Rubico Inc (RUBI) 2024 Q1 法說會逐字稿

Good day, and welcome to the Magnite First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Magnite 2024 年第一季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。

I would now like to hand the call to Nick Kormeluk of Investor Relations. Please go ahead.

現在我想把電話轉給投資者關係部的 Nick Kormeluk。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's First Quarter 2024 Earnings Conference Call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; and David Day, our CFO.

謝謝接線員，大家下午好。歡迎參加 Magnite 2024 年第一季財報電話會議。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。

I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation.

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 impact of macroeconomic factors on our business. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates and is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

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

A discussion of these and other risks, uncertainties and assumptions is set forth in the company's periodic reports filed with the SEC, including our first quarter 2024 quarterly report on Form 10-Q and our 2023 annual report on Form 10-K. We undertake no obligation to update forward-looking statements or relevant risks.

有關這些和其他風險、不確定性和假設的討論載於公司向美國證券交易委員會提交的定期報告中，包括我們 2024 年第一季的 10-Q 表季度報告和 2023 年的 10-K 表年度報告。我們不承擔更新前瞻性陳述或相關風險的義務。

Our commentary today will include non-GAAP financial measures, including contribution ex-TAC or less traffic acquisition costs, adjusted EBITDA and non-GAAP income per share. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and in the financial highlights deck that is posted on the Investor Relations website. 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公認會計準則財務指標，包括扣除 TAC 或更少的流量獲取成本的貢獻、調整後的 EBITDA 和非公認會計準則每股收益。我們的報告結果的 GAAP 指標和非 GAAP 指標之間的對帳可以在我們的收益新聞稿和投資者關係網站上發布的財務亮點中找到。有時，在回答您的問題時，我們可能會提供額外的指標，以便更深入地了解我們的業務動態。請注意，這些額外的細節可能是一次性的，我們可能會或可能不會提供這些指標的未來更新。我鼓勵您訪問我們的投資者關係網站，以查看我們的新聞稿、財務亮點、定期的 SEC 報告以及今天電話會議的網路重播，以了解有關 Magnite 的更多資訊。

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

現在我將電話轉給麥可。請繼續。

Thank you, Nick. I'm pleased to report that results for Q1 once again exceeded our top line guidance for contribution ex-TAC across all business lines, particularly CTV, which grew 18% in the quarter. Our DV+ business also performed very well, delivering contribution ex-TAC growth of 9%. We've had a great start to 2024 and an exceptionally strong March and remain optimistic that positive trends will continue throughout the year.

謝謝你，尼克。我很高興地報告，第一季的業績再次超出了我們對所有業務線（尤其是 CTV）扣除 TAC 貢獻的最高預期，該業務線在本季度增長了 18%。我們的 DV+ 業務也表現非常出色，貢獻了 9% 的 TAC 成長。 2024 年我們有一個良好的開端，3 月份的表現異常強勁，我們仍然樂觀地認為積極的趨勢將持續到全年。

Our best-in-class CTV platform benefited from a number of key accelerators. Last quarter, we emphasized the strength of our platform in handling live sports. In the quarter, this was demonstrated through strong performance in NCA basketball March Madness, proving how valuable Magnite is as a monetization partner for this highly sought after inventory. Our ad serving business, SpringServe also delivered stellar results from new wins and ramping partners and continues to be a strong differentiator for us and highly strategic.

我們一流的 CTV 平台受益於許多關鍵加速器。上個季度，我們強調了我們的平台在處理體育賽事直播方面的優勢。本季度，這透過 NCA 籃球瘋狂三月的強勁表現得到了體現，證明了 Magnite 作為這一備受追捧的庫存的貨幣化合作夥伴的價值。我們的廣告投放業務 SpringServe 也透過贏得新客戶和不斷增加的合作夥伴取得了出色的成績，並繼續成為我們的強大差異化因素和高度策略性因素。

The combination of SpringServe and our Magnite streaming SSP makes us much more than just a conduit for demand. We offer a complete solution that includes ad serving, yield monetization, audience capabilities and a host of tools to protect the consumer viewing experience and honor complex rules around competitive separation and frequency capping. We are also deeply embedded within our clients' workflow. So from their perspective, this combined implementation of our ad server and SSP looks more like a typical enterprise software solution. This stickiness creates a meaningful moat and barrier to entry for others. And in our case, the barriers are not workflow from an ad operations, it is also in the form of superior monetization.

SpringServe 和我們的 Magnite 串流 SSP 的結合使我們不僅僅是一個需求管道。我們提供完整的解決方案，包括廣告投放、收益貨幣化、受眾能力和一系列工具，以保護消費者的觀看體驗並遵守有關競爭分離和頻率上限的複雜規則。我們也深深融入客戶的工作流程。因此從他們的角度來看，我們的廣告伺服器和 SSP 的組合實施更像是典型的企業軟體解決方案。這種黏性為其他人創造了有意義的護城河和進入障礙。在我們的案例中，障礙不在於廣告營運的工作流程，還在於優越的貨幣化形式。

For all of these reasons, we believe having the best streaming first ad server and the most technologically advanced SSP, combined in one offering gives us a significant market advantage in retaining, expanding and winning new business. We've been really excited to build on our U.S. leadership position by expanding SpringServe globally with new wins internationally and broadening existing partnerships. These wins and ramping customers include Titan for Philips operating system, Barco 1, Barcelona Football Club streaming app. Altice France and YTV Japan, a leading Japanese broadcaster. ClearLine our self-service direct buying platform is continuing to gain traction and we have numerous agencies and multiple brands testing and transacting through ClearLine.

基於所有這些原因，我們相信，將最好的串流媒體優先廣告伺服器和技術最先進的 SSP 結合在一起，將為我們在保留、擴展和贏得新業務方面帶來顯著的市場優勢。我們非常高興能夠透過將 SpringServe 拓展至全球，在國際上取得新的勝利並擴大現有的合作夥伴關係，鞏固我們在美國領導地位。這些勝利和不斷增長的客戶包括飛利浦操作系統的 Titan、Barco 1、巴塞隆納足球俱樂部串流媒體應用程式。 Altice France 和日本領先的廣播公司 YTV Japan。我們的自助直購平台 ClearLine 正在持續獲得關注，並且我們擁有眾多代理商和多個品牌透過 ClearLine 進行測試和交易。

Of particular note, we were very excited to announce an expansion of our Mediaocean partnership to include an exclusive deal for CTV buying through ClearLine. Mediaocean represents over $200 billion in total spend and their products are deeply integrated into the linear TV media buying workflows of agencies and brands. Through this partnership, linear TV buyers will be able to use the Mediaocean planning tool to directly buy CTV inventory through ClearLine, specifically targeting a large 60 billion-plus U.S. linear TV total addressable market for us to be able to convert into CTV ad buys.

特別值得注意的是，我們非常高興地宣布擴大我們與 Mediaocean 的合作夥伴關係，包括透過 ClearLine 進行 CTV 購買的獨家協議。 Mediaocean 的總支出超過 2000 億美元，其產品深度融入代理商和品牌的線性電視媒體購買工作流程。透過此次合作，線性電視購買者將能夠使用 Mediaocean 規劃工具透過 ClearLine 直接購買 CTV 廣告庫存，專門針對美國 600 多億美元的線性電視總目標市場，以便我們能夠將其轉化為 CTV 廣告購買。

In addition, through feedback from our various agency partners, we are hard at work on building and launching additional features and functionality in Q2 in preparation for live sports programming like the Summer Olympics, NFL and college football as well as the Fall elections. Now stepping back to look a little bit more broadly at the CTV market. Recently, some attention has been given to the advent of DSPs connecting directly to sellers in the connected TV landscape. Some observers have been anxious about what this means for sell-side platforms like Magnite. Our perspective, backed by both data and experience leaves us more optimistic than anxious.

此外，透過我們各個代理商合作夥伴的回饋，我們正在努力建立和推出第二季度的附加功能，為夏季奧運會、NFL 和大學橄欖球以及秋季選舉等現場體育節目做準備。現在我們回過頭來更廣泛地看一下 CTV 市場。最近，人們開始關注在連網電視領域直接與賣家連結的 DSP 的出現。一些觀察家擔心這對 Magnite 等賣方平台意味著什麼。我們的觀點有數據和經驗支持，因此我們感到樂觀而不是焦慮。

It's important to remember that the concept direct connections isn't new. The Trade Desk introduced OpenPath across this plain video just over 2 years ago, sparking similar concerns. Despite this, our DV+ business has continued to gain share, and we have accelerated our growth rate year-over-year. This experience strengthens our confidence. While some large media owners are likely to test or adopt a dual pipeline approach to drive incremental programmatic demand, we believe differentiated SSPs like Magnite will continue to thrive for the following reasons.

重要的是要記住，直接連接的概念並不是新的。兩年多前，Trade Desk 透過這段簡單的影片介紹了 OpenPath，引發了類似的擔憂。儘管如此，我們的DV+業務份額持續成長，且成長率逐年加快。這次經驗更加堅定了我們的信心。雖然一些大型媒體所有者可能會測試或採用雙管道方法來推動增量程序化需求，但我們認為，像 Magnite 這樣的差異化 SSP 將繼續蓬勃發展，原因如下。

First, it's about values and incentive alignment. Demand side platforms are, by definition, incentivized to prioritize the needs of advertisers and agencies over anyone else. In contrast, SSPs like Magnite are built to help the sell-side win, full stop. Everything we do is through this lens, including the guidance we give on a daily basis and the tech we provide for complex operations such as billing, collections, reconciliation, fraud protection and of course, yield management.

首先，這與價值觀和激勵機制的協調有關。從定義上來說，需求方平台會優先考慮廣告主和代理商的需求。相比之下，像 Magnite 這樣的 SSP 就是為了幫助賣方獲勝而建立的。我們所做的一切都是透過這個視角進行的，包括我們每天提供的指導以及我們為計費、收款、對帳、詐欺保護以及收益管理等複雜操作提供的技術。

Second reason relates to holistic yield management. SSPs are uniquely positioned to help meet the owners optimize yield decisions holistically. Leveraging data and AI insights to maximize clients' revenue across all formats and channels. The larger, more global and more technically comprehensive the SSP, the more effective it is. And Magnite is uniquely positioned on all these fronts.

第二個原因與整體收益管理有關。 SSP 具有獨特的優勢，可以幫助業主全面優化收益決策。利用數據和人工智慧洞察來最大化客戶在所有形式和管道上的收入。秘密策略規劃規模越大、越全球化、技術越全面，其效能就越高。而 Magnite 在所有這些方面都具有獨特的優勢。

The third reason is a universal, more efficient, safer publisher deal environment, a universal deal library, such as what we provide for many of our seller clients enhances deal value by ensuring broader and more equitable demand access. The alternative under a direct connect scenario is multiple deal libraries in each connected DSP, resulting in buyer inefficiency, potential data leakage and poor user experience.

第三個原因是通用的、更有效率、更安全的出版商交易環境，通用的交易庫，例如我們為許多賣家客戶提供的服務，透過確保更廣泛、更公平的需求准入來提高交易價值。直接連接場景下的替代方案是每個連接的DSP中都有多個交易庫，導致買家效率低下、潛在的資料外洩和糟糕的用戶體驗。

Number 4 is all about the ability to capture demand from a growing number of diversified streaming advertisers. We are in the early stages of CTV advertising and the focus rightfully so, is capturing linear dollars spent by broadcast advertisers. Today, a handful of DSPs handle this business, but that isn't the future. The future is 5,000-plus advertisers, not 500. These digital first advertisers will demand precise targeting and a biddable environment, and we'll partner with a host of DSPs and buying tools.

第四點是能夠滿足越來越多元串流廣告商的需求。我們正處於 CTV 廣告的早期階段，因此，我們的重點理所當然地是獲取廣播廣告商所花費的線性資金。如今，只有少數 DSP 處理此項業務，但這不是未來。未來是 5,000 多個廣告商，而不是 500 個。

It will be impossible for a streaming publisher to directly connect all of this demand without absorbing huge build-out costs for no economic value. These publishers will lean on a tech partner that can easily integrate this disparate demand and ensure the best yield. Magnite's combination of SSP and ad server uniquely positions us as the monetization partner of choice for CTV publishers.

串流媒體出版商不可能直接連接所有這些需求，而不承擔巨大的建設成本，而這沒有任何經濟價值。這些出版商將依靠能夠輕鬆整合這些不同需求並確保最佳收益的技術合作夥伴。 Magnite 的 SSP 和廣告伺服器組合使我們成為 CTV 發布商的首選獲利合作夥伴。

And the last reason is our unique demand. Magnite's strategic agency deals, managed service operations, ClearLine demand and partnerships like our exclusive deal with Mediaocean represents a vital part of publisher revenue streams and this revenue only flows through our SSP pipes. It's also important to mention that almost any direct DSP implementation is integrated through SpringServe either as the primary ad server or as the programmatic layer sitting on top of third-party ad servers. So while the disintermediation narrative makes for a nice headline, Magnite continues to participate in the economics.

最後一個原因是我們獨特的需求。 Magnite 的策略性代理協議、託管服務營運、ClearLine 需求以及與 Mediaocean 的獨家協議等合作夥伴關係是出版商收入來源的重要組成部分，而且這些收入僅透過我們的 SSP 管道流動。值得一提的是，幾乎任何直接 DSP 實作都是透過 SpringServe 整合的，既可以作為主要廣告伺服器，也可以作為位於第三方廣告伺服器之上的程式層。因此，雖然非中介化敘事成為一個不錯的標題，但 Magnite 仍然繼續參與經濟活動。

Our deep partnerships with the likes of Disney, Roku, Warner Bros Discovery, Paramount, Fox, Samsung, LG and VIZIO ensure we have a valuable long-term role in the growth of the CTV market. We are excited to enter the 2024 upfront season, during which a majority of these partners will continue to expand their programmatic advertising efforts as it relates to CTV ad sales.

我們與迪士尼、Roku、華納兄弟探索頻道、派拉蒙、福斯、三星、LG 和 VIZIO 等公司建立了深度合作夥伴關係，確保我們在 CTV 市場的成長中發揮長期寶貴的作用。我們很高興進入 2024 年預售季，在此期間，大多數合作夥伴將繼續擴大與 CTV 廣告銷售相關的程序化廣告力度。

Now moving over to DV+. Q1 once again finished strong with revenue ex-TAC growth of 9%. Our results continue to be driven by extreme focus on buyers, improving monetization for sellers, improving performance with AI and investing in formats such as native, audio, podcast and digital out-of-home. As you are aware, Google recently announced yet another delay in its deprecation of third-party cookies. The announcement was not unexpected and notwithstanding the delay, we will continue to do testing and work with Google so that when we are prepared to fully support privacy -- so that we are prepared to fully support privacy sandbox when it eventually launches.

現在轉到 DV+。第一季再次以扣除 TAC 因素後的營收 9% 的成長強勁收官。我們的業績持續受到極度關注買家、提高賣家貨幣化、利用人工智慧提高績效以及投資原生、音訊、播客和數位戶外等形式的推動。如你所知，Google 最近再次宣布延後棄用第三方 Cookie。這一聲明並不出人意料，儘管有所延遲，我們仍將繼續進行測試並與谷歌合作，以便我們準備好全面支持隱私——以便我們準備好在隱私沙盒最終啟動時全面支持它。

In addition, we believe we have built the industry's best technology platform to help publishers better monetize their first-party data. Ultimately, we believe the elimination of third-party cookies will greatly strengthen our market position as other SSP competitors will struggle to support new third-party solutions and do not possess the scale or strategic proximity to publishers necessary to support first-party segment creation.

此外，我們相信我們已經建立了業界最好的技術平台，以幫助出版商更好地將其第一方資料貨幣化。最終，我們相信消除第三方 cookie 將大大加強我們的市場地位，因為其他 SSP 競爭對手將難以支持新的第三方解決方案，並且不具備支持第一方細分創建所需的規模或與出版商的策略接近度。

Our DV+ scale continues to grow as we add new publishers and see over 1.2 trillion ad requests daily, offering the broadest and most efficient customized supply of inventory for our DSPs and brands to find and target the users they are looking to reach.

隨著我們增加新的發布商並每天收到超過 1.2 兆個廣告請求，我們的 DV+ 規模持續成長，為我們的 DSP 和品牌提供最廣泛、最高效的客製化庫存供應，以找到並定位他們想要接觸的用戶。

In closing, we are excited about the business we have built and off to a great start to 2024. The prospects for Magnite and our growth opportunities are very strong.

最後，我們對我們已經建立的業務感到非常興奮，並為 2024 年取得了良好的開端。

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

說完這些，我將把電話轉給戴維，以了解有關財務狀況的更多詳細資訊。戴維？

Thanks, Michael. We are pleased to have a strong start to 2024 with CTV and DV+ contribution ex-TAC, significantly beating the high end of our guide. We also reported an adjusted EBITDA margin of 19% for the quarter, which is above the high end of our guidance range. Total revenue for Q1 was $149 million, up 15% from Q1 2023. Contribution ex-TAC was $131 million, up 12%. CTV contribution ex-TAC was $55 million, up 18% year-over-year, which significantly exceeded our guidance range. The strong contribution from live sports, including better-than-expected March Madness results as well as continued growth in ad serving were significant drivers of CTV.

謝謝，麥可。我們很高興在 2024 年取得了良好的開端，CTV 和 DV+ 貢獻（不含 TAC）大大超過了我們指南的高端。我們也報告本季調整後的 EBITDA 利潤率為 19%，高於我們預期範圍的高限。第一季總營收為 1.49 億美元，較 2023 年第一季成長 15%。 CTV 貢獻（不含 TAC）為 5500 萬美元，年成長 18%，大大超出了我們的指導範圍。現場體育賽事的強勁貢獻，包括好於預期的瘋狂三月賽果以及廣告投放的持續成長，都是推動 CTV 成長的重要因素。

Our CTV outperformance was entirely driven by our programmatic offerings with managed service down slightly year-over-year. DV+ contribution ex-TAC was $76 million, an increase from $70 million or up 9% compared to the first quarter last year. Our contribution ex-TAC mix for Q1 was 42% CTV, 41% mobile and 17% desktop. From a vertical perspective, automotive, financial and food and beverage were our strongest performing categories. Categories that did not perform as well were entertainment, home and garden and technology.

我們的 CTV 優異表現完全是由我們的程式化產品所推動的，而託管服務則較去年同期略有下降。扣除 TAC 後的 DV+ 貢獻為 7,600 萬美元，較去年第一季的 7,000 萬美元增加 9%。我們第一季的貢獻（不計 TAC）為 42% 來自 CTV、41% 來自行動端以及 17% 來自桌面端。從垂直角度來看，汽車、金融、食品和飲料是我們表現最強的類別。表現不佳的類別包括娛樂、家居和花園以及科技。

Total operating expenses, which includes cost of revenue for the first quarter were $163 million, a decrease from $231 million in the same period last year. A primary driver of the decrease was the result of the SpotX acquired intangible assets that became fully amortized in the third quarter of last year. Adjusted EBITDA operating expense for the first quarter was $106 million at the low end of our guidance range. The increase from $93 million last year was driven by higher cloud computing expenses, planned event and travel-related expenses, including our full company off-site in Q1 as well as personnel-related costs driven by annual merit increases and payroll tax resets.

第一季的總營運費用（包括營業成本）為 1.63 億美元，較去年同期的 2.31 億美元有所下降。導致下降的主要原因是 SpotX 收購的無形資產已於去年第三季完全攤銷。第一季調整後的 EBITDA 營業費用為 1.06 億美元，位於我們預期範圍的低端。與去年的 9,300 萬美元相比，成長的主要原因是雲端運算費用、計畫活動和差旅相關費用的增加，包括第一季全公司異地辦公，以及年度績效加薪和工資稅重置推動的人員相關成本。

Net loss was $18 million for the quarter compared to a net loss for the first quarter of 2023 of $99 million. Adjusted EBITDA was $25 million, and adjusted EBITDA margin was 19% for the quarter. which compares to $23 million and a margin of 20% last year. As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC. GAAP loss per basic and diluted share was $0.13 for the first quarter of 2024, compared to a loss of $0.73 for the first quarter of 2023. Non-GAAP earnings per share in the first quarter of 2024 was $0.05 compared to $0.04 reported last year.

本季淨虧損為 1,800 萬美元，而 2023 年第一季淨虧損為 9,900 萬美元。本季調整後的 EBITDA 為 2,500 萬美元，調整後的 EBITDA 利潤率為 19%。相比之下，去年的利潤率為 20%，收入為 2,300 萬美元。提醒一下，我們將調整後的 EBITDA 利潤率計算為扣除 TAC 後的貢獻百分比。 2024 年第一季，基本和攤薄每股 GAAP 虧損為 0.13 美元，而 2023 年第一季虧損為 0.73 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 $253 million, a decrease from $326 million at the end of the fourth quarter. The decrease was due to typical seasonality in our business. Capital expenditures, including both purchases of property and equipment and capitalized internally used software development costs, were $15 million for the quarter. Operating cash flow, which we define as adjusted EBITDA less CapEx, was $10 million for the quarter. Our net interest expense for the quarter was $8 million. As we announced last quarter, we successfully refinanced our credit facilities in Q1, which stabilizes our capital structure for the foreseeable future.

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 2.53 億美元，較第四季末的 3.26 億美元下降。下降是由於我們業務的典型季節性所致。本季的資本支出（包括購買物業和設備以及資本化內部使用的軟體開發成本）為 1500 萬美元。我們將其定義為調整後的 EBITDA 減去資本支出，本季的營運現金流為 1,000 萬美元。我們本季的淨利息支出為 800 萬美元。正如我們在上個季度宣布的那樣，我們在第一季成功地對我們的信貸額度進行了再融資，這在可預見的未來穩定了我們的資本結構。

Our net leverage was 1.7x at the end of Q1 due to the same typical cash seasonality I mentioned earlier. We expect to see net leverage improvements in future quarters this year and expect a net leverage ratio of 1x or less by the end of the year. I will now share our expectations for the second quarter and full year. For the second quarter, we expect contribution ex-TAC to be in the range of $142 million to $146 million. Contribution ex-TAC attributable to CTV to be in the range of $59 million to $61 million, comprised of double-digit programmatic CTV growth partially offset by lower managed service contribution, which is going up against a strong comp in Q2 2023. Contribution ex-TAC attributable to DV+ to be in the range of $83 million to $85 million, and adjusted EBITDA operating expenses to be between $101 million and $103 million, which implies adjusted EBITDA margin of approximately 30% for Q2 at the midpoint.

由於我之前提到的典型現金季節性，我們在第一季末的淨槓桿率為 1.7 倍。我們預計今年未來幾季淨槓桿率將有所改善，並預計今年底淨槓桿率將達到 1 倍或更低。現在我將分享我們對第二季和全年的預期。對於第二季度，我們預計扣除 TAC 後的貢獻將在 1.42 億美元至 1.46 億美元之間。歸屬於 CTV 的 TAC 貢獻在 5900 萬美元至 6100 萬美元之間，其中包括兩位數的程序化 CTV 增長，但被較低的託管服務貢獻部分抵消，這將與 2023 年第二季度的強勁增長形成鮮明對比。 3 億美元之間，這意味著第二季中期調整後的 EBITDA 利潤率約為 30%。

For the full year, we are raising both top and bottom line guidance. We're raising contribution ex-TAC to grow at least 10% with CTV to grow faster than DV+. Adjusted EBITDA margin is now expected to expand 100 to 150 basis points over 2023, and we're increasing our expected adjusted EBITDA growth to the mid-teens, up from double digits previously, with even higher growth in free cash flow and total CapEx to be in the mid- to high -- mid- to high $40 million range, including PP&E and capitalized software. We're off to a great start in 2024 and are very encouraged by the recovery in our CTV growth. We're excited about the opportunities ahead of us and look forward to continued strong programmatic CTV performance.

對於全年業績，我們將同時上調營收和淨利預期。我們正在提高 TAC 之外的貢獻，使其增長至少 10%，並且 CTV 的增長速度要快於 DV+。預計調整後 EBITDA 利潤率將在 2023 年擴大 100 至 150 個基點，我們將預期調整後 EBITDA 增長率從之前的兩位數提高到中位數，自由現金流和總資本支出的增長甚至更高，達到中高水平——中高水平 4000 萬美元左右，其中包括 PP&E 和資本化軟體。我們在 2024 年取得了良好的開端，而 CTV 成長的復甦令我們感到非常鼓舞。我們對未來的機會感到興奮，並期待繼續保持強勁的程序化 CTV 表現。

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

現在，讓我們開始問答環節。

(Operator Instructions) And our first question comes from Shyam Patil of Susquehanna.

(操作員指示) 我們的第一個問題來自 Susquehanna 的 Shyam Patil。

Congrats on a really strong result there. I had a couple of questions. Michael, you talked in your prepared remarks about CTV benefiting from strength in ad serving. I was wondering if you could talk a little bit more about that and just opportunities to kind of expand ad serving going forward?

恭喜你取得了非常好的成績。我有幾個問題。邁克爾，你在準備好的發言中談到 CTV 受益於廣告投放的優勢。我想知道您是否可以進一步談論這一點以及未來擴大廣告投放的機會？

And then also, I guess, second question on ClearLine, you talked about the Mediaocean partnership and the ClearLine integration. Can you just talk about, I guess, for that partnership and then just kind of ClearLine overall, just how you think about the contribution from this over time.

然後，我想，第二個問題是關於 ClearLine 的，您談到了 Mediaocean 合作夥伴關係和 ClearLine 整合。您能否談談這種合作關係以及 ClearLine 整體情況，您如何看待這種合作關係在長期內帶來的貢獻。

Yes, sure, Shyam. So on the ad serving front, yes, it's 2 stories, right? So ad serving itself has just so far exceeded expectations, if you recall, when we acquired SpotX we had the option to be able to buy SpringServe at the time. And it came with a kind of expectation of performance and everything that we thought of on the top range of performance, it's so far exceeded. So it's growing incredibly fast through same-store sales and also through new customer adoption. It really is the rare choice for digital-first streaming companies.

是的，當然，Shyam。那麼在廣告投放方面，是的，這是兩個故事，對嗎？因此，廣告投放本身已經遠遠超出了預期，如果你還記得的話，當我們收購 SpotX 時，我們可以選擇收購 SpringServe。它帶來了一種對性能的期望，我們所想到的所有關於最高性能範圍的期望，它都遠遠超出了預期。因此，它透過同店銷售額和新客戶接受度實現了驚人的快速成長。對於數位優先的串流媒體公司來說，這確實是難得的選擇。

Obviously, the broadcasters have been at online video for a long time and FreeWheel has a very good position in that market. But if you look at the OEMs, you look at fast services, you look at virtual MVPDs all of these guys, SpringServe is the server of choice. So as a just stand-alone SpringServe is killing it, but the secret sauce here is SpringServe in combination with our SSP. So as the year goes on, you're going to see 1 unified login, clients that don't use SpringServe will have access to SpringServe tools, clients that have SpringServe, only clients will have access to the SSP. And we think that in addition to just being a stickier relationship with publishers, having the 2 together will drive superior monetization.

顯然，廣播公司已經涉足線上影片領域很長一段時間了，而 FreeWheel 在該市場佔有非常有利的地位。但如果你看看 OEM，看看快速服務，看看虛擬 MVPD，所有這些人，SpringServe 都是首選伺服器。因此，作為一個獨立的 SpringServe，它正在殺死它，但這裡的秘密武器是 SpringServe 與我們的 SSP 的結合。所以隨著時間的推移，您將看到 1 個統一登錄，不使用 SpringServe 的用戶端將可以存取 SpringServe 工具，只有擁有 SpringServe 的客戶端才可以存取 SSP。我們認為，除了與出版商建立更緊密的關係之外，兩者的結合將推動更高的獲利能力。

So we couldn't be more excited with the prospects going forward and with the results to date with SpringServe. As it relates to ClearLine, we are very excited about the Mediaocean relationship. As you know, their software sits at all the major agencies. Everyone uses it. They use it for planning, for linear and increasingly, they're using it to process insertion orders to send over to those very same broadcasters for their streaming service. And the need there is to automate that, to make that more programmatic. And so we think that there's a real opportunity here partnering with our partners at Mediaocean to really shift the market and the way they think about transacting kind of publisher sold deals that used to be insertion or now can be processed programmatically with targeting, et cetera. So really excited about that.

因此，我們對 SpringServe 的未來前景和迄今為止的成果感到非常興奮。就與 ClearLine 的關係而言，我們對與 Mediaocean 的合作關係感到非常興奮。如您所知，他們的軟體被所有主要機構所採用。每個人都使用它。他們將其用於規劃、線性規劃，並且越來越多地使用它來處理插入訂單，然後將其發送給那些廣播公司以提供串流媒體服務。並且需要使其自動化，使其更加程序化。因此，我們認為，與 Mediaocean 的合作夥伴一起合作是一個真正的機會，可以真正改變市場以及他們對交易出版商銷售交易的看法，這些交易過去是插入式的，現在可以通過編程方式進行處理，具有定位功能等等。我對此真的很興奮。

Obviously, very early days, but we get -- we really rushed this partnership and got it in place so that it's there for the upfront. And I think that we're very excited about the timing there.

顯然，現在還為時過早，但我們確實匆忙建立了這種合作關係，並將其落實到位，以便預先獲得資金。我認為我們對這個時機感到非常興奮。

As to the prospects of ClearLine, I think we've been very realistic that it will be a modest revenue generator in the near future. But we think that providing this kind of buy-side alternative for certain types of buyers, whether they're extremely fee-sensitive or they're not needing to have the full suite of DSP services. We think it's going to be very attractive and continue to invest in it and put resources against it.

至於 ClearLine 的前景，我想我們非常現實地認為它將在不久的將來成為一個適度的收入來源。但我們認為，為某些類型的買家提供這種買方替代方案，無論他們對費用極為敏感還是不需要全套 DSP 服務。我們認為它將非常有吸引力並將繼續對其進行投資和投入資源。

The next question comes from Laura Martin of Needham.

下一個問題來自尼德姆的勞拉·馬丁（Laura Martin）。

I'll add my congratulations. Nice (inaudible) congratulations. I have 2, Michael. So 1 is -- so Roku said that they were seeing CPM softness because Netflix is coming into the market, and probably Amazon Prime Video too, which is creating an oversupply. So that's sort of my first question is do you see a cost per thousand pricing difference within the CTV market between the TV OEMs like Roku, LG, Samsung and what you call the broadcasters. And if so, if there is a difference, are there trends that are different? Or does the whole CTV market move together? That's my first one.

我要表達我的祝賀。很好（聽不清楚），恭喜。我有 2 個，麥可。所以 1 是——Roku 表示，他們看到 CPM 疲軟是因為 Netflix 進入了市場，可能還有 Amazon Prime Video，這造成了供應過剩。所以我的第一個問題是，您是否認為在 CTV 市場中，Roku、LG、三星等電視 OEM 和您所謂的廣播公司之間的每千人成本定價存在差異。如果存在，如果有差異，那麼是否存在不同的趨勢？還是整個CTV市場一起行動？這是我的第一個。

Yes. We look at it -- we look at it holistically, Laura, but we also do look at it in cohorts, right? And so the broadcaster cohort versus the OEM and kind of made for the medium kind of guys. And there is a disparity in CPMs, no question about it. They obviously not surprisingly are higher for the broadcasters in the Netflix of the world and lower for folks like the OEM. That delta hasn't really widened over the last several quarters. We've seen some price decline. Obviously, Netflix went out at a very, very high price point. That probably wasn't sustainable. It was a launch. But so that's come back down. But generally speaking, we've seen a little softness in CPMs, but when I say little softness, we're talking very-low-single-digit decline. So it hasn't been what the market has kind of -- some of the pundits have said which a cratering of CPM. So that hasn't occurred.

是的。我們會從整體來看這個問題，勞拉，但我們也會以群組的形式看待這個問題，對嗎？因此，廣播公司群體與 OEM 群體相比，都是為媒體群體打造的。毫無疑問，CPM 是有差異的。顯然，對於 Netflix 等全球廣播公司來說，它們的價格較高，而對於 OEM 等公司來說，它們的價格較低，這並不奇怪。過去幾個季度中，這一差距實際上並未擴大。我們看到價格有所下降。顯然，Netflix 的定價非常非常高。這可能無法持續。這是一次發射。但後來又回落了。但總體而言，我們看到 CPM 有所下降，但當我說下降幅度很小的時候，我們指的是極低的個位數下降。因此，情況並非像市場所料——一些專家所說的那樣，CPM 出現了下滑。所以這種事並沒有發生。

Super interesting and helpful. Next week, we're walking into the upfront market. We're $9 billion -- $19 billion of spend in the upfront market. If you -- what is your gut feel when we're on the other side of the upfront market when all the new deals are signed by August. How much will programmatic be this year compared to the past? Are we at a tipping point do you feel there were a lot more programmatic deals are actually going to get signed in this year's upfront? What's your point of view on that?

非常有趣且有幫助。下週，我們將進入預付市場。我們在前期市場投入了 90 億到 190 億美元。當我們處於預付市場另一端、所有新交易都在 8 月簽署時，您的直覺是什麼？與過去相比，今年的程序化廣告會有多少呢？我們是否正處於一個轉折點，您是否覺得今年的預付款中實際上會簽署更多的程序化交易？您對此有何看法？

I do, Laura, and I think that what we'll see the majority of that will still be the publisher sold directly with the premium guys. They'll be more biddable, but not the majority of it by any stretch. And so our ad spend growth rate continues to be (inaudible) with these guys and most of that's publisher sold deals. And I think you're going to just see more and more of that because that's what buyers want.

是的，勞拉，我認為我們將看到的大部分仍是出版商直接向優質賣家銷售。他們會更聽話，但無論如何，他們不會是大多數。因此，我們的廣告支出成長率持續保持（聽不清楚），其中大部分是出版商銷售的交易。我認為你會看到越來越多這樣的情況，因為這是買家想要的。

Okay. So that's a key driver for you next year. If that prediction comes through that, right?

好的。所以這是您明年的一個關鍵驅動力。如果這個預測成真了，對嗎？

Well, I think it's reflected in any kind of guidance that's out there for 2024. Hard to have that go through 2025.

嗯，我認為這反映在 2024 年的任何指導中。

The next question comes from Jason Kreyer of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Jason Kreyer。

Michael, I appreciate the time you spent on direct connection. Just curious, if we look at that looking forward over like the next 3 to 5 years, what does the dialogue look like on direct connection? Do those still exist? Do they maybe just exist for a few of the largest buyers and few are the largest publishers? Or maybe what is your thought on the evolution there?

邁克爾，我很感謝您花時間進行直接聯繫。只是好奇，如果我們展望未來 3 到 5 年，直接連結的對話會是什麼樣的？這些還存在嗎？它們是否只存在於少數最大的買家和少數最大的出版商之中？或者您對那裡的發展有何看法？

It's a great call. I mean, I think not trying to be too self-serving that I think that CTV is quite different. And the point we tried to point out about in the deal library area is that it's really tough and inefficient for a publisher to create deal libraries in every DSP, that's the role of the SSP, right? You create the deal library in one location, every buyer knows where to go to get it. So I think that there's that element, there is an element of risk for a publisher. If they haven't done it before, it can be costly. It requires engineering talent to do.

這是一個很好的決定。我的意思是，我並不是想太自私，我認為 CTV 是完全不同的。我們試圖指出的關於交易庫領域的一點是，對於出版商來說，在每個 DSP 中創建交易庫真的很困難而且效率低下，這就是 SSP 的作用，對嗎？您在一個位置建立交易庫，每個買家都知道去哪裡取得它。所以我認為有這個因素，對於出版商來說有風險。如果他們以前沒有這樣做過，那麼成本可能會很高。這需要工程人才才能做到。

So I think based upon those kind of broader challenges, I don't think this is for everyone. I think that those that have the technical ability to do so will sample this because who wouldn't want incremental demand. But I do think the vast majority of dollars that would be flowing into CTV, will flow through pipes like ours because of the reasons that we alluded to in the script today.

因此我認為，基於這些更廣泛的挑戰，我認為這並不適合所有人。我認為那些擁有技術能力的人會對此進行嘗試，因為誰不想要增量需求呢？但我確實認為，流入 CTV 的絕大部分資金將透過像我們這樣的管道流動，​​原因我們在今天的腳本中提到過。

I want to go back to the CTV conversation from kind of last summer fall. Obviously, you've had a nice bounce back there in your business. And if we just kind of look over the last 2, 3 quarters, are you just seeing generally better advertising trends that's driven those tailwinds? Is it -- are the buckets changing, which is creating a more favorable take rate? Or you did kind of give -- you did give some detail on managed service, but I'm curious if you can give details on any of those other variables.

我想回顧去年夏秋季節的 CTV 對話。顯然，您的生意已經恢復得很好了。如果我們回顧過去 2、3 個季度，您是否看到推動這些順風的廣告趨勢總體上有所改善？是不是——儲存桶是否正在發生變化，從而創造了更有利的接受率？或者您確實給出了 - 您確實給出了一些有關託管服務的詳細信息，但我很好奇您是否可以提供有關其他變量的詳細信息。

Yes. Jason, I would say that -- and David will correct me, but I would say the biggest driver is macro, that it's an improved ad environment and there's more spend available. And I would say from the last time we talked about the buckets, Magnite managed deals, publisher managed deals in managed service. Maybe on the margins, the actual publisher sold deals have increased.

是的。傑森，我想說——大衛會糾正我，但我想說最大的驅動力是宏觀因素，即改善的廣告環境和更多的可用支出。我想說，從上次我們談論的儲存桶、Magnite 管理交易、託管服務中的出版商管理交易開始。也許從利潤率來看，出版商實際銷售的交易量增加。

So what you're seeing is obviously, a lower take rate for that category, but more of them, many, many more of them. And so I still think right now when folks look at available inventory and there's a lot of it. Amazon Prime obviously dumped a bucket of inventory onto the market this last quarter. I think there's still a real preference for the buyer to go super premium brand name broadcasters that they're comfortable with, shows that they're comfortable with. And so I don't think that, that trend line will change dramatically anytime soon. I mean on the margins, our March over performance, some of that was driven by managed service and particularly around the NCAA basketball. But I don't think there's going to be any dramatic change throughout 2024 in terms of the mix of buckets.

因此，您顯然會看到，該類別的接受率較低，但數量卻更多，多得多。因此我仍然認為，現在當人們查看可用庫存時，會發現有很多庫存。顯然，亞馬遜 Prime 在上個季度向市場投放了大量庫存。我認為買家仍然傾向於選擇他們滿意的超高端品牌廣播公司並觀看他們滿意的節目。因此我認為，這條趨勢線不會很快發生巨大變化。我的意思是，從邊緣來看，我們 3 月份的出色表現，部分是由託管服務所推動的，尤其是圍繞 NCAA 籃球的推動。但我認為，在 2024 年，儲存桶的組合不會有任何重大變化。

The next question comes from Matt Swanson of RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Matt Swanson。

Yes. And I'll add my congratulations to the team. Maybe if we get David involved here. we haven't had to deal with an improving macro for quite some time. Could you just talk a little bit about what your approach to guidance is with some of the momentum we're seeing in the market?

是的。我還要向這個團隊表示祝賀。如果我們讓大衛參與也許可以。我們已經有很長時間沒有處理過改進的巨集了。您能否稍微談一下，針對我們在市場上看到的一些勢頭，您的指導方針是什麼？

Yes. And I don't want to caveat a little bit. The macro is improving, but we wouldn't characterize it by any means as full steam ahead. So if we take a vertical view, for example, there was some strength in automotive, a lot of electric cars sitting on lots that need to be sold, financial, food and beverage. A lot of CPG folks need to maintain support for increased prices, which you've had to put in place as a result of inflation, but we're also seeing some weaknesses in technology in particular. I think WPP and a few others have called that out. Entertainment, we still haven't fully recovered from some of the strike issues last year. And so I think from a guidance perspective, I think we remain cautiously optimistic.

是的。我不想提出任何警告。宏觀經濟正在改善，但我們絕不會將其描述為全速前進。因此，如果我們從垂直角度來看，汽車產業具有一定的優勢，許多電動車待售，金融、食品和飲料產業也具有一定的優勢。許多 CPG 人員需要繼續支持提高價格，這是由於通貨膨脹而必須實施的，但我們也看到技術方面存在的一些弱點。我認為 WPP 和其他一些公司已經指出了這一點。娛樂方面，我們還沒有完全從去年的一些罷工問題中恢復過來。因此，我認為從指導角度來看，我們仍然保持謹慎樂觀。

So we're certainly -- we appreciate the improvements that we have in place and for future potential there. But I think cautiously optimistic is the way to describe it. Also, we've spoken in the past about managed service and how that business is a little more volatile than some of the other businesses. And so as we look forward to this year in that group, in particular, it obviously continues to be a super important value add for the company. But it's -- we had kind of stronger comps early in 2023, first half of 2023. So that's a little depressing now from a growth perspective, not personally depressing.

因此，我們當然非常欣賞現有的改進以及未來的潛力。但我認為謹慎樂觀是可以描述這一點的。此外，我們過去曾談論過託管服務，以及這項業務為何比其他一些業務更不穩定。因此，當我們展望該集團今年的表現時，顯然它將繼續為公司帶來極其重要的增值。但是，在 2023 年初，也就是 2023 年上半年，我們的業績表現更為強勁。

And that -- those comps ease up the second half of the year. And so for managed service specifically, perhaps a little extra bit of conservatism given that volatility, but we'd also see some strengthening throughout the remainder of the year.

而且 — — 這些同店銷售額在下半年有所下降。因此，具體到託管服務而言，考慮到波動性，或許會稍微保守一些，但我們也將在今年剩餘時間內看到一些加強。

That's really helpful color. And then Michael, also super helpful color when we talked about the direct connections and you kind of outlining your value proposition with those key points. But could you maybe dive a little deeper into Disney specifically? It's a really close relationship. And just maybe talk about kind of the messaging that you've heard from them and just kind of how much it aligns with your view?

這確實是很有用的顏色。然後，邁克爾，當我們談論直接聯繫時，他也提供了非常有幫助的顏色，你用這些關鍵點概述了你的價值主張。但能否更詳細地介紹一下迪士尼呢？這是一種非常親密的關係。也許可以談談您從他們那裡聽到的信息以及它與您的觀點有多大程度的一致？

Yes. So I mean, we talked a little bit about, I guess, it was our cycle of earnings calls, so this is the first time in our earnings. But the relationship actually has kind of been portrayed as a contraction where it's actually more of an expansion. We're actually working with them now through our managed service team. We are working with them in political advertising and remain their sole SSP partner. They own their own ad server. So if they were using a commercial ad server more than likely it would have been a connection through SpringServe into their commercial ad server. But because they own their own ad server, I think they felt as though they had the technical capabilities to do a connection with the 2 largest DSPs. It's been kind of intimated that it begins and ends there. It's a lengthy process. I had commented earlier about the risk of implementation and the length and the expense of it.

是的。所以我的意思是，我們談論了一點，我想，這是我們的收益電話會議週期，所以這是我們第一次收益電話會議。但事實上，這種關係被描述為一種收縮，但實際上它更像是一種擴張。實際上，我們現在正在透過我們的託管服務團隊與他們合作。我們正在與他們進行政治廣告合作，並且仍然是他們唯一的 SSP 合作夥伴。他們擁有自己的廣告伺服器。因此，如果他們使用商業廣告伺服器，那麼很有可能透過 SpringServe 連接到他們的商業廣告伺服器。但因為他們擁有自己的廣告伺服器，我認為他們覺得自己有技術能力與兩大 DSP 建立聯繫。它似乎暗示著一切從那裡開始，也在那裡結束。這是一個漫長的過程。我之前曾評論過實施的風險以及實施的時間和費用。

They're not going to even lift a finger on the Trade Desk integration until 2025. And so I think it's an experiment. I'd probably do it if I were them because it's been pitched as incremental demand. Why wouldn't you, as a publisher, but I do think they're quite unique in the sense that they do own their ad server and they do have engineers to do these kinds of things. So I think our Disney relationship remains incredibly strong. We are talking about workflow for 2025. And I do think that they're an outlier as it relates to most of the top streaming services.

他們甚至不會在 2025 年之前對 Trade Desk 整合採取任何行動。如果我是他們，我可能也會這麼做，因為這被視為增量需求。作為出版商，為什麼不這樣做？ 但我確實認為他們非常獨特，因為他們擁有自己的廣告伺服器，而且有工程師來做這些事情。因此我認為我們與迪士尼的關係仍然非常牢固。我們正在討論 2025 年的工作流程。

The next question comes from Zach Cummins of B. Riley FBR.

下一個問題來自 B. Riley FBR 的 Zach Cummins。

Congrats on a strong start to the year. I was really hoping you could just further unpack some of the assumptions you're making for CTV business. It obviously seems like some tailwinds from live sports and some easier comps as we go into the second half of the year. But just curious of your approach to CTV specifically as your (inaudible) guidance for the remainder of this year?

恭喜您今年有一個好的開始。我真的希望您能進一步解釋您對 CTV 業務所做的一些假設。顯然，隨著我們進入下半年，現場體育賽事似乎帶來了一些順風，比賽也變得更容易了。但我只是好奇您對 CTV 的態度，特別是作為今年剩餘時間的（聽不清楚）指導？

Yes. I mean I think our approach, we continue to be bullish about the recovery in the programmatic component of CTV. Q1 was just -- it was an exceptionally strong quarter from a CTV perspective. And as we talked about, we continue the programmatic CTV component to continue to grow in double digits and again, offset by declines in Q2 that will be a little bit in managed service, will be a little bit greater than Q1.

是的。我的意思是，我認為我們的做法是，我們繼續看好 CTV 程式化部分的復甦。從 CTV 的角度來看，第一季是一個異常強勁的季度。正如我們所討論的，程式化 CTV 部分將繼續保持兩位數的成長，儘管第二季託管服務的下滑有所抵消，但增幅將略高於第一季。

And so as we look forward, we would expect that continued CTV programmatic growth and we'll get a little bit of a boost in -- particularly in the second half of the year from political, where we -- we've talked about political spend levels in the past 2022 and 2020 of roughly $10 million for the company. And if one were to assume that, say, that doubled in this next cycle, most of that hitting the second half of the year, that's also factored into our guidance.

因此，展望未來，我們預計 CTV 程序化廣告將繼續成長，並且將從政治方面獲得一些推動，特別是在今年下半年，我們已經談到了 2022 年和 2020 年公司在政治方面的支出水平約為 1000 萬美元。如果有人假設，在下一個週期中，這一數字將翻倍，其中大部分將出現在下半年，這也計入我們的預期。

Understood. And just my one follow-up question is around capital allocation. It's nice to see that you're targeting a net leverage ratio closer to 1x at the end of this year. But as you continue to strengthens the balance sheet. How do you balance thinking of share repurchases versus continuing to pay down debt?

明白了。我的一個後續問題是關於資本配置的。很高興看到您設定的目標在今年年底淨槓桿率接近 1 倍。但隨著你不斷加強資產負債表。您如何平衡股票回購和繼續償還債務的考量？

Yes, that's a really good question. I guess the first point is we're just -- we're thrilled to be in that position. And with the refinancing of our debt, removal of a springing covenant related to our converts and the progress on this net leverage ratio as you mentioned, it opens up a lot of possibilities for us. So yes, we have a program in place for $125 million program that could be used for convert repurchase or for share buybacks.

是的，這是一個非常好的問題。我想第一點是，我們很高興能處於這個位置。而且隨著我們債務的再融資、與我們的皈依者相關的彈出契約的取消以及您提到的淨槓桿率的進步，這為我們開闢了很多可能性。是的，我們有一個 1.25 億美元的計劃，可用於轉換回購或股票回購。

Given where the converts are trading, it's not favorable for us to take them off the market at this time. And so it would lend ourselves to consider share repurchases more significantly. So we'll -- where I would say probably wasn't on the table in 2023, at least very significantly. I think that's a growing area of focus for us, although facts and circumstances as we move forward will determine if we take action or not.

考慮到轉換者的交易情況，目前將它們從市場上撤出對我們來說並不有利。因此，我們會更認真地考慮股票回購。所以，我想說，這在 2023 年可能不會被討論，至少在很大程度上是不會。我認為這是我們越來越關注的領域，儘管未來的事實和情況將決定我們是否採取行動。

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

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

All right. I'll take a stab at this, trying to listen like 4 calls at once. Michael, it sounds like you guys did another deal, it's small, but with one of the linear players. We know you already have a relationship with Scripps in particular, but it feels like they're all trying to come online, and it's sort of a facilitation of the move to streaming, but also untapped opportunities, a lot of your peers or others aren't going after. So just kind of curious about that particular opportunity.

好的。我會嘗試一下，嘗試同時聽 4 通電話。邁克爾，聽起來你們又做了一筆交易，雖然規模很小，但卻是與一位線性參與者達成的。我們知道您已經與 Scripps 建立了合作關係，但感覺他們都在嘗試上線，這在某種程度上促進了串流媒體的發展，但同時也帶來了許多尚未開發的機會，您的許多同行或其他人都沒有抓住這些機會。所以只是對這個特殊的機會有點好奇。

And David, you just kind of mentioned the political aspect that I wanted to get into, but it sounds like a lot of agencies are actually trying to transact political on almost a purely programmatic basis, particularly in the CTV universe. So I guess that could be a boom depending on how many dollars shift there, but just curious if that's what you're seeing and if you're sort of negotiating some of the deals on kind of that premise?

大衛，你剛才提到了我想談的政治方面，但聽起來很多機構實際上正試圖在幾乎純粹程序化的基礎上進行政治交易，特別是在 CTV 領域。因此，我猜這可能是一個繁榮時期，取決於有多少美元轉移到那裡，但我好奇您是否看到了這一點，以及您是否在這樣的前提下談判一些交易？

Yes. So yes, Dan, I think local as it relates to streaming, is a story that's not well told, and that's on us as much as anyone and look forward to talking much more about that because we do have a lot of momentum in that area. We think it's really promising. And I think you're right, it's kind of green space for us in terms of being able to secure a lot of that business and relationships. And as it relates to political, and I'll let David opine, but it's going to be a very backloaded spend. And so anything that we talk about political is kind of conjecture because it hadn't flown yet. And so we think it's going to be big. We have built it into some of the forward-looking guide. But how big when, who is it going to come from, how much of it's programmatic it's all very encouraging, but it's still kind of on the comp.

是的。所以是的，丹，我認為與串流媒體相關的本地故事沒有得到很好的講述，這對我們和任何人來說都有很大的影響，我期待著更多地談論這個話題，因為我們在這個領域確實有很大的發展勢頭。我們認為它確實很有前景。我認為您說得對，就我們能夠確保大量業務和關係而言，這對我們來說是一種綠色空間。至於它與政治的關係，我會讓大衛發表意見，但這將是一項非常沉重的支出。因此，我們談論的任何政治話題都只是猜測，因為它還沒有發生。因此我們認為它將會發展得非常宏大。我們已經將其納入一些前瞻性的指南之中。但是什麼時候會達到多大規模、來自誰、有多少是程序性的，所有這些都非常令人鼓舞，但它仍然在某種程度上取決於競爭對手。

Yes. And we've got a crack political facilitation team in place. So we're -- we have very established relationships with those players. And we have tried to take, I think, a fairly modest approach in our guidance. And so to your point, it could create an upside certainly in the latter half of the year.

是的。我們已建立了一支精幹的政治協助團隊。所以我們與這些球員建立了非常穩固的關係。我認為，我們在指導中試圖採取相當溫和的方法。正如您所說，它肯定會在今年下半年帶來上行空間。

Our next question comes from Omar Dessouky of Bank of America.

下一個問題來自美國銀行的奧馬爾·德蘇基（Omar Dessouky）。

This is Arthur on for Omar. And congrats on strong results. Maybe just a quick follow-up on the Mediaocean partnership. Michael, you talked about automating insertion orders through the ClearLine integration. How should we think about the economic implications of that? Like should we think about higher take rate on these direct deals from your existing customer base? Or is this expected to be something that's also going to drive incremental market share growth because you're offering easier access for these new buyers to execute the deals programmatically?

這是亞瑟 (Arthur) 代替奧馬爾 (Omar)。恭喜您取得優異的成績。也許只是對 Mediaocean 合作關係的快速跟進。邁克爾，您談到了透過 ClearLine 整合自動執行插入訂單。我們該如何看待這件事的經濟影響？例如，我們是否應該考慮從現有客戶群中獲取更高的直接交易佣金？或者，由於您為這些新買家提供了更便捷的途徑以程序化方式執行交易，這是否有望推動市場份額的逐步增長？

Yes. So I think the way to think about it is, obviously, there's the take rate that's involved in the transaction that is on the Magnite side. And I would envision that there'll be a buy-side fee associated with using this tool from Mediaocean. So obviously, is a partnership, there's shared economics on the buy side piece of it. And then the sell-side piece of it, that's Magnite economics. So I think anything that would flow through it is found money, and it would be accretive in terms of both a take rate and a buy-side fee.

是的。因此，我認為思考這個問題的方式顯然是，Magnite 方面的交易涉及收取率。我預計使用 Mediaocean 的這個工具會產生買方費用。因此顯然，這是一種合作關係，買方有共同的經濟利益。然後是賣方部分，這就是 Magnite 經濟學。所以我認為，流經它的任何東西都是意外之財，而且它會在收取率和買方費用方面產生增值作用。

This concludes the question-and-answer session. I'd like to turn the call back over to Michael for any closing remarks.

問答環節到此結束。我想將電話轉回給邁克爾，讓他做最後發言。

Thank you, Andrea. I'd also like to say thank you to the Magnite team for delivering a great quarter that exceeded expectations. The performance of our team around the world has established a very solid foundation to build on for the remainder of the year and beyond. We look forward to speaking with many of you at our upcoming investor events. Cannibal will host our post-Q1 virtual investor meetings tomorrow. We will be attending the Needham Conference in New York on May 14 and 15, the B. Riley conference in Beverly Hills on May 22 and 23, and the Craig Hallum Conference in Minneapolis on the 29th.

謝謝你，安德里亞。我還要感謝 Magnite 團隊，他們創造了超乎預期的出色業績。我們全球團隊的表現為我們今年剩餘時間及以後的發展奠定了非常堅實的基礎。我們期待在即將舉行的投資者活動中與你們交談。 Cannibal 將於明天舉辦我們第一季後的虛擬投資者會議。我們將參加 5 月 14 日和 15 日在紐約舉行的 Needham 會議、5 月 22 日和 23 日在比佛利山莊舉行的 B. Riley 會議以及 29 日在明尼阿波利斯舉行的 Craig Hallum 會議。

The Evercore conference in New York, also on May 29 and the BofA conference in San Francisco on June 5. We will also be participating in meetings with Benchmark in Milwaukee and Chicago on June 11 and 12, and will be in London on June 18. Lastly, Benchmark will be hosting a live from Can webcast on Wednesday, June 19. Have a great evening, and thank you for listening.

Evercore 會議將於 5 月 29 日在紐約舉行，BofA 會議將於 6 月 5 日在舊金山舉行。 我們也將參加 6 月 11 日和 12 日在密爾瓦基和芝加哥舉行的 Benchmark 會議，並將於 6 月 18 日星期三在倫敦舉行愉快，Benchmark 將在現場直播 19 日舉行。

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

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。