Magnite Inc (MGNI) 2025 Q1 法說會逐字稿

Good day, and welcome to Magnite Q1, 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Nick Kormeluk in investor relations. Please go ahead.

大家好，歡迎參加 Magnite 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部門的 Nick Kormeluk。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's first quarter 2025 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. I would like to point out that we have posted financial highlight slides on our investor relations website to accompany today's presentation.

謝謝接線員，大家下午好。歡迎參加 Magnite 2025 年第一季財報電話會議。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。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 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 impacts of macroeconomic factors on our business.

在我們開始之前，我要提醒您，我們準備好的評論和對問題的回答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。

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 act or actual results, performance, or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

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，這些因素可能導致行為或實際結果、表現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 first quarter 2025 quarterly report on Form 10-Q and our 2024 annual report on Form 10-K. We undertake no obligation to update forward-looking statements or relevant risks.

有關這些風險和其他風險、不確定性和假設的討論已在公司向美國證券交易委員會提交的定期報告中列出，包括我們 2025 年第一季度的 10-Q 表季度報告和 2024 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 tech stack or less traffic acquisition costs, adjusted EBITDA, and non-GAAP net income per share. Reconciliations between GAAP and non-GAAP metrics for reported results can be found on 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 GAAP 財務指標，包括貢獻技術堆疊或更少的流量獲取成本、調整後的 EBITDA 和非 GAAP 每股淨收入。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摘要中找到。

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. 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，為了回答您的問題，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只是一次性的，我們可能會或可能不會提供這些指標的未來更新。我鼓勵您造訪我們的投資者關係網站，查看我們的新聞稿、財務要點、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。

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

現在我將把電話轉給麥可。請繼續，邁克爾。

Thank you, Nick. Q1 came in very strong and we exceeded total top line guidance with CTV growing 15% and DV+ growing 9%. We saw a nice bounce back in DV+ after Q4, showing how quickly ad spend can restart on our platform after a market slowdown. Adjusted EBITDA came in significantly above expectations at $37 million, growing 47%, representing an adjusted EBITDA margin of 25% versus 19% in Q1 last year.

謝謝你，尼克。第一季表現非常強勁，我們的總營收超出預期，CTV 成長 15%，DV+ 成長 9%。我們看到 DV+ 在第四季度後出現了良好的反彈，這表明在市場放緩之後，我們的平台上的廣告支出可以快速恢復。調整後的 EBITDA 大幅高於預期，達到 3,700 萬美元，成長 47%，調整後的 EBITDA 利潤率為 25%，而去年第一季為 19%。

Our CTV business continued to produce excellent results in Q1, driven primarily by the industry's largest players, wider adoption of programmatic, continued traction with the agency marketplaces and growth in live sports.

我們的 CTV 業務在第一季度繼續取得優異的業績，主要得益於行業最大的參與者、程序化廣告的更廣泛採用、代理市場的持續吸引力以及體育賽事直播的增長。

Let me go one by one, starting with the industry's largest streamers, where we continue to deepen our relationships. Our most significant growth came from Roku, LG, Warner Brothers, Discovery, Fox, Vizio Walmart, and Netflix.

讓我逐一介紹一下，從業內最大的串流媒體開始，我們將繼續深化與這些串流媒體的關係。我們最顯著的成長來自 Roku、LG、華納兄弟、Discovery、Fox、Vizio Walmart 和 Netflix。

Netflix continues to roll out their programmatic business globally, most recently in EMEA, with further expansion coming through the rest of the year. Magnite continues to be a critical part of Netflix's programmatic ad stack, and we remain bullish about the work we're doing together.

Netflix 繼續在全球推出其程式化業務，最近一次是在歐洲、中東和非洲地區，並將在今年剩餘時間內進一步擴張。Magnite 繼續成為 Netflix 程式化廣告堆疊的重要組成部分，我們對雙方共同開展的工作仍然充滿信心。

These partnerships underscore the tremendous opportunity for Magnite and CTV, but as we said last quarter, that opportunity isn't available to legacy SSPs that don't have a purpose-built CTV ad server at the core of their platform.

這些合作關係凸顯了 Magnite 和 CTV 的巨大機遇，但正如我們上個季度所說，對於平台核心中沒有專門構建的 CTV 廣告伺服器的傳統 SSP 來說，這種機會是無法獲得的。

Two weeks ago, we widen in our lead even further by unveiling the next generation of SpringServe, a unified solution that combines our ad server with the advanced programmatic capabilities of the Magnite streaming SSP.

兩週前，我們發布了下一代 SpringServe，進一步擴大了領先優勢。 SpringServe 是一種統一的解決方案，將我們的廣告伺服器與 Magnite 串流媒體 SSP 的高階程式功能結合。

Set for general availability this July, this new platform offers something truly differentiated for buyers, a more efficient, transparent path to premium supply, and for media owners, streamline workflows and smarter, more holistic yield optimization.

該新平台將於今年 7 月全面上市，為買家提供真正差異化的產品、更有效率、透明的優質供應途徑，並為媒體所有者提供簡化的工作流程和更智慧、更全面的收益優化。

As more budgets flow into CTV, marketers are asking for more control, better transparency, in the shortest possible path to inventory. By collapsing the ad server and SSP into one platform, we remove an entire step in the process, simplifying buying, improving signal, and helping advertisers place their message where they'll have the most impact.

隨著越來越多的預算流入 CTV，行銷人員要求在最短的庫存路徑上實現更多的控制、更好的透明度。透過將廣告伺服器和 SSP 整合到一個平台，我們省去了整個流程中的一步，簡化了購買流程，改善了訊號，並幫助廣告商將他們的訊息投放到最有影響力的地方。

And for media owners, in addition to increased demand from buyers, the next generation of SpringServe provides intelligent ad decisioning and dynamic mediation. Centralized deal management and unified reporting through a single user interface.

對於媒體所有者來說，除了買家需求增加之外，下一代 SpringServe 還提供智慧廣告決策和動態調解。透過單一使用者介面進行集中交易管理和統一報告。

According to a recent independent study by [chance] Media, Magnite represents more than 99% of US streaming supply in the open internet. The new SpringServe is designed to make that inventory even more accessible, drawing more investment into CTV and flowing more value back to publishers.

根據 [chance] Media 最近的一項獨立研究，Magnite 佔據了美國開放網路上 99% 以上的串流媒體供應。新的 SpringServe 旨在使這些庫存更加容易獲取，從而為 CTV 吸引更多投資，並為出版商帶來更多價值。

In the agency marketplace, the response has been clear. Buyers like Group M, Omnicom, and the Traisk have publicly voiced their support -- have sellers like Disney, Roku, Paramount, LG, Samsung, and Warner Brothers, Discovery, and we've heard similar feedback from many other behind the scenes.

在代理市場，反應已經很明確了。Group M、Omnicom 和 Traisk 等買家已公開表示支持，迪士尼、Roku、派拉蒙、LG、三星、華納兄弟、探索頻道等賣家也表示支持，我們也聽到了許多其他幕後人士的類似反饋。

All of this reinforces what we've said for some time. CTV advertising isn't display advertising, and it can't run on display error infrastructure. The combination of our ad server and SSP gives Magnite structural advantage, an integrated purpose-built stack designed for the way CTV actually works, and no other independent platform can match.

所有這些都證實了我們一段時間以來所說的話。CTV 廣告不是展示廣告，它不能在展示錯誤基礎設施上運行。我們的廣告伺服器和 SSP 的結合為 Magnite 提供了結構優勢，這是一個專為 CTV 實際工作方式設計的整合專用堆疊，其他任何獨立平台都無法比擬。

Agency marketplaces, which are powered by our Clearline product remain a bright spot for us. This has been a strong focal point for agencies and Group M, Horizon, and Dents have been aggressively working on their differentiated marketplaces with the help of Magnite. Now to live sports. We saw a strong growth again in Q1, driven by nearly 20 partners using our live stream acceleration technology. NCAA basketball continued to be an important live sports growth driver for T1.

由我們的 Clearline 產品提供支援的代理商市場仍然是我們的一個亮點。這一直是各代理商關注的重點，Group M、Horizo​​n 和 Dents 在 Magnite 的幫助下一直在積極開拓差異化市場。現在來看體育直播。我們在第一季再次實現了強勁成長，這得益於近 20 個合作夥伴使用我們的直播加速技術。NCAA 籃球繼續成為 T1 重要的現場體育增長動力。

Looking ahead, we're excited about major upcoming events across MLB, the NBA and WNBA, NHL playoffs, as well as a wide range of college sports. We've also increased our international sports portfolio to include opportunities with FIFA Plus, Champions League, and Liga MK.

展望未來，我們對 MLB、NBA 和 WNBA、NHL 季後賽以及各種大學體育賽事即將舉行的重大賽事感到興奮。我們也擴大了國際運動投資組合，包括 FIFA Plus、冠軍聯賽和 Liga MK 的機會。

On the product side, live sports is a top priority, and we are accelerating investment in enhancements to live event pacing, predictive pre-ad requests, and live ad retention. Stepping back all these factors in CTV have led to further stabilization of our business mix and corresponding take rate, and we believe that they make CTV less sensitive to macro volatility for several reasons.

在產品方面，體育賽事直播是重中之重，我們正在加快投資，以增強賽事直播節奏、預測性廣告前請求和直播廣告保留。回顧 CTV 中的所有這些因素，我們的業務組合和相應的接受率得到了進一步的穩定，並且我們認為，由於多種原因，它們使得 CTV 對宏觀波動的敏感度降低。

First, programmatic CTV is TV advertising, but more targetable and measurable, and in lean times, advertisers always opt for more accountability from their ad spend. Secondly, programmatic TV is TV advertising without the upfront guarantee. In uncertain times, marketers still want to advertise, particularly in a TV-like environment, but are uncomfortable committing ads then beyond the current quarter, which is the norm for linear TV. Programmatic CTV provides the maximum spend flexibility. The TV environment marketers crave. And advanced analytics that can better track performance.

首先，程序化 CTV 就是電視廣告，但更具針對性和可衡量性，並且在困難時期，廣告商總是選擇對其廣告支出承擔更多責任。其次，程式化電視是沒有預付保證的電視廣告。在不確定的時期，行銷人員仍然希望投放廣告，尤其是在類似電視的環境中，但他們不願意在本季度之後投放廣告，而這是線性電視的常態。程序化 CTV 提供了最大的支出彈性。行銷人員渴望的電視環境。以及可以更好地追蹤性能的高級分析。

And lastly, in Magnite's case, programmatic CTV growth rate is roughly double the growth rate of our DB+ business, and CTV represents over 40% of our total contribution ex-tax revenue. So even in a macro slowdown, we'll, will outperform our peers who all lack meaningful revenue exposure to CTV.

最後，就 Magnite 而言，程式化 CTV 成長率大約是我們 DB+ 業務成長率的兩倍，CTV 占我們稅前總貢獻收入的 40% 以上。因此，即使在宏觀經濟放緩的情況下，我們的表現仍將優於那些缺乏對 CTV 有意義收入敞口的同行。

Now to DV+. This business had a strong bounce back quarter, growing 9% contribution ex-tax versus prior year. This was primarily driven by broad market recovery with 10 of our largest 11 verticals posting strong growth aced by technology, food and beverage, retail and financials. We also remain excited about our opportunity in audio.

現在轉到 DV+。該業務本季強勁反彈，稅後貢獻較上年同期成長 9%。這主要得益於廣泛的市場復甦，我們最大的 11 個垂直行業中有 10 個實現了強勁增長，其中技術、食品和飲料、零售和金融行業表現突出。我們也對音頻領域的機會感到興奮。

In early April, Spotify announced its new Spotify ad exchange, [Saks], and named Magnate a global partner for its programmatic offering. Magnite's SpringServe will be integrated into Saks to power omnichannel advertising across audio, video, and native display for Spotify subscribers worldwide.

4 月初，Spotify 宣布推出新的 Spotify 廣告交易平台 [Saks]，並任命 Magnate 為其程式化產品的全球合作夥伴。Magnite 的 SpringServe 將整合到 Saks，為全球 Spotify 用戶提供涵蓋音訊、視訊和原生顯示器的全通路廣告。

Now it's pivot to AI. On the efficiency front, as we noted last quarter, our neural net and machine learning systems play a key role in cost effectively scaling our infrastructure across both data centers and the cloud. These capabilities have contributed nicely to reductions in EBITDA OpEx, helping buyers achieve better outcomes on our platforms.

現在，焦點轉向了人工智慧。在效率方面，正如我們上個季度所指出的，我們的神經網路和機器學習系統在跨資料中心和雲端經濟高效地擴展基礎設施方面發揮關鍵作用。這些功能對降低 EBITDA OpEx 做出了巨大的貢獻，幫助買家在我們的平台上取得更好的結果。

On the product side, we're excited about the momentum building generative AI into our portfolio. Our AI powered audience discovery feature in our curator product is now live and gaining traction, and we have a robust pipeline of features and tools that will benefit from Gen AI going forward. In addition, we are investing in the use of LLMs to make our supply under management more addressable, particularly in CTV and we expect to begin rolling out these enhancements over the coming quarters.

在產品方面，我們對將生成性人工智慧納入我們的產品組合的勢頭感到非常興奮。我們的策展產品中由人工智慧驅動的受眾發現功能現已上線並受到廣泛關注，並且我們擁有強大的功能和工具管道，這些功能和工具將受益於未來的 Gen AI。此外，我們正在投資 LLM，以使我們管理的供應更具可尋址性，特別是在 CTV 中，我們預計將在未來幾季開始推出這些增強功能。

To conclude my comments, I want to dive deeper into the recent antitrust ruling against Google, which could which could potentially change the entire landscape of the open internet and drive significant upside for our DV+ business.

最後，我想更深入地談談最近針對Google的反壟斷裁決，該裁決可能會改變整個開放網路的格局，並為我們的 DV+ 業務帶來顯著的成長。

As you know, the court found that Google had engaged in illegal monopolistic practices with respect to its ad server and ad exchange, also known as an SSP. It's clear that for years, Google has been engaging in illegal practices that resulted in an unfair option within its ad server, which disproportionately drove volume through its SSP at the expense of rival SSPs like Magnite.

如您所知，法院發現Google在其廣告伺服器和廣告交易平台（也稱為 SSP）方面從事了非法壟斷行為。顯然，多年來，Google一直從事非法行為，導致其廣告伺服器中出現不公平選項，從而不成比例地透過其 SSP 推動流量成長，而以犧牲 Magnite 等競爭對手 SSP 為代價。

The court has scheduled the remedy phase for September 22 and has indicated that there will be attention to both behavioral and structural remedies. Although the specific timing and nature of remedies are still being debated. We are highly encouraged by the court's initial ruling on liability, and we believe that it will be highly beneficial for the open internet. Result in a more fair and transparent process and drive greater returns for publishers and advertisers.

法院已將補救階段安排在 9 月 22 日，並表示將同時關注行為補救和結構補救。儘管具體的補救時間和性質仍在爭論中。我們對法院關於責任的初步裁決感到非常鼓舞，我們相信這將對開放網路非常有利。實現更公平和透明的流程，並為出版商和廣告商帶來更大的回報。

We are looking forward to a more level playing field where all members of the ad tech industry have an equal chance to compete on their own merits, and we believe that a level playing field will significantly improve our opportunity to monetize publishers inventory and correspondingly increase our win rate.

我們期待一個更公平的競爭環境，讓廣告科技行業的所有成員都有平等的機會憑藉自身優勢進行競爭，並且我們相信公平的競爭環境將大大提高我們將出版商庫存貨幣化的機會，並相應地提高我們的成功率。

We estimate Google's exchange currently controls greater than 60% share in the DV+ market. As the second largest player in the space, we share only in the mid-single digits. And given our leading technology and deep publisher relationships, we believe that we are exceptionally well positioned to capture any shift in market share that occurs as a result of Google ceasing its illegal practices without changing our existing cost structure.

我們估計谷歌的交易平台目前控制著 DV+ 市場 60% 以上的份額。作為該領域的第二大參與者，我們的份額僅為中等個位數。鑑於我們領先的技術和與出版商的深厚關係，我們相信，我們完全有能力在不改變現有成本結構的情況下，抓住谷歌停止非法行為後出現的市場份額變化。

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

說完這些，我將把電話轉給大衛，以了解有關財務狀況的更多詳細資訊。

Thanks, Michael. As Michael mentioned, we had a strong start to 2025, exceeding our Q1 contribution ex-TAC guidance for both CTV with growth of 15% and DB+, which grew 9%. Adjusted EBITDA grew 47% over the first quarter of last year, with a margin of 25%, significantly above expectations. We're very pleased with these results and the rebound we've experienced in DB+.

謝謝，麥可。正如邁克爾所提到的，我們在 2025 年有一個強勁的開端，超過了我們對 CTV 增長 15% 和 DB+ 增長 9% 的第一季貢獻（不含 TAC 指導）。調整後的 EBITDA 較去年第一季成長 47%，利潤率為 25%，遠高於預期。我們對這些結果以及我們在 DB+ 中經歷的反彈感到非常滿意。

Before diving deeper into Q1, I want to touch on what we have seen to date in Q2. So far, we're encouraged by the resiliency of ad spend and have not seen any meaningful change from expectations. In fact, so far in Q2, CTV contribution ex-TAC has grown in the mid-teens and DB+ in the mid-single digits.

在深入探討第一季之前，我想先談談我們迄今為止在第二季看到的情況。到目前為止，廣告支出的彈性令我們感到鼓舞，並且沒有看到與預期相比有任何有意義的變化。事實上，到目前為止，在第二季度，CTV 貢獻（不包括 TAC）已經成長了十幾歲，而 DB+ 則成長了個位數的中間值。

If the current trends were to continue, we would not change our Q2 forecast and the full year 2025 views we shared in late February. However, given tariff-related economic uncertainty, we believe there could be some dampening of growth rates from current levels. I'll discuss this in more detail when I provide guidance later in my prepared remarks.

如果目前的趨勢持續下去，我們不會改變我們對第二季的預測以及我們在二月底分享的 2025 年全年預測。然而，鑑於與關稅相關的經濟不確定性，我們認為成長率可能會從當前水準下降。當我在稍後的準備好的發言中提供指導時，我將更詳細地討論這一點。

Turning back to Q1, total revenue was $156 million up 4% from Q1 2024. Contribution ex-TAC was $146 million up 12%. CTV contribution ex-TAC was $63 million up 15% year-over-year, and above the top end of our guidance range. We saw strong performance across our business with many of our largest partners.

回顧第一季度，總營收為 1.56 億美元，較 2024 年第一季成長 4%。扣除 TAC 後的貢獻為 1.46 億美元，成長 12%。扣除 TAC 後的 CTV 貢獻為 6,300 萬美元，年增 15%，高於我們預期範圍的最高值。我們與許多最大的合作夥伴的業務表現都十分出色。

The contribution ex-TAC was $83 million, an increase of 9% from the first quarter last year. This result exceeded our guidance range as we continue to gain traction with agency deals and new publisher relationships.

扣除 TAC 後的貢獻為 8,300 萬美元，較去年第一季成長 9%。由於我們繼續透過代理交易和新出版商關係獲得進展，因此這一結果超出了我們的預期範圍。

Our contribution ex-TAC mix for Q1 was 43% CTV, 40% mobile, and 17% desktop. From a vertical perspective, technology, financial and business services were the strongest performing categories for all formats.

我們第一季的貢獻（不包括 TAC 組合）為 43% 來自 CTV、40% 來自行動裝置、17% 來自桌上型電腦。從垂直角度來看，科技、金融和商業服務是所有形式中表現最強勁的類別。

Total operating expenses, which includes cost of revenue, were $157 million a decrease from $163 million for the same period last year. Adjusted EBITDA operating expense for the first quarter was $109 million better than we expected, and up slightly from $106 million in the same period last year.

包括營業成本在內的總營運費用為 1.57 億美元，較去年同期的 1.63 億美元有所下降。第一季調整後的 EBITDA 營運費用為 1.09 億美元，優於我們的預期，略高於去年同期的 1.06 億美元。

The majority of the favorability to our guidance was driven by lower cloud computing costs and employee related expenses. As we highlighted last quarter, our technology team continues to make strong progress in reducing per unit cloud costs, allowing us to manage significant increases in ad request volumes with only modest cost increases.

我們預期的良好表現主要得益於雲端運算成本和員工相關費用的降低。正如我們上個季度所強調的那樣，我們的技術團隊在降低單位雲端成本方面繼續取得重大進展，這使我們能夠在成本僅適度增加的情況下管理廣告請求量的大幅成長。

Improving scale and operational efficiency remains one of our top priorities for 2025, and I'm very pleased with the progress our tech team is delivering. Majority of our Q1 and Q2 capital expenditures will be used to support our hybrid infrastructure strategy as we shift additional functions from the cloud to on-premises. We expect these initiatives to drive meaningful margin expansion in 2026 and beyond, and we're seeing some early benefits now.

提高規模和營運效率仍然是我們 2025 年的首要任務之一，我對我們的技術團隊所取得的進展感到非常滿意。隨著我們將更多功能從雲端轉移到本地，我們第一季和第二季的大部分資本支出將用於支援我們的混合基礎設施策略。我們預計這些舉措將在 2026 年及以後推動利潤率的大幅增長，而且我們現在已經看到了一些早期效益。

Our net loss was $10 million for the quarter compared to a net loss of $18 million for the first quarter of 2024. Just Ida grew 47% year-over-year to $37 million reflecting a margin of 25%, which compares to $25 million and a margin of 19% last year. This was a result of both higher revenue and robust cost management efforts.

本季我們的淨虧損為 1,000 萬美元，而 2024 年第一季的淨虧損為 1,800 萬美元。Just Ida 年成長 47%，達到 3,700 萬美元，利潤率為 25%，而去年的營收為 2,500 萬美元，利潤率為 19%。這是收入增加和強大的成本管理努力的結果。

As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC. GAAP loss for deleted share was $0.07 for the first quarter of 2025 compared to a loss of $0.13 for the first quarter of 2024. Non-GAAP earnings per share for the first quarter of 2025 was $0.12 compared to $0.05 last year.

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。2025 年第一季，已刪除股份的 GAAP 虧損為 0.07 美元，而 2024 年第一季的虧損為 0.13 美元。2025 年第一季非公認會計準則每股收益為 0.12 美元，去年同期為 0.05 美元。

The reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q1 results press release. Our cash balance at the end of Q1 was $430 million, a decrease from $483 million at the end of the fourth quarter.

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一季業績新聞稿中。我們第一季末的現金餘額為 4.3 億美元，較第四季末的 4.83 億美元有所減少。

The decrease was due to typical seasonality in our business and share repurchases. Operating cash flow, which we define as a just cityvada less CapEx, was $18 million. Capital expenditures, including both purchases of property and equipment and capitalized internally use software development costs were $19 million. Our net interest expense from the quarter was $5 million.

下降是由於我們業務的典型季節性和股票回購造成的。營運現金流量（我們將其定義為扣除資本支出後的淨現金流量）為 1,800 萬美元。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 1,900 萬美元。本季我們的淨利息支出為 500 萬美元。

Our net leverage was 0.6x at the end of Q1, up slightly from the fourth quarter due to the typical cash seasonality and share repurchases. We continue to lower our capital costs with the completion of our second successful term loan be repricing during the first quarter. The repricing reduced our interest rate by an additional 75 basis points, resulting in annual interest savings of approximately $2.7 million.

由於典型的現金季節性和股票回購，我們第一季末的淨槓桿率為 0.6 倍，較第四季略有上升。隨著第一季第二筆定期貸款成功重新定價的完成，我們繼續降低資本成本。重新定價使我們的利率進一步降低了 75 個基點，每年節省利息約 270 萬美元。

In total, we've been able to lower our original term loan B rate by 200 basis points, and our interest now stands at [SOFER] 3%. I'd also like to highlight that the $205 million principal amount of our convertible notes is now classified as a current liability on the balance sheet as the notes mature in March of 2026.

總的來說，我們已經能夠將原來的 B 類定期貸款利率降低 200 個基點，現在我們的利率為 [SOFER] 3%。我還想強調的是，我們的可轉換票據的 2.05 億美元本金現在被歸類為資產負債表上的流動負債，因為這些票據將於 2026 年 3 月到期。

We intend to pay off the converts with cash and maturity and have ample liquidity to do so. We continue to believe our shares are undervalued at current levels and plan to continue our focus on managing shareholder dilution.

我們打算用現金和到期債券來償還轉換者，並且擁有充足的流動性來做到這一點。我們仍然認為我們的股票在當前水準上被低估了，並計劃繼續專注於管理股東稀釋。

Year-to-date utilizing our share repurchase program and the withhold the cover option for employee taxes from regular RSU vesting, we've effectively reduced dilution by 2.9 million shares for $43 million or $14.94 per share. As of today, we have $88 million remaining in our authorized share repurchase program, which we will continue to deploy strategically.

今年迄今為止，我們利用股票回購計劃和從常規 RSU 歸屬中扣除員工稅款的覆蓋選項，有效地減少了 290 萬股的稀釋，價值 4,300 萬美元或每股 14.94 美元。截至今天，我們的授權股票回購計畫還剩餘 8,800 萬美元，我們將繼續策略性地部署這筆資金。

I will now share our thoughts about the second quarter and outlook for the full year. Due to tariff driven economic uncertainty, we've widened our typical contribution ex-TAC guidance ranges for Q2. Although we're not currently seeing lower than expected ad spend, we've assumed some softening in the back half of Q2 related to higher risk verticals such as auto, retail, and travel. Given that uncertainty, we're also not reaffirming our previously shared full year 2025 expectations today.

現在我將分享我們對第二季的想法以及全年的展望。由於關稅引發的經濟不確定性，我們擴大了第二季的典型貢獻（不含 TAC）指引範圍。儘管我們目前看到的廣告支出並未低於預期，但我們預計第二季後半段的廣告支出將出現一些疲軟，這與汽車、零售和旅遊等風險較高的垂直行業有關。鑑於這種不確定性，我們今天也不會重申我們先前分享的 2025 年全年預期。

For the second quarter, we expect contribution ex-TAC to be in the range of $154 million to $160 million. Contribution ex-TAC attributable to CTV to be in the range of $70 million to $72 million. Contribution ex-TAC attributable to DB+ to be in the range of $84 million to $88 million and we anticipate adjusted EBITDA operating expenses to be between $110 million and $112 million which implies adjusted EBITDA margin of 29% for Q2 at the midpoints.

對於第二季度，我們預計扣除 TAC 後的貢獻將在 1.54 億美元至 1.6 億美元之間。扣除 TAC 後，CTV 的貢獻將在 7,000 萬美元至 7,200 萬美元之間。歸屬於 DB+ 的扣除 TAC 後的貢獻將在 8,400 萬美元至 8,800 萬美元之間，我們預計調整後的 EBITDA 營運費用將在 1.1 億美元至 1.12 億美元之間，這意味著第二季調整後的 EBITDA 利潤中間值為 29%。

We are pleased with our first quarter results, with our continued execution on strategic initiatives, and I'm confident in our ability to successfully navigate through the current environment. I'm also pleased with the progress our team is making in our tech stack cost efficiency efforts, which will help buffer margin pressure in a down economy and set the table for stronger margin expansion in a more robust macro environment in the future.

我們對第一季的業績以及我們持續執行的策略性舉措感到滿意，我相信我們有能力成功應對當前的環境。我也對我們團隊在技術堆疊成本效益工作中取得的進展感到高興，這將有助於緩解經濟低迷時期的利潤壓力，並為未來在更強勁的宏觀環境下實現更強勁的利潤率擴張奠定基礎。

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

現在，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Jason Kreyer, Craig Hallam.

傑森·克雷爾、克雷格·哈勒姆。

Great, thank you, guys. Good to see the nice bumps back in DV+. Wanted to start with two on the Google case. Just one if there's any way you can just loosely size up what you think the opportunity would be as you see it, and then two, do you think the opportunities for Magnite has to wait for the structural divestiture, or do you think there are opportunities for Magnite during some of these behavioral changes that could be implemented earlier?

太好了，謝謝大家。很高興看到 DV+ 再次取得如此佳績。我想從谷歌案例中的兩個例子開始。第一，您是否可以粗略地評估您所看到的機會；第二，您是否認為 Magnite 的機會必須等待結構性剝離，還是您認為 Magnite 的機會可以在一些可以更早實施的行為變化期間出現？

Yeah, hey Jason, great question. Why don't I take the second part of it and then David can address the first part. No, yeah, that's a very good observation, the structural and non-structural, and it is our understanding that while they pursue what is more than likely going to be an appeal process. And the structural peace will take some time. Obviously, the remedy that could be put in place is more behavioral, and we would stand to benefit instantly from that. So yeah, we don't -- this used to be kind of conjectured that -- oh my God, this could be five years out, appeal, but in the way this is moving, you could see remedies put in place.

是的，嘿傑森，這個問題問得好。我為什麼不先討論第二部分，然後大衛再討論第一部分呢？不，是的，這是一個非常好的觀察，包括結構性和非結構性觀察，我們的理解是，他們所追求的很可能是一個上訴程序。結構性和平也需要一些時間。顯然，可以採取的補救措施更多的是行為上的，我們將立即從中受益。所以是的，我們不知道——這曾經是一種猜測——哦天哪，這可能需要五年時間才能上訴，但按照目前的進展，你可以看到補救措施已經到位。

As early as the beginning of 2026 and as long as those remedies mirrored what they're trying to accomplish, which is more of a level fair playing field, we would be in business from the get-go. So we're very excited about the way it's passing.

最早在 2026 年初，只要這些補救措施能夠反映出他們想要實現的目標，也就是更公平的競爭環境，我們就可以從一開始就開展業務。因此，我們對它的進展感到非常興奮。

Yeah, to try to quantify the impact, I think maybe an easy way to think about that is if you think about market share today, we estimate that Google has more than 60% in DB+, and we have something in the mid-single digits, say. Every 100 basis points increase in market share for us would result in roughly $50 million in contribution ex-TAC.

是的，為了量化影響，我想也許一個簡單的思考方法是，如果你考慮今天的市場份額，我們估計谷歌在 DB+ 中佔有 60% 以上的份額，而我們的份額在個位數中間。我們的市佔率每增加 100 個基點，就會帶來約 5,000 萬美元的貢獻（不包括 TAC）。

And so, if you think about, so I guess the way to think about that is how much market share could Google lose and then, how much would we pick up, and of course we'd at a minimum pick up our, proportional share and we actually think we're positioned to pick up, maybe more than our current proportional share. And so if our market share goes from 6% to 7%, it's almost a 20% increase in revenue, and of course we'd expect that to be, potentially significant higher, and from a flow through perspective, what's interesting is that we're already looking at all the same ad requests that Google's looking at.

所以，如果你思考一下，我想思考這個問題的方式是谷歌可能會失去多少市場份額，然後我們會獲得多少，當然我們至少會獲得我們的比例份額，我們實際上認為我們有能力獲得可能比我們目前的比例份額更多的份額。因此，如果我們的市佔率從 6% 上升到 7%，那麼收入將增加近 20%，當然，我們預計收入可能會更高，從流程的角度來看，有趣的是，我們已經在關注 Google 正在關注的所有相同的廣告請求。

And so we have extended most of our cost today in looking at those ad requests and so to the extent we have additional revenue, it's coming from a higher fill rate, and that higher fill rate comes at a very high flow through to adjusted EBITDA and a free cash flow. So more than 90%, we estimate would flow through to the bottom line. So it's a very significant and positive impact to our margins and free cash flow.

因此，我們今天在查看這些廣告請求時增加了大部分成本，因此，就我們的額外收入而言，它來自更高的填充率，而更高的填充率帶來了非常高的調整後 EBITDA 和自由現金流。因此，我們估計超過 90% 的利潤將流入底線。因此，這對我們的利潤率和自由現金流產生了非常重大和積極的影響。

That a lot of great color there. Thank you. Michael, one quick follow up on the streaming side, just with this new SpringServe platform that you've introduced, how can that further differentiate Magnite or widen the competitive GAAP with others? Thanks.

那裡有很多美麗的色彩。謝謝。邁克爾，關於串流媒體方面，您剛才介紹了這個新的 SpringServe 平台，它如何進一步區分 Magnite 或擴大與其他公司的 GAAP 競爭力？謝謝。

Yeah, great question, Jason. Well, so we've always had a big GAAP in terms of the suite that we have in our product offering, primarily through SpringServe, right? And the recent trend, as we've talked about is efficient paths to inventory or from a buyer perspective efficient path to ad dollars. And if you think about the way the world has been set up, it's been a server and an SSP going into an ad server and the DSP going into the SSP going into the ad server.

是的，傑森，這個問題問得很好。嗯，那麼，就我們提供的產品套件而言，我們一直有一個很大的 GAAP，主要是透過 SpringServe，對嗎？正如我們所討論的，最近的趨勢是庫存的有效途徑，或從買家的角度來看廣告收入的有效途徑。如果你思考這個世界是如何建立起來的，它就是一個伺服器和一個 SSP 進入一個廣告伺服器，然後 DSP 進入 SSP 進入廣告伺服器。

And so by combining our outstanding streaming capabilities from programmatic into the ad server, we are now creating the fastest, cleanest, highest fidelity path to the best premium CTV inventory in the industry. And so it just furthers accelerates the mode that we've created as Magnite is the leading CTV first focus programmatic company.

因此，透過將我們出色的程式化串流功能與廣告伺服器相結合，我們現在正在創建最快、最乾淨、保真度最高的路徑，以獲得業內最佳的優質 CTV 庫存。因此，它進一步加速了我們創建的模式，因為 Magnite 是領先的 CTV 優先程序化公司。

Alright, great. Thank you, guys.

好的，太好了。謝謝你們。

Shyam Patel, Susquehanna.

薩斯奎漢納的 Shyam Patel。

Hey guys, congrats on the great execution. I had a couple of topics I wanted to ask about going back to the Google antitrust ruling. Michael or David, do you expect the share gains there when -- whenever they start to occur? I think you said early is since the next year. Do you expect that to be more gradual or more dynamic?

嘿夥計們，恭喜你們的出色表現。關於谷歌反壟斷裁決，我有幾個主題想問。邁克爾或大衛，您是否預計當這些情況開始發生時，其份額就會增加？我認為您說的早期是從明年開始。您認為這項進程會更漸進還是更動態？

And then, David, what did you mean by the proportional, point, if you guys have mid-single digits and Google has 60. Maybe just, if you could just put a finer point on that, I mean, how much of that 60% do you think is -- It's something you guys feel like you could really, go after and potentially kind of gain over time and then I just want more follow up after that.

然後，大衛，你說的比例是什麼意思，如果你們有中等個位數，而Google有 60。也許只是，如果你可以更詳細地說明這一點，我的意思是，你認為這 60% 中有多少是——這是你們覺得你們可以真正追求的東西，並且隨著時間的推移可能會有所收穫，然後我只是希望在那之後有更多的跟進。

Yeah, it's difficult to kind of play this game particularly, in advance of the September trial date -- hearing date. But from what has been proposed, even by Google themselves from a remedy standpoint -- and this, it's still a bit to go in terms of fleshing out the details.

是的，玩這個遊戲有點困難，特別是在 9 月審判日期（聽證日期）之前。但從已經提出的建議來看，即使是谷歌自己從補救措施的角度來看，在充實細節方面仍有一些工作要做。

Most of it is coming across as behavioral, not fundamentally rewiring, which would take time, obviously. So if we're just talking about a level playing field where on a jump ball in the auction and we're going up against other SSPs that don't have a built-in advantage unfairly. You could be open for business day one, in that instance, so we've -- we're quite encouraged about the direction we see that heading.

其中大部分錶現為行為上的改變，而不是從根本上重新佈線，這顯然需要時間。因此，如果我們只是談論一個公平的競爭環境，那麼在拍賣中我們將與其他沒有內在優勢的 SSP 競爭，這是不公平的。在這種情況下，您可以在第一天開始營業，因此，我們對這一發展方向感到非常鼓舞。

Yeah, and when I mentioned proportional, it just kind of a side comment, but just saying that, if Google has 60%, market share so that, whatever -- that means that the rest of us have split up 40% of market share. And so let's say Google and I'm making this up, loses, $10 billion or $15 billion in market share, if we just kept our same proportion of market share, we pick up 15% of that. But given, our leadership position in the space, the SPO deals, the agency marketplaces that we run and so forth, there's opportunity for us to, we believe, take even more than our current share of that non Google market share. That's all I'm trying to say. It's significant opportunities.

是的，當我提到比例時，這只是一種附帶的評論，只是說，如果谷歌擁有 60% 的市場份額，那麼，無論如何——這意味著我們其餘的人瓜分了 40% 的市場份額。假設Google（我假設是這樣）損失了 100 億美元或 150 億美元的市場份額，如果我們保持相同的市場份額比例，我們就能獲得其中的 15%。但考慮到我們在該領域的領導地位、SPO 交易、我們經營的代理市場等等，我們相信我們有機會在非谷歌市場上佔據比目前更多的份額。這就是我想說的全部。這是重大機會。

Thank you. That's very helpful. Just on the macro, and again, David, I know you mentioned that the quarter to trends remain healthy and you kind of called out the growth rates. Just wondering, how are your customer and advertiser conversations going?

謝謝。這非常有幫助。就宏觀而言，大衛，我知道您再次提到本季的趨勢仍然健康，並且您提到了成長率。只是想知道，您的客戶和廣告商之間的對話進度如何？

Is there anything that suggests that things could change? I know obviously you're you guys are being prudent, with the outlook, but any, anything in the customer and advertising conversations worth sharing or any further color on the macro? Thank you, guys.

有什麼跡象表明情況可能會改變嗎？我知道你們顯然對前景持謹慎態度，但在客戶和廣告對話中有什麼值得分享的嗎？或者在宏觀方面還有什麼進一步的細節嗎？謝謝你們。

Yeah, sure. I mean, I can help you there. We were recently down at one of the bigger industry shows. It's a show for CMOs called possible down in Miami [Ria] last week, and had the opportunity to the team hosted over 130 meetings, so we had a lot of opportunities to talk to buyers and, it's funny.

是的，當然。我的意思是，我可以在那裡幫助你。我們最近參加了一個大型產業展會。這是上週在邁阿密 [Ria] 舉行的一場針對 CMO 的展會，名為“possible down”，團隊有機會主持了 130 多次會議，因此我們有很多機會與買家交談，這很有趣。

There was very little concrete examples of a pause and spend or a budget cut, just a whole lot of speculation. And so I think you see that flavor of our guidance and simply saying it would be, it's prudent to be cautious in this environment, but I can't really point to anything where we heard one buyer say, I'm stopping spending, there's the obvious, right.

關於暫停支出或削減預算的具體例子很少，只有大量的猜測。因此，我認為您看到了我們指導的風格，並且簡單地說，在這種環境下謹慎行事是明智之舉，但我真的無法指出我們聽到一位買家說“我要停止消費”的任何事情，這是顯而易見的，對吧。

The European auto, that is shipping cars back to Europe and not shipping them to the US. Why are you going to advertise, but that's being offset by domestic auto advertising American made. So it's tends to be right now a counterbalance between those that have paused and those that are continuing and strengthening. But again, all the speculation is that when and if the tariffs go into place. It'll be a new phase in terms of the ad economy and based upon that kind of conjecture, we thought it prudent to put some put some guidance influence in there.

歐洲汽車，即將汽車運回歐洲而不是運往美國。你為什麼要做廣告，但這被美國製造的國內汽車廣告所抵銷了。因此，現在它往往是暫停的和正在繼續和加強的之間的一種平衡。但所有猜測都在於關稅何時以及是否會實施。這將是廣告經濟的一個新階段，基於這種猜測，我們認為在其中加入一些指導性影響是明智的。

Great. Thank you, guys.

偉大的。謝謝你們。

Dan Kurnos, Benchmark Company.

Dan Kurnos，基準公司。

Yes, thanks. Good afternoon. I guess I'll ask the first non-Google question. Michael, just, we had a ton of conversation from Roku about mix shift towards programmatic guarantee. I know you are going to tell me that all programmatic is good programmatic, especially in CTV. But to the extent that there has been sort of mix within the CTV ecosystem, just maybe talk through how it would impact either take rate or volumes, which you're seeing on a pricing front.

是的，謝謝。午安.我想我會問第一個非 Google 問題。邁克爾，剛才，我們與 Roku 進行了大量關於混合轉向程式化保證的討論。我知道你會告訴我，所有程式化廣告都是好的程式化廣告，尤其是在 CTV 中。但是，就 CTV 生態系統內部的混合程度而言，也許只是討論它將如何影響收費率或數量，這是您在定價方面看到的。

And then you spent some time talking about live sports. We got the announcements, DB360, YouTube again, opening up that funnel. You guys have made some pretty good waves with Disney. I mean, that feels like one area that regardless of the macro is going to do particularly well. So maybe just talk about kind of the incremental shots on goal you have there, especially as that also shifts more towards programmatic. Thank you.

然後你花了一些時間談論現場體育賽事。我們再次收到了公告，DB360，YouTube，打開了那個頻道。你們與迪士尼合作引起了不小的轟動。我的意思是，無論宏觀如何，這似乎是一個會表現得特別好的領域。因此，也許只是談論一下您在目標上所採取的增量式舉措，特別是當目標也更多地轉向程序化時。謝謝。

Sure. Yes. I think if you really look at the arc of programmatic and CTV, it's so nascent that there really isn't anything bad about any type of flavor of a transaction in programmatic. And in fact, if we're sourcing the demand, there really isn't much of a change in terms of our rate card as it relates to what type of whether it's an auction, whether it's an invite only auction, whether it's PG, PMP, it's kind of. We don't really differentiate that all that much if we're sourcing demand. So long story short, more programmatic is good and we're a long way away from a programmatic type having a dramatic impact on our take rate.

當然。是的。我認為，如果你認真研究程序化和 CTV 的發展軌跡，你會發現它還處於萌芽階段，程序化中任何類型的交易都沒有不好。事實上，如果我們尋找需求，我們的價目表實際上並沒有太大的變化，因為它涉及拍賣類型，無論是拍賣，還是僅限邀請的拍賣，無論是 PG，PMP，都是如此。如果我們正在尋找需求，我們實際上不會做出太多的區分。長話短說，更多的程序化是好的，我們距離程序化類型對我們的接受率產生巨大影響還有很長的路要走。

And as it relates to sports, I think you're absolutely right. Advertisers love that live environment. Even in a downturn, sports is going to be just fine. And like every other form of content that's streamed, programmatic is becoming much and much bigger player in the monetization efforts. So we feel really encouraged across the Board.

就體育而言，我認為你完全正確。廣告商喜歡這種現場環境。即使在經濟低迷時期，運動仍會表現良好。和其他形式的串流內容一樣，程序化在獲利過程中扮演著越來越重要的角色。因此，我們全董事會都​​感到非常鼓舞。

And we often think of sports as NFL games and the like, but there is just so many because of the demise of the regional sports networks, there's just so many streaming opportunities of sports out there that we're starting to land on our plate where we -- even if the super bowl will never be programmatically ad served, our sports franchise will be just fine in thriving based upon just the sheer volume of live events that are out there.

我們通常認為體育運動是 NFL 比賽之類的，但是由於區域體育網絡的消亡，體育運動的數量實在是太多了，體育流媒體的機會也太多了，我們開始把重點放在——即使超級碗永遠不會以程序化的方式投放廣告，我們的體育特許經營權也將僅僅依靠大量的現場直播賽事而蓬勃發展。

Great. Thanks, Michael. Appreciate it.

偉大的。謝謝，麥可。非常感謝。

Thanks, Dan.

謝謝，丹。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Okay. I didn't want to ask this, but now you've confused me with your answer to the prior question. So when you do Programmatic Guaranteed and PMP, I thought that was the same rate card. But when you do Decisions Programmatic, which is what I would think you would be doing in live sports, isn't that twice the rate card when we're talking about mix shift within CSTD, TTD?

好的。我本來不想問這個問題，但是你對上一個問題的回答讓我感到困惑。因此，當您進行程序化保證和 PMP 時，我認為這是相同的費率表。但是當您進行決策程序化時（我認為您會在現場體育賽事中這樣做），當我們談論 CSTD、TTD 中的混合轉變時，這難道不是費率卡的兩倍嗎？

Yes. Laura, I think they weighed to look at it because there's a lot of nuance things. But the way to look at it really is the big differentiator in rate or value is are we bringing the demand or is the publisher bringing the demand? I wouldn't get too hung up into what type of auction package it looks like. So yes, when we bring the demand, the take rate is significantly higher than when the publisher brings the demand.

是的。勞拉，我認為他們認真考慮過這個問題，因為其中有很多細微差別。但看待這個問題的方式實際上是，費率或價值的最大差異在於我們帶來了需求還是出版商帶來了需求？我不會太在意拍賣包是什麼樣子的。所以是的，當我們提出需求時，接受率明顯高於出版商提出需求。

We still get paid, but that's on the lower range of our rate. So to your point, if we're bringing demand to sports, especially maybe Tier 2 sports, that take rate is quite attractive because we're the folks piping in the demand.

我們仍然能得到報酬，但這只是我們工資的較低範圍。所以正如你所說，如果我們對體育運動，特別是二級體育運動帶來需求，那麼這個收入率就相當有吸引力，因為我們是帶來需求的人。

Okay, great. That's what I thought. I just thought suddenly something had changed. Okay, here's I'm going to ask about Possible. So one of my takeaways from Possible that I had never heard before is I talked to two CEOs who were bringing data. In one case, the guy that made the most compelling travel data, selling it to SSPs like you, meeting with people like you in order to disintermediate the DSP so they could take part of the DSP fee.

好的，太好了。我也是這麼想的。我只是突然覺得有些事情改變了。好的，下面我要問有關「可能性」的問題。因此，我從 Possible 中獲得的一個以前從未聽說過的收穫是，我與兩位帶來數據的 CEO 進行了交談。在一個案例中，製作最引人注目的旅行數據的人，將其出售給像您這樣的 SSP，與像您這樣的人會面，以消除 DSP 的中介作用，這樣他們就可以收取部分 DSP 費用。

In theory, you could take some of the DSP fee and it would basically be targeting through data on the SSP that would displace the DSP. Can you talk about that trend and whether that's a thing or whether the guys just these CEOs are delusional.

理論上，你可以收取部分 DSP 費用，而這基本上是透過 SSP 上的資料來定位，取代 DSP。能談談這種趨勢嗎？這是否是事實，或者這些 CEO 只是妄想。

Well, I can't vouch for the delusion of the CMO that you talk to, but, no, it's a very real thing. We've been talking about this for a couple quarters now. We refer to it as curation. And so this is where audience segments are assembled on the publisher/SSP side. And DSPs said, hey, if you want to buy this travel decorated audience, frequent flyers or whatever the case might be, you come here and buy it, as opposed to shipping the data to the DSP, having it assembled there.

好吧，我無法保證你所談論的 CMO 有錯覺，但是，這確實是一件真實的事情。我們已經討論這個問題好幾個季度了。我們稱之為策展。這就是在發布商/SSP 端聚集受眾群體的地方。DSP 則表示，如果你想購買這些旅行裝飾受眾、飛行常客或其他情況，你可以來這裡購買，而不是將數據運送到 DSP 並在那裡組裝。

And quite frankly, a lot of the concern is what happens to that data when it's over there. The closer I can keep my data to my data warehouse, the more safe I feel. And so we're seeing a big bump in curation activity, audience creation at the SSP level.

坦白說，很多人擔心的是當這些數據傳到那裡後會發生什麼事。我的資料越接近資料倉儲，我感覺就越安全。因此，我們看到 SSP 層面的策展活動和受眾創作出現了大幅成長。

Now, I will say this. It mostly is done for privacy purposes and efficiency purposes, not to cut the DSP out. The DSP still will buy that audience, maybe at a different rate. I'm not privy to that. But all things being equal, what's really driving it is the efficiency of assembling it closer to home and the privacy aspect of it, so that no one can create a data graph of your travel data and buy cheaper than buying your audience segments.

現在，我要說的是。這樣做主要是為了保護隱私和提高效率，而不是為了切斷 DSP。DSP 仍會購買該受眾，但價格可能會有所不同。我對此並不知情。但在其他條件相同的情況下，真正推動它的是將其組裝得更靠近家的效率和隱私方面，這樣就沒有人可以創建你的旅行數據的數據圖，並且比購買你的受眾群體更便宜。

Okay, so you guys are like aggregating more data sources so that your travel audience reach is more robust. That's why these CEOs are trying to call on you now to increase your curated quality of audiences, right?

好的，所以你們就像在聚合更多的資料來源，以便你們的旅遊受眾覆蓋範圍更廣。這就是為什麼這些執行長現在試圖呼籲你提高你所挑選的觀眾的質量，對嗎？

That's right. And we've done that with OEMs that have data like automatic content recognition. We have done it with special ad units that people curate. There is a lot of flavors of curation. And it's really, you go back to the heart of the argument years ago that was, well, DSPs are worth the 20% take rate because all the value is created there, namely the audience creation.

這是正確的。我們已經與擁有自動內容識別等數據的 OEM 合作實現了這一目標。我們透過人們策劃的特殊廣告單元實現了這一目標。策展有很多種風格。事實上，回顧幾年前爭論的核心，那就是，DSP 值得 20% 的佣金率，因為所有的價值都是在那裡創造的，也就是受眾創造。

And now you're starting to see it on the SSP side. So I think, little by little, I think the market is starting to realize that SSPs or all SSPs aren't commodities. And I think, we're trying to position ourselves as that unique SSP that's going to be quite different from the competition set.

現在您開始在 SSP 端看到它。所以我認為，市場開始逐漸意識到 SSP 或所有 SSP 都不是商品。我認為，我們正試圖將自己定位為與競爭對手截然不同的獨特 SSP。

Okay, perfect. That's super helpful. And my last question is very simple. You have said in the past that you believe that Netflix will be your largest CTV revenue client by the end of 2025. Do you reiterate that guidance?

好的，完美。這非常有幫助。我的最後一個問題非常簡單。您過去曾說過，您相信到 2025 年底 Netflix 將成為您最大的 CTV 收入客戶。您是否重申該指引意見？

I believe we qualified by saying one of -- if not our largest client on a run rate exiting the year. And we stand by that firmly.

我相信我們有資格說，我們是今年運行率最高的客戶之一，即使不是最大的客戶。我們堅定地堅持這一點。

Okay, good. That was my last question. Thank you very much.

好的，很好。這是我的最後一個問題。非常感謝。

Thanks, Laura.

謝謝，勞拉。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Great. Thank you for taking our questions. Just wanted to ask a little bit on the pricing environment in CTV right now. Assuming with all the new inventory coming on board, you may be seeing a little bit of pressure there, but just if that is the case, do you see marketers sort of reinvesting into incremental reach and frequency or maybe sort of pocketing some of the efficiency? Just wondering if you're seeing a behavior play out one way or the other.

偉大的。感謝您回答我們的問題。只是想問一下目前 CTV 的定價環境。假設隨著所有新庫存的加入，您可能會看到一點壓力，但如果是這樣的話，您是否會看到行銷人員以某種方式重新投資於增量覆蓋面和頻率，或者可能將部分效率收入囊中？只是想知道您是否看到某種行為以某種方式發揮作用。

And then wanted to go back to the Google question and just looking at the range of outcomes, I think you're beginning to go in this direction, Michael. But even some of the things that Dave proposed, like the elimination of the unified pricing rules, which I think they're still using, if you were to see that even behavioral modifications that they've sort of basically said that they would be willing to go down the road of, do you see those as potentially translating to higher share for Magnite over time? Thank you.

然後想回到Google的問題，只要看一下結果的範圍，我想你就開始朝這個方向前進了，麥可。但即使是戴夫提出的一些事情，例如取消統一定價規則，我認為他們仍在使用，如果你看到他們基本上表示願意繼續進行的行為改變，你是否認為這些有可能隨著時間的推移轉化為 Magnite 的更高份額？謝謝。

Yes, sure, Robert. So I think I understand the first question. And yes, there's, and we've talked about this. It pretty much occurred Q3 last year and is played out in the subsequent quarters. There's definitely been price decline in CTV as it relates to CPMs. And that I believe really is just a factor of supply.

是的，當然，羅伯特。所以我想我理解了第一個問題。是的，我們已經討論過這個問題了。它基本上發生在去年第三季度，並在隨後的幾個季度中繼續上演。與 CPM 相關的 CTV 價格肯定有所下降。我相信這實際上只是一個供應因素。

You are seeing just a ton of supply, particularly among the OEMs, LG, Samsung, Vizio, they're huge businesses now and they have a lot of inventory to bring to market with the success of Disney, Netflix, etcetera. All these ad tiers coming to market.

你會看到大量的供應，特別是在 OEM、LG、三星、Vizio 中，它們現在都是大型企業，隨著迪士尼、Netflix 等的成功，它們有大量庫存可以推向市場。所有這些廣告層級都已進入市場。

So there's never been more inventory of CTV and that has definitely led to a recalibration of CPMs. It really doesn't play out as it relates to our business from a take rate pressure standpoint. In fact, you might argue in a world where there's more inventory, people are going to lean more into programmatic and they're going to reward you more handsomely for bringing demand to them because they need it, because they have a lot of supply. So I think we're in a really good position there long term.

因此，CTV 的庫存從未如此之多，這無疑導致了 CPM 的重新調整。從接受率壓力的角度來看，這其實與我們的業務無關。事實上，你可能會爭辯說，在一個庫存更多的世界裡，人們會更傾向於程序化，而且他們會因為你給他們帶來需求而給予更豐厚的回報，因為他們需要它，因為他們有很多供應。所以我認為從長遠來看我們處於非常有利的地位。

And as it relates to your second question regarding Google, I don't want to come across as me advocating for Google's proposed remedy versus the DOJs versus any the industries. I'm just simply saying anything that creates a fair level playing field. And you gave an example of universal pricing. If it's fair, it's level. We're very happy how it gets there. That's for others to determine. But we think that we will win our out share size of market share from Google and we're elated where this is all head.

至於您關於谷歌的第二個問題，我不想給人留下我支持谷歌針對司法部或任何行業提出的補救措施的印象。我只是簡單地說，只要能創造一個公平的競爭環境就好。您也舉了一個統一定價的例子。如果公平的話，那就是水平。我們很高興它能到達那裡。這由其他人來決定。但我們認為，我們將從谷歌手中奪取更大的市場份額，我們對這一切的進展感到非常高興。

Got it. Thank you.

知道了。謝謝。

Matt Swanson, RBC Capital Markets.

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

Yes, thanks for taking my questions. Staying on Google but shifting gears a little bit to their decision not to get rid of cookies. I mean obviously this has been will they, won't they for the last four years. I don't know if anybody was really paying attention to it, anyone relative to everything else. But do you think this changes anything in the industry or I mean were preparations continuing to happen for a cookie less world or do you think customers kind of have that on the back burner?

是的，感謝您回答我的問題。繼續使用 Google，但稍微改變策略，決定不刪除 cookie。我的意思是，顯然過去四年來他們一直都是這樣。我不知道是否有人真正關注過它，是否有人關注過其他一切。但是您認為這會為行業帶來什麼變化嗎？或者我的意思是，我們是否正在繼續為一個沒有 cookie 的世界做準備，或者您認為客戶是否已經將這一點放在次要位置了？

Yes, Matt, good question. I think the industry has been shown time and time again that right up until the deadline they're used to doing things the way they've been doing it and then forced to change. GDPR comes to mind is something that all of a sudden was talked about for two years and the day it was enacted people were going crazy because they were a little under prepared let's say. I think the same can be said in the cookie area except that there have been forget privacy sandbox, that thing was dead upon arrival.

是的，馬特，問得好。我認為業界已經一次又一次地意識到，直到最後期限到來之前，他們仍然習慣以自己的方式做事，然後被迫做出改變。我想到的是，GDPR 突然被討論了兩年，而當它頒布的那一天，人們都瘋了，因為他們可以說準備不足。我認為在 cookie 領域也可以這麼說，只是忘了隱私沙盒，這個東西一出現就死了。

But other third party attempts to capture, signal and replace the cookie, they're here and they're here to stay and they're part of our portfolio for helping monetize inventory. Keep in mind Safari browser is quite popular and it doesn't have cookies and so therefore you're going to need cookie list solutions out there and I don't think that's going to -- this is putting a damper on that innovation and frankly if it comes to market it's at scale and our publishers want it, our buyers want it, we're the first stop they implemented at and so we have many, many non-third party solutions in play.

但是其他第三方試圖捕獲、發出信號並替換 cookie，它們就在這裡，並且會一直存在，它們是我們幫助庫存貨幣化的投資組合的一部分。請記住，Safari 瀏覽器非常流行，它沒有 cookie，因此您將需要 cookie 列表解決方案，我認為這不會 - 這會對創新產生阻礙，坦率地說，如果它進入市場，它就會大規模發展，我們的出版商想要它，我們的買家想要它，我們是他們實施的第一站，因此我們有許多非第三方解決方案可供使用。

And of course with the growth of mobile app and the growth of CTV, it was never a cookie world and with the logged in authenticated user in the CTV environment that really is helping the audience segment creation on the publisher side at the SSP level. So that isn't going to be impacted by cookies sticking around.

當然，隨著行動應用程式和 CTV 的成長，它不再是一個 cookie 世界，在 CTV 環境中登入的經過驗證的用戶確實有助於在 SSP 層級的發布商端創建受眾群體。因此這不會受到 cookie 殘留的影響。

That's super helpful. And then we talked a little bit about the rise in volume within CTV on the supply side. One of the things we had talked about previously on the demand side was seeing more SMB, I guess small medium brands, non-linear advertisers that could step into CTV because with the programmatic they can target smaller bases. Is that something we are starting to see pick up or could that be one of those kind of side areas that the macro is actually slowing down a little bit?

這非常有幫助。然後我們稍微談論了 CTV 供應的銷售成長。我們之前在需求方面談到的一件事是看到更多的中小企業，我想是中小型品牌，非線性廣告商可以進入 CTV，因為透過程式化廣告他們可以瞄準更小的群體。這是我們開始看到的回溫嗎？或者這是否是宏觀經濟實際上正在放緩的那些側面領域之一？

No, I think if. Let's just say CPM decline in. CPM's decline in CTV largely driven by supply. But let's be honest, there's a macro element to it too. The ad market since COVID hasn't been firing on all cylinders, so there's an element of that to it and the silver lining there, even acknowledged by the media owners with the streaming properties is that it's created a price point of entry for these SMBs to be able to test CTV. It was never going to work at $70 CPMs.

不，我想如果。我們只能說 CPM 下降了。CPM 在 CTV 中的下降很大程度上是由供應所致。但說實話，這也有一個宏觀因素。自 COVID 以來，廣告市場一直沒有全力以赴，所以這其中有這樣的因素，但其中的一線希望是，它為這些中小企業創造了一個價格切入點，使他們能夠測試 CTV，即使是擁有串流媒體資產的媒體所有者也承認這一點。以每千次曝光費用 70 美元的價格出售是絕對行不通的。

So now that it's more market based, you are seeing a flourishing of that. I mean, it seems like every day there's another announcement of a company getting into that business with Gen AI accretive, Gen AI targeting. But ultimately what they all need is access to supply. So we're the first door knock and we feel that we're extremely well positioned to take advantage of those advertiser dollars for our media owners.

現在，它更加以市場為基礎，你會看到它的蓬勃發展。我的意思是，似乎每天都有一家公司宣布進軍人工智慧增值和人工智慧瞄準業務。但最終他們都需要的是獲得供應。因此，我們是第一個敲門的人，我們認為我們處於非常有利的位置，可以為我們的媒體所有者利用這些廣告商的資金。

Thank you.

謝謝。

Omar Dessouky, Bank of America.

美國銀行的奧馬爾‧德蘇基 (Omar Dessouky)。

Hey guys, this is Arthur (inaudible) on for Omar, thanks for taking a question, Mike. I really appreciate the color on curation, the opportunity with curation. I think Netflix also recently talked about its mission to enhance some of the capabilities of his attack in things including for example, enhanced user marketing. Curious how much Magnite is involved in building out these features and if that could unlock potential for some of the more higher value services that could be take rate accretive. And as a follow up, I guess as you've now worked with Netflix for some time, are there any new learnings from that partnership worth calling out?

嘿，大家好，我是亞瑟（聽不清楚），代替奧馬爾，謝謝你回答問題，麥克。我非常欣賞策展的色彩和策展帶來的機會。我認為 Netflix 最近也談到了它的使命，即增強其攻擊的一些能力，例如增強用戶行銷。好奇 Magnite 在建立這些功能方面參與了多少，以及這是否可以釋放一些可能提高利率的更高價值服務的潛力。另外，我想您現在已經與 Netflix 合作了一段時間，從這次合作中您是否學到了什麼值得分享的新事物？

Yes, thanks Arthur, for the questions. Yes, our first gen AI product that we produced that's in market now is for curation. We were onboarding so many curators that it was getting difficult for folks to find the audience that they really needed. And so, the gen AI tool is fabulous in terms of being able to find those valuable audiences. We participate in the economics and curation, generally speaking in two ways.

是的，感謝亞瑟提出的問題。是的，我們生產並目前在市場上銷售的第一代人工智慧產品就是用於策展的。我們招募了太多的策展人，以至於人們很難找到他們真正需要的觀眾。因此，就找到這些有價值的受眾而言，新一代人工智慧工具非常出色。我們參與經濟和策展，一般來說有兩種方式。

One, there is a modest fee to most of our curators for the effort of us onboarding them and making their inventory discoverable. And then of course, we participate in the publisher fee that we charge and generally speaking, curation carries a higher CPM. So the down flow of that you'll see in the economics of Magnite.

首先，我們會向大多數策展人收取少量費用，以作為對他們進行招募和使他們的庫存可被發現的努力的回報。當然，我們也會參與收取出版商費用，一般來說，策展的 CPM 更高。因此，您會在 Magnite 的經濟狀況中看到這種下降趨勢。

So we're super bullish on it and we love our capabilities. We just extended the curation capabilities to the CTV platform and so early innings. But I think this is just going to be a story, a drumbeat story for the quarters to come.

所以我們對此非常看好並且我們喜歡我們的能力。我們剛剛將策展功能擴展到 CTV 平台，因此仍處於早期階段。但我認為這只是一個故事，一個為未來幾季敲響警鐘的故事。

And I'm sorry, Arthur, the second question was --

抱歉，亞瑟，第二個問題是--

Learnings from Netflix.

從 Netflix 學到的東西。

Learnings from Netflix. Yes, I mean, I think what you're seeing is the learnings in Netflix was that SpringServe announcement that we made and that is that when we originally had SpringServe, the AD server and Magnite Streaming, the platform. We always thought of it as, oh, there's a customer set that requires an ad server and they'll do SpringServe. And then there's the guys that need the programmatic, which is basically the whole universe.

從 Netflix 學到的東西。是的，我的意思是，我認為您所看到的是 Netflix 的經驗教訓是我們發布的 SpringServe 公告，也就是我們最初擁有 SpringServe、AD 伺服器和 Magnite Streaming 平台的時候。我們一直認為，哦，有一組客戶需要廣告伺服器，他們會使用 SpringServe。然後還有那些需要程序化的人，基本上就是整個宇宙。

But little by little, we started to realize that a lot of the streamers were requiring technology that was kind of ad server ish and streaming ish. And so by combining the two of them, they get the best of both worlds. They don't necessarily have to be an ad serving client only or an ad serving client with streaming.

但漸漸地，我們開始意識到許多串流媒體需要類似廣告伺服器和串流媒體的技術。因此，透過將兩者結合起來，他們就獲得了兩全其美的效果。他們不一定只是廣告服務客戶或有串流媒體的廣告服務客戶。

Now they have the best of both. And so you may have a different ad server. And now you get to use the capabilities of SpringServe as your programmatic ad server meshed completely with the demand sources from Magnite Streaming. So that is 100% some of the learnings we've taken away from some of our partnerships, like Netflix.

現在他們已經擁有了兩者中最好的。因此您可能有一個不同的廣告伺服器。現在，您可以使用 SpringServe 的功能作為您的程式化廣告伺服器，與 Magnite Streaming 的需求來源完全融合。所以，這完全是我們從與 Netflix 等合作夥伴合作中獲得的經驗教訓。

Got it. Thank you. Appreciate it.

知道了。謝謝。非常感謝。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yes, was just trying to get a sense for any signals from the verticals, specifically on the verticals that you're calling into question as far as the pulling away from the 2020 -- your 2025 guidance. So do you have, auto, retail travel, anything in the way of insertion order evidence or purchase behaviors, anecdotal conversations? I know you said you were just at the possible conference and you weren't seeing it, but still we have this reduction in the outlook. So just wondering, any data points?

是的，我只是想要了解垂直行業發出的任何信號，特別是您所質疑的與 2020 年到 2025 年指導方針相悖的垂直行業信號。那麼，您是否有汽車、零售旅行、任何有關訂單證據或購買行為、軼事對話的資訊？我知道您說您剛剛參加了可能的會議，並沒有看到這種情況，但我們仍然看到了這種前景的下降。所以只是想知道，有任何數據點嗎？

Yes, I mean, look, I think the one that everyone has talked about is European auto and the decision by the top three not to ship product and actually turn product around midstream. And so there's definitely a real decline there, but again, it's been offset by other categories of growth.

是的，我的意思是，我認為每個人都在談論的是歐洲汽車，以及前三家公司決定不發貨產品，而是在中途轉產產品。因此，那裡肯定存在真正的下降，但同樣，它被其他類別的成長所抵消。

To answer your question, we have not seen any decline in any specific category that's related to any kind of tariff affected outcome. Just most of the talk is that generally speaking, we are talking to one of the largest companies in the world and their belief was they were going to eat everything until June 1, and then at June 1 they'd start to be passing it along to the consumer.

回答你的問題，我們還沒有看到任何特定類別因受到任何關稅影響而下滑。大部分的談論是，一般來說，我們正在與世界上最大的公司之一進行交談，他們的信念是，他們將在 6 月 1 日之前吃掉所有庫存，然後在 6 月 1 日開始將其傳遞給消費者。

So everyone is just kind of saying we are holding steady, but if everything goes through the way it is supposed to, it may not be as pretty as it is right now and so it was just out of an abundance. It's out of, I think, prudence that we reflected that, those conversations into the guide. I don't know if. David, do you have any greater detail?

所以每個人都只是說我們保持穩定，但如果一切都按照預期的方式進行，它可能不會像現在這麼美好，所以它只是出於富足。我認為，我們出於謹慎考慮，將這些對話反映到指南中。我不知道是否如此。大衛，您有更詳細的資訊嗎？

No, I think that's right. I mean, from a secondary, anecdotal perspective, some of the airlines have pulled some of their guidance have talked about, potential softening and some domestic travel. Again, we haven't seen it in actual activity, but you have folks, talking about that.

不，我認為是這樣。我的意思是，從次要的、軼事的角度來看，一些航空公司已經撤回了他們所談到的一些指導意見，包括潛在的疲軟和一些國內旅行。再說一次，我們還沒有在實際活動中看到它，但是你們有人在談論它。

And so, I guess my analogy, very poor analogy on this is -- the weather forecast has a storm that might come your way smart to grab your umbrella and a raincoat and you hope the storm peters out or heads a different direction. But it -- it wouldn't be prudent if you didn't, kind of just be ready for it. And that's the way we're kind of thinking about our guidance, I guess.

所以，我想我的類比，一個非常糟糕的類比是——天氣預報說可能會有一場暴風雨來襲，你應該明智地帶上雨傘和雨衣，並希望暴風雨逐漸減弱或轉向不同的方向。但如果你不做好準備的話，那就不明智了。我想，這就是我們對指導的思考。

Got it. Thanks for that insight.

知道了。感謝您的見解。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Okay, thank you for taking my questions. Let me try two, please. One is could you please help us or remind us how your relationship with Amazon's DSP is different from the Trade desk? And then the second is how are you positioning? I mean, Michael, you've been in this industry for a very long time. You've seen different cycles. So how are you positioning ahead of macro uncertainty on things that you can do and control so that when demand is back, you are positioned for outside share gains. Thanks.

好的，感謝您回答我的問題。請讓我試兩次。一是，您能否幫助我們或提醒我們您與亞馬遜 DSP 的關係與交易部門的關係有何不同？第二點就是你如何定位？我的意思是，邁克爾，你在這個行業已經工作很長時間了。您已經看到了不同的週期。那麼，您如何在宏觀不確定性面前定位您可以做和控制的事情，以便在需求恢復時，您能夠獲得外部份額增長。謝謝。

Yes, thanks, Shweta. So on the Amazon front, I would say that it's a very similar relationship to the Trade Desk in the sense that, like the Trade Desk did years ago, they had certified partners platforms that they said they'd buy from. Their list was a bit more voluminous than Amazon's is, especially on the DV plus side.

是的，謝謝，Shweta。因此，在亞馬遜方面，我想說它與 Trade Desk 的關係非常相似，就像 Trade Desk 多年前所做的那樣，他們擁有經過認證的合作夥伴平台，並表示他們會從這些平台購買產品。他們的清單比亞馬遜的清單要多一些，尤其是在 DV plus 方面。

So we're only one of three that are authorized to be able to do business with Amazon, DSP, we're working with them very closely in the CTV world, we're working very closely with Trade Desk in that. So I just think that generally speaking, the relationships are quite similar and as it relates to macro preparations and yes, unfortunately, I have been in the business for a very long time. Thank you for pointing that out, Shweta. But I --

因此，我們是僅有的三家被授權與亞馬遜、DSP 開展業務的公司之一，我們在 CTV 領域與他們密切合作，我們在這方面與 Trade Desk 密切合作。所以我只是認為，一般來說，這些關係非常相似，並且與宏觀準備有關，是的，不幸的是，我已經在這個行業工作了很長時間。謝謝你指出這一點，Shweta。但我--

You look, young Michael.

你看，年輕的麥可。

Now I feel better. I think that we're not, we don't believe what we're going to see if it happens is going to be structural change. We still believe that Programmatic is going to grow in the years to come. We still believe that CTV is going to be a huge tailwind.

現在我感覺好多了。我認為我們不會，我們不相信如果它發生的話我們將會看到結構性變化。我們仍然相信程序化廣告在未來幾年將會成長。我們仍然相信 CTV 將會成為一個巨大的推動力。

So what we're not going to do is make silly moves to try to chase a mythical margin number if we feel as though we, if we stop investing, screw it for years to come. And so we're going to continue to do it. We've always been very, David and the team have been great in cost management. We'll obviously tighten the belts, we'll shave where we can. But you shouldn't expect from us a wholesale reduction in cost because the opportunity is too far and too great. And we have such a great position that we're going to continue to invest in that.

因此，如果我們覺得，如果我們停止投資，未來幾年就會陷入困境，那麼我們就不會做出愚蠢的舉動去追逐神話般的利潤數字。因此我們將繼續這樣做。我們一直都非常，David 和他的團隊在成本管理方面表現出色。我們顯然會勒緊褲帶，盡可能削減開支。但你不應該期望我們會全面降低成本，因為機會太遙遠、太大了。我們擁有如此優越的地位，因此我們將繼續對此進行投資。

Okay. Thanks, Michael.

好的。謝謝，麥可。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Michael Barrett for any closing remarks.

謝謝。我們的問答環節到此結束。現在我想將會議交還給邁克爾·巴雷特 (Michael Barrett) 做結束語。

Thanks, Dager. I want to thank all you for joining us and for your support. Q2 is off to a good start and we look forward to the year ahead, especially with the momentum we have from our strengthening competitive position. We look forward to speaking with many of you at our upcoming investor events. We are participating in the Lake Street Virtual NDR tomorrow.

謝謝，達格爾。我要感謝大家的加入我們和支持。第二季開局良好，我們期待新的一年，尤其是我們不斷增強的競爭地位所帶來的動力。我們期待在即將舉行的投資者活動中與你們交談。我們明天將參加 Lake Street Virtual NDR。

Needham Conference in New York on the 13th, RBC Meetings in Montreal and Toronto on the 14th and 15th, B. Riley Conference in Marina del Rey on the 21st and 22nd, Craig Hallam Conference in Minneapolis on the 28th, Evercore Conference in New York on the 28th, Bank of America Conference in San Fran on June 3rd, Wolf Investor Luncheon Conference in New York on the 4th and 5th of June, Rosenblatt Virtual Conference on June 10th, Susquehanna Meetings in Boston on June 11th, Bank of America Meetings in London on June 16th, Citi and UBS in Cannes and our Live from Cannes webcast on June 17th and 18th, and Bank of America meetings in Paris on June 24th. Thank you and have a great evening.

13 日在紐約舉行的 Needham 會議、14 日和 15 日在蒙特利爾和多倫多舉行的 RBC 會議、21 日和 22 日在瑪麗安德爾灣舉行的 B. Riley 會議、28 日在明尼阿波利斯舉行的 Craig Hallam 會議、28 日在紐約舉行的 Wolfcore 會議、6 月 3 日在舊金山的美國銀行會議、28 日在紐約舉行的 Wolfcore 會議、6 月 3 日在舊金山舉行的美國銀行會議、6 月月 10 日舉行的 Rosenblatt 虛擬會議、6 月 11 日在波士頓舉行的 Susquehanna 會議、6 月 16 日在倫敦舉行的美國銀行會議、6 月 17 日和 18 日在坎城舉行的花旗和瑞銀會議以及我們的坎城現場網路直播，以及 6 月 24 日在巴黎舉行的美國銀行現場網路會議。謝謝您，祝您有個愉快的夜晚。

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

謝謝。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。