TAC was $79 million, an increase of 10% compared to Q2 last year. Our contribution ex-TAC mix for Q2 was 42% CTV, 39% mobile and 19% desktop.

謝謝，麥可。對於 Magnite 來說，第二季是一個強勁的季度。我們報告了總和 CTV 貢獻（不含 TAC）結果在我們的指導範圍內，並且我們的 DV+ 業務表現非常出色。第二季總營收為 1.53 億美元，成長 11%。扣除 TAC 後的貢獻為 1.35 億美元，較 2022 年第二季成長 9%，處於我們預期的中點。 CTV 的貢獻（扣除 TAC）為 5,600 萬美元，比去年的 5,200 萬美元增加 8%。扣除 TAC 後的 DV+ 貢獻為 7,900 萬美元，較去年第二季成長 10%。我們第二季的貢獻（不包括 TAC）為 42% 來自 CTV、39% 來自行動裝置、19% 來自桌上型電腦。

From a geographic perspective, international continues to lead our growth, increasing at a rate well over double the U.S. From a vertical perspective, travel showed relative strength overall, while technology and media and entertainment were relatively weaker, particularly in CTV.

從地理區域來看，國際市場持續引領我們的成長，成長遠超美國的兩倍。

I'd like to highlight a few trends we are seeing, which are impacting our Q3 CTV guide. In general, April and May continued to grow, and June was softer than expected. In particular, our managed service business was notably weaker, evidenced by slower order flow and paused campaigns, as Michael alluded to. The premium broadcasters, plus services and OEMs are taking share from smaller CTV publishers, which while creating significant long-term opportunity is negatively impacting revenue in the short term. Also related to second half trends, keep in mind that political spend represented roughly 3% of CTV contribution ex-TAC in Q3 2022 and 6% in Q4 2022, creating some additional comp challenges.

我想強調我們看到的幾個趨勢，這些趨勢正在影響我們的第三季 CTV 指南。整體來看，4月、5月持續成長，6月則弱於預期。特別是，我們的託管服務業務明顯較弱，正如邁克爾所提到的，訂單流速度較慢和活動暫停就是明證。優質廣播公司、服務和 OEM 正在搶佔小型 CTV 出版商的份額，這雖然創造了巨大的長期機遇，但卻在短期內對收入產生了負面影響。同樣與下半年的趨勢相關，請記住，政治支出約佔 2022 年第三季 CTV 貢獻（不含 TAC）的 3%，佔 2022 年第四季的 6%，這帶來了一些額外的競爭挑戰。

DV+ continued to be an area of strength with 10% growth in the quarter. We continue to innovate in DV+ and are excited with the launch of native ad formats across DV+, allowing programmatic demand to target key publishers that offer native formats. We will continue to bring new products to DV+ that will enable our publishers to better monetize their supply.

DV+ 持續保持強勁成長勢頭，本季成長 10%。我們繼續在 DV+ 上進行創新，並對 DV+ 上原生廣告格式的推出感到興奮，這使得程式化需求能夠瞄準提供原生格式的主要發布商。我們將繼續為 DV+ 推出新產品，使我們的出版商能夠更好地將其供應貨幣化。

Total operating expenses, which includes cost of revenue, for the second quarter increased to $224 million compared to $161 million in the same period a year ago with the increase primarily driven by $53 million of noncash accelerated amortization resulting from our platform consolidation. Adjusted EBITDA operating expense was $97 million, higher than our expectations due to $4.5 million in bad debt expense that was recognized as a result of the MediaMath bankruptcy. Excluding the MediaMath impact, expenses would have been at the low end of our guidance range.

第二季的總營運費用（包括營業成本）從去年同期的 1.61 億美元增至 2.24 億美元，主要由於平台整合導致的 5,300 萬美元非現金加速攤銷。調整後的 EBITDA 營業費用為 9,700 萬美元，高於我們的預期，原因是 MediaMath 破產導致確認了 450 萬美元的壞帳費用。除去 MediaMath 的影響，費用將處於我們指導範圍的低端。

Last year, adjusted EBITDA operating expense for the second quarter was $82 million. The year-over-year increase was driven by higher platform expenses, payroll expenses, the aforementioned MediaMath expense, return to office and travel and event-related costs.

去年第二季調整後的 EBITDA 營業費用為 8,200 萬美元。年比增長是由於平台費用、工資費用、前面提到的 MediaMath 費用、返回辦公室以及差旅和活動相關費用的增加。

Net loss was $74 million for the quarter compared to net loss for the second quarter of 2022 of $25 million. Results for the second quarter this year include the previously mentioned $53 million of accelerated amortization expense.

本季淨虧損為 7,400 萬美元，而 2022 年第二季淨虧損為 2,500 萬美元。今年第二季的業績包括前面提到的 5,300 萬美元的加速攤銷費用。

Adjusted EBITDA was $37 million, and adjusted EBITDA margin was 28% for the quarter, both of which reflect the negative impact from the $4.5 million in bad debt expense. Note that we calculate our adjusted EBITDA margin as a percentage of contribution ex-TAC.

本季調整後的 EBITDA 為 3,700 萬美元，調整後的 EBITDA 利潤率為 28%，均反映了 450 萬美元壞帳費用帶來的負面影響。請注意，我們計算調整後的 EBITDA 利潤率為扣除 TAC 後的貢獻百分比。

GAAP loss per basic and diluted share was $0.54 for the second quarter of 2023 compared to a loss of $0.19 for the second quarter of 2022. Non-GAAP earnings per share in the second quarter of 2023 was $0.09 compared to $0.14 reported last year. The $53 million of accelerated amortization expense had a negative impact on GAAP loss per share of $0.39 and a negative impact on non-GAAP earnings per share of $0.09 in Q2. The reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q2 results press release.

2023 年第二季基本及攤薄每股 GAAP 虧損為 0.54 美元，而 2022 年第二季虧損為 0.19 美元。 5,300 萬美元的加速攤銷費用對第二季每股 GAAP 虧損產生負面影響 0.39 美元，對非 GAAP 每股盈餘產生負面影響 0.09 美元。非公認會計準則收入和非公認會計準則每股收益的對帳包含在我們的第二季業績新聞稿中。

We will recognize the final amount of accelerated amortization expense of $8 million in Q3 this year tied to the completion of our CTV platform consolidation. There were 136 million weighted average basic and diluted shares outstanding for the second quarter of 2023. Fully-diluted weighted average shares utilized for non-GAAP earnings per share were $146 million for the second quarter.

我們將在今年第三季確認與 CTV 平台整合完成相關的 800 萬美元加速攤銷費用的最終金額。 2023 年第二季度，公司流通在外的基本和稀釋加權平均股份為 1.36 億股。

Capital expenditures, including both purchases of property and equipment and capitalized internal use software development costs, were $9 million for the quarter. As a reminder, our CapEx for this year is expected to be about $5 million lower than 2022, aided by the repurposing of the SpotX CTV platform servers to our on-prem DV+ platform.

本季的資本支出（包括購買物業和設備以及資本化內部使用軟體開發成本）為 900 萬美元。提醒一下，由於將 SpotX CTV 平台伺服器重新用於我們的內部部署 DV+ 平台，我們今年的資本支出預計將比 2022 年低約 500 萬美元。

Operating cash flow, which we define as adjusted EBITDA less CapEx, was $28 million for the quarter. Our net interest expense for the quarter was $9 million.

我們將其定義為調整後的 EBITDA 減去資本支出，本季的營運現金流為 2,800 萬美元。本季我們的淨利息支出為 900 萬美元。

During the second quarter, we purchased and retired $40 million in face value of our convertible notes using $34 million in cash, resulting in a discount of 15%. Our total par value convertible note repurchases through the second quarter was $90 million, reducing our total convertible note balance from $400 million to $310 million. With these purchases, we've completed our previous plan, and our Board has approved a new repurchase program, authorizing the use of up to $100 million to repurchase common shares or convertible debt through August of 2025.

第二季度，我們以 3,400 萬美元現金購買並贖回了面額 4,000 萬美元的可轉換票據，折扣率為 15%。我們第二季的可轉換票據回購總額為 9,000 萬美元，導致可轉換票據餘額從 4 億美元降至 3.1 億美元。透過這些回購，我們完成了先前的計劃，董事會批准了一項新的回購計劃，授權在 2025 年 8 月之前使用最多 1 億美元回購普通股或可轉換債務。

Our cash balance at the end of Q2 was $266 million, an increase from $237 million at the end of last quarter. Our net leverage ratio was 2.2x at the end of Q2, down sequentially from 2.5x at the end of Q1. We expect the ratio to be meaningfully below 2x at year-end.

我們第二季末的現金餘額為 2.66 億美元，比上一季末的 2.37 億美元增加。我們的淨槓桿率為第二季末的 2.2 倍，較第一季末的 2.5 倍下降。我們預計年底該比率將顯著低於 2 倍。

Our business model generates strong cash flow, providing flexibility to self-fund investment in our business, reduce debt and maintain a healthy cash position. We continue to expect to generate significant free cash in 2023, especially in our seasonally strong second half. And we will continue to evaluate the best use of our cash as it relates to debt reduction and share repurchases.

我們的商業模式產生強勁的現金流，為我們業務的自籌資金投資、減少債務和保持健康的現金狀況提供了靈活性。我們繼續預計 2023 年將產生大量自由現金，尤其是在我們季節性強勁的下半年。我們將繼續評估與減少債務和回購股票相關的現金的最佳用途。

I will now share our expectations for the third quarter and thoughts for the full year. For the third quarter, we expect contribution ex-TAC to be in the range of $128 million to $132 million. We expect contribution ex-TAC attributable to CTV to be in the range of $50 million to $52 million. We expect contribution ex-TAC attributable to DV+ to be in the range of $78 million to $80 million. We expect adjusted EBITDA operating expenses to be between $92 million and $94 million, which implies adjusted EBITDA margin of approximately 28% for Q3 at the midpoint.

現在，我將分享我們對第三季的期望和全年的想法。對於第三季度，我們預計扣除 TAC 後的貢獻將在 1.28 億美元至 1.32 億美元之間。我們預計，除 TAC 外，CTV 的貢獻將在 5,000 萬美元至 5,200 萬美元之間。我們預計，DV+ 的 TAC 貢獻將在 7,800 萬美元至 8,000 萬美元之間。我們預計調整後的 EBITDA 營業費用在 9,200 萬美元至 9,400 萬美元之間，這意味著第三季調整後的 EBITDA 利潤率中位數約為 28%。

For the full year 2023, we expect our contribution ex TAC growth rate to be in the mid- to high single digits. For Q4, we expect CTV growth to improve from Q3 guidance and to be much closer to flat year-over-year. We anticipate adjusted EBITDA would be comparable with 2022, excluding the impact of MediaMath bad debt expense. For Q4, we expect adjusted EBITDA operating expenses to be between $94 million and $96 million. Our CapEx expectation is unchanged, and we expect it to be less than $40 million. And lastly, we continue to expect free cash flow to exceed $100 million.

對於 2023 年全年而言，我們預計扣除 TAC 後的貢獻成長率將達到中高個位數。對於第四季度，我們預計 CTV 成長將比第三季度有所改善，並且與去年同期相比將更加接近持平。我們預計調整後的 EBITDA 將與 2022 年相當，不包括 MediaMath 壞帳費用的影響。對於第四季度，我們預計調整後的 EBITDA 營運費用將在 9,400 萬美元至 9,600 萬美元之間。我們的資本支出預期保持不變，預計低於 4,000 萬美元。最後，我們繼續預期自由現金流將超過 1 億美元。

Overall, the company's performance for the second quarter was solid. We're well positioned financially with strong cash flow generation that has allowed us to retire 23% of our converts well before their maturity. We have significant opportunities ahead of us, and we are uniquely positioned to leverage our capabilities as a leading independent omnichannel SSP. We're excited about our position and feel confident in our ability to continue delivering positive results.

總體而言，該公司第二季的業績穩健。我們的財務狀況良好，擁有強大的現金流產生能力，這使我們能夠在 23％ 的轉換債券到期之前將其贖回。我們面臨著巨大的機遇，我們擁有獨特的優勢，可以利用我們作為領先的獨立全通路 SSP 的能力。我們對自己的地位感到非常興奮，並對我們繼續取得積極成果的能力充滿信心。

With that, let's open the line for Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) Our first question comes from Jason Kreyer from Craig-Hallum.

（操作員指示）我們的第一個問題來自 Craig-Hallum 的 Jason Kreyer。

Michael, can you spend a little bit more time talking about just the trade-off and what's happening in connected TV? Like are you seeing some of the bigger participants move volumes from like a biddable or a private auction to something that's purely direct? Or -- I'm just having trouble reconciling going from an inventory that's a higher take rate to an inventory that's a lower take rate.

邁克爾，您能否花一點時間談談這種權衡以及連網電視領域正在發生的事情？例如，您是否看到一些較大的參與者將交易量從競價或私人拍賣轉移到純粹直接的拍賣？或者——我只是難以協調從較高獲取率的庫存到較低獲取率的庫存。

Yes, Jason, I'm happy to address that. So yes, so the forward guidance that we're giving in CTV is a mix of 2 things, right -- well, of 3 things. The managed service business, which, as you know, carries with it the highest take rate. When deals are canceled or shifted out of the quarter, it's quite abrupt, and it does have an impact to the net revenue for the quarter, call that around 50% of an impact.

是的，傑森，我很高興解決這個問題。是的，我們在 CTV 中給出的前瞻性指引是 2 個因素的混合，對吧 - 好吧，3 個因素的混合。如您所知，託管服務業務的收費率最高。當交易被取消或轉移出本季時，這是相當突然的，而且會對該季度的淨收入產生影響，影響程度約為 50%。

And the other 50%, Jason, we're seeing was the surge in publisher-sold programmatic deals. And that was primarily shifted to the premium inventory that kind of didn't exist last year, so the plus services run by the broadcasters and, if you look at the kind of TV OEMs and throw Roku into that group, folks that have exceptional data and prefer to try to sell that direct. And so the larger CTV players with direct sales teams, they exacerbated the share shift on the platform.

傑森，我們看到另外 50% 是出版商銷售的程序化交易激增。這主要轉移到了去年還不存在的優質庫存，也就是廣播公司運營的附加服務，如果你看看電視原始設備製造商 (OEM) 並將 Roku 歸入該類別，你會發現那些擁有出色數據並更願意嘗試直接銷售這些數據的人。因此，擁有直銷團隊的大型 CTV 播放器加劇了平台上的份額轉變。

So you're seeing a couple of things. You're seeing the shift come from an open market world that wasn't really ever the domain of those players. Like they didn't really ever really lean into auctions. They like to sell their own stuff directly. As we've talked about, we think that over time, as it evolves, they'll be more comfortable with that. But right now, they like to sell direct, and they really took a lot of air out of the room in what was a muted spend environment.

因此，您會看到幾件事。你會看到這種轉變來自於開放的市場世界，而這個世界其實從來不是那些參與者的領域。就像他們實際上從來沒有依賴過拍賣一樣。他們喜歡直接銷售自己的東西。正如我們所討論的，我們認為隨著時間的推移，隨著它的發展，他們會對此更加適應。但現在，他們喜歡直接銷售，在原本就消費氛圍低迷的環境下，他們確實讓市場失去了活力。

And then any new dollars that came into the environment, which new dollars did because, again, we talked about the dislocation between our revenue growth rate and the spend, new dollars that come in, it almost exclusively went to that cohort. So it was a relatively quick transition from a 1.5 quarters play out.

然後，任何進入環境的新資金，這些新資金的作用是，因為我們再次討論了收入成長率和支出之間的錯位，新流入的資金幾乎全部流向了該群體。因此，從 1.5 個季度的比賽開始，這是一個相對較快的轉變。

And we think as spend returns to normal, that spend will find its way into open auctions. It will find its way onto other publishers. But right now, in a pretty scarce spend environment, there's just kind of flight to quality, flight to security for the buyers and flight to like dealing with the folks they know best. And so that's -- hopefully, that helps you understand, Jason, what we saw.

我們認為，隨著支出恢復正常，這些支出將會進入公開拍賣。它會找到其他出版商來出版。但目前，在支出相當稀缺的環境下，買家只會追求品質、追求安全、喜歡與最熟悉的人打交道。所以——傑森，希望這能幫助你理解我們所看到的。

So that helps. I guess that begs another question. I mean, clearly, you've got some confidence that you're going to continue to play a role. I mean if you're seeing some of this premium inventory be sold direct, where does that confidence come from that inventory comes back to Magnite over time? And do you view that as a quarter or 2 transition? Or is that like a year or 2 transition?

這有幫助。我想這又引出了另一個問題。我的意思是，顯然你有信心繼續發揮作用。我的意思是，如果您看到部分優質庫存直接出售，那麼隨著時間的推移，這種對庫存回流到 Magnite 的信心從何而來？您認為這是一個季度還是兩個季度的過渡？還是這就像是一兩年的過渡期？

Okay. So to be very clear, and I know it's very nuanced, but there's publisher-sold direct deals that are processed by the ad server, right? So I'd sell traditionally, go in. Someone e-mails me the creative and sends me an insertion order, and that's publisher-sold direct. And we -- unless it's SpringServe-involved, we have no involvement in that as Magnite.

好的。所以要非常清楚，我知道這非常微妙，但是有由廣告伺服器處理的發布商直接銷售交易，對嗎？所以我採用傳統方式銷售。而且我們 — — 除非涉及 SpringServe，否則我們不會以 Magnite 的身份參與其中。

What I'm talking about here that occurs in the Magnite platform is publisher-sold programmatic. And so the agency agrees to buy from the publisher. But they want to do it programmatically, largely because of workflow. They can just press a button, hands on keyboard, campaign goes live. That's what I'm talking about.

我在這裡談論的是在 Magnite 平台上發生的發布商銷售程序化行為。因此該機構同意從出版商購買。但他們希望以程式設計方式進行，主要是因為工作流程。他們只需按下按鈕，拿起鍵盤，活動就開始了。這就是我要說的。

And Jason, they've always done that. This group is now just getting an outsized share of wallet on the platform, but this has always been the domain and how they play -- how a Disney plays in the programmatic world. So what gives us confidence is, as we've said all along, we know that as they get more and more into programmatic, have more and more inventory available in programmatic, that eventually buyers will move them into kind of an invite auction world, which will conduct the auction. And those publishers want more demand because they'll have more inventory, and that is where our demand facilitation team gets involved.

傑森，他們一直都是這樣做的。這個群體現在剛剛在平台上獲得了超大的份額，但這一直是他們的領域以及他們的玩法——就像迪士尼在程序化世界中的玩法一樣。因此，讓我們有信心的是，正如我們一直所說的那樣，我們知道，隨著他們越來越多地進入程序化，在程序化中擁有越來越多的庫存，最終買家會將他們轉移到一種邀請拍賣的世界，由後者來進行拍賣。這些出版商希望獲得更多需求，因為他們將擁有更多庫存，而這正是我們的需求促進團隊參與的地方。

So we are very confident. We've seen this play out in DV+ over the years, and we've actually seen it play out on certain publishers on the platform. So all those things that we talked about, the upsell, there's transition to SpringServe, ClearLine, all of those things give us great confidence that we're incredibly well positioned to increase the value we bring, ergo, increase take rate.

所以我們非常有信心。多年來，我們已經看到這種情況在 DV+ 上演，而且我們實際上已經看到它在該平台上的某些出版商上演。因此，我們所談論的所有這些事情，追加銷售，向 SpringServe、ClearLine 的過渡，所有這些都讓我們非常有信心，我們完全有能力增加我們帶來的價值，從而提高接受率。

The next question comes from Shyam Patil from Susquehanna.

下一個問題來自薩斯奎哈納 (Susquehanna) 的 Shyam Patil。

I just wanted to follow up on the CTV and the managed services and that transition you're seeing. With the CTV programmatic direct, that piece that you just talked about, how big is that as a mix of your CTV business? And how -- I guess -- and how big could that get with this transition that you talked about, especially if other large customers kind of move in that direction?

我只是想跟進 CTV 和託管服務以及您所看到的轉變。您剛才談到的 CTV 程式化直購業務，在 CTV 業務中佔比有多大？我想，您談到的這種轉變能有多大，特別是如果其他大客戶也朝這個方向發展的話？

And as you look out to -- I know you guys gave color for the second half, which is really helpful. But as you kind of look out to next year and the year after, I mean, what's the right way to think about CTV growth? Are we kind of thinking kind of 10% growth, 5% growth, 20% growth? Like what's the right way to think about CTV kind of looking out to next year?

正如你所看到的——我知道你們為下半場增添了色彩，這真的很有幫助。但當你展望明年和後年時，我的意思是，如何正確看待 CTV 的成長？我們是不是在考慮 10% 的成長、5% 的成長、還是 20% 的成長？例如，如何正確看待 CTV 明年的前景？

And then just second quick question. On the upfronts, and you talked about the upfront weakness and potentially kind of the scatter market being stronger later in the year, when do you think you might know if that's actually happening, if that's moving towards programmatic CTV?

接下來是第二個快速問題。關於預付款，您談到了預付款的弱點以及今年稍後分散市場可能會變得更強的可能性，您認為什麼時候才可能知道這是否真的會發生，是否會向程序化 CTV 轉變？

You bet. So I think I got them all. So the first question is how big is that business today and how big could it be. I want to emphasize again, how these players sell their inventory hasn't changed. The amount of dollars going to these players has changed. So close to 80% of our business in the CTV world, on the streaming platform, is direct deals. In some cases, we'll bring the direct deal. We'll find the buyer and bring it. In other cases, the publisher sales team will do it.

當然。所以我認為我已經了解了一切。因此第一個問題是這個業務目前有多大以及將來能有多大。我想再次強調，這些玩家出售庫存的方式並沒有改變。支付給這些球員的金額已經改變了。因此，我們在 CTV 領域和串流平台上的業務幾乎 80% 都是直接交易。在某些情況下，我們會進行直接交易。我們會找到買家並將其帶走。在其他情況下，出版商銷售團隊會這樣做。

It is not an open market industry right now. Very few players, a handful do, but very few players do open auctions. So it's not like a DV+ world. So I'm not saying that, that's changed. What's changed is just the concentration of spend on those particular publishers. And what gives us hope again is all the products and services that we have, both for the buy-side and for the sell-side to enhance the take rate over time, and so I think we're incredibly well positioned there.

目前它還不是一個開放市場產業。很少玩家（少數玩家）會這麼做，但很少玩家會進行公開拍賣。所以它不像是 DV+ 世界。所以我並不是說那已經改變了。改變的只是對特定出版商的支出集中度。讓我們再次充滿希望的是，我們為買方和賣方提供的所有產品和服務都會隨著時間的推移提高接受率，因此我認為我們在這方面處於非常有利的位置。

As far as 2024 CTV growth rate, this hasn't changed that at all. If the market returns to a normal pace of growth, what you define normal or Magnite can define normal, we fully intend to grow faster than that. So we think we're incredibly well positioned to outpace the market growth in CTV. It's just really a question of when it returns and what does that return to.

就 2024 年 CTV 成長率而言，情況根本沒有改變。如果市場恢復正常成長速度，也就是您定義的正常或 Magnite 可以定義的正常，我們完全打算以比這更快的速度成長。因此我們認為我們完全有能力超越 CTV 的市場成長。這實際上只是一個何時回歸以及回歸成什麼的問題。

And lastly, from an upfront standpoint, I think a lot of people are hoping that when the upfronts really kick in, traditionally, it's the end of Q3, Q4, that the spend that's been paused, the spend that was held back will find its way through scatter. And streaming has always been a beneficiary of scatter.

最後，從預付款的角度來看，我認為很多人都希望當預付款真正開始時，傳統上是在第三季或第四季末，那些暫停的支出和被阻止的支出將透過分散的方式進行。而串流媒體一直是分散的受益者。

I will caveat that by saying there's externalities like the writer and actors' strike that will pause the creation of new programming, which will definitely have an impact on broadcasters, a little less on the kind of plus services in terms of their library. But that could very well create some friction in that spend resuming because of the lack of programming choices. But we do feel confident that a weak upfront or a muted upfront is not the enemy of streaming. It actually might help downstream.

我要提醒的是，一些外部因素，例如編劇和演員罷工，會暫停新節目的創作，這肯定會對廣播公司產生影響，對他們的節目庫中的附加服務的影響則較小。但由於缺乏程式選擇，這很可能會在支出恢復過程中造成一些摩擦。但我們確實有信心，薄弱的預付款或低調的預付款並不是串流媒體的敵人。它實際上可能會對下游有所幫助。

The next question comes from Laura Martin from Needham.

下一個問題來自尼德姆的勞拉·馬丁（Laura Martin）。

So I think we need to let you address the big question, which is your primary competitor was down 33% today. And from this morning's open, you guys are down, round numbers, 24%, so -- whereas Trade Desk is down 5%. So I think the question I'd like to hear you address is essentially, Wall Street is saying that SSPs are doomed, but somehow they are in a worse strategic position than DSPs. Please respond as to why that's wrong, why Wall Street is wrong.

所以我認為我們需要讓你解決這個大問題，那就是你的主要競爭對手今天下跌了 33%。從今天早上開盤開始，你們的股價下跌了，大概是 24%，而 Trade Desk 的股價下跌了 5%。所以我認為我想聽您回答的問題本質上是，華爾街認為 SSP 注定要失敗，但不知何故，它們的戰略地位卻比 DSP 更糟。請回答為什麼這是錯的，為什麼華爾街是錯的。

Well, we certainly don't read it that way, Laura. And I think some of it has to do with the particular performances of each company and not necessarily the category. I think our difference is markedly -- our performance is markedly different than the competitor that you cited. We actually grew in the DV+ business in a world of suppressed CPMs. And as we noted, our ad spend has significantly increased, not decreased, significantly increased CTV ad spend on the platform. So I think we're externally well poised for this to play itself out.

嗯，我們當然不會這麼理解，蘿拉。我認為這與每家公司的具體表現有關，而不一定與類別有關。我認為我們的差異是明顯的——我們的表現與你所提到的競爭對手有明顯不同。在 CPM 受到抑制的環境下，我們的 DV+ 業務實際上實現了成長。正如我們所注意到的，我們的廣告支出大幅增加，而不是減少，而是大幅增加了該平台上的 CTV 廣告支出。所以我認為我們從外部已經做好了充分準備來應對這種情況。

I think in the case of Trade Desk, they've done a magnificent job of consolidated spend on their platform to the point where the DSP world has almost become a duopoly. And we have great confidence that over time, you're going to see that play out on the SSP side, and we'll be the beneficiary of that shakeout.

我認為，就 Trade Desk 而言，他們在其平台整合支出方面做得非常出色，以至於 DSP 世界幾乎形成了雙頭壟斷。我們非常有信心，隨著時間的推移，您將看到 SSP 方面取得進展，而我們將成為這種變革的受益者。

Okay. My second one is following up on upfront. So today, Netflix, ABC and CW all closed their upfront, and I think that's pretty much them, there might be one more. One of the things we've heard is that they -- the contracts this year gave a lot more flexibility to get out of their commitment, which was a big competitive advantage of scatter and ad open Internet, like where you guys compete. So as the upfront market didn't have as much power to negotiate draconian terms by the linear guys, does that mean that the competitive advantages in scatter of the digital ecosystem where you compete are actually less valuable? What's your point of view on that?

好的。我的第二個目標是跟進前期工作。所以今天，Netflix、ABC 和 CW 都結束了他們的預付款交易，我認為他們基本上就這些了，可能還會再有一個。我們聽到的一件事是，今年的合約為他們提供了更多的靈活性來擺脫承諾，這是分散和廣告開放網路的一大競爭優勢，就像你們競爭的地方一樣。那麼，由於前期市場沒有足夠的能力與線性市場參與者協商嚴苛的條款，這是否意味著您所競爭的數位生態系統中的分散競爭優勢實際上價值較低？您對此有何看法？

That's a great question. I would say maybe a year, 1.5 years ago, that might have been a cogent observation because essentially, programmatic was kind of thrown to the kid's table and then all they got was scatter. But if you look at the upfronts this year, I believe I read this morning that Disney, in their upfront that they just recently closed, claiming that their percentage of programmatic is above 40%.

這是一個很好的問題。我想說，也許在一年或一年半前，這可能是一個中肯的觀察，因為從本質上講，程序化廣告就像是被扔到了孩子們的桌子上，然後他們所得到的只是零散的廣告。但如果你看看今年的預付款，我記得我今天早上讀到迪士尼在他們最近剛完成的預付款中聲稱他們的程序化百分比超過了 40%。

So programmatic is now part of the upfront and to the tune of maybe $1 out of every $2. And so therefore, I think that distinction about scatter upfront winners -- streaming loser, streaming winner, is a lot less defined now that programmatic is a part and parcel of the upfront.

因此，程序化廣告現在已經成為預付廣告的一部分，大概佔每2美元中的1美元。因此，我認為，由於程式化已經成為預付廣告的重要組成部分，分散式預付贏家、串流輸家和串流媒體贏家之間的區別已經不那麼明顯了。

The next question comes from Nick Zangler from Stephens.

下一個問題來自史蒂芬斯的 Nick Zangler。

I was wondering if you could talk about any contribution in the quarter from the new ClearLine product aimed at directing spend right from the agencies. How has reception been there? And how might ClearLine contribution be impacting your guidance for the rest of the year within CTV?

我想知道您是否可以談談本季新的 ClearLine 產品（旨在直接引導代理商的支出）的貢獻。那裡的接待情況怎麼樣？ ClearLine 的貢獻將如何影響您對 CTV 今年剩餘時間的指導？

Yes. Nick, I'll handle that and let David chime in if he feels as though I botched it. But the ClearLine contribution de minimis, and we don't -- it's already baked into any kind of guidance that David has provided. The reception has been incredibly strong, as noted by the list of folks that have jumped on the ClearLine bandwagon, if you will. It seemingly is the right product at the right time for the customers that we're offering it to. There's a lot of excitement around it. And we feel over the mid- to longer term, it will definitely be a material contributor to our revenue.

是的。尼克，我會處理這個，如果大衛覺得我把事情搞砸了，就讓他插話。但 ClearLine 的貢獻微乎其微，我們不知道——它已經融入了 David 提供的任何指導中。正如那些加入 ClearLine 潮流的人們所指出的，該產品的反應非常強烈。對於我們向其提供的客戶來說，這似乎是在正確的時間提供的正確的產品。周圍充滿了興奮的氣氛。我們認為，從中長期來看，它肯定會對我們的收入產生重大貢獻。

Within like the next like year or 2, though, do you think that this inflects CTV growth rates? Or is it still just too small?

但是，您認為在未來一兩年內，這會影響 CTV 的成長率嗎？還是說它還是太小了？

No. I think, look, if you look at some of the folks that have been using the product for the longest period of time because it had been in beta before, we saw definitely a crawl-walk kind of run. And I wouldn't say it's too different from deals that we announced like the GroupM marketplace, where it takes a while for the client to onboard their clients and get them acclimated to the idea and the concept. So I think it plays itself out over the coming quarters. But I think there'd be some sense of disappointment on our end if 2024 ended and we weren't able to cite a ClearLine contribution to the growth rates of CTV.

不。我認為這與我們宣布的群邑市場等交易並沒有太大不同，客戶需要一段時間來接納他們的客戶並讓他們適應這個想法和概念。所以我認為它會在未來幾季顯現出來。但我認為，如果 2024 年結束時我們無法證明 ClearLine 對 CTV 成長率的貢獻，我們會感到有些失望。

Got it. And then last one, I just wanted to see if you could flesh out the recent partnership with FreeWheel. Obviously, they're an SSP competitor of yours. It sounds like, in a way, you're combining SSP capabilities. But just looking for just more detail on what exactly you guys are doing together and what the economics are for Magnite.

知道了。最後一個問題，我想看看您是否可以充實最近與 FreeWheel 的合作。顯然，他們是您的 SSP 競爭對手。聽起來，在某種程度上，你們正在結合 SSP 功能。但只是想了解更多關於你們在一起具體做什麼以及 Magnite 的經濟狀況的細節。

Yes. Sure, Nick. So in some ways, it's unchanged, right? The broadcasters that are all FreeWheel clients have always liked working with us in our programmatic capabilities, whether that's our serving functionality, our targeting functionality, our demand facilitation functionality. And to be honest, it wasn't always the easiest lift for these broadcasters to do it because they have a separate ad server over here, they're using programmatic over here, which is Magnite. The 2 systems are talking to each other. It makes extra work for the ops people at these broadcasters.

是的。當然，尼克。所以從某種方面來說，它沒有改變，對嗎？所有作為 FreeWheel 客戶的廣播公司一直都喜歡與我們合作，利用我們的程式化功能，無論是我們的服務功能、我們的定位功能還是我們的需求促進功能。老實說，對於這些廣播公司來說，這並不總是最容易的事情，因為他們在這裡有單獨的廣告伺服器，他們在這裡使用程式化廣告，即 Magnite。這兩個系統正在互相對話。這為這些廣播公司的營運人員增加了額外的工作。

So a combination of us talking to FreeWheel, the broadcasters talking to FreeWheel. This announcement was a technical integration that makes it quite seamless to use Magnite for programmatic capabilities and use the FreeWheel server for ad serving capabilities, have them talk to each other in real time so that you're making the most efficient use of your programmatic and direct-sold inventory. So we think this is a breakthrough partnership, and we really respect the FreeWheel folks, and I think this meets the needs of our programmatic partners in the broadcast space.

因此，我們與 FreeWheel 進行對話，廣播公司也與 FreeWheel 進行對話。此公告是一項技術集成，可無縫地使用 Magnite 實現程式化功能並使用 FreeWheel 伺服器實現廣告投放功能，讓它們即時相互對話，以便您最有效地利用程式化和直銷庫存。因此，我們認為這是一次突破性的合作，我們非常尊重 FreeWheel 的員工，我認為這滿足了我們廣播領域程式化合作夥伴的需求。

The next question comes from Dan Kurnos from The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Dan Kurnos。

Michael, maybe I can rephrase the conversation a little bit today, at some risk here. I'm not sure how investors will feel about this. But just in terms of -- you guys have always preached variable take rate. And it seems like the point here is you have things in place to increase value-add, especially with the aforementioned broadcasters as you develop some of the new things. But I mean correct me if I'm wrong, even if -- just to oversimplify this, even if you [dump pipe] for them at a low single-digit take rate rather than managed services, because you own the ad server, that can be a massively high margin accretive business at scale. So just kind of hold on what I just said? Or kind of help me see if I'm thinking about that wrong.

邁克爾，也許我今天可以稍微重新措辭談話，但這裡要冒一些風險。我不確定投資者對此有何感想。但就這一點而言——你們一直在宣揚可變利率。這裡的重點似乎是您已經準備好增加附加價值，特別是與前面提到的廣播公司合作開發一些新產品。但是，如果我錯了，請糾正我，即使——只是為了過度簡化這一點，即使你以低個位數的收取率而不是託管服務為他們[放棄管道]，因為你擁有廣告伺服器，這可以成為大規模的高利潤增值業務。那請相信我剛才說的話？或能幫我看看我的想法是否錯誤。

No, Dan, I think you nailed it. I mean it's not our highest margin profile product that we have in our suite of CTV offerings. But if that's how the world ended and $60 billion of linear dollars shifted to CTV, most of it goes to Magnite and most of it is pubs sold programmatic by the broadcasters, life's good. Like it's good. I mean we just -- we think that the imbalance that we're feeling right now is that the broadcasters and the plus services and some of the TV OEMs had a decidedly different strategy a year ago in terms of how they were going to embrace programmatic or how they were going to use it.

不，丹，我認為你說對了。我的意思是，它不是我們的 CTV 產品套件中利潤最高的產品。但如果世界末日真的來臨，600 億美元的線性資金轉移到 CTV，其中大部分流向 Magnite，大部分則成為廣播公司以程序化方式銷售的出版物，那么生活就很美好了。就像它很好一樣。我的意思是，我們認為現在感受到的不平衡是，廣播公司、附加服務以及一些電視原始設備製造商在如何接受程序化或如何使用程序化方面，在一年前採取了截然不同的策略。

And generally speaking, it was like not really a lot. And what's changed is the market softened. Buyers want to buy this way. They don't want to buy direct anymore. And so all of this inventory whooshes in. And all of a sudden, it's bright and shiny Disney inventory -- guess what? There's a whoosh of spend that goes over towards it and the new spend that comes and goes towards it.

一般來說，確實不是很多。變化的是市場變得疲軟。買家都想透過這種方式購買。他們不想再直接購買。於是，所有這些庫存都湧入。大量的支出嗖嗖地流向它，新的支出也不斷流向它。

So we're just going through this imbalance right now. But I think you hit the nail on the head, Dan, that if it never does anything and we can never upsell and the market resumes at a 25% growth rate, life is good. But we think we're really truly at kind of the nadir of take rates because of this phenomenon that's occurred in this period of time. And we think over time, there'll be expansion.

所以我們現在正面臨這種不平衡。但丹，我認為你說到了點子上，如果它什麼都不做，我們永遠無法追加銷售，而市場以 25% 的增長率恢復，那么生活就很美好。但我們認為，由於這段時間出現的這種現象，我們的接受率確實處於最低點。我們認為隨著時間的推移，它將會得到擴張。

Got it. That's helpful. And to kind of follow up on part of that question. I mean now that you've got the integration on video side behind you, you've talked about some new products that you're planning on launching. Can you sort of -- we've seen this before with you guys and have the chance to redeploy assets and obviously, what that meant for DV+ over the past year or so. So just help us think through if you really believe that the sort of trough take rate for you guys, it feels like a good time to invest incrementally and redeploying those assets that you now have. Just help us think about your willingness to kind of maybe give us the margin or invest a little bit more aggressively, so when things turn, you guys are kind of poised to (inaudible).

知道了。這很有幫助。並對這一問題的部分內容進行跟進。我的意思是，現在您已經完成了影片方面的整合，並且談到了您計劃推出的一些新產品。您能否——我們之前在您身上看到過這種情況，並且有機會重新部署資產，顯然，這對過去一年左右的 DV+ 意味著什麼。所以，請幫助我們仔細想想，如果您真的相信，對您來說，這種最低谷接受率似乎是逐步投資和重新部署現有資產的好時機。只是幫助我們思考一下，您是否願意給我們利潤或進行更積極的投資，這樣當情況發生變化時，您就可以做好準備（聽不清楚）。

Yes. Dan, I think you killed it there. I think that you're exactly right. This is very now this DV+. In the DV+ business, we had OLV inventory running on the legacy SpotX platform, the legacy Telaria platform and the legacy Rubicon platform. We brought it all together. That freed up bandwidth from people having to operate 3 platforms to 1. It freed up creativity. It freed up innovation. And we think we're going through that phase right now that we've sunset one of our platforms and it's all in streaming and CTV.

是的。丹，我想你把它殺了。我認為你說得完全正確。現在這個非常這個DV+。在 DV+ 業務中，我們在傳統 SpotX 平台、傳統 Telaria 平台和傳統 Rubicon 平台上運行 OLV 庫存。我們把一切都整合在一起。這樣就將人們需要操作 3 個平台的頻寬減少到 1 個。它釋放了創新。我們認為我們現在正經歷這個階段，我們已經淘汰了我們的一個平台，而一切都集中在串流媒體和CTV上。

So I don't even think the use case is, oh, now it's time to double down and bring on 100 people because we just freed up 100 people. These poor people were working night and day consolidating platforms, and now their 100% bandwidth is focused on innovating on streaming. And so I think we're just incredibly well positioned.

所以我什至不認為用例是，哦，現在是時候加倍投入並招募 100 人了，因為我們剛剛釋放了 100 人。這些可憐的人曾經日夜不停地整合平台，現在他們 100% 的頻寬都用於串流媒體創新。所以我認為我們處於非常有利的位置。

If the use case presented itself, where we could collapse time by bringing on more resources and investing more for the long-term revenue growth of CTV, obviously, we look at that every day. But I really think the story here is with our existing assets, we just gained like 50 FTEs because these poor people were doing 2 jobs.

如果用例出現，我們可以透過投入更多資源和投資更多來實現 CTV 的長期收入成長，從而縮短時間，顯然，我們每天都會關注這一點。但我確實認為這裡的故事是，憑藉我們現有的資產，我們剛剛獲得了 50 個全職員工，因為這些可憐的人同時做兩份工作。

The next question comes from Matthew Thornton from Truist Securities.

下一個問題來自 Truist Securities 的 Matthew Thornton。

Two, if I could. Can you walk us through what you're assuming for the back half of the year just in terms of services across M&E as well as the auto verticals? Just more color on what you're thinking and assuming in the guidance for 3Q and 4Q within CTV. Secondly, I mean, you talked about it a bit from maybe RTB to -- programmatic to go back in the short term -- or direct sold in the short term. Are you also seeing a shift from maybe smaller tail players to blue chip, a handful of blue-chip publishers as well? So I wonder if that exacerbates it as well. Any thoughts or color there would be helpful.

如果可以的話，有兩個。您能否向我們介紹一下您對今年下半年在 M&E 以及汽車垂直領域的服務方面的預期？您對 CTV 的第三季和第四季指引的想法和假設更加詳細。其次，我的意思是，您談到了從 RTB 到短期內迴歸程序化，或短期內迴歸直接銷售。您是否也看到了從較小的尾部參與者到藍籌股以及少數藍籌出版商的轉變？所以我想知道這是否也會使情況惡化。任何想法或色彩都會有幫助。

Yes, sure, Matt. You were a little garbled, but I think I got it. So back half of the year, I think that some of the disruption in managed service truly are kind of pauses in campaigns that should reignite in Q4, particularly in like verticals of autos. What we're hearing from regional auto dealers is they're still troubled by lack of supply. It's not as bad as it was at the height of the pandemic, but they're still not where they need to be. And whether that's battery shortages or chip shortages, I think that on the lot, they don't have what they want to sell, but they feel more emboldened by model launches coming later.

是的，當然，馬特。你說得有點混亂，但我想我明白了。所以回顧今年上半年，我認為託管服務中的一些中斷確實是一種活動的暫停，這些活動應該會在第四季度重新點燃，特別是在汽車垂直領域。我們從地區汽車經銷商那裡聽說，他們仍然因供應不足而煩惱。目前的情況不像疫情最嚴重時那麼糟糕，但他們仍未達到應有的水準。無論是電池短缺還是晶片短缺，我認為，從產量來看，他們沒有想要銷售的產品，但他們對後續推出的車型感到更有信心。

Media and entertainment might be a little bit slower to rebound. A lot of it has to do with new production. I think you're seeing tune in for libraries. I see it myself. People are now advertising existing shows that are deep in the library to get people to watch them. But I don't think we see that whoosh of new media and entertainment spend if there's not new production, and so that's kind of a question mark.

媒體和娛樂業的反彈速度可能會稍微慢一些。其中很大一部分與新產品有關。我認為您正在關注圖書館。我親眼看見了。人們現在正在宣傳圖書館深處的現有節目，以吸引人們觀看。但我認為，如果沒有新的製作，我們不會看到新媒體和娛樂支出的大幅成長，所以這是一個問號。

As to any other verticals, David, do you have any opinion or insight into anything that we might see in the second half of the year from a trend line?

至於其他垂直行業，大衛，您對我們可能在下半年看到的趨勢線有什麼看法或見解嗎？

No, I think you covered the big ones.

不，我認為你已經涵蓋了最重要的部分。

Okay. And then, yes, definitely, Matt. I think we talked about it in the script. And that is -- so it's impossible for our spend to significantly grow in the CTV platform if there hasn't been some cannibalization, right? So in other words, if spend is growing disproportionate to net revenue, it can't all be new spend. So some of it have to be spend that was hitting publishers that have higher take rates that were more open auction-oriented publishers that have now gone to more premium hub-sold programmatic deals. So that's kind of the shift that's occurred.

好的。然後，是的，當然是馬特。我想我們在劇本中討論過這個。也就是說——如果沒有發生一些蠶食，我們在 CTV 平台上的支出就不可能大幅成長，對嗎？換句話說，如果支出成長與淨收入不成比例，那麼它就不可能全是新支出。因此，其中一部分必須用於支出那些收取率更高的出版商，這些出版商是更面向公開拍賣的出版商，現在已經轉向更優質的中心銷售程序化交易。這就是發生的轉變。

And then what we're seeing is the new dollars coming in disproportionately favor that cohort of publishers. Again, we think that if you get spend rising and back to 20%, 25%, as some of the analysts are predicting in a normal market, that I think every mouth will be fed and everything will be great and we will also have worked our journey with bringing in higher value services to the plus service, broadcaster, TV OEMs.

然後我們看到的是新的資金大量湧入，並流向了這群出版商。再說一遍，我們認為，如果支出增加並回到 20% 或 25%，正如一些分析師在正常市場中預測的那樣，我認為每個人都能得到滿足，一切都會很順利，我們也將努力為附加服務、廣播公司和電視 OEM 帶來更高價值的服務。

The next question comes from Dan Day from B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Dan Day。

Just any potential friction in the third quarter guide from MediaMath going down and that spend getting reallocated between DSPs? I asked because like my understanding is they're not much of a player in buying CTV. So I assume if anything, it would be more on the DV+ side. But is that a challenge for you in the third quarter right now?

MediaMath 第三季指南中是否存在任何潛在摩擦，以及 DSP 之間的支出重新分配？我之所以問這個問題，是因為據我所知，他們在購買 CTV 方面並沒有太大作為。因此我認為如果有的話，它會更偏向 DV+ 方面。但這對你們現在第三季來說是一個挑戰嗎？

No, Dan, most of that spend was DV+, as you point out. And from our tracking of it, it's found a home, with some rare exceptions because private deals take a while to be activated. But by and large, that spend has worked its way back into the ecosystem, but all on the DV+ platform.

不，丹，正如你所指出的，大部分支出都是 DV+。從我們的追蹤來看，它已經找到了歸宿，但也有少數例外，因為私人交易需要一段時間才能啟動。但總的來說，這些支出已經回歸到生態系統，但全部都在 DV+ 平台上。

Other than a cash hit, it was kind of sadly a nothingburger.

除了現金支出以外，這真是可悲的毫無意義。

Understood. Maybe just talk about what's giving you the confidence here to give sort of a soft guide for the fourth quarter CTV revenue. We haven't seen people sort of willing to opine out beyond the current quarter. Is that -- I think you said close to flat year-over-year for the fourth quarter for CTV. Just definitely conversations with advertisers, publishers, just actual visibility at all? Just what is it that's informing that 4Q commentary?

明白了。也許只是談論一下是什麼讓您有信心為第四季度的 CTV 收入提供某種軟指南。我們還沒有看到人們願意對當前季度之後的情況發表意見。是的 — — 我認為您說的是 CTV 第四季的營收與去年同期相比持平。只是與廣告商、出版商對話，只是實際的可見性嗎？第四季的評論到底有何意義？

Yes. I would say, first of all, it's a very cautious approach, but we have spent a lot of time with our sales team, getting feedback from the managed service team. Michael mentioned that some of those campaigns appeared to be paused rather than completely taken off the table. We think that it's sort of, as our sales team described earlier, an air pocket for a few months here. And so we are comfortable with some recovery on the managed service front.

是的。我想說，首先，這是一種非常謹慎的方法，但我們花了很多時間與我們的銷售團隊合作，從託管服務團隊那裡獲得回饋。麥可提到，其中一些活動似乎是暫停了，而不是完全放棄了。我們認為，正如我們的銷售團隊之前所描述的那樣，這裡幾個月來一直存在空氣袋現象。因此，我們對託管服務方面的一些復甦感到滿意。

And then I think the rest of the business, as Michael mentioned, from an ad spend share perspective, the business is actually very healthy, and so we do have continued growth on that front. And so even at these reduced take rates, it still, as we move forward, we believe, provides some momentum and lift for us to at least return to those levels.

然後我認為，正如邁克爾所提到的，從廣告支出份額的角度來看，其餘業務實際上非常健康，因此我們在這方面確實持續成長。因此，即使接受率降低，我們相信，隨著我們繼續前進，它仍然會為我們至少回到那些水平提供一些動力和推動力。

The next question comes from Tim Nollen from Macquarie.

下一個問題來自麥格理的 Tim Nollen。

Obviously, CTV is the topic of the day. So I've got another related question to this, which is there's been more discussion recently over issues of transparency and measurement and things in CTV. And I wonder if that may be factoring in, in any way to the network groups maybe opting to go into direct sold means instead of using more programmatic tools. I just wonder if there's any correlation of that at all and if so, what you can do to help improve that.

顯然，CTV是當天的話題。所以我還有另一個與此相關的問題，那就是最近關於 CTV 的透明度和測量問題等的討論越來越多。我想知道這是否會以任何方式影響網路團體可能選擇採用直接銷售方式而不是使用更多的程序化工具。我只是想知道這兩者之間是否存在任何關聯，如果有，您可以做些什麼來幫助改善這種情況。

And then one point of clarification. I think we're talking mostly or exclusively U.S. CTV. You did mention international is growing double the rate. So I just wonder if there's any of this sort of dynamic that's going on now in the U.S., if that's also happening outside the U.S.

然後澄清一點。我認為我們談論的主要是或完全是美國 CTV。您確實提到國際成長率是原來的兩倍。所以我只是想知道現在美國是否存在這種動態，或者美國以外是否也發生了這種動態。

Yes. Great questions. I -- listen, I think that when dollars are scarce, marketers tend to stick with the people they know, the safe bets and probably experiment a lot less. And so I think that has less to do with perhaps fraud or lack of visibility than it does to do with just kind of looking for a safe harbor in a rocky ocean.

是的。很好的問題。我——聽著，我認為當資金稀缺時，行銷人員傾向於堅持與他們認識的人、安全的賭注合作，並且可能減少實驗。因此，我認為這與欺詐或缺乏透明度關係不大，而更像是在波濤洶湧的大海中尋找安全的港灣。

One of the things about our platform is because we deal publisher direct, we've never had those issues at all. We don't deal with aggregators in the CTV world. So we know every publisher, we have a direct relationship with them. So visibility on our platform, fraud on our platform -- fraud has never really existed, visibility at 100% level. So I don't think from a micro standpoint, from a Magnite standpoint, that has played a role. Maybe more in a macro, but not for Magnite.

我們的平台的一個特點是，由於我們直接與出版商打交道，所以我們從來沒有遇到過這些問題。我們不與 CTV 領域的聚合器打交道。所以我們了解每一個出版商，我們與他們有直接的關係。因此，我們平台上的可見性、平台上的詐欺行為——詐欺從未真正存在過，可見性達到 100%。因此，我認為從微觀角度、從 Magnite 角度來看，這並沒有發揮任何作用。在巨集中可能更多，但對於 Magnite 來說則不然。

And international is predominantly DV+. So not surprising that if they over-index on the DV+ and our growth rate is what it was that they will outperform their peers in those markets. We have a very strong footprint in the Australian marketplace as it relates to CTV, but it's mostly through broadcasters. And so some of the phenomenon that you're seeing here is the same in that marketplace. So the top-tier broadcasters, they like to sell pubs sold direct, and so I think that it's not a unique North America phenomenon that we're seeing occur right now.

國際上主要以DV+為主。因此，如果他們在 DV+ 上表現過度並且我們的成長率與原來一致，那麼他們將在這些市場中勝過同行，這並不奇怪。就 CTV 而言，我們在澳洲市場佔有非常重要的地位，但主要是透過廣播公司。所以您在這裡看到的一些現象與那個市場上的現像是相同的。因此，頂級廣播公司喜歡直接銷售酒吧，所以我認為這並不是我們現在看到的北美獨有的現象。

The next question comes from Shweta Khajuria from Evercore ISI. This concludes our question-and-answer session. I would like to turn the conference back over to Michael Barrett, CEO, for any closing remarks.

下一個問題來自 Evercore ISI 的 Shweta Khajuria。我們的問答環節到此結束。我想將會議交還給執行長邁克爾·巴雷特 (Michael Barrett)，請他作最後發言。

Thank you, Jason. Yes, I'd like to thank the Magnite team for the diligent effort required to report another strong quarter. We are thrilled to complete our CTV platform integration. I would particularly like to thank the many internal teams responsible for completing the migration to the new CTV platform, which required significant additional work and attention to deliver a smooth transition for our partners. So thank you so much.

謝謝你，傑森。是的，我要感謝 Magnite 團隊的辛勤努力，讓我們再次報告強勁的季度業績。我們很高興完成我們的 CTV 平台整合。我要特別感謝負責完成向新 CTV 平台遷移的眾多內部團隊，這需要大量額外的工作和關注才能為我們的合作夥伴實現順利過渡。非常感謝。

We look forward to speaking with many of you at our upcoming investor events. RBC will host our post-Q2 virtual meetings tomorrow. Nick will be participating in a virtual IRO conference with Cannonball on August 14, in mid-Atlantic marketing with Craig-Hallum on August 22. We will be marketing in New York on September 6 and attending The Benchmark Conference in New York on the 7th. We will participate in the Truist Virtual Summit on September 12. Nick will be marketing in San Francisco with Truist on September 21. We'll also be in London for marketing on September 26. Thank you for joining and have a great evening.

我們期待在即將舉行的投資者活動中與你們交談。 RBC 將於明天舉辦我們的第二季後虛擬會議。尼克將於 8 月 14 日與 Cannonball 一起參加虛擬 IRO 會議，8 月 22 日與 Craig-Hallum 一起參加大西洋中部行銷會議。我們將於 9 月 12 日參加 Truist 虛擬高峰會。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。