Magnite Inc (MGNI) 2025 Q3 法說會逐字稿

Good day, and welcome to the Magnite Q3 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Magnite 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係部的尼克。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's third quarter '25 earnings conference call. As a reminder, this conference is being recorded.

謝謝接線員，大家下午好。歡迎參加 Magnite 2025 年第三季財報電話會議。再次提醒，本次會議正在錄影。

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.

今天和我一起參加電話會議的有執行長麥可·巴雷特和財務長大衛·戴。我想指出的是，為了配合今天的演示，我們已在投資者關係網站上發布了財務亮點幻燈片。

Before we get started, I will remind you that our prepared remarks and answers to questions will include information that may be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impact of macroeconomic factors on our business. These statements are not guarantees of future performance.

在正式開始之前，我要提醒各位，我們準備的發言稿和對問題的回答將包含一些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財務業績和戰略目標的陳述，以及宏觀經濟因素對我們業務的潛在影響。這些聲明並不構成對未來業績的保證。

They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. 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 quarterly reports 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.

這些預測反映了我們目前對未來事件的看法，並且基於假設和估計，同時受到已知和未知風險、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聲明中預測或暗示的預期或結果存在重大差異。這些以及其他風險、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，包括我們的 10-Q 表格季度報告和我們的 2024 年 10-K 表格年度報告。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 our Investor Relations website. At times, in response to your questions, we may offer additional metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail may be onetime in nature, and we may or may not provide an update on the future of these metrics. I encourage you to visit our Investor Relations website to access our press release, financial highlights deck, periodic SEC reports and the webcast replay of today's call to learn more about Magnite.

我們今天的評論將包括非GAAP財務指標，包括扣除TAC或更少流量獲取成本後的貢獻、調整後的EBITDA和非GAAP每股收益。有關我們已公佈業績的 GAAP 指標與非 GAAP 指標的調整表，請參閱我們的獲利新聞稿和發佈在我們投資者關係網站上的財務亮點資料。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業務的動態。請注意，此補充細節可能僅此一次，我們未來是否更新這些指標尚不確定。我鼓勵您訪問我們的投資者關係網站，獲取我們的新聞稿、財務亮點演示文稿、定期提交給美國證券交易委員會的報告以及今天電話會議的網絡直播回放，以了解更多關於 Magnite 的信息。

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

現在我將把通話轉給麥可。邁克爾，請繼續。

Thank you, Nick. Q3 came in strong, and we once again exceeded total top line expectations with CTV contribution ex-TAC growing 18% and 25%, excluding political. DV+ continued to perform well, growing in line with expectations. Adjusted EBITDA was also strong at $57 million, beating expectations, resulting in a margin of 34%.

謝謝你，尼克。第三季表現強勁，我們再次超越了總收入預期，其中 CTV 收入（不包括 TAC）成長了 18%，政治收入成長了 25%。DV+ 持續保持良好表現，成長符合預期。調整後 EBITDA 也表現強勁，達到 5,700 萬美元，超出預期，利潤率為 34%。

Our performance in CTV was driven by growth of our largest publisher partners, significant traction with agency marketplaces, ClearLine adoption, positive SMB trends and programmatic expansion in live sports. Our most significant growth came from the industry's largest players, including LG, NBCU, Netflix, Roku, Vizio, Walmart and Warner Bros. Discovery.

我們在 CTV 領域的業績成長得益於我們最大的出版商合作夥伴的成長、代理商市場的顯著成長、ClearLine 的採用、中小企業的正面趨勢以及直播體育賽事的程式化擴張。我們最顯著的成長來自業內最大的幾家公司，包括 LG、NBCU、Netflix、Roku、Vizio、沃爾瑪和華納兄弟。發現。

Regarding Netflix, we've supported the expansion of their ads business to all ad-supported markets. The pacing of the Netflix ramp has gone very well, and we remain excited about our continued growth opportunity with them in 2026. Roku is also -- Roku also continues to be a very fast-growing publisher with the Roku Exchange, where Magnite is the preferred programmatic partner. This quarter, in particular, demonstrated especially great momentum where our partnership saw meaningful traction in sports and in attracting SMBs to their platform. We continue to explore areas for further expansion of our relationship to drive more revenue for them. Warner Bros. Discovery has also made great progress with its NEO platform launching in September. NEO, a new ad platform, will provide buyers direct access to Warner Bros. entire premium video inventory through one simplified and intuitive user interface where Magnite is helping to power transactions.

關於 Netflix，我們一直支持他們將廣告業務擴展到所有廣告支援市場。Netflix 的發展步伐非常順利，我們對 2026 年與他們繼續發展的機會仍然感到興奮。Roku 也一直是一家快速成長的發行商，其 Roku Exchange 平台由 Magnite 提供，Magnite 是其首選的程式化合作夥伴。尤其在本季度，我們的合作在體育領域取得了顯著進展，並成功吸引了許多中小企業加入其平台，展現了強勁的發展勢頭。我們將繼續探索進一步拓展合作關係的領域，以期為他們帶來更多收入。華納兄弟Discovery 的 NEO 平台也取得了巨大進展，已於 9 月推出。NEO 是一個全新的廣告平台，它將透過一個簡化且直覺的使用者介面，為買家提供直接存取華納兄弟所有優質視訊資源的途徑，而 Magnite 將協助實現交易。

ClearLine continues to gain momentum with over 30 clients, and we recently rolled out a number of key enhancements to the product. Earlier this year, we announced that native home screen units are available through ClearLine. This update will enable buyers and curators to discover, package and activate inventory in one platform with the most comprehensive access to differentiated supply, unique first-party data and content signals.

ClearLine 持續發展壯大，擁有超過 30 位客戶，我們最近也對產品進行了一系列關鍵改進。今年早些時候，我們宣布 ClearLine 提供原生主螢幕單元。此次更新將使買家和策展人能夠在一個平台上發現、打包和啟動庫存，並獲得對差異化供應、獨特的第一方數據和內容訊號最全面的存取權。

Finally, we also announced plans to integrate AI assistance and Agentic workflows into ClearLine, which will be powered in part by technology from our acquisition of streamer.ai, which we announced in September. As I've mentioned before, the CTV advertising opportunity for small and medium-sized businesses is enormous, but it's historically been bottlenecked by complexity and high cost. To address this, streamer.ai gives small businesses the tools to create production quality CTV commercials in minutes and in an extremely cost-efficient manner. We're licensing Streamer to large media owners, commerce players, agencies, DSPs and other media buyers so they can help their SMB clients easily break into CTV advertising, and the response has been very positive.

最後，我們還宣布了將 AI 輔助和 Agentic 工作流程整合到 ClearLine 中的計劃，其中一部分將由我們於 9 月宣布收購 streamer.ai 的技術提供支援。正如我之前提到的，對於中小企業而言，連網電視廣告的機會非常巨大，但從歷史上看，它一直受到複雜性和高成本的限制。為了解決這個問題，streamer.ai 為小型企業提供了工具，使其能夠在幾分鐘內以極低的成本高效地創建製作品質的 CTV 廣告。我們正在向大型媒體所有者、電商平台、代理商、DSP 和其他媒體購買者授權 Streamer，以便他們可以幫助其中小型企業客戶輕鬆進入 CTV 廣告領域，目前反應非常積極。

We've announced two client wins since the acquisition, ITV, which is the UK's largest commercial broadcaster, and Wolt, which is part of DoorDash with many more to come. We are seeing agencies becoming more active in their programmatic SPO efforts, and it's driving spend now. We have long supported agencies and have dedicated teams in place to support their growth efforts in this area. As evidence of this acceleration, ad spend from top holds grew nearly 20% in Q3 year-over-year.

自收購以來，我們已經宣布贏得了兩個客戶，分別是英國最大的商業廣播公司 ITV 和 DoorDash 旗下的 Wolt，未來將有更多客戶加入。我們看到各機構在程序化銷售優化方面越來越積極，這正在推動支出成長。我們長期以來一直支持各機構，並設有專門的團隊來支持他們在這一領域的成長努力。作為這種加速成長的證據，頂級持有者的廣告支出在第三季同比增長了近 20%。

A significant driver of our growth with agencies is from Magnite's powered buyer marketplaces. These private label marketplaces allow agencies to connect directly with publishers to develop curated pools of inventory that are enriched by proprietary data are DSP agnostic and maximize working media spend.

Magnite 的買家市場是我們與代理商合作成長的重要驅動力。這些自有品牌市場允許代理商直接與出版商聯繫，開發由專有數據豐富、與 DSP 無關且能最大限度提高有效媒體支出的精選庫存池。

Our combined CTV ad serving and SSP platform, SpringServe, continues to be a significant differentiator for us with publishers. As well as offering a leading ad server in CTV, SpringServe plays a crucial role as the mediation layer for publishers. In addition to supporting traditional DSP to SSP connections, our unique position enables us to provide a direct connection for buyers directly into the ad server.

我們整合了 CTV 廣告投放和 SSP 平台的 SpringServe 平台，持續成為我們與出版商之間重要的差異化優勢。SpringServe 除了提供領先的 CTV 廣告伺服器外，還作為發布商的中介層發揮著至關重要的作用。除了支援傳統的 DSP 到 SSP 連線外，我們獨特的優勢還使我們能夠為買家提供直接連接到廣告伺服器的連線。

We just added Viant's Direct Access product to our list of direct integrations that include Amazon APS, Yahoo's Backstage and Trade Desk's OpenPath. SpringServe also allows publishers to maximize their yield by unifying demand from these direct ad server integrations directly amongst buyers that connect to our SSP.

我們剛剛將 Viant 的 Direct Access 產品新增至我們的直接整合清單中，該清單還包括 Amazon APS、Yahoo 的 Backstage 和 Trade Desk 的 OpenPath。SpringServe 還允許發布商透過統一連接到我們 SSP 的買家對這些直接廣告伺服器整合的需求，來最大限度地提高收益。

Live sports continues to drive growth in our business, and we see tremendous potential in the future as programmatic adoption continues to escalate. We have seen new contributions notably from Disney of NFL and college football as well as Major League Baseball in the WNBA. Our live stream accelerator product, which was specifically developed for live sports is currently utilized by numerous partners globally. Leaders in this area are choosing Magnite because of our unique tech and continued commitment to invest in this area.

體育賽事直播持續推動我們業務的成長，隨著程式化廣告的普及，我們看到了未來巨大的發展潛力。我們看到了來自迪士尼（尤其是 NFL 和大學橄欖球）以及美國職棒大聯盟（WNBA）等機構的新貢獻。我們專為體育直播開發的直播加速器產品目前已被全球眾多合作夥伴使用。該領域的領導者選擇 Magnite 是因為我們擁有獨特的技術，並且持續致力於在該領域進行投資。

On the DV+ side of the business, Q3 contribution ex-TAC was up 7% or 10% excluding the impact of political last year. Our DV+ business continues to benefit from ramping partners as well as new client wins. A notable update is that our partnership with Pinterest began to ramp in Q3.

在 DV+ 業務方面，第三季的貢獻（不包括 TAC）成長了 7%，如果排除去年政治因素的影響，則成長了 10%。我們的 DV+ 業務持續受惠於合作夥伴的拓展以及新客戶的獲勝。值得一提的是，我們與 Pinterest 的合作在第三季開始加速。

In particular, we've been really pleased with the progress of our Commerce Media offering as our roster of partners continues to grow. We've announced partnerships with Best Buy, RE/MAX, Western Union, PayPal and Connective Media by United Airlines. Commerce entities are attracted to the unique technology Magnite provides. They each have some form of O&O inventory and leverage Magnite DV+ or SpringServe tools for monetizing or ad serving. In addition, these entities possess valuable first-party data and are utilizing ClearLine to layer their first-party data on top of third-party supply for curation. The first-party data enriches the supply and allows commerce entities to package their media with data to extend their overall footprint.

尤其令我們感到欣慰的是，隨著合作夥伴名單的不斷擴大，我們的商業媒體產品也取得了顯著進展。我們宣布與百思買、RE/MAX、西聯匯款、PayPal 和聯合航空旗下 Connective Media 建立合作夥伴關係。商業實體被 Magnite 提供的獨特技術所吸引。它們各自擁有某種形式的自有庫存，並利用 Magnite DV+ 或 SpringServe 工具進行貨幣化或廣告投放。此外，這些實體擁有寶貴的第一方數據，並利用 ClearLine 將其第一方數據疊加到第三方供應之上進行數據整理。第一方數據豐富了供應，並允許商業實體將媒體與數據打包，以擴大其整體影響力。

Our fastest-growing format in TV+ in the third quarter was audio. We are gaining traction in this area and see it as a significant opportunity in the future. Earlier this year, Spotify announced its new Spotify Ad Exchange or SAX, and selected Magnite as its global programmatic partner. SAX has integrated SpringServe to power its omnichannel advertising across audio, video and native display. Acast, a leading podcast monetization platform, announced a partnership with Magnite during the third quarter as well. This strategic collaboration will make Acast podcast inventory, which includes more than 140,000 podcasts and more than 1 billion listens quarterly available to advertisers through Magnite's infrastructure.

第三季度，我們在 TV+ 領域成長最快的格式是音訊。我們在這個領域逐漸取得進展，並認為這是一個未來的重要機會。今年早些時候，Spotify 宣布推出新的 Spotify 廣告交易平台 (SAX)，並選擇 Magnite 為其全球程式化合作夥伴。SAX 已整合 SpringServe，為其音訊、視訊和原生展示廣告提供全通路支援。領先的播客獲利平台 Acast 在第三季也宣布與 Magnite 建立合作關係。這項策略合作將使 Acast 的播客資源（包括超過 14 萬個播客節目和每季超過 10 億次的收聽量）透過 Magnite 的基礎設施提供給廣告商。

Turning to AI. We delivered another quarter of progress and have an increasingly clear view of how Agentic technologies will show up across the industry and in our products. In October, an industry association comprised of some of the industry's best regarded executives introduced the Ad context protocol or AdCP, a proposed standard for how buy and sell-side agents will transact. When you look into the structure, you see that the agents are designed to operate on top of the transactional infrastructure that exists today, much of which we've built. As always, these transactions must be vetted, negotiated, processed and cleared in a privacy-compliant manner, jobs we excel at. We envision the new world as one where sell-side assets, in particular, are going to be even more valuable and especially Magnite with our strong publisher relationships, SPO partnerships and leading technology.

轉向人工智慧。我們又取得了一季度的進展，並且越來越清楚地認識到 Agentic 技術將如何在整個行業和我們的產品中得到應用。10 月，一個由業內一些最受尊敬的高管組成的行業協會推出了廣告上下文協議 (AdCP)，這是買賣雙方代理商如何進行交易的擬議標準。當你深入了解其結構時，你會發現這些代理商的設計目標是在現有的交易基礎設施之上運行，而這些基礎設施大部分都是我們自己建造的。與以往一樣，這些交易必須以符合隱私權規定的方式進行審查、協商、處理和清算，而這正是我們擅長的。我們設想，在新的世界裡，賣方資產，尤其是 Magnite，將變得更加有價值，因為我們擁有強大的出版商關係、SPO 合作夥伴關係和領先的技術。

A key focus of our AI efforts involves the integration of the Model Context Protocol, or MCP, a generalized open standard that lets agents and LLMs connect to external systems and data. The AI business we recently acquired, Streamer, is built on MCP, and we've wired its foundation into ClearLine, enabling partners like the aforementioned ITV and Volt to generate CTV creative, receive campaign recommendations and place buys.

我們人工智慧工作的重點之一是整合模型上下文協定（MCP），這是一個通用的開放標準，允許代理和 LLM 連接到外部系統和資料。我們最近收購的 AI 企業 Streamer 是基於 MCP 構建的，我們已將其基礎架構整合到 ClearLine 中，使上述 ITV 和 Volt 等合作夥伴能夠產生 CTV 創意、接收廣告活動建議並進行購買。

ClearLine is the first of several Magnite products to integrate MCP. This work will enable agents to that automate tedious tasks such as setup and adjustment to surface valuable insights and drive increased monetization while freeing partners valuable time. Beyond agents, we continue to strengthen the machine learning that powers many of our products and operations, improving optimization, raising win rates and lowering unit costs.

ClearLine 是 Magnite 旗下多款整合 MCP 的產品中首款。這項工作將使代理商能夠自動執行繁瑣的任務，例如設定和調整，從而發現有價值的見解並提高貨幣化程度，同時為合作夥伴節省寶貴的時間。除了代理商之外，我們還在不斷加強為我們許多產品和營運提供支援的機器學習技術，以提高優化水平、提高勝率並降低單位成本。

We're also applying AI across our internal operations, combining process redesigns with efficiency gains and investing in the platform services and training our teams need to serve our growing partner list without meaningfully increasing headcount.

我們也在內部營運中應用人工智慧，將流程重新設計與效率提升相結合，並投資於平台服務和團隊培訓，以便在不大幅增加員工人數的情況下服務於我們不斷增長的合作夥伴名單。

Next, I want to provide an update on the Google Ad tech trial. As you likely know, Judge Brinkema concluded a two-week trial on the remedies phase of the DOJ's case in early October. The post-trial briefing has recently been filed and closing arguments are scheduled for November 17. After that, it will likely take some time for Judge Brinkema to issue a final order outlining the remedies she'll put in place. At this stage, having found that Google had illegally engaged in a series of anticompetitive acts to establish monopolies in the ad exchange and ad server market, both structural and behavioral remedies remain on the table, structural referring to the forced divestiture of parts of their ad tech business and behavioral being a set of rules and practices designed to rectify and prohibit Google's illegal anticompetitive conduct.

接下來，我想就谷歌廣告技術試驗提供最新進展。您可能已經知道，布林克瑪法官在 10 月初結束了司法部案件補救階段​​為期兩週的審判。審後簡報已於近日提交，結案陳詞定於 11 月 17 日進行。之後，布林克瑪法官可能還需要一段時間才能發布最終命令，概述她將採取的補救措施。現階段，鑑於已發現Google非法從事了一系列反競爭行為，以在廣告交易和廣告伺服器市場建立壟斷地位，結構性補救措施和行為性補救措施仍然在考慮之列。結構性補救措施指的是強制剝離其部分廣告科技業務，而行為性補救措施則是一套旨在糾正和禁止谷歌非法反競爭行為的規則和做法。

We think there are merits to both types of remedies and have confidence that the court will reach the right outcome. The remedy hearings in September did not change our positive outlook about remedies. Ultimately, our point of view is that any decision that helps restore competition and eliminates Google self-preferencing behavior will be a big win for the open Internet as well as Magnite specifically. To that point, as we've said previously, every 1% of market share that shifts to Magnite as a result of these remedies could mean $50 million of additional contribution ex-TAC on an annualized basis and at a very high 90% plus flow-through margins. Needless to say, we're watching developments in this case very closely.

我們認為這兩種補救措施都有其合理之處，並相信法院會做出正確的判決。9 月的補救措施聽證會並沒有改變我們對補救措施的正面看法。最終，我們的觀點是，任何有助於恢復競爭並消除谷歌自我偏袒行為的決定，對於開放的互聯網以及 Magnite 本身來說，都將是一場巨大的勝利。就這一點而言，正如我們之前所說，由於這些補救措施，Magnite 每獲得 1% 的市場份額，就可能意味著每年額外貢獻 5000 萬美元（不含 TAC），並且流通利潤率高達 90% 以上。毋庸置疑，我們正在密切關注此案的進展。

On a related note, we recently announced that we had filed our own lawsuit against Google relating to its anticompetitive conduct. The suit, which seeks financial damages as well as other remedies, is a follow-on action to the DOJ litigation and builds on the allegations proved in that case. The complaint further details how Google's illegal conduct served to provide Magnite and other independent players the opportunity to compete fairly and grow their businesses while harming advertisers and publishers alike. We're at the early stages of the process, and we'll provide further updates on the litigation as it progresses.

另外，我們最近宣布，我們已就Google的反競爭行為提起訴訟。該訴訟尋求經濟賠償以及其他補救措施，是司法部訴訟的後續行動，並建立在該案中已證實的指控之上。該投訴進一步詳細說明了谷歌的非法行為如何為 Magnite 和其他獨立參與者提供了公平競爭和發展業務的機會，同時損害了廣告商和出版商的利益。目前我們正處於訴訟的早期階段，我們將隨著訴訟的進展提供進一步的最新資訊。

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

接下來，我會把電話交給大衛，讓他詳細介紹一下財務狀況。大衛？

Thanks, Michael. As Michael mentioned, we had a very strong Q3 with standout performance in CTV, achieving 18% contribution ex-TAC growth or 25%, excluding political, exceeding our expectations. DV+ performed well and was in line with our guide. Adjusted EBITDA was solid as well, growing 13% to $57 million and beating expectations, resulting in a 34% margin. We're pleased with these results, particularly the acceleration in CTV growth, which was significantly above market growth.

謝謝你，麥可。正如邁克爾所提到的，我們第三季度表現非常強勁，CTV 表現突出，在扣除 TAC 後實現了 18% 的貢獻增長，如果排除政治廣告，則增長幅度達到 25%，超出了我們的預期。DV+表現良好，符合我們的預期。調整後的 EBITDA 也表現穩健，成長 13% 至 5,700 萬美元，超出預期，利潤率為 34%。我們對這些結果感到滿意，尤其是 CTV 的成長速度明顯高於市場成長速度。

Total revenue for Q3 was $179 million, up 11% from Q3 of 2024. Contribution ex-TAC was $167 million, up 12%, exceeding the high end of our guidance range. CTV contribution ex-TAC was $76 million, up 18% year-over-year or 25% excluding political, exceeding the top end of our guidance range, as I mentioned. DV+ contribution ex-TAC was $91 million, an increase of 7% or 10%, excluding political from the third quarter of last year. This result was in line with our guidance range.

第三季總營收為 1.79 億美元，比 2024 年第三季成長 11%。扣除TAC後的貢獻收入為1.67億美元，成長12%，超過了我們預期範圍的上限。扣除TAC費用後，CTV貢獻為7600萬美元，同比增長18%，若不計政治廣告，則增長25%，超過了我們預期範圍的上限，正如我之前提到的。DV+ 的捐款（不包括 TAC）為 9,100 萬美元，比去年第三季增長了 7% 或 10%（不包括政治捐款）。這結果符合我們的預期範圍。

Our contribution ex-TAC mix for Q3 was 45% CTV, 39% mobile and 16% desktop. From a vertical perspective, health and fitness, shopping and technology were the strongest performing categories, while automotive was one of our weakest performing categories.

第三季度，我們扣除 TAC 後的貢獻組成分別為：CTV 45%，行動端 39%，桌面端 16%。從垂直領域來看，健康與健身、購物和科技是表現最強勁的類別，而汽車是我們表現最弱的類別之一。

Total operating expenses, which includes cost of revenue, were $154 million, an increase from $147 million for the same period last year. Adjusted EBITDA operating expense for the third quarter was $110 million, in line with expectations and an increase from $99 million in the same period last year. The increase was primarily driven by personnel expenses and higher cloud and data center costs supporting the growth of our CTV business and investment in CTV-related features and functionality.

包括營業成本在內的總營運支出為 1.54 億美元，比去年同期的 1.47 億美元增加。第三季調整後 EBITDA 營運支出為 1.1 億美元，符合預期，比去年同期的 9,900 萬美元增加。成長的主要原因是人員支出以及為支援 CTV 業務成長和對 CTV 相關特性和功能的投資而增加的雲端和資料中心成本。

Our net income was $20 million for the quarter compared to net income of $5 million for the third quarter of 2024. As I previously mentioned, adjusted EBITDA grew 13% year-over-year to $57 million, reflecting a margin of 34%. As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC.

本季淨收入為 2,000 萬美元，而 2024 年第三季淨收入為 500 萬美元。正如我之前提到的，調整後的 EBITDA 年成長 13% 至 5700 萬美元，利潤率為 34%。再次提醒，我們計算調整後 EBITDA 利潤率時，以扣除 TAC 後的貢獻百分比表示。

GAAP earnings per diluted share were $0.13 for the third quarter of 2025 compared to $0.04 for the third quarter of 2024. Non-GAAP earnings per share for the third quarter of 2025 was $0.20 compared to $0.17 last year. The reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q3 results press release.

2025 年第三季 GAAP 每股攤薄收益為 0.13 美元，而 2024 年第三季為 0.04 美元。2025 年第三季非 GAAP 每股盈餘為 0.20 美元，去年同期為 0.17 美元。與非GAAP收入和非GAAP每股收益的調節表已包含在我們的第三季業績新聞稿中。

Our cash balance at the end of Q3 was $482 million, an increase from $426 million at the end of the second quarter. Operating cash flow, which we define as adjusted EBITDA less CapEx, was $39 million.

第三季末，我們的現金餘額為 4.82 億美元，比第二季末的 4.26 億美元增加。經營現金流量（我們定義為調整後的 EBITDA 減去資本支出）為 3,900 萬美元。

Capital expenditures, including both purchases of property and equipment and capitalized internal use software development costs were $18 million. In addition, as Michael mentioned earlier, we acquired Streamer for $10 million.

資本支出，包括購買房產和設備以及資本化的內部使用軟體開發成本，為 1800 萬美元。此外，正如邁克爾之前提到的，我們以 1000 萬美元收購了 Streamer。

As we've discussed, our technology team has made significant progress improving operational efficiency and reducing per unit cloud costs, which is allowing us to manage significant increases in ad request volumes with modest total cost increases. As part of our ongoing efforts to enhance efficiency and maximize the value of our hybrid infrastructure, we've been evaluating the optimal allocation of on-prem and cloud resources.

正如我們之前討論過的，我們的技術團隊在提高營運效率和降低單位雲端成本方面取得了顯著進展，這使我們能夠在總成本適度增加的情況下應對廣告請求量的顯著增長。作為我們不斷努力提高效率並最大限度地發揮混合基礎設施價值的一部分，我們一直在評估本地和雲端資源的最佳分配方案。

As a result, we decided to increase our CapEx investment by $20 million this quarter, specifically investing in two new data center build-outs in Ashburn, Virginia and Santa Clara, California to secure future data capacity needs. We now expect CapEx for Q4 and the full year to be approximately $23 million and $80 million, respectively. For 2026 and beyond, we believe this increased investment will lead to additional efficiencies and plan to reinvest some of the savings in critical growth areas. We expect CapEx to be in the $60 million range in 2026.

因此，我們決定在本季增加 2,000 萬美元的資本支出投資，專門用於在維吉尼亞州阿什本和加州聖克拉拉新建兩個資料中心，以確保未來的資料容量需求。我們現在預計第四季和全年的資本支出分別約為 2,300 萬美元和 8,000 萬美元。我們相信，2026 年及以後，增加的投資將帶來更高的效率，並計劃將部分節省下來的資金再投資於關鍵成長領域。我們預計 2026 年資本支出將在 6,000 萬美元左右。

Net interest expense for the quarter was $5 million. Net leverage for the quarter was well below our goal of less than 1 times and came in at 0.3 times at the end of Q3, down from 0.6 times at the end of the second quarter. Just as a reminder, the $205 million principal balance of our convertible notes is a current liability on the balance sheet as the notes mature this coming March. We plan to pay off the converts with cash at maturity and have sufficient liquidity to do so.

本季淨利息支出為500萬美元。本季淨槓桿率遠低於我們設定的 1 倍以下的目標，第三季末為 0.3 倍，低於第二季末的 0.6 倍。再次提醒大家，由於我們的可轉換債券將於今年三月到期，因此其 2.05 億美元的本金餘額在資產負債表上屬於流動負債。我們計劃在債券到期時以現金償還債券，並且我們有足夠的流動資金來做到這一點。

During the first three quarters of the year, we repurchased or withheld over 3.3 million shares for approximately $50 million. We have an $88 million remaining in our authorized share repurchase program, which we will continue to deploy opportunistically.

今年前三個季度，我們回購或持有超過 330 萬股股票，總價值約 5,000 萬美元。我們授權的股票回購計畫中還剩餘 8,800 萬美元，我們將繼續擇機使用這筆資金。

I will now share our thoughts about the fourth quarter and outlook for 2026. Consistent with last quarter and given the concentration of political spend in the fourth quarter last year, we will provide guidance both with and without political contribution ex-TAC to show underlying business performance. For the fourth quarter, we expect contribution ex-TAC to be in the range of $191 million to $196 million, which represents growth of 6% to 9% or 13% to 16%, excluding political. Contribution ex-TAC attributable to CTV to be in the range of $87 million to $89 million, which represents growth of 12% to 14% or 23% to 25% when excluding political.

接下來，我將分享我們對第四季和2026年展望的看法。與上一季一致，考慮到去年第四季政治支出集中，我們將提供包含和不包含政治捐款（不包括TAC）的業績指引，以顯示潛在的業務表現。我們預計第四季的捐款（不包括TAC）將在1.91億美元至1.96億美元之間，這意味著成長6%至9%，或成長13%至16%（不包括政治捐款）。除TAC外，CTV帶來的貢獻將在8,700萬美元至8,900萬美元之間，這意味著成長12%至14%，如果排除政治因素，則成長23%至25%。

In DV+, our guide reflects slightly lower growth versus the year-to-date performance due to a couple of factors. First, in October, we've seen some additional drop in vertical spend in automotive and some additional weakness in technology and in Home and Garden, indicating a slightly softening macro environment. We're also seeing some spend movement from online video to CTV, which makes a ton of sense given more competitive CTV CPMs and expanded SMB access to CTV inventory.

在 DV+ 方面，由於幾個因素，我們的指導意見反映出的成長速度略低於年初至今的表現。首先，10 月我們看到汽車產業的垂直支出進一步下降，科技和家居園藝產業的支出進一步疲軟，顯示宏觀環境略有疲軟。我們也看到一些支出從線上視訊轉移到連網電視，考慮到連網電視每千次展示成本更具競爭力，以及中小企業可以更廣泛地獲得連網電視廣告資源，這種轉移非常有意義。

Lastly, we've seen some near-term pressure from a recent feature change by a top DSP partner affecting all SSPs. Despite these factors, we're still experiencing -- or expecting growth in DV+ and expect contribution ex-TAC for DV+ to be in the range of $104 million to $107 million, which represents growth of 2% to 5% or 7% to 10%, excluding political.

最後，我們看到一家頂級 DSP 合作夥伴最近的一項功能變更給所有 SSP 帶來了一些短期壓力。儘管有這些因素，我們仍然經歷——或預計 DV+ 將會成長，預計 DV+ 的貢獻（不包括 TAC）將在 1.04 億美元至 1.07 億美元之間，這代表著 2% 至 5% 或 7% 至 10% 的成長（不包括政治因素）。

We anticipate adjusted EBITDA operating expenses to be between $112 million and $114 million and CapEx of approximately $23 million, including the incremental investment mentioned earlier.

我們預計調整後的 EBITDA 營運支出將在 1.12 億美元至 1.14 億美元之間，資本支出約為 2,300 萬美元，其中包括前面提到的增量投資。

For the full year 2025, which is implied in the Q4 guide, we continue to expect total contribution ex-TAC growth above 10% or mid-teens, excluding political, adjusted EBITDA to grow in the mid-teens, representing increased margin expansion of approximately 180 basis points at the midpoint. And we're raising CapEx to be approximately $80 million.

對於 2025 年全年（第四季度指引中已隱含），我們繼續預計總貢獻（不包括 TAC）增長將超過 10% 或 15%（不包括政治因素），調整後的 EBITDA 將增長 15%（不包括政治因素），這意味著利潤率將提高約 180 個基點（按中間值計算）。我們正在籌集約 8000 萬美元的資本支出。

Now turning to 2026. I want to point out that our estimates do not include any potential market share gains as a result of remedies from the Google Ad tech trial. We currently expect contribution ex-TAC growth for 2026 to be at least 11%. We also expect to get back into our target margin range, which is 35% at the low end, inclusive of a sizable investment in people we are making to support our growth initiatives and CapEx to be approximately $60 million.

現在展望2026年。我想指出，我們的估算並未包括因谷歌廣告技術試驗的補救措施而可能帶來的任何市場份額增長。我們目前預計 2026 年的貢獻（不包括 TAC）成長率至少為 11%。我們也預期利潤率將恢復到目標範圍，最低為 35%，其中包括我們為支持成長計畫而對人員進行的大量投資，資本支出約為 6,000 萬美元。

The third quarter was really positive for Magnite as we continue to see significant traction from our partners and from our strategic initiatives. I'm excited about the progress in our business and look forward to continued momentum into 2026.

第三季對 Magnite 來說非常積極，因為我們繼續看到來自合作夥伴和策略舉措的顯著進展。我對我們業務的進展感到興奮，並期待在 2026 年繼續保持這種發展勢頭。

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

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

Shyam Patil, Susquehanna.

Shyam Patil，薩斯奎哈納。

Hey guys, Nice job on the quarter. Michael, I have a question for you. A fairly kind of recent question or even discussion has been around The Trade Desk, Kokai and OpenPath and the potential impact to Magnite, just given some of the impact that we've seen it have on others in the industry. Can you just talk about this and maybe just also talk about your value add to the ecosystem? Thank.

嘿，夥計們，這季度做得很好。邁克爾，我有個問題想問你。最近，圍繞著 The Trade Desk、Kokai 和 OpenPath 的一些問題甚至討論，可能會對 Magnite 產生影響，因為我們已經看到它們對業內其他一些公司產生了影響。您能談談這個話題嗎？或許還可以談談您為生態系統帶來的價值？感謝。

Yeah, Thanks for the question, Shyam. Yes, so in late Q3, Trade Desk made a software change to their operating system that prioritized OpenPath as a default path for supply. And since that occurred, we've worked with all of our major buyers, which include agency holding companies to reconnect Magnite as a preferred supply path. And as we noted in the script, Magnite powers many of the Holdco buyer marketplaces, so connection to Magnite is essential for their business. So there was impact.

是的，謝謝你的提問，Shyam。是的，所以在第三季末，Trade Desk 對其作業系統進行了軟體更改，將 OpenPath 設定為預設的供應路徑。自那以後，我們與所有主要買家（包括代理商控股公司）合作，重新將 Magnite 作為首選供應管道。正如我們在腳本中提到的，Magnite 為許多 Holdco 買家市場提供支持，因此與 Magnite 的連接對他們的業務至關重要。所以確實產生了影響。

We project impact for Q4 and that kind of softer DV+ guide that we put forth. But we do feel as though the bulk of the impact has already occurred that it's been limited to DV+. We've been able to work with our largest buyers, again, many of the agency holding companies to reconnect Magnite. And we feel confident going forward that, that will mitigate any negative financial impact in out quarters.

我們預計第四季度將受到影響，並會給予較為溫和的DV+指導。但我們感覺大部分影響已經發生，而且僅限於 DV+。我們已經能夠再次與我們最大的買家，以及許多代理商控股公司合作，重新建立 Magnite 的聯繫。我們有信心，這將減輕我們各季度可能出現的任何負面財務影響。

I will say we definitely support Trade Desk's goal of cleaning up the ecosystem and cutting out supply players that provide very little value. And I assure you this move will do that. But I also think this shows Magnite's importance to the buying community, the profile of the media that we supply, the services that we provide building their businesses, by our marketplaces on our rails and obviously, the importance that we bring to the supply side.

我想說，我們絕對支持 Trade Desk 清理生態系統、剔除那些幾乎沒有價值的供應方的宗旨。我向你保證，這項舉措一定會達到目的。但我認為這也顯示了 Magnite 對採購群體的重要性，我們所供應的媒體的形象，我們透過我們的市場平台為他們的業務發展提供的服務，以及我們顯然對供應方的重要性。

So I think that certainly, Magnite's proven its efficacy in the industry. And I think that the strength of those relationships will help us mitigate any headwinds that come from these changes or other changes for other DSPs.

所以我認為，Magnite 已經在業界證明了其有效性。我認為，這些牢固的關係將幫助我們減輕這些變化或其他DSP變化的任何不利影響。

Thank you, Michael

謝謝你，邁克爾

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Thanks, Michael, just to obviously tack on to that. I don't want to read too much into the press release, but you said DV+ continues to perform well, growing in line with expectations, driven by exclusive partner expansion. I think we all believe Amazon is your fastest-growing DSP partner, and it seems like you're gaining share across kind of DV+ with them as they expand. So maybe your thoughts as they press their own DSP and your partnership there?

謝謝邁克爾，我只是想補充一點。我不想對新聞稿過度解讀，但您提到DV+繼續表現良好，成長符合預期，這主要得益於獨家合作夥伴的擴張。我認為我們都相信亞馬遜是你成長最快的DSP合作夥伴，而且隨著亞馬遜的擴張，你似乎也透過DV+等方式獲得市場份額。那麼，當他們大力推廣自己的DSP以及你們與該平台的合作關係時，你們有什麼想法呢？

And then secondarily, SMB is becoming a real thing now. I think people forget how deeply integrated SpringServe is with all of the DSPs, but just kind of your thoughts on where you're at from the SMB marketplace from an integration perspective, how you're attacking the market directly. And if you want to bring up some of the streamer AI stuff, again, that's fine, too.

其次，中小企業現在正逐漸成為現實。我認為人們忘記了 SpringServe 與所有 DSP 的深度集成，但我想聽聽您從集成角度對中小企業市場的看法，以及您如何直接開拓市場。如果你想談談主播AI方面的一些事情，那也完全沒問題。

Yeah. Thanks for the question, Dan. Yes, listen, our spend from the leading DSPs remain very strong. We are closing that gap that we had highlighted multiple quarters ago, where the total ad spend was outpacing the contribution ex-TAC growth. And that's narrowed, but we still have a very healthy spend pattern. And with all DSPs, and Amazon, in particular, is having a banner year, and we really enjoy that partnership both with Amazon as a buyer of inventory and Amazon as a publisher where we can help them monetize the inventory there.

是的。謝謝你的提問，丹。是的，聽著，我們在主要DSP上的支出依然非常強勁。我們正在縮小幾個季度前就已指出的差距，當時廣告總支出增速超過了扣除 TAC 後的貢獻增速。雖然範圍縮小了，但我們的消費模式仍然非常健康。對於所有 DSP 平台，尤其是亞馬遜而言，今年都是豐收的一年。我們非常享受與亞馬遜的合作關係，無論是作為庫存買家還是出版商，我們都能幫助他們實現庫存變現。

And the SMB is a very exciting chapter. Obviously, partners like Mountain are doing a phenomenal job and buying a lot of supply from us. And the idea of Streamer is to help folks like that, not just Mountain, but other DSPs that may not have the tools to attract SMB dollars or merchants or agencies. And so the idea is that we offer the streamer product to those folks that have direct relationships with SMBs. The idea isn't for us to be chasing SMBs ourselves, but to make sure that, that spend winds up on our platform. And that's why we're super excited about the Streamer acquisition because it accomplishes that.

中小企業篇章非常精彩。顯然，像 Mountain 這樣的合作夥伴做得非常出色，從我們這裡購買了大量的供應。Streamer 的理念就是幫助像這樣的人，不僅是 Mountain，還有其他可能沒有工具來吸引中小企業資金、商家或代理商的 DSP。因此，我們的想法是向那些與中小企業有直接聯繫的人提供串流媒體產品。我們的想法不是自己去追逐中小企業，而是確保這些支出最終流向我們的平台。正因如此，我們對收購 Streamer 感到非常興奮，因為它實現了這一目標。

In addition, as we pointed out, we get the side benefit of having this AI infusion, this AI-first way of thinking into our technology organization. And you see that already ClearLine is being built on MCP Rails. And so it's going to help accelerate our total kind of AI agentic focused business. So very, very happy with that acquisition.

此外，正如我們所指出的，將人工智慧融入我們的技術組織，這種人工智慧優先的思維方式，也為我們帶來了額外的好處。您可以看到，ClearLine 已經是基於 MCP Rails 建構的。因此，它將有助於加速我們以人工智慧代理為中心的整體業務發展。對這次收購非常非常滿意。

Super helpful, Michael. And despite all the noise, really nice print and outlook.

邁克爾，你真是幫了大忙。儘管周圍很吵鬧，但印刷和外觀真的很漂亮。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾，克雷格-哈勒姆。

Thank you guys. So, Michael, I appreciate the comments on AI, and you had talked about AdCP. You had mentioned the sell-side's role becoming more important. And maybe can you just expand on how Magnite's role changes in a more agentic world?

謝謝大家。邁克爾，我很感謝你對人工智慧的評論，你也談到了AdCP。你曾提到賣方的角色變得越來越重要。或許您可以詳細闡述一下，在更具自主性的世界中，Magnite 的角色會發生什麼樣的變化？

Yeah, Thanks, Jason. Obviously, early days and a lot of this exists on whiteboards, but I do think that the shift that we've seen in the non-agentic world, the idea of first-party data owned by the large media companies becoming extraordinarily important and their desire to keep that data as close as possible to the supply side. So we're playing a huge role in the audience creation business today. And we see that as accelerating.

謝謝你，傑森。顯然，現在還處於早期階段，很多東西都還停留在白板上，但我確實認為，我們在非代理領域看到的轉變，即大型媒體公司擁有的第一方數據變得極其重要，以及他們希望盡可能將這些數據保持在供應方附近的願望。所以，如今我們在受眾群體創造領域中扮演著舉足輕重的角色。我們看到這種情況正在加速。

I think that the key really as you look at AdCP, you start to realize that the idea of inventory sitting way over here and dollars from buyers sitting way on the other side of an exchange, you start to see a world where they're comingled. And the as you start to look at the value, the idea of whoever has the access to that valuable supply as it gets comingled has a leg up. And so we feel very bullish about not just our prospects, but the prospects for the supply side in this new kind of agentic world.

我認為，當你真正了解 AdCP 時，你會開始意識到，庫存位於遙遠的這一邊，而買家的資金位於交易平台的另一端，你會開始看到一個兩者交織在一起的世界。當你開始專注於其價值時，你會發現，誰能獲得這種混合在一起的寶貴資源，誰就擁有了優勢。因此，我們不僅對自己的前景感到非常樂觀，而且對這種新型的能動世界中的供應方的前景也感到非常樂觀。

Appreciate that. I wanted to follow up on live sports is kind of your perspective on supply and demand because it seems like there's a ton of demand for more dollars flowing into live sports. Curious the perspective you get from publishers moving inventory into programmatic or even moving inventory into biddable and how that progresses over time.

謝謝。我想就現場體育賽事的供需關係向您提出一些看法，因為似乎有很多資金正在流入現場體育賽事。很好奇，對於將廣告資源轉移到程序化購買，甚至轉移到競價購買的出版商，你們有什麼看法，以及隨著時間的推移，這種轉變會如何發展。

Yeah, I mean it's thanks, Jason. It's accelerating for sure, and it is playing a meaningful impact to our revenue. again, let's be careful here. I don't think the Super Bowl is going to be programmatic anytime soon, but we're seeing a ton of inventory from college football. We're seeing NFL inventory. And so it's not just relegated to second-tier leagues or sports, if you will. And it's very, very early, right? Programmatic is not being utilized to its fullest capacity. So we're at the early stages of this, and we're pleased with our product lead in this area. We talked about LSA in the script. And Disney has really been a key partner in the expansion of our footprint in sports inventory programmatically. So we feel real good about where we stand in it and the TAM that's associated with it.

是的，我是說謝謝你，傑森。這種情況肯定在加速發展，並且對我們的收入產生了重大影響。再次強調，我們務必謹慎。我認為超級盃短期內不會採用程序化廣告，但我們看到大學橄欖球的廣告庫存非常多。我們看到了NFL的庫存。因此，它並不僅限於二流聯賽或體育項目。現在時間還非常非常早，對吧？程序化廣告的潛力尚未充分利用。所以我們目前還處於早期階段，我們對我們在該領域的領先產品感到滿意。我們在劇本中談到了LSA。迪士尼一直是我們在體育廣告資源程序化購買方面拓展業務的關鍵合作夥伴。所以我們對自身在該領域的地位以及與之相關的潛在市場規模感到非常滿意。

Great, thanks, Michael

太好了，謝謝你，邁克爾

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay, thank you for taking my question. Okay. Michael, could you please talk to where we stand on Google AdTech case? There is this rising level of expectation that maybe structural breakup is not going to happen and even on the behavioral side, perhaps expectations have come down a little bit. Is there any reason to think that? And where do you think -- how do you think it went? And any update on the time line from your vantage point?

好的，謝謝您回答我的問題。好的。Michael，可以談談我們在 Google AdTech 案件的進展嗎？人們越來越預期結構性崩潰可能不會發生，甚至在行為方面，人們的預期可能會下降。有什麼理由這麼認為嗎？那你覺得結果會怎樣？你覺得事情進展如何？從您的角度來看，時間軸方面有什麼最新進展嗎？

And then the second question I have is on 2026 guidance. David, is it possible to comment on what's baked into your guidance and what would drive upside from your base case?

我的第二個問題是關於 2026 年的指導。David，您能否談談您的指導意見中包含了哪些因素，以及哪些因素會推動您的基本預期出現上漲？

Shweta, it's Michael. Yes, no, we were very encouraged by the remedies hearings. It pretty much stayed to the script. The DOJ was pressing for structural changes. Google was recommending behavioral. And we've always, I think, been very clear that we don't view structural as the only way to win in this scenario that a level fair playing field is exactly what we're looking for, what Judge Brinkema is very aware of. And I think we feel very good about the direction it's heading, structural or behavioral.

Shweta，我是Michael。是的，我們對補救措施聽證會感到非常鼓舞。基本上是按照劇本進行的。美國司法部一直在推動結構性改革。谷歌推薦的是行為相關的內容。而且我認為，我們一直都非常明確地表示，我們並不認為結構性措施是贏得這場衝突的唯一途徑，我們所追求的正是公平的競爭環境，布林克瑪法官也深知這一點。我認為我們對它的發展方向，無論是結構上的還是行為上的，都感到非常滿意。

So I think our outlook on it remains unchanged, and our outlook has always been quite positive, and we think it's a generational opportunity for a company like Magnite.

所以我認為我們對它的看法仍然不變，而且我們的看法一直都相當積極，我們認為這對像 Magnite 這樣的公司來說是一個千載難逢的機會。

Great. And Shweta, on the guide for '26, I think a number of items. As a general matter, we've tried to be somewhat conservative given the continued tenuous nature on the macroeconomic environment. We have zero dollars baked into that for any Google remedy outcomes. Again, we're trying to be modest. So there's midterm elections. And so we've taken a fairly modest approach there. We'll see what kind of competitive races we have when that comes around.

偉大的。而 Shweta，關於 2026 年的指南，我認為有很多項目。整體而言，鑑於宏觀經濟環境持續不穩定，我們一直盡量採取較保守的做法。我們沒有為任何谷歌的解決方案結果預留任何資金。我們再次強調，我們盡量保持謙虛。所以，現在有中期選舉。因此，我們採取了相當保守的做法。到時候我們再看看比賽會是什麼樣的競爭局面吧。

And I think the other factor is we have a number of tailwinds around some of these deals that we've signed, Commerce Media, we've got these AI initiatives -- the challenge is it's so hard in this space to sort of peg the timing of when some of those might accelerate. And so I think we've layered in modest expectations on those fronts. And so I think that could also create potential upside there.

我認為另一個因素是，我們簽署的一些協議，例如 Commerce Media，以及我們推出的這些人工智慧計劃，都帶來了許多好因素——挑戰在於，在這個領域，很難準確預測其中一些計劃何時會加速推進。所以我認為，我們在這些方面都設定了較保守的預期。所以我認為這也可能帶來潛在的上漲空間。

Thanks Michael.

謝謝你，麥可。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Hi there. So, Michael, for you, you guys represent primarily premium CTV ad units. And what I'm interested in is there's excess supply in CTV generally because there's FAST channel selling CTV ad units at $6 and $7. My question is, can your CPMs and ad units, are they immune? Or is they're bleeding into those lower -- are they competing with those lower-cost ad units, which puts downward pressure potentially on your rev share over time?

你好呀。所以，邁克爾，對你來說，你們主要代理的是高端 CTV 廣告單元。我感興趣的是，CTV 市場普遍存在供應過剩的問題，因為 FAST 頻道以 6 美元和 7 美元的價格出售 CTV 廣告單元。我的問題是，你們的 CPM 和廣告單元是否能免受影響？或者，它們是否正在蠶食那些低成本的廣告單元——它們是否正在與那些低成本的廣告單元競爭，從而隨著時間的推移，這可能會對你的收入份額造成下行壓力？

And then for David, I'm going to push on you a little bit. You just raised the CapEx to $20 million in Q4. And in your last breath, you said you were adding FTEs. So what we've seen when guys raise their CapEx estimates generally is they cut FTEs. They use capital to actually replace FTEs. So why do -- why are you projecting both more growth in CapEx and faster full-time equivalent employee growth? I would love clarity on that.

然後，對於大衛，我要稍微逼你一把。你們剛剛將第四季的資本支出增加到 2000 萬美元。在你臨終之際，你還說要增加全職員工。所以我們看到，當企業提高資本支出預期時，他們通常會削減全職員工人數。他們利用資本來實際替換全職員工。那麼，為什麼你們要同時預測資本支出成長和全職員工人數成長速度加快呢？我希望能對此有更清晰的了解。

Yeah. Thanks, Laura. Yes, as it relates to the CTV CPM trends, we've seen a bit of stability for the last several quarters. And there are definitely trade-in bands, right? Like so you have the super premium, you have premium and then you have a broader batch of inventory maybe in the FAST channels.

是的。謝謝你，勞拉。是的，就 CTV CPM 趨勢而言，過去幾季我們看到了一定的穩定性。一定有以舊換新的腕帶，對吧？就像這樣，你有超高端產品，有高端產品，然後你可能在快速通路中還有更廣泛的庫存。

And they've been pretty steady and consistent. You may have buckets of dollars flow in each of those channels. But generally speaking, I think people are aware of what the value of a Netflix ad is compared to perhaps an ad in an unspecified program in a free TV watch channel. Not that it doesn't have value, it just has a different value.

他們一直都很穩定、很可靠。每個渠道都可能有大筆資金流入。但總的來說，我認為人們都清楚 Netflix 廣告的價值與免費電視頻道中某個不知名節目裡的廣告相比如何。並非它沒有價值，只是它的價值不同而已。

You also keep in mind that these folks have great first-party data, which helps really differentiate themselves from free TV, where folks don't necessarily have to be registered or you have their personal information. And so that valuable first-party data helps separate it as well. So, yes, I don't see this as a race to the bottom or an existential threat to our revenues in the coming quarters.

你還要記住，這些人擁有大量第一方數據，這使他們與免費電視真正區分開來，因為免費電視用戶不一定需要註冊，或者你可以獲得他們的個人資訊。因此，這些寶貴的第一方資料也有助於將其區分開來。所以，是的，我不認為這是一場競相壓價的競爭，也不會對我們未來幾季的收入構成生存威脅。

Great. And on the CapEx discussion, yes, good question. And so I'll bifurcate kind of the discussion into -- there are really two separate decisions. So the first side on the CapEx we had two primary objectives. The first was to secure additional space on the East Coast and on the West Coast for future expansion. And so as you know, there's some scarcity in data centers for space, and we wanted to make sure and lock down the expansion space that we need looking out the next couple of years. And so there's some overhead infrastructure and other things that are related to that. And this is all under the umbrella of optimizing our hybrid infrastructure.

偉大的。關於資本支出方面的討論，是的，問得好。因此，我將把討論分成兩部分——實際上有兩個獨立的決定。因此，在資本支出方面，我們首先有兩個主要目標。首要任務是確保東海岸和西海岸額外的空間，以備將來擴張之需。如您所知，資料中心的空間比較稀缺，我們希望確保鎖定未來幾年所需的擴展空間。因此，還有一些相關的基礎設施和其他東西。這一切都屬於優化我們的混合基礎設施的範疇。

So, as you know, in CTV, we run a hybrid infrastructure with significant activity on the cloud, but moving to a greater proportion of our activity on-prem, which is cheaper. And so a portion of that CapEx expansion went directly to additional machines moving on-prem to move processing volume AR processing from the cloud to on-prem. And so the financial result of that is -- would normally be margin -- greater margin expansion in 2026. So these machines are going in place late this year, early next year. And so that would be the normal output.

如您所知，在 CTV 領域，我們運行混合基礎設施，其中大量活動在雲端進行，但我們正在將更大比例的活動轉移到本地，因為本地部署更便宜。因此，資本支出擴張部分直接用於將額外的機器遷移到本地，以便將處理量的 AR 處理從雲端遷移到本地。因此，其財務結果通常是——利潤率——2026 年利潤率將大幅擴張。所以這些機器將在今年底或明年初安裝到位。所以，這就是正常輸出結果。

And what we're saying is as a separate decision, we have so much potential and opportunity on the CTV front that we felt like it was important to accelerate some of our investment activities. And so that is adding software engineers, product folks to focus and accelerate audience work, live sports development, ClearLine and then also AI implementation. So both in our product, but also for internal efficiencies. And so for some of those categories, you need some upfront investment to get the payoff in the future. And so it's kind of two separate decisions going on there, and we're just allocating some of that additional margin to some really important investment initiatives. Hopefully, that helps.

我們想說的是，作為一個單獨的決定，我們在 CTV 領域擁有巨大的潛力和機遇，因此我們覺得加快一些投資活動非常重要。因此，我們需要增加軟體工程師和產品人員，以專注於加速受眾工作、現場體育賽事開發、ClearLine 以及人工智慧的實施。所以，無論是在我們的產品中，還是在提高內部效率方面。因此，對於某些類別，你需要前期投入一些資金才能在未來獲得回報。所以，這其實是兩個獨立的決定，我們只是將一部分的額外利潤分配給一些非常重要的投資計畫。希望這能有所幫助。

Yeah, thank you

是啊，謝謝。

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

Okay, great. Thanks for taking the questions. First, I wanted to ask about the outlook in '26 on CXT growing at least 11% as you put it. and that would be including the contribution from political. So maybe ex political, it's at least like 9%, 10% or something like that. In 2025, your ex political growth rates, you say is mid-teens. So ex political, you're talking about a slowdown. And I'm just wondering what's behind that? Why the slowdown? Is that conservatism? Or is there something happening with autos or The Trade Desk tariffs? So that's the first question.

好的，太好了。謝謝您回答問題。首先，我想問您所說的 CXT 在 2026 年至少增長 11% 的前景如何，這其中是否包含了政治因素的貢獻。所以，如果排除政治因素，至少也有 9%、10% 左右。你說，到 2025 年，你前任的政治成長率將達到 15% 左右。所以，從政治角度來看，你指的是經濟放緩。我只是好奇這背後究竟隱藏著什麼？為什麼增速放緩？這就是保守主義嗎？或者汽車業或貿易平台的關稅方面出了什麼問題？這是第一個問題。

Yeah, I think there's an element of conservatism in there. I would say also DV+ was particularly strong in 2025. And so there's sort of maybe a little reversion to the mean. We kind of target that at mid-single-digit growth. And so I think that's part of that equation as well.

是的，我認為其中確實包含一些保守主義的因素。我認為 DV+ 在 2025 年也表現得特別強。所以，或許存在某種程度的均值回歸。我們的目標是實現個位數中段的成長。所以我認為這也是其中的一部分。

Okay. All right. That's helpful. And then Michael, on the antitrust, I think one of the hopes is that there could be an impact in 2026, which was always predicated on the idea of behavioral that could be implemented quickly enough to actually matter in 2026. structural, of course, could be appealed and would take a long time. So it was never in the view that it could impact 2026.

好的。好的。那很有幫助。然後，邁克爾，關於反壟斷，我認為希望之一是到 2026 年能產生影響，這始終基於行為幹預可以足夠迅速地實施，從而在 2026 年真正發揮作用的想法。當然，結構性幹預可能會被上訴，而且會耗費很長時間。所以，從來沒有人認為它會影響到 2026 年。

So I'm just curious, based on what's happened with some of the discussion around some of the technologies, prebid maybe as a middleware, other things, how do you feel now about the possibility of there being behavioral remedies that could impact 2026 P&L for you guys?

所以我很好奇，根據目前圍繞某些技術（例如 prebid 作為中間件）的討論情況，以及其他一些技術，您現在對可能影響你們 2026 年損益的行為補救措施有何看法？

Yeah. Great question, Barton. Look, it's obviously not included in the guide because there's just too many unknowns. But we always have felt that we -- if the rulings were -- if they paced along the time line that we expected and they are, that a judgment would be rendered in 2026, first half of it, and the belief that even if there were the judgment was structural that behavioral remedies will be put in place throughout the appeals process.

是的。問得好，巴頓。你看，這顯然沒有包含在指南中，因為未知因素太多了。但我們一直認為，如果裁決按照我們預期的時間表進行（而事實也的確如此），那麼判決將在 2026 年上半年作出。而且我們相信，即使判決是結構性的，在整個上訴過程中也會採取行為補救措施。

So we still feel relatively good that we'll see impact from this in 2026. But I think we've always been pretty clear that no one should be thinking about it in the first half of the year, they should be thinking about in the second half of the year.

所以我們仍然比較樂觀地認為，到 2026 年我們將會看到這項措施產生的影響。但我認為我們一直都很明確地表示，大家不應該在上半年考慮這個問題，而應該在下半年考慮。

Okay. But just to follow up on that, technologically, are the things that are being discussed, looked at that you see as likely things that could be done quickly?

好的。但我想就此進一步探討一下，從技術角度來看，目前討論的、正在研究的那些技術，您認為有哪些是可以快速實現的？

Yeah. The most common ones, I think, are when it's related to the sell side, yes. The buy side probably requires a little bit more, but it would -- yes, I'm sorry. Unified pricing, yes. So that would be something that could be done quite quickly.

是的。我認為最常見的情況是與賣方有關的情況，是的。買方可能需要更多，但是——是的，我很抱歉。統一定價，是的。所以這件事可以很快辦成。

I was just -- I'm sorry, I was talking to our General Counsel, who is the expert in the matter, probably be answering the question in not me. But yes, the unified pricing would be a big win, and that is something that could be done quickly.

我剛才——抱歉，我剛才在和我們的總法律顧問談話，他是這方面的專家，可能由他來回答這個問題，而不是我。但沒錯，統一定價將是一項重大勝利，而且這件事可以很快實現。

Okay, that's great. Thank you

好的，太好了。謝謝

Zach Cummins, B. Riley.

扎克·卡明斯，B·萊利。

Hi, good afternoon. Thanks for taking my questions. David, I think you mentioned in the script that some of your CTV strength was actually partially driven by some of your budgets from like mobile video actually moving into that direction. Is this a dynamic that you think could continue moving forward or more kind of a onetime thing that we experienced here in recent months?

您好，下午好。謝謝您回答我的問題。大衛，我想你在腳本中提到過，你們在 CTV 方面的一些優勢實際上部分來自於你們的一些預算，比如移動視頻，實際上轉向了那個方向。你認為這種趨勢會持續下去，還是只是近幾個月來我們經歷的一次性現象？

No, I think it's a dynamic that moves forward. I do want to be clear that was sort of in a bucket of a handful of items. I would not call any of these -- any kind of earth-shattering volumes. It's just a little bit more on the margin. But we do think, especially in the -- I guess, in the shorter term that there's a shift in budgets that will continue with the SMBs into the CTV space. It's a new TAM for the company. And so -- but initially, I think the initial budgets probably are a little bit cannibalistic and then I think it draws from budgets that are outside of our ecosystem. So I think it's net-net, over time, it's a very positive development.

不，我認為這是一個不斷發展的動態過程。我想澄清一下，那隻是一堆零零碎碎的東西而已。我不會把這些書中的任何一本稱為驚世之作。只是稍微接近臨界點而已。但我們確實認為，尤其是在——我想，在短期內，中小企業的預算將持續轉移到連網電視領域。這是公司新設立的目標客戶群 (TAM)。所以——但最初，我認為最初的預算可能有點蠶食自身，我認為它也從我們生態系統之外的預算中汲取資金。所以我覺得總的來說，從長遠來看，這是一個非常積極的發展。

Understood. And my follow-up question is just around Netflix. It seems like that relationship is progressing along pretty nicely. I mean any insight into how you think about ramping that up, whether that's just executing now that you're live in all their ad-supported markets or additional features you plan on helping them roll out on the ad platform? Any incremental color there would be great.

明白了。我的後續問題是關於 Netflix 的。看來這段關係進展得相當順利。我的意思是，您能否就如何擴大規模提出一些見解，無論是現在已經在他們所有廣告支援市場上線的情況下繼續執行，還是計劃幫助他們在廣告平台上推出其他功能？如果能添加一些顏色變化就太好了。

Yeah. We've always been pretty clear about that's their story to tell. So they did highlight their success programmatically in Europe, international markets. And so that's the big driver of the relationship and will continue to be so. But yes, I mean, it's -- the relationship is incredibly strong and expectations are exactly where we thought we would be at this time of the year.

是的。我們一直都很清楚，那是他們自己的故事，應該由他們自己來講述。因此，他們透過宣傳方式重點介紹了他們在歐洲和國際市場上的成功。因此，這是維繫這段關係的主要驅動力，並將繼續如此。是的，我的意思是——我們的關係非常牢固，而且我們對這段時間的期望也完全符合我們預期。

Great, thanks for taking my questions and best of luck with the rest of the quarter. Thank you

太好了，謝謝你回答我的問題，祝你這學期剩下的課程一切順利。謝謝

Robert Coolbrith of Evercore ISI.

Evercore ISI 的 Robert Coolbrith。

Great, thank you very much. I wanted to go back to the Trade Desk change. Beyond the OpenPath issue, it seems like they and others are somewhat focused on dealing with the issue of reselling, particularly just given the changes to prebid transaction ID of late. Just wondering, given your direct publisher footprint, if you think there could ultimately be an opportunity to win some share in the market as the demand side looks at the issue of reselling, particularly given that there's reduced transparency around the transaction ID.

太好了，非常感謝。我想回到交易台的更改頁面。除了 OpenPath 問題之外，他們和其他人似乎都比較關注轉售問題，特別是考慮到最近 prebid 交易 ID 的變化。我只是好奇，鑑於您直接面向出版商的影響力，您是否認為隨著需求方關注轉售問題，尤其是在交易 ID 透明度降低的情況下，最終可能有機會贏得一些市場份額。

Yeah, it's a great question, Robert. And I think we're very excited about it. We're often painted as the foil to Trade Desk or Trade Desk encroaching on our turf. But I would say 99% of the stuff that Jeff does is brilliant, and we are so supportive of cleaning up the system. So if that is reselling -- and again, let's be clear, we don't believe Magnite is a reseller. I think the term applies to others, but we are a principal. We work directly with the publishers. We have a direct relationship, and we work with the top-tier biggest brands in the world.

是的，羅伯特，這是一個很好的問題。我認為我們對此感到非常興奮。我們常被描繪成交易台的對立面，或是交易台侵占了我們的地盤。但我認為傑夫所做的99%的事情都很出色，我們非常支持他清理這個系統。所以如果這算是轉售——再次聲明，我們並不認為 Magnite 是轉售商。我認為這個詞也適用於其他人，但我們是校長。我們直接與出版商合作。我們與世界頂級品牌建立了直接聯繫並合作。

So I think anything that helps clean up the system that gets rid of the obfuscation, that the redundancy, I mean, the traffic that we have to process that is redundant traffic that is multiple bids just skewing of inventory of the same unit across the system, anything that can clean up the duplication or reselling is something we lean into, and we would definitely be a beneficiary of that action.

所以我認為，任何有助於清理系統、消除混淆、消除冗餘（我的意思是，我們必須處理的冗餘流量，即多次出價導致同一單位在整個系統中的庫存分佈不均）的措施，任何能夠清理重複或轉售的措施，我們都會積極嘗試，而且我們肯定會從中受益。

Got it. Thank you very much

知道了。非常感謝

Tim Nolan of SSR.

SSR的提姆諾蘭。

Oh, great, thanks, Michael. Michael, I'd like to come back to the discussion of the ad agencies, which you spoke about a little bit in your prepared remarks. There's been a -- there is a lot of change going on in the agency landscape, not to pick on names, but WPP and Dentsu are going through some turmoil right now. Omnicom and IPG are about to close this big merger. Publicis is riding high and it has a lot of its own in-house ad tech. I'm not trying to single out the agencies in terms of what you're going to reply to.

哦，太好了，謝謝你，邁克爾。邁克爾，我想回到你剛才在準備好的發言稿中稍微談到的廣告公司這個話題。廣告代理商產業格局正在發生很多變化，我不想點名批評，但 WPP 和電通目前正經歷一些動盪。Omnicom和IPG即將完成這項重大合併。陽獅集團目前發展勢頭強勁，並且擁有許多自主研發的廣告技術。我並不是想針對你即將回覆的機構進行單獨討論。

But my question is, with so much change going on amongst the agencies, does it create an opportunity for you to strengthen your SPO ties? What can you do with them given so much disruption in the market, including to their businesses? Are there things you can do to help them and in turn, things they can do that help you with supply path optimization.

但我的問題是，鑑於各機構之間發生瞭如此多的變化，這是否為你們提供了加強與SPO聯繫的機會？鑑於市場（包括他們的業務）受到如此大的衝擊，你能對他們做些什麼？你可以做些什麼來幫助他們？反過來，他們又可以做些什麼來幫助你優化供應鏈路徑？

Yeah, Tim, great question. And I'll take a cut at it. We're also very fortunate to have our President of Revenue here, Sean Buckley. And so I'll let him jump in on it as well.

是的，提姆，問得好。我也想分一杯羹。我們非常幸運地邀請到了我們的營收總裁 Sean Buckley 加入我們。所以，我也讓他參與進來吧。

But yes, I mean, these agencies obviously are going through some challenges. Their media businesses in the programmatic space, in particular, have lost some relevance. They seeded a lot of that control to the DSPs. And so we have seen over the last several years, a very lean in increased awareness of supply side, how they can regain those relationships with those publishers that trust them, how they can renegotiate proprietary data lay over their own data, get preferred pricing. And all of this has to be done in an efficient manner, a technological manner, and that makes us so important in that piece for them from a strategic standpoint. So yes, I think our value is only growing in importance for the holding companies, and we are very leaned in. And as we cited, we have a big team that works with them on a daily basis.

但是，沒錯，我的意思是，這些機構顯然正面臨一些挑戰。尤其是在程序化廣告領域，他們的媒體業務已經失去了一些相關性。他們將許多控制權交給了數位訊號處理器（DSP）。因此，在過去幾年裡，我們看到供應方越來越意識到，他們如何重新獲得那些信任他們的出版商的關係，如何才能重新協商專有數據覆蓋在他們自己的數據之上，並獲得優惠價格。所有這些都必須以高效、技術化的方式完成，從策略角度來看，這使得我們在這方面對他們來說非常重要。所以，是的，我認為我們對控股公司的價值只會越來越重要，而且我們已經深度參與其中。正如我們之前提到的，我們有一個龐大的團隊每天都與他們合作。

I don't know, Sean, if you want to add any more color.

肖恩，我不知道你是否還想添加更多顏色。

No, I totally agree. There's been a theme of the agencies really leaning in and working more with supply-side technology in a big way. I also think they've obviously either invested in or built out proprietary data products, and we've spent a lot of time integrating those products into our technology. And so we're very excited about the future we have with the agencies and holding companies.

不，我完全同意。目前的趨勢是，各機構都在大力投入並積極與供應方技術合作。我認為他們顯然已經投資或開發了專有數據產品，而我們也花了大量時間將這些產品整合到我們的技術中。因此，我們對與各代理商和控股公司的未來合作感到非常興奮。

Great, thanks very much.

太好了，非常感謝。

L Niber of Lake Street Capital Markets.

L Niber 的 Lake Street Capital Markets。

Hey guys, thanks for taking my question. Regarding Google, I'm wondering if you guys are seeing a shift in publisher RFP activity or deal flow towards Magnite?

各位好，感謝你們回答我的問題。關於谷歌，我想知道你們是否注意到出版商的 RFP 活動或交易流向了 Magnite？

Are you -- regarding specifically the ad tech DOJ trial?

您是指－具體而言，是指司法部針對廣告科技的審判嗎？

Yeah, correct.

是的，沒錯。

Yeah. No. So, to date, I mean, obviously, we have strong publisher relationships. But to date, there hasn't really been any movement because the structure remains the same, right? And so until that structure has either changed through divestiture or through behavior patterns, any of the share gains that we're seeing against our competitors aren't coming from Google. They're coming from the open web. And so all that is upside for us.

是的。不。所以，到目前為止，我的意思是，很顯然，我們與出版商保持著牢固的關係。但迄今為止，還沒有任何實質的進展，因為結構仍然保持不變，對嗎？因此，除非谷歌透過剝離資產或改變行為模式來改變其結構，否則我們所看到的相對於競爭對手的任何市場份額增長都不會來自谷歌。它們來自開放網路。所以這一切對我們來說都是好事。

Okay. That's it for me. Congrats again on the quarter. Thank you so much.

好的。就這些了。再次恭喜你本季取得佳績。太感謝了。

I would like to turn the conference back over to Michael Barrett, CEO, for any closing remarks.

我謹將會議交還給執行長麥可·巴雷特，請他作總結發言。

Thank you, Cindy. I want to thank all of you for joining us today and for your continued support. Our business is performing well, particularly with our growth trends in CTV. We are encouraged by the momentum from our partners who include the world's leading streamers. Our team is constantly innovating and enhancing our industry-leading technology. I'm excited about the new functionality improvements that I discussed, which will further benefit our partners. We are very well positioned to build on our accomplishments and take advantage of the opportunities for growth and market share gains ahead.

謝謝你，辛蒂。我要感謝各位今天蒞臨現場，也感謝你們一直以來的支持。我們的業務表現良好，尤其是在連網電視業務方面，成長勢頭強勁。合作夥伴（包括世界領先的串流媒體平台）給予我們的發展動能令我們倍感鼓舞。我們的團隊不斷創新，提升我們領先業界的技術。我非常高興能與大家分享我所討論的新功能改進，這些改進將進一步惠及我們的合作夥伴。我們已做好充分準備，鞏固已取得的成就，並抓住未來成長和市場份額提升的機會。

I'll turn it back over to Nick to cover our upcoming marketing events.

接下來我將把發言權交還給尼克，讓他來介紹我們即將舉辦的行銷活動。

Yeah. Thanks, Michael. We look forward to speaking to many of you at our upcoming events. We have the SSR event virtually hosted by Tim Nolan tomorrow, that's a virtual NDR. We have the Seaport Virtual TMT Conference on the 17th of November, Craig-Hallum in New York on the 18th of November, Wells Fargo in the Rancho Palos Verdes Estates at -- on the 18th of November, the RBC Conference in New York on the 19th of November, Stephens virtually on the 21st, a West Coast roadshow on the week of December 8; and finally, Raymond James in New York on December 9. Thank you all, and have a great evening.

是的。謝謝你，麥可。我們期待在即將舉行的活動中與各位交流。明天我們將舉辦由提姆諾蘭主持的線上SSR活動，這是一場線上NDR活動。我們將於 11 月 17 日參加 Seaport 虛擬 TMT 會議，11 月 18 日參加 Craig-Hallum 在紐約的會議，11 月 18 日參加 Wells Fargo 在 Rancho Palos Verdes Estates 的會議，11 月 19 日參加 RBC 在紐約的會議，11 月 21 日參加 12 月的西海岸演講Raymond James 在紐約的會議。謝謝大家，祝大家晚上愉快。

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

本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。