Magnite Inc (MGNI) 2024 Q2 法說會逐字稿

Good day, and welcome to the Magnite second quarter 2024 earnings conference call. (Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to Nick Kormeluk of Investor Relations. Please go ahead.

大家好，歡迎參加 Magnite 2024 年第二季財報電話會議。（操作員指示）請注意，該事件正在被記錄。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 2024 earnings conference call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; and David Day, our CFO.

謝謝接線員，大家下午好。歡迎參加 Magnite 2024 年第二季財報電話會議。提醒一下，本次電話會議正在錄音。今天與我一起參加電話會議的還有執行長 Michael Barrett；以及我們的財務長 David Day。

I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation. Before we get started, I will remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impact of macroeconomic factors on our business. These statements are not guarantees of future performance.

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。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。

They reflect our current views with respect to future events and are based on assumptions and estimates and is 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.

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 specific reports filed with the SEC, including our second quarter 2024 quarterly report on Form 10-Q and our 2023 annual report on Form 10-K. We undertake no obligation to update 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具體報告中，包括我們 2024 年第二季度的 10-Q 表季度報告和 2023 年的 10-K 表年度報告。我們不承擔更新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, 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 the 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 或更少的流量獲取成本的貢獻、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投資者關係網站上發布的財務亮點中找到。

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 one-time in nature, and we may or may not provide an update on the future of these metrics.

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。

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

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直播重播，以了解有關 Magnite 的更多資訊。現在我將電話轉給麥可。邁克爾，請繼續。

Thank you, Nick. It's been a very exciting 90 days or so since we last reported. We delivered strong Q2 results that once again exceeded our top line guidance and we reinforced our leadership in CTV with the Netflix win.

謝謝你，尼克。自從我們上次報告以來，已經過去了非常令人興奮的90天左右。我們取得了強勁的第二季業績，再次超越了我們的營收預期，並且透過收購 Netflix 鞏固了我們在 CTV 領域的領導地位。

We are absolutely thrilled to have been chosen by Netflix as a programmatic SSP partner. The deal has created significant momentum for our business with new and existing partners and customers asking us how we can do more for them and help them move faster into programmatic CTV advertising.

我們非常高興被 Netflix 選為程式化 SSP 合作夥伴。這筆交易為我們的業務創造了巨大的發展勢頭，新舊合作夥伴和客戶都詢問我們如何能為他們做更多事情，幫助他們更快地進入程序化聯網電視廣告領域。

Our win in the competitive moat we have built is a result of our investment in numerous features and capabilities that took years to assemble, integrate, and transform. It clearly demonstrates the breadth and depth of what we offer in CTV.

我們之所以能在競爭中取得勝利，是因為我們花了多年的時間對眾多功能和能力進行投資，以組建、整合和轉型。它清楚地展示了我們在 CTV 所提供服務的廣度和深度。

It validates the work we've been doing to create the world's leading holistic programmatic CTV platform. We look forward to supporting Netflix programmatic launch starting this summer and ramping throughout 2025. And we've been working at a feverish pace with them since the announcement in May. For the quarter, CTV contribution ex-TAC grew 12% year over year and DV+ contribution ex-TAC grew 7%.

它驗證了我們為創建世界領先的整體程式化 CTV 平台所做的工作。我們期待從今年夏天開始支援 Netflix 程式化發布，並在 2025 年逐步推廣。自從五月宣布這一消息以來，我們一直與他們密切合作。本季度，CTV 貢獻（扣除 TAC）年增 12%，DV+ 貢獻（扣除 TAC）成長 7%。

Key drivers of CTV performance were strong overall ad spend growth, increasing programmatic adoption by the industry's largest players, and ad serving strength. Our ad spends for the quarter continued to pace above 20%. Regarding CPM trends in CTV, we've seen slight decreases year over year. However, we believe these are supply driven by the largest industry players scaling their CTV inventory and not from a drop off in demand.

CTV 業績表現的關鍵驅動因素是整體廣告支出的強勁成長、行業最大參與者的程序化採用率不斷提高以及廣告投放實力。本季我們的廣告支出持續保持在 20% 以上。關於 CTV 的 CPM 趨勢，我們看到年比略有下降。然而，我們認為，這是由行業最大參與者擴大其 CTV 庫存所推動的供應下降，而不是需求下降所致。

Volume increases have significantly offset CPM reductions, and we believe these trends of accelerating programmatic adoption will continue. The expansion of supply sources makes programmatic selling even more important.

交易量的增加極大地抵消了每千次曝光費用的減少，我們相信，加速程序化採用的趨勢將會持續下去。供應源的擴大使得程序化銷售變得更加重要。

Lower CPMs and better targeting in programmatic CTV also help facilitate the entry of newer CTV buyers who may be more ROI and price sensitive. We believe these trends are very powerful in expanding industry programmatic participation and growing our accessible TAM.

程序化 CTV 中較低的 CPM 和更好的定位也有助於吸引可能對投資回報率 (ROI) 和價格更敏感的新 CTV 買家。我們相信這些趨勢對於擴大行業計劃參與和增加我們的可訪問 TAM 非常強大。

In addition to the Netflix win, I also want to highlight two of our other big partnerships. First is United Airlines, where we recently announced that Magnite will be the centralized ad platform for in-flight entertainment. This demonstrates our continued growth in the commerce media space with one of the largest airlines in the world choosing Magnite as their exclusive partner as they enter the programmatic advertising arena.

除了與 Netflix 的合作之外，我還想強調我們的另外兩個重要合作關係。首先是美國聯合航空，我們最近宣布 Magnite 將成為機上娛樂的集中廣告平台。這表明我們在商業媒體領域的持續成長，世界上最大的航空公司之一選擇 Magnite 作為其進入程序化廣告領域的獨家合作夥伴。

The second is Roku, where we have announced an expansion of our seven-year partnership in support of powering the new Roku Exchange. The Roku Exchange connects to the programmatic ecosystem through an integration with Magnite.

第二個是 Roku，我們宣布擴大我們為期七年的合作關係，以支援新的 Roku Exchange。Roku Exchange 透過與 Magnite 的整合連接到程式生態系統。

In addition to connecting Roku with third-party buyers, we are also providing them with incremental advertising opportunities to our ClearLine and agency marketplace solutions as well as our demand facilitation team.

除了將 Roku 與第三方買家聯繫起來之外，我們還為他們提供透過我們的 ClearLine 和代理商市場解決方案以及我們的需求促進團隊提供的增量廣告機會。

ClearLine, our self-service direct buying platform is continuing to gain adoption and we are seeing very good growth, albeit off of the small base. It has traction with numerous agencies and multiple brands that are in testing and early development.

ClearLine 是我們的自助直購平台，其應用範圍正在不斷擴大，儘管基數較小，但我們看到了非常好的成長。它受到了眾多機構和處於測試和早期開發階段的多個品牌的青睞。

Our exclusive Mediaocean partnership also represents a big opportunity for ClearLine and we are launching our first campaigns with them this quarter. Our deep and evolving partnerships with the likes of Netflix, Disney, Roku, Warner Brothers, Discovery, Paramount, Fox, Samsung, LG, and Vizio ensure we have a valuable long-term role in the growth of the CTV market.

我們與 Mediaocean 的獨家合作關係也為 ClearLine 帶來了巨大的機遇，我們將於本季與他們一起推出首次活動。我們與 Netflix、迪士尼、Roku、華納兄弟、Discovery、派拉蒙、福克斯、三星、LG 和 Vizio 等公司建立了深度且不斷發展的合作夥伴關係，確保我們在 CTV 市場的成長中發揮長期寶貴的作用。

In fact, some of the fastest growing accounts this quarter included Roku, Warner, Disney, LG, and Paramount with much of the growth coming from our SpringServe and Magnite streaming SSP combination, which gives us a big advantage as a programmatic first partner relative to the competition and continuously differentiate us end market.

事實上，本季成長最快的帳戶包括 Roku、華納、迪士尼、LG 和派拉蒙，其中大部分成長來自我們的 SpringServe 和 Magnite 串流媒體 SSP 組合，這使我們作為程式化優先合作夥伴相對於競爭對手具有巨大優勢，並不斷讓我們在終端市場脫穎而出。

Our tools are deeply embedded within our clients workflow, whether it be creative review, adding logic or audience tools and from the client's perspective, the combined implementation of our ad serving capabilities and SSP looks more like a typical enterprise software solution.

我們的工具深深嵌入客戶工作流程中，無論是創意審查、添加邏輯或受眾工具，從客戶的角度來看，我們的廣告投放功能和 SSP 的組合實施更像是一個典型的企業軟體解決方案。

We believe this stickiness creates a meaningful mode and barrier to entry for others. And in our case, the barriers not just workflow from ad operations, is also in the form of superior monetization. Our strategic partners view us as part of their core ad operations platform and having more than one solution would complicate workflow and be comparable to running two ERPs or two CRMs.

我們相信這種黏性為其他人創造了一種有意義的模式和進入障礙。在我們的案例中，障礙不僅是廣告營運的工作流程，還有優越的貨幣化形式。我們的策略夥伴將我們視為其核心廣告營運平台的一部分，擁有多個解決方案會使工作流程複雜化，相當於運行兩個 ERP 或兩個 CRM。

Now to DV+. Q2 once again finished strong with contributions to ex-TAC growth of 7%. Our results continue to be driven by adding scale, improving efficiency through traffic shaping, improving monetization and performance with AI, and by investing in formats, such as Native, Audio, Podcasts, and Digital Out of Home. On the AI front, you may have seen our release last Thursday about our new feature within Demand Manager using machine learning.

現在到 DV+。第二季再次以 7% 的貢獻率強勢收官。我們的業績繼續受到規模擴大、透過流量整形提高效率、利用人工智慧提高貨幣化和性能以及對原生、音訊、播客和數位戶外等形式的投資的推動。在人工智慧方面，您可能已經看到我們上週四發布的有關需求管理器中使用機器學習的新功能的消息。

The new feature finds the optimal configurations in a publisher's pre-bid wrapper per impression in real time and has the potential to rapidly enhance billions of impressions to improve performance versus manual configuration.

新功能可以即時找到發布商每次展示的競價前包裝中的最佳配置，並且有可能迅速增強數十億次展示，以提高與手動配置相比的性能。

In the broader industry, as I'm sure you're aware, Google recently announced they will not deprecate third-party cookies. Frankly, we're not surprised with their decision, given some of the challenges they've acknowledged with the rollout.

在更廣泛的行業中，我相信您已經知道，Google最近宣布他們不會棄用第三方 cookie。坦白說，考慮到他們承認在推出過程中遇到的一些挑戰，我們對他們的決定並不感到驚訝。

In any event, we've done deep testing and work with Google, so that we are prepared to support privacy sandbox for a future iteration of it, for those that may want it. Although our position has always been that cookies being deprecated was not a meaningful risk for our business in the long term, we do believe the decision does relieve some short-term uncertainty and potential CPM volatility, so we view it as a net positive.

無論如何，我們已經進行了深入測試並與Google合作，因此我們準備為可能需要它的人提供隱私沙盒的未來迭代支援。儘管我們的立場一直是，棄用 Cookie 不會對我們的長期業務造成重大風險，但我們確實認為該決定確實減輕了一些短期不確定性和潛在的 CPM 波動，因此我們認為這是一個淨正面影響。

Regardless of Google's decision, we continue to believe that a decrease in reliance on third-party cookies and other non-transparent tracking methods are positive for the industry. And the future is bright for an identity model powered by sellers who are better-positioned to obtain user data and consent for implementing first-party identifiers.

無論谷歌做出何種決定，我們始終相信，減少對第三方 cookie 和其他不透明追蹤方法的依賴對產業而言是有利的。對於賣家提供支援的身份模型來說，前景是光明的，因為賣家更有能力獲取用戶資料並同意實施第一方識別碼。

In closing, we delivered a strong first half and are thrilled with the momentum in our business and the ever-growing roster of CTV partners that have selected Magnite. The strategic investments we've made to create the world's leading, holistic programmatic CTV platform have clearly paid off and we are excited about the acceleration in our growth rate in CTV for the remainder of the year. With that, I'll turn the call over to David for more details on financials. David?

最後，我們上半年取得了強勁的業績，我們對業務的發展勢頭以及選擇 Magnite 的 CTV 合作夥伴名單不斷增長感到非常高興。我們為創建世界領先的整體程式化 CTV 平台所做的策略性投資顯然已獲得回報，我們對今年剩餘時間 CTV 的成長率加速感到興奮。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. We are very pleased with another strong quarter with our recent customer wins and with the resulting momentum we are seeing in our business. We believe we are continuing to take share as our ad spend growth is outpacing the market.

謝謝，麥可。我們很高興看到本季又取得了強勁成長，近期我們贏得了許多客戶，業務也呈現良好發展勢頭。我們相信，由於我們的廣告支出成長速度超過市場，我們將繼續佔據市場份額。

As Michael mentioned, we again exceeded expectations for total AMC TV contribution ex-TAC, along with a strong performance in DV+. Total revenue for Q2 was $163 million, up 7% from Q2 2023. Contribution ex-TAC was $147 million, up 9%.

正如邁克爾所提到的，我們再次超越了 AMC 電視總貢獻（不包括 TAC）的預期，同時 DV+ 的表現也非常出色。第二季總營收為 1.63 億美元，比 2023 年第二季成長 7%。扣除 TAC 後的貢獻為 1.47 億美元，成長 9%。

CTV contribution ex-TAC was $63 million, up 12% year over year, and above the top end of our guidance range. We saw very strong growth in ad spend and continued momentum with our SpringServe ad serving business. Our CTV outperformance was once again driven by our programmatic offerings. DV+ contribution ex-TAC was $84 million and increased from $79 million or 7% compared to the second quarter last year.

CTV 貢獻（扣除 TAC）為 6,300 萬美元，年增 12%，且高於我們預期範圍的最高值。我們看到廣告支出成長非常強勁，並且 SpringServe 廣告投放業務持續保持良好勢頭。我們的 CTV 優異表現再次得益於我們的程序化廣告服務。DV+ 貢獻（不含 TAC）為 8,400 萬美元，與去年第二季的 7,900 萬美元相比增加了 7%。

Our contribution ex-TAC mix for Q2 was 43% CTV, 39% mobile, and 18% desktop. From a vertical perspective, health and fitness, automotive and retail were our strongest performing categories. Categories that did not perform as well were travel, technology, and style and fashion. Total operating expenses, which includes cost of revenue for the second quarter, were $153 million, a decrease from $224 million for the same period last year.

我們第二季的貢獻（不包括 TAC）為 43% 來自 CTV、39% 來自行動裝置、18% 來自桌上型電腦。從垂直角度來看，健康和健身、汽車和零售是我們表現最強大的類別。表現不佳的類別包括旅遊、科技以及風格和時尚。總營運費用（包括第二季的營業成本）為 1.53 億美元，較去年同期的 2.24 億美元下降。

The primary driver of the decrease was the result of the SpotX acquired intangible assets that became fully amortized in the third quarter of last year. Adjusted EBITDA operating expense for the second quarter was $102 million within our guidance range.

下降的主要原因是 SpotX 收購的無形資產已於去年第三季完全攤銷。第二季調整後的 EBITDA 營業費用為 1.02 億美元，在我們的指導範圍內。

The increase from $97 million last year was primarily driven by higher personnel-related costs due to annual merit increases and modest increased hiring and additional cloud computing expenses. Net loss was $1 million for the quarter compared to net loss for the second quarter of 2023 of $74 million. Adjusted EBITDA grew 20% year over year and was $45 million with a margin of 30%, which compares to $37 million and a margin of 28% last year.

與去年的 9,700 萬美元相比，這一數字的成長主要是由於年度績效加薪、適度增加招聘以及額外的雲端運算費用導致的人員相關成本增加。本季淨虧損為 100 萬美元，而 2023 年第二季淨虧損為 7,400 萬美元。調整後 EBITDA 年成長 20%，達到 4,500 萬美元，利潤率為 30%，而去年同期為 3,700 萬美元，利潤率為 28%。

As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC. GAAP loss for basic and diluted share was $0.01 for the second quarter of 2024 compared to a loss of $0.54 for the second quarter of 2023.

提醒一下，我們將調整後的 EBITDA 利潤率計算為扣除 TAC 後的貢獻百分比。2024 年第二季基本和稀釋每股盈餘的 GAAP 虧損為 0.01 美元，而 2023 年第二季的虧損為 0.54 美元。

Non-GAAP earnings per share in the second quarter of 2024 grew 56% and was $0.14 compared to $0.09 last year. Reconciliations of non-GAAP income and non-GAAP earnings per share are included with our Q2 results press release.

2024 年第二季非公認會計準則每股收益成長 56%，為 0.14 美元，去年同期為 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。

Our cash balance at the end of Q2 was $326 million, an increase of $74 million from $253 million at the end of the first quarter. The increase was due to typical seasonality in our business. Capital expenditures, including both purchases of property and equipment, and capitalized internal use software development costs were $15 million for the quarter. Operating cash flow, which we defined as adjusted EBITDA less CapEx, was $30 million for the quarter.

我們第二季末的現金餘額為 3.26 億美元，比第一季末的 2.53 億美元增加了 7,400 萬美元。成長是由於我們業務的典型季節性所致。本季的資本支出（包括購買財產和設備以及資本化內部使用軟體開發成本）為 1500 萬美元。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 3,000 萬美元。

Our net interest expense for the quarter was $7 million. Our net leverage was 1.3x at the end of Q2, reflecting the expected improvement from 1.7x at the end of Q1. The sequential improvement is due to the normal seasonality in our business. We expect to see net leverage improvements continue in Q3 and Q4 this year and expect the net leverage of 1x or less by the end of the year.

我們本季的淨利息支出為 700 萬美元。我們的淨槓桿率在第二季末為 1.3 倍，與第一季末的 1.7 倍相比有預期的改善。連續的改善是由於我們業務的正常季節性。我們預計今年第三季和第四季淨槓桿將繼續改善，並預計到年底淨槓桿率將達到 1 倍或以下。

In addition, for our regular RSU vesting during the quarter, we utilized the withhold to cover method to cover employee taxes, thereby reducing dilution by withholding 385,000 shares for $4 million. Year to date, through the second quarter, using withhold to cover, we've reduced dilution by 1.3 million shares for $13 million, or nearly 1% of shares outstanding. We also had $125 million of capacity available at quarter end in our authorized share or convert repurchase program.

此外，對於本季的常規 RSU 歸屬，我們採用預扣抵扣方法來支付員工稅款，從而透過預扣 385,000 股股票（價值 400 萬美元）來減少稀釋。年初至今，截至第二季度，透過採用預扣彌補措施，我們已減少了 130 萬股稀釋股，價值為 1,300 萬美元，佔已發行股票的近 1%。我們在季度末的授權股票或轉換回購計畫中還有 1.25 億美元的可用容量。

I will now share our expectations for the third quarter and full year. For the third quarter, we expect contribution ex-TAC to be in the range of $146 million to $150 million. Contribution ex-TAC attributable to CTV to accelerate to a range of $62 million to $64 million, reflecting year-over-year growth of 20% at the midpoint.

現在我將分享我們對第三季和全年的預期。對於第三季度，我們預計扣除 TAC 後的貢獻將在 1.46 億美元至 1.5 億美元之間。歸屬於 CTV 的 TAC 貢獻加速至 6,200 萬美元至 6,400 萬美元之間，中間值年增 20%。

Contribution ex-TAC attributable to DV+ to be in the range of $84 million to $86 million. We anticipate EBITDA operating expenses to be between $101 million and $103 million, which implies adjusted EBITDA margin of approximately 31% for Q3 at the midpoints. Our Q3 expectations across CTV and DV+ reflect a slow start to political ad spend in July due to the extraordinary circumstances surrounding both parties, although we've seen some improvement.

DV+ 產生的 TAC 貢獻在 8,400 萬美元至 8,600 萬美元之間。我們預計 EBITDA 營業費用在 1.01 億美元至 1.03 億美元之間，這意味著第三季調整後的 EBITDA 利潤率中間值約為 31%。我們對 CTV 和 DV+ 第三季的預期反映出，由於兩黨面臨的特殊情況，7 月政治廣告支出開局緩慢，儘管我們已經看到了一些改善。

For the full year, we are reaffirming that we expect contribution ex-TAC to grow at least 10%, with CTV to grow faster than DV+, adjusted EBIDTA margin to expand 100 basis points to 150 basis points over 2023, adjusted EBITDA growth in the mid -teens, with an even higher growth and free cash flow. And we now expect total CapEx to be approximately $50 million.

就全年而言，我們重申，預計扣除 TAC 後的貢獻將增長至少 10%，CTV 的增長速度將快於 DV+，調整後的 EBIDTA 利潤率將在 2023 年擴大 100 個基點至 150 個基點，調整後的 EBITDA 增長率將達到十幾歲左右，增長和自由現金流將更高。我們現在預計總資本支出約為 5000 萬美元。

We also expect the net income and EPS positive for the full year on a GAAP basis. Q2 was another solid quarter for Magnite. I'm particularly excited about our new relationship with Netflix and the opportunity we have to help them grow their advertising business.

我們也預計，以 GAAP 計算，全年淨收入和每股收益將為正值。第二季度對 Magnite 來說又是一個強勁的季度。我對我們與 Netflix 的新關係以及幫助他們發展廣告業務的機會感到特別興奮。

I'm also excited about growing opportunities in the commerce media space and our new relationship with United as a marquee example. We have significant momentum in our business and exciting opportunities ahead. With that let's open the line for Q&A.

我也對我們在商業媒體領域日益增長的機會以及與聯合航空的新關係作為典型例子感到興奮。我們的業務發展勢頭強勁，未來機會令人振奮。讓我們開始問答環節。

(Operator Instructions) Shyam Patil, Susquehanna.

（操作員指示）Shyam Patil，薩斯奎哈納。

Hey guys, congrats on a great quarter and all the long recent partnership wins. I had a couple of questions. The first one was on some of the partnerships. Netflix, Roku, obviously some really good partnerships. Can you maybe talk a little bit about how you expect them to ramp throughout the second half of this year and next year, and kind of how we should be thinking about just the revenue contribution, the extent you can talk about that for both of those.

嘿夥計們，祝賀你們取得了一個出色的季度以及近期所有的長期合作勝利。我有幾個問題。第一個是關於一些合作關係。Netflix、Roku，顯然是一些非常好的合作夥伴。您能否談談您預計他們在今年下半年和明年將如何發展，以及我們應該如何考慮收入貢獻，您可以就這兩項談談多少。

And then second question, on political advertising, can you talk a little bit about how you're expecting that to look in the third quarter and fourth quarter if there's any finer point you can put on that? Thank you.

第二個問題，關於政治廣告，您能否談談您對第三季和第四季政治廣告的預期，您可以更詳細地講一下嗎？謝謝。

Sure, I'll take that. Yes, on those partnerships, we defer to Netflix on the timing of their ramp. They've discussed that they'll be launching this summer and into this fall and then really ramping in 2025. United is a fairly new partnership and that will take some time to ramp up. And so picking out those two, there are not significant impacts considered in our revenue for the remainder of this year. With Roku and that expansion, I think we're seeing some growth there and we're seeing some ramp up.

當然，我接受。是的，對於這些合作，我們會聽從 Netflix 的建議，決定其發展時間。他們已經討論過，他們將於今年夏天和秋天推出該產品，然後在 2025 年真正開始量產。美聯航是一個相當新的合作夥伴，需要一些時間來發展。因此，挑選出這兩個，對我們今年剩餘時間的收入不會產生重大影響。隨著 Roku 及其擴張，我認為我們在那裡看到了一些增長，也看到了一些上升。

Political is really interesting with these really unusual events in July, there was a significant pause in political spending. So we're a little cautious on that front. What's challenging political is 80% of that spend occurs in the 8 to 10 weeks running up to the election.

政治真的很有趣，7 月發生了許多不尋常的事件，政治支出出現了顯著的停頓。所以我們在這方面有點謹慎。政治上的挑戰是，80% 的支出發生在選舉前 8 到 10 週。

And so how much of that occurs in September before the Q3 cut off versus Q4 is always hard to gauge and so we're trying to be somewhat conservative, given the potential volatility in the political spend and in our quarterly guidance in that cut off and trying to estimate, where that will land. Michael, you got anything else to add?

因此，很難判斷在第三季截止日之前的 9 月與第四季度相比，這種情況會有多少發生，因此，考慮到政治支出和季度指導中潛在的波動，我們試圖保持一定程度的保守，並試圖估計這種情況會如何發展。邁克爾，你還有什麼要補充的嗎？

No, that’s perfect.

不，那太完美了。

Omar Dessouky, Bank of America.

美國銀行的奧馬爾‧德蘇基 (Omar Dessouky)。

Hey, guys, it's Arthur on for Omar. Thanks for taking my question. I just wanted to make a quick classification on the guidance. I think on the press release, there was a commentary around you guys expecting growth acceleration in the second half of 2024.

嘿，夥計們，亞瑟代替奧馬爾上場。感謝您回答我的問題。我只是想對該指南進行一個快速分類。我認為新聞稿中有一個評論說你們預計 2024 年下半年成長將加速。

I wanted to clarify, are you guys expecting quarter-over-quarter acceleration in 3Q and 4Q on a sequential basis? So 3Q would be accelerating versus 2Q, and then Q4 would be accelerating versus Q3. And then I have a follow-up question, if I could. Thank you.

我想澄清一下，你們是否預計第三季和第四季的環比成長會加速？因此，第三季相對於第二季而言會加速，而第四季相對於第三季而言會加速。如果可以的話，我還有一個後續問題。謝謝。

Sure. Yeah, I mean, and particularly focused on CTV growth. We guided to 20% year-over-year growth, which is an acceleration and will lead to, you compare the first half of the year to the second half of the year, overall acceleration.

當然。是的，我的意思是特別關注 CTV 的成長。我們預計將年增 20%，這是一個加速過程，將導致上半年與下半年相比，整體加速出現。

We're giving specific guidance on Q3 and not Q4, so more to come there. But we feel really good about our CTV business. You can see that the CTV revenue growth, the gap between that and our ad spend growth is narrowing because of the accelerated growth in CTV revenue. And so we're really bullish on our CTV business.

我們針對第三季而非第四季給出了具體指導，因此還會有更多資訊。但我們對我們的 CTV 業務感到非常滿意。您可以看到，由於 CTV 收入成長加速，CTV 收入成長與我們的廣告支出成長之間的差距正在縮小。因此，我們非常看好我們的 CTV 業務。

Appreciate it. Thank you. And maybe just a quick follow-up question on CTV take rate. I'm wondering if you guys could talk a little bit about how CTV take rate has trended sequentially in a quarter. And just given some of the dynamics on the supply side with more Netflix and Prime Video inventory coming online, has your outlook on take rate changed? If you're looking down say like six months or a year down the road. Thank you.

非常感謝。謝謝。也許只是一個關於 CTV 收視率的快速後續問題。我想知道你們是否可以談談 CTV 接受率在一個季度內的連續趨勢。隨著 Netflix 和 Prime Video 庫存越來越多，供應方面的一些動態變化，您對接受率的看法是否發生了變化？如果你展望未來，比如說六個月或一年後。謝謝。

Yeah, I think, we don't give specific take rates, but I think to continue on the narrative that we've had the last several quarters the premium inventory that's still pushing onto the market is coming in at our lower take rate earning levels, but we're lapping the most significant decrease from last year and so the rate of decline in our average take rate, which is due to that continuing mix change has slowed quite significantly.

是的，我認為，我們沒有給出具體的接受率，但我認為繼續我們過去幾個季度的說法，優質庫存仍然在向市場推行，我們的接受率處於較低水平，但我們正在彌補去年最顯著的下降，因此我們的平均接受率的下降速度（這是由於持續的組合變化導致的）已經顯著放緩。

And so we're -- I wouldn't say we're bottoming out, but we're sort of hitting that point of stabilization and that's why you see as I commented earlier you see this significant acceleration in our actual revenue growth as over time it will continue to come closer and closer to our ad spend growth in the CTV business. So we expect those trends to continue.

因此，我不會說我們已經觸底，但是我們正達到某種穩定點，這就是為什麼正如我之前評論的那樣，我們實際收入增長顯著加速，隨著時間的推移，它將越來越接近我們在 CTV 業務中的廣告支出增長。因此我們預計這些趨勢將會持續下去。

We expect continued adoption of programmatic in CTV. And so we expect those ad spend growth rates to remain high, greater than 20% as we've had over the last handful of quarters going forward. I don't know, Michael, if you have anything else you want to add.

我們預計程序化廣告將在加拿大電視網 (CTV) 繼續採用。因此，我們預期廣告支出成長率將保持高位，超過20%，就像過去幾季一樣。我不知道，邁克爾，您是否還有其他要補充的。

No, I think that captures it all.

不，我想這就涵蓋了一切。

Jason Kreyer, Craig-Hallum.

傑森·克里爾、克雷格·哈勒姆。

Great. Thank you, guys. Michael, Netflix has been pretty vocal about deploying this programmatic ad strategy. Can you just talk about what you think that means for your role in the industry and maybe what that means for your existing relationships with other streamers?

偉大的。謝謝你們。邁克爾，Netflix 一直積極推行這種程式化廣告策略。您能否談談這對您在行業中的角色意味著什麼，以及對您與其他串流媒體的現有關係意味著什麼？

Yeah, hi, Jason, thanks for the question. Yeah, I think Netflix has been quite vocal about leaning into programmatic and I think you kind of see that trend line across all the big streamers. I think one of the takeaways from the recently completed upfront season was, I don't think everyone was all that pleased with the final CPMs, but it seemed like the numbers all kind of came in online, maybe slightly up for some of the big streamers, but programmatic definitely a bigger piece of the spend puzzle.

是的，嗨，傑森，謝謝你的提問。是的，我認為 Netflix 一直直言不諱地表示要傾向於程序化，而且我認為你可以在所有大型串流媒體中看到這種趨勢。我認為最近完成的預售季的一個要點是，我認為並不是每個人都對最終的 CPM 感到滿意，但似乎所有的數字都是在線的，對於一些大型流媒體來說可能略有上升，但程序化肯定是支出難題中更大的一塊。

And we think that any dollars that haven't been deployed in the upfront are primed for programmatic going forward in kind of the spot market.

我們認為，任何尚未預先部署的資金都將為未來在現貨市場上進行程序化投資做好準備。

So I think anytime someone comes to market with kind of a heavy programmatic focus, it's answering what buyers are wanting. And so I think that more and more you are going to see programmatic play a bigger role in terms of the streamer's revenue, just given the fact that's what the buyers want. They want a more efficient way to buy. They want targeting. And that's what programmatic supplies and Netflix is certainly part of that equation.

因此我認為，任何時候有人以高度程序化為重點進入市場，都是在回答買家的需求。因此我認為，你會越來越多地看到程式化在串流媒體收入方面發揮更大的作用，因為這正是買家想要的。他們想要更有效的購買方式。他們想要的是目標。這就是程式化供應的內容，而 Netflix 無疑是其中的一部分。

Thank you. And then as you've been working with Netflix over the last couple of months, any learnings on their strategy or what they wish to deploy or any changes to your view of the size of the Netflix opportunity?

謝謝。那麼，在過去的幾個月裡，您與 Netflix 合作的過程中，您對他們的策略或他們希望部署什麼有什麼了解，或者您對 Netflix 機會規模的看法有什麼變化嗎？

No, nothing that we haven't already talked about in the script or that they haven't talked about. I think as David said at the top of the call, we mark off of Netflix comp in this area, and so they'll be the ones that will be giving a better understanding of what their go-to-market strategy might be, timing, et cetera. But as it relates to what we feel Netflix could represent to us from a size of a client, I would say we still feel very comfortable with the kind of direction is given there.

不，沒有什麼是我們在劇本中沒有談過的或是他們沒有談過的。我認為，正如大衛在電話會議開始時所說的那樣，我們在這個領域與 Netflix 競爭，因此他們將更好地了解他們的市場進入策略、時機等。但就我們認為 Netflix 在客戶規模上能為我們帶來什麼而言，我想說，我們仍然對他們給予的方向感到非常滿意。

One quick one just on DV+, the growth was a little bit slower this quarter. It seems like that's consistent with the Q3 guide. Is that related to political or is there anything else going on there?

僅就 DV+ 而言，本季的成長略顯緩慢。這似乎與第三季指南一致。這與政治有關嗎？

No, there's always some volatility in the DV+ line. We saw mobile, a little lighter growth rate, but nothing to point a finger at. So we kind of put in that normal volatility bucket. I think we're also, given all the macro swirl and concerns, we're certainly trying to be a little cautious in our guide for the remainder this year given all of the challenges going on from a macro perspective, geopolitical perspective, and political perspective directly.

不，DV+ 線總是存在一些波動。我們看到，行動端的成長率略低，但沒有什麼值得指出的。因此我們將其放入了正常的波動率桶中。我認為，考慮到所有的宏觀動盪和擔憂，考慮到從宏觀角度、地緣政治角度和政治角度直接出現的所有挑戰，我們肯定會在對今年剩餘時間的指導中保持謹慎。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Good morning. So again, on Netflix. So I think Netflix would love more ad revenues faster, but what they have found in the upfront market is that the brands they're talking to say they have to reach critical mass. Round number is 20 million ad-driven subs here in America, then they are under 10. So that is my question. Can they use programmatic when they are smaller than that sort of critical reach that they need for the upfront market, or does ad buys even in your world require bigger reach than they have with their ad-driven subs in the US?

早安.再次強調，在 Netflix 上。因此，我認為 Netflix 希望更快獲得更多的廣告收入，但他們在前期市場發現，他們正在談判的品牌表示，他們必須達到臨界規模。在美國，廣告驅動的訂閱用戶約有 2,000 萬，而實際訂閱用戶不到 1,000 萬。這就是我的問題。當他們的覆蓋範圍小於前期市場所需的關鍵覆蓋面時，他們是否可以使用程序化廣告？

Yeah, great question, Laura. And again, I would defer a lot of that to the Netflix in terms of their answer to that. But my take on it is that, yeah, as long as you can provide scaled audiences that folks want, and it doesn't have to be households, it just could be demos.

是的，勞拉，這個問題問得很好。再次強調，對於這一問題的答案，我將在很大程度上交給 Netflix 來決定。但我的看法是，是的，只要你能提供人們想要的規模觀眾，而且不一定是家庭，也可以是演示。

If you have a decent concentration of that demo, we see consistently in programmatic that folks are making those buys because by nature, in programmatic with targeting, you're looking at a smaller universe of individuals in ergo. I think that programmatic plays nicely into that as you start to scale up and be able to have a big seat at the upfront table.

如果你對該演示有相當的關注，我們會在程序化中不斷看到人們進行這些購買，因為從本質上講，在具有定位的程序化中，你看到的是一個較小的個體世界。我認為，當你開始擴大規模並能夠在前台佔據重要地位時，程式化可以很好地發揮這一點。

Okay, that's super helpful. And then back on DV+, which I know is something you were trying to turn around a couple of years ago, it's still quite a bit bigger than your CTV business. And I love this new business slide that you've given us for CTV. But is there a similar slide for DV+, and you just don't disclose it? Or is it the growth, the 7% growth you're getting in DV+ is all same clients, they just have to spend more, we're not getting new clients there?

好的，這非常有幫助。然後回到 DV+，我知道這是你幾年前試圖扭轉的局面，它仍然比你的 CTV 業務大得多。我很喜歡您為 CTV 提供的這個新業務幻燈片。但是 DV+ 是否有類似的幻燈片，而您只是沒有透露它？或者是成長，您在 DV+ 中獲得的 7% 的成長都是來自相同的客戶，他們只需要花費更多，我們在那裡沒有獲得新客戶？

Yeah, Laura, I think the slide you're referring to is actually the one in the deck that talks about our recent wins. And there is some on there that's also DV+. So that does cross over both, specifically United Airlines might have some mobile and desktop revenue that comes from, even though it's streaming television coming on a mobile device, that will hit those different lines. So that really is encompassing, but kind of the biggest near term wins on there do tend to focus more on CTV.

是的，勞拉，我認為你所指的幻燈片實際上是談論我們最近勝利的幻燈片。其中有些也是 DV+。因此，這確實涉及兩者，具體來說，美國聯合航空公司可能會有一些來自行動和桌面的收入，儘管它是在行動裝置上播放的串流電視，但這會影響到不同的線路。所以這確實是包羅萬象的，但短期內最大的勝利往往更集中在 CTV 上。

Yeah, and the Amazon one too as well. So being a preferred SSP for Amazon's DSP, that's almost exclusively DV+. But it's a great point you bring out, Laura, and something we probably should consider in future earnings releases.

是的，還有亞馬遜的。因此，作為亞馬遜 DSP 的首選 SSP，DV+ 幾乎是唯一的。但是勞拉，你提出的觀點非常好，我們在未來的收益報告中應該考慮到這一點。

Ian Peterson, Evercore ISI.

伊恩·彼得森（Ian Peterson），Evercore ISI。

Hey, thank you for taking my questions two, if I may. First, it would be great to get some color on how the managed services business trended in Q2 and how you expect that business to trend or implied in your Q3 guide, which has some pretty material acceleration in CTV revenue.

嘿，如果可以的話，謝謝您回答我的第二個問題。首先，如果您能了解託管服務業務在第二季的趨勢，以及您對該業務趨勢的預期，或在第三季指南中暗示的情況，那將對 CTV 收入產生相當大的加速影響。

And my second question is around, you guys have signed a number of new partnerships in the quarter. Can you walk us through if these partnerships will require incremental investment spend or how we should think about investments Magnite needs to make in order to properly run these partnerships? Thanks.

我的第二個問題是，你們在本季簽署了一些新的合作協議。您能否向我們介紹一下這些合作關係是否需要增量投資支出，或者我們應該如何考慮 Magnite 需要進行的投資才能妥善運作這些合作關係？謝謝。

Great. I'll take that on the managed service front. Yeah, I think managed service was down slightly in Q2. We expect it to be down slightly in Q3. And as we've discussed in the past, I think what you'll find is managed service one is more, it's always been a little more volatile.

偉大的。我將從託管服務方面來處理這個問題。是的，我認為第二季的託管服務略有下降。我們預計第三季將會略有下降。正如我們過去討論過的，我認為您會發現託管服務更加不穩定。

And so we're a little more cautious in any guidance related to managed service. And over time you'll see managed service becoming a smaller and smaller component of our overall revenue mix. And so that's how we see that trending over time.

因此，我們對任何與託管服務相關的指導都更加謹慎。隨著時間的推移，您會看到託管服務在我們的整體收入結構中所佔的比例越來越小。這就是我們看到的隨時間推移的趨勢。

From a partnership perspective, there's really no direct incremental investment needed for the new partnerships. The only thing I'd say is if you sort of hand back to the overall CTV opportunity that all of these partnerships represent, for example, live sports, I think on the margin there's some modest engineering, product and engineering, hiring, and a little bit of acceleration there that we think has a nice ROI.

從合作關係的角度來看，新的合作關係實際上不需要直接的增量投資。我唯一想說的是，如果你回顧所有這些合作夥伴關係所代表的整體 CTV 機會，例如現場體育賽事，我認為在邊緣上有一些適度的工程、產品和工程、招聘，以及一點點加速，我們認為這會帶來不錯的投資回報率。

So nothing that changes fundamental dynamics of our margins or anything, but I think we'll look to accelerate some of that development because of the opportunity that we have ahead of us.

因此，沒有什麼可以改變我們利潤的基本動態或任何事情，但我認為，由於我們面前的機遇，我們會尋求加速其中的一些發展。

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Yeah, thank you guys so much for taking my question. Dave, if I could ask another one on the macro and just kind of how you're thinking about it and guidance. How much differentiation I guess is there between the macro you see in the CTV environment versus DV+ kind of just going back to that cyclical versus secular idea?

是的，非常感謝你們回答我的問題。戴夫，如果我可以再問一個關於宏觀的問題，以及你對此的看法和指導。我猜想在 CTV 環境與 DV+ 中看到的宏觀方面存在多大差異，回到週期性與長期性的概念？

Yeah, hey Matt. It's Michael. I think if you look across the board, the categories that aren't performing as well from an ad spend standpoint tend to go across both platforms. And so I don't think that there may be some rare instances of say a managed service contribution. But generally speaking, when we say strength or weaknesses in categories to spend, it's meant for the all of Magnite across the board and not to just focus on CTV and/or DV+.

是的，嘿，馬特。是麥可。我認為，如果從整體來看，從廣告支出角度來看表現不佳的類別往往會跨越兩個平台。因此，我認為可能不存在一些罕見的託管服務貢獻情況。但一般來說，當我們說出支出類別的優勢或劣勢時，是指整個 Magnite 的整體情況，而不僅僅是關注 CTV 和/或 DV+。

Yeah, I think that said, because of the expansion in CTV, that general macro impact, whatever it is, probably would look a little more muted because of the gains that we're making in the CTV. So relatively speaking let's say there was a macro slowdown, you'd probably see it a little more acutely on the DV+ side of the business than you would on the CTV side, but that's the only nuance I'd add to that.

是的，我認為，由於 CTV 的擴張，整體宏觀影響（無論是什麼）可能都會因為我們在 CTV 中取得的收益而顯得更加溫和。因此，相對而言，假設出現了宏觀經濟放緩，您可能會在 DV+ 業務方面比在 CTV 業務方面更為明顯地看到這一點，但這是我要補充的唯一細微差別。

Yeah, no, that's helpful color. And then Michael, during the prepared remarks, you talked about increased interest from other partners after the Netflix deal about people trying to figure out why you won, what you're doing for them, and maybe how you could help. Obviously, probably don't want to talk about specific names before these deals are launched, but if you guys give us some more color there that would be really helpful.

是的，不，那是有用的顏色。然後邁克爾，在準備好的發言中，你談到在與 Netflix 達成交易後，其他合作夥伴的興趣日益濃厚，他們試圖弄清楚你為什麼會獲勝，你為他們做了什麼，以及你能如何提供幫助。顯然，在這些交易啟動之前，可能不想談論具體的名字，但如果你們給我們更多細節，那將會非常有幫助。

Yeah, no, I think the reference there was that we work with just about every big player out there, and some will probably never work with, like a YouTube. But in the ones that we do work with, what we are seeing is kind of an increase in the same store sales, and that kind of halo effect of Netflix in walking clients through how we want the business, what they want of our stack.

是的，不，我認為那裡的參考是我們幾乎與所有大公司都有合作，但有些公司可能永遠不會合作，例如 YouTube。但在與我們合作的客戶中，我們看到的是同店銷售額有所成長，Netflix 的光環效應讓客戶了解到我們的業務願景以及他們對我們的堆疊有何期望。

We talked in the past before about customizing offerings on a streamer need basis. So instead of having people think of us as, oh, they have an ad server, they have an SSP. Well, if someone wants three features that are ad server features, and five features that are SSP features, that's the kind of work that we are doing with these folks to get deeper into their stack, if you will, increase their monetization, and increase our revenue participation.

我們以前討論過根據串流媒體需求客製化產品。這樣，人們就不會認為他們有一個廣告伺服器，他們有一個 SSP。好吧，如果有人想要三個廣告伺服器功能和五個 SSP 功能，這就是我們正在與這些人一起做的工作，以更深入地了解他們的堆疊，如果你願意的話，增加他們的貨幣化，並增加我們的收入參與。

So I would say that I wouldn't look for huge announcements as a verification of the halo effect that we are receiving, it's more look at it through the revenue performance of CTV from the existing clients that we have.

因此，我想說，我不會尋找重大公告來驗證我們正在接收的光環效應，而是更多地透過我們現有客戶的 CTV 收入表現來看待它。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah, curious to get a layer deeper on the Mediaocean relationship there. As far as the ramp up in Q3, is the next step really educating the buy side here, or are there things that you need to do on the plumbing, call it, behind ClearLine?

是的，我很好奇想更深入地了解 Mediaocean 之間的關係。就第三季的成長而言，下一步是否真的要教育買方，或者您是否需要在 ClearLine 背後的管道上做一些事情？

Yeah, great question, Eric, and it has been all plumbing to date, right, so making sure it's integrated, making sure the workflow works, billing, reconciliation, collections, all that kind of stuff, had to make sure that was up for, that was sound and in place.

是的，艾瑞克，這個問題問得很好，到目前為止，一切都很順利，對吧，所以要確保它是整合的，確保工作流程正常，計費、對帳、收款，所有這些事情，都必須確保一切準備就緒、健全且到位。

A lot of the dev work falls on Mediaocean, so it's kind of out of our controls, but now that there's water flowing through the pipes, we anticipate that we're in this next phase, and that is activation, and you're right, there's an education process to it.

很多開發工作都落在了 Mediaocean 身上，所以這有點超出了我們的控制範圍，但現在已經有水流過管道，我們預計我們正處於下一個階段，那就是激活，你說得對，這是一個教育過程。

But there's no additional resources that we need, we have our demand facilitation team that has all the relationships that exist, Mediaocean is leaning in on it as well. As we said, we're not converting dollars that are programmatic today going through a DSP and trying to take those monies and put them through this new path of work.

但我們不需要額外的資源，我們有自己的需求促進團隊，擁有所有現有的關係，Mediaocean 也依賴它。正如我們所說的，我們不會透過 DSP 轉換今天的程序化美元，也不會嘗試利用這些資金通過這種新的工作方式。

This is really for that kind of linear insertion order business that would be sent over via an insertion order convincing those folks of the efficacy of the workflow of ClearLine and the additional targeting that you can get from that, the reaching frequency balancing that you can get from that.

這實際上適用於那種透過插入訂單發送的線性插入訂單業務，使人們相信 ClearLine 工作流程的有效性以及您可以從中獲得的額外定位以及您可以從中獲得的達到頻率平衡。

And yeah, we expect the sales cycle to be relatively midterm to it. It's not an easy flip the switch, but we're really encouraged with the response that we're getting in some of the tests that are taking place right now.

是的，我們預期銷售週期將相對處於中期。這不是一件容易的事情，但我們對目前正在進行的一些測試所得到的回饋感到非常鼓舞。

Zach Cummins, B. Riley.

康明斯、B.萊利。

Hi, good afternoon. Thanks for taking my question. Most of mine have already been asked by other analysts, but just curious with improving cash flow that you see and especially here in Q2, how are you thinking about capital allocation when it comes to potentially repurchasing shares or retiring debt at this juncture?

嗨，下午好。感謝您回答我的問題。其他分析師已經問過我大部分問題了，但我只是好奇，隨著現金流的改善，特別是在第二季度，當涉及到在這個關鍵時刻可能回購股票或償還債務時，您是如何考慮資本配置的？

Yeah, that's a good question. We're really happy with where we stand now from a capital structure, having completed our refinancing in January. We're kind of set for the next handful of years. If we think about uses for our cash, I'll start first with a baseline that we'd like to have a $175 million, $200 million as normal kind of operational cash flow balance.

是的，這是個好問題。我們對目前的資本結構感到非常滿意，因為我們已於一月份完成了再融資。我們已經為接下來的幾年做好了準備。如果我們考慮現金的用途，我首先會以基準開始，也就是我們希望有 1.75 億美元、2 億美元的正常營運現金流餘額。

Over the next year and a half, we would put aside another $200 million to pay off the converts that come due in March of 2026. And so to your point, we will have some excess cash. I think we would lean much more heavily now to perhaps opportunistic repurchasing of shares, particularly with some of the volatility in our stock price.

在接下來的一年半里，我們將再撥出 2 億美元來償還 2026 年 3 月到期的轉換債務。正如您所說，我們將有一些多餘的現金。我認為，我們現在可能會更傾向於機會性地回購股票，特別是在我們的股價出現一些波動的情況下。

So that would certainly be on the table. We'll also keep some powder dry if there are some tuck-ins, small acquisitions that might accelerate important CTV-related product development. So that's how I think we think about our capital allocation right now.

因此這肯定會被考慮。如果有一些小型收購可能會加速重要的 CTV 相關產品開發，我們也會做好準備。我認為這就是我們現在對資本配置的看法。

(Operator Instructions) Ross Compton, Macquarie.

（操作員指令） 羅斯康普頓，麥格理。

Hi, Michael. With little in the press, by the way, of the upcoming Google AdTech trial that sits on September, and I appreciate it's going to be a long play here, but also looking at Google's network revenue, which has declined for about, I think, eight quarters in a row.

你好，麥可。順便說一句，媒體對即將於 9 月進行的 Google AdTech 審判的報導很少，我知道這將是一場長期的審判，但同時也看看 Google 的網絡收入，我認為已經連續大約 8 個季度下滑。

Are you seeing some competitive mediation for you as an SSP to win in the space in helping DV+ results? I'm interested to hear your thoughts here on kind of the moving pieces and the potential spin. Yeah, anything you have to add.

您是否認為作為 SSP，您可以透過一些競爭性調解在幫助 DV+ 取得成果方面取得勝利？我很有興趣聽聽您對這類移動部件和潛在旋轉的看法。是的，您需要添加任何內容。

Yeah, great question. I would say that over several quarters, if not years, since this investigation is going on, we've definitely seen a far more level playing field as it relates to working with Google in Google's AdX and GAM in DV360.

是的，很好的問題。我想說的是，自從這項調查開始以來，經過幾個季度甚至幾年的時間，我們確實看到了在與谷歌在谷歌 AdX 和 DV360 中的 GAM 方面的合作方面更加公平的競爭環境。

So I don't think that anything this quarter or last quarter, I think there's accumulation of practices that are more conducive to the open web, more conducive to a magnet. But I would say more on the margins. I don't think there's been any kind of sea change where the opportunities that were not afforded to us are now abundant.

因此，我認為無論本季或上個季度，我們都在累積更有利於開放網路、更有利於磁鐵的實踐。但我想說的更多是邊緣問題。我認為並沒有任何重大變化，以前我們得不到的機會現在卻變得豐富起來。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Michael Barrett for any closing remarks.

隊列中沒有其他問題。我們的問答環節到此結束。我想將會議交還給邁克爾·巴雷特 (Michael Barrett) 來做結束語。

Thanks, Jason. I’d like to thank the Magnite team for another great quarter that exceeded expectation. The strong performance of our team in the first half of the year has positioned us nicely for a strong finish in the third and fourth quarters. We look forward to speaking with many of you at our upcoming investor events. Bank of America will host our post Q2 Virtual Investor Meetings tomorrow.

謝謝，傑森。我要感謝 Magnite 團隊又一個超出預期的出色季度。我們團隊在上半年的出色表現為我們在第三季和第四季取得良好收官奠定了基礎。我們期待在即將舉行的投資者活動中與你們交談。美國銀行將於明天舉辦第二季虛擬投資者會議。

We will be attending meetings with Craig-Hallum in Philadelphia and Baltimore on August 13 and 14. Nick will participate in the Cannonball IR conference on August 16. We will be attending the BofA conference in New York on September the 4, the Benchmark Conference in New York on September the 5, the Citi Conference in New York on September the 6, the Wolfe Conference in San Francisco on September 10, and the B-Riley and Lake Street conferences in New York on September the 12.

我們將於 8 月 13 日至 14 日在費城和巴爾的摩參加與 Craig-Hallum 的會議。Nick 將於 8 月 16 日參加 Cannonball IR 會議。我們將參加 9 月 4 日在紐約舉行的美國銀行會議、9 月 5 日在紐約舉行的 Benchmark 會議、9 月 6 日在紐約舉行的花旗會議、9 月 10 日在舊金山舉行的 Wolfe 會議以及 9 月 12 日在紐約舉行的 B-Riley 和 Lake Street 會議。

Following the conferences, Nick will be participating in investor meetings in LA on September 16 with Lake Street. Dallas on September 17, and Austin on September 18 with Stevens. San Diego on September 19, Lake Street. Toronto on September 24 with Benchmark. Montreal on September 25 with RBC, and in New York on September 26 with SIG. Thank you all and have a great evening.

會議結束後，Nick 將於 9 月 16 日與 Lake Street 一起參加在洛杉磯舉行的投資者會議。9 月 17 日前往達拉斯，9 月 18 日前往奧斯汀，史蒂文斯也將隨隊前往。9 月 19 日，聖地牙哥，湖街。9 月 24 日，多倫多，Benchmark 出席活動。9 月 25 日在蒙特婁與 RBC 會面，9 月 26 日在紐約與 SIG 會面。謝謝大家並祝大家有個愉快的夜晚。

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現在結束。感謝您參加今天的演講。您現在可以斷開連線。