Rubico Inc (RUBI) 2024 Q3 法說會逐字稿

Good day, and welcome to Magnite's third-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Magnite 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

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

我現在想將會議交給投資者關係部門的 Nick Kormeluk。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's third-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. I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation.

謝謝接線員，大家下午好。歡迎參加 Magnite 2024 年第三季財報電話會議。提醒一下，本次電話會議正在錄音。今天和我一起參加電話會議的是執行長 Michael Barrett；以及我們的財務長 David Day。我想指出的是，我們已在投資者關係網站上發布了財務摘要幻燈片，以配合今天的簡報。

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

在我們開始之前，我要提醒您，我們準備好的評論和問題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。這些陳述並不是對未來業績的保證。它們反映了我們目前對未來事件的看法，基於假設和估計，並受到已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致實際結果、績效或成就與預期或預測的結果存在重大差異。本公司向SEC 提交的定期報告中闡述了對這些和其他風險、不確定性和假設的討論，包括我們的10-Q 表中的2024 年第三季報告和10-K 表中的2023 年年度報告。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 one-time in nature, and we may or may not provide an update on the future of these metrics. I encourage you to visit our Investor Relations website to access our press release, financial highlights deck, periodic SEC reports, and the webcast replay of today's call to learn more about Magnite.

我們今天的評論將包括非 GAAP 財務指標，包括扣除 TAC 或扣除流量獲取成本後的貢獻、調整後 EBITDA 以及非 GAAP 每股收益。我們報告的業績的 GAAP 和非 GAAP 指標之間的調整可以在我們的收益新聞稿和我們投資者關係網站上發布的財務摘要中找到。有時，為了回答您的問題，我們可能會提供其他指標，以便更深入地了解我們的業務動態。請注意，這項附加詳細資訊可能是一次性的，我們可能會也可能不會提供有關這些指標未來的更新。我鼓勵您訪問我們的投資者關係網站，訪問我們的新聞稿、財務摘要、定期 SEC 報告以及今天電話會議的網路廣播重播，以了解有關 Magnite 的更多資訊。

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

我現在將把電話轉給邁克爾。請繼續，邁克爾。

Thank you, Nick. We are pleased to deliver another strong quarter of CTV growth and a strong beat on adjusted EBITDA, allowing us to boost full-year numbers. For the quarter, our year-over-year growth rate and contribution ex-TAC from CTV accelerated to 23% from a 12% growth rate in Q2. Strong CTV performance was driven by overall ad spend growth, increasing programmatic adoption by the industry's largest players, ad serving strength, and solid contribution from political. Our growth rates in contribution ex-TAC from CTV and ad spend have significantly narrowed, showing a stabilization in our mix and corresponding take rate.

謝謝你，尼克。我們很高興實現 CTV 又一個強勁的季度成長，以及調整後 EBITDA 的強勁成長，使我們能夠提高全年數字。本季度，我們的年成長率和來自 CTV 的 TAC 貢獻率從第二季度的 12% 加速至 23%。CTV 的強勁表​​現得益於整體廣告支出的成長、行業最大參與者的程序化採用的增加、廣告服務的實力以及政治的堅實貢獻。我們來自 CTV 和廣告支出的 TAC 貢獻率成長率已顯著收窄，這表明我們的組合和相應的採用率趨於穩定。

Robust programmatic CTV adoption is also continuing across a broad set of partners. As volumes continue to scale and CPM pressures persist, our clients are increasingly looking for us to help them add value to their inventory by layering on data to target and segment audiences. It is critically important for these partners to utilize programmatic selling to reach all demand sources, including SMB advertisers that didn't historically play in linear.

廣大合作夥伴也持續大力採用程式化 CTV。隨著數量不斷擴大和每千次展示費用壓力持續存在，我們的客戶越來越多地尋求我們透過分層數據來定位和細分受眾來幫助他們增加庫存價值。對於這些合作夥伴來說，利用程式化銷售來涵蓋所有需求來源（包括歷史上不線性播放的中小企業廣告商）至關重要。

We believe these trends are very powerful in expanding industry usage of programmatic and growing our accessible TAM. Partners more fully embracing programmatic include Roku, Netflix, Paramount, Warner Discovery, and Disney.

我們相信這些趨勢對於擴大程序化的行業使用和發展我們的可訪問 TAM 非常強大。更全面地擁抱程式化的合作夥伴包括 Roku、Netflix、派拉蒙、華納探索和迪士尼。

Next, I want to highlight our Netflix and Disney partnerships. Netflix's rollout of Magnite-powered programmatic solutions continues to ramp, and we anticipate the partnership to grow in revenue contribution through 2025. We recently announced a two-year extension and expansion of our relationship with Disney. The recently signed deal now expands our partnership to include live sports like college football, the Latin American region, and podcasts for ESPN and ABC News. We will also make Disney inventory available through ClearLine. Magnite will continue to be a key partner for Disney in the years to come, and we are pleased to further broaden our partnership.

接下來，我想強調我們 Netflix 和迪士尼的合作關係。Netflix 持續加強 Magnite 支援的程式化解決方案的推出力度，我們預計到 2025 年，雙方合作夥伴關係的營收貢獻將持續成長。我們最近宣布將與迪士尼的關係延長兩年並擴大。最近簽署的協議現在將我們的合作夥伴關係擴大到包括大學橄欖球、拉丁美洲地區等體育直播以及 ESPN 和 ABC 新聞的播客。我們還將透過 ClearLine 提供迪士尼庫存。Magnite 在未來幾年將繼續成為迪士尼的重要合作夥伴，我們很高興進一步擴大我們的合作關係。

We are also seeing a nice boost from live sports this summer and fall. Recent areas of growth are college football, NFL from the top MVPDs, and Olympics internationally. This is a market that is beginning its journey to programmatic and our industry-leading tech offering, combined with our scale to monetize real-time inventory is unmatched. We expect growth in live TV and live sports to continue with more sports and more partners in the coming years. This is a key investment focus for the company.

今年夏天和秋天，我們也看到現場體育賽事的強勁成長。最近成長的領域包括大學橄欖球、頂級 MVPD 的 NFL 以及國際奧運。這是一個正在開始程序化之旅的市場，我們行業領先的技術產品，加上我們透過即時庫存貨幣化的規模是無與倫比的。我們預計，未來幾年，隨著更多的體育賽事和更多的合作夥伴，直播電視和體育直播將繼續成長。這是公司的主要投資重點。

We are optimistic about the commerce media vehicle being a powerful long-term growth driver, and I'm working many new opportunities in this space. Our partnership with United Airlines announced this summer is progressing well. We are now powering ad serving on personal devices on hundreds of planes and look forward to expanding beyond personal device entertainment to include seatback screens in 2025.

我們對商業媒體工具成為強大的長期成長驅動力持樂觀態度，我正在這個領域尋找許多新機會。我們今年夏天宣布與聯合航空的合作關係進展順利。我們現在正在數百架飛機上的個人設備上提供廣告服務，並期待在 2025 年擴展到個人設備娛樂之外，包括座椅靠背螢幕。

ClearLine, our self-service direct buying platform, is continuing to grow and gain traction. We now have more than 20 agencies and brands buying through ClearLine and continue to ramp their efforts.

ClearLine 是我們的自助式直接購買平台，持續發展並獲得關注。現在，我們有 20 多個代理商和品牌透過 ClearLine 進行購買，並將繼續加強。

I want to double-click on our CTV ad serving business, which has been operating at nearly twice the ad impression volume from a year ago. Our software is deeply embedded within our partner workflows and go-to-market solutions as a core part of their operations, comparable to enterprise software solutions. It's very sticky and allows us to provide superior overall monetization.

我想雙擊我們的 CTV 廣告服務業務，該業務的廣告展示量幾乎是一年前的兩倍。我們的軟體深深嵌入到我們合作夥伴的工作流程和上市解決方案中，作為其營運的核心部分，與企業軟體解決方案相當。它非常有黏性，使我們能夠提供卓越的整體貨幣化。

Our market leadership position in CTV continues to get stronger, and we remain extremely focused on innovative features and services that will extend our lead into the future. Evidence of this is our deep and evolving partnerships with the likes of Netflix, Disney, Roku, Warner Brothers Discovery, Paramount Fox, Samsung, LG, and VIZIO. The fastest-growing accounts this quarter included Roku, Warner Brothers Discovery, Disney, and LG. A solid portion of this growth comes from our SpringServe and Magnite streaming SSP combination, which gives us a competitive advantage as a programmatic first partner and is a major differentiator.

我們在 CTV 的市場領導地位不斷增強，並且我們仍然高度關注創新功能和服務，以將我們的領先優勢延伸到未來。我們與 Netflix、迪士尼、Roku、華納兄弟探索頻道、派拉蒙福克斯、三星、LG 和 VIZIO 等公司的深厚且不斷發展的合作關係就是證明。本季成長最快的客戶包括 Roku、華納兄弟探索頻道、迪士尼和 LG。這一成長的很大一部分來自我們的 SpringServe 和 Magnite 流式 SSP 組合，這為我們提供了作為程式化第一合作夥伴的競爭優勢，也是一個主要的差異化因素。

Now to DV+. Q3 once again finished in line with our expectations with contribution ex-TAC growth of 5%. Contributing to growth are investments in emerging formats such as native, audio, podcasts, and digital out-of-home. Our volume of ad requests continues to grow, and we continue to get much more efficient with our cost per ad request coming down by approximately 30% versus last year. Our improving efficiency is driven by filtering, traffic shaping, and AI.

現在到 DV+。第三季再次符合我們的預期，扣除 TAC 的貢獻成長 5%。對原生、音訊、播客和數位戶外等新興格式的投資對成長做出了貢獻。我們的廣告請求量持續成長，我們的效率不斷提高，每個廣告請求的成本比去年下降了約 30%。我們提高效率的動力來自於過濾、流量整形和人工智慧。

Another tailwind aiding our DV+ and CTV businesses is the increased importance of sell-side audience aggregation, a practice that is commonly referred to as curation. In simple terms, curation is a selective packaging of ad inventory using audience data to help advertisers reach audiences they might otherwise miss. For sellers, it means driving substantially higher yields on impressions that might have gone unsold.

幫助我們的 DV+ 和 CTV 業務的另一個推動因素是賣方受眾聚集的重要性日益增加，這種做法通常稱為策展。簡而言之，策展是使用受眾數據對廣告庫存進行選擇性打包，以幫助廣告商覆蓋他們可能錯過的受眾。對賣家來說，這意味著大幅提高可能未售出的展示次數的收益。

As AdAge recently noted, there's an ongoing industry shift toward curation on the sell side, and it's being fueled in part by signal loss on the demand side, where data collection is becoming more restricted due to privacy changes in browsers and devices. We'd add to this that within the sell side, there's no better home for curation than the SSP, where it's easiest for premium publishers to lie with their peers to attract spend they'd have a harder time getting individually. In fact, Magnite's revenue from curating publisher audiences has grown over 100% year over year. It's early days, and we anticipate this growth to continue for the foreseeable future given our strong tool set and unrivaled publisher footprint.

正如 AdAge 最近指出的那樣，行業正在向賣方管理轉變，而這種轉變在一定程度上是由於需求方的信號丟失而推動的，由於瀏覽器和設備的隱私變化，數據收集變得更加受到限制。我們還要補充一點，在賣方內部，沒有比 SSP 更好的策展場所了，對於優質出版商來說，最容易與同行一起吸引支出，而他們單獨獲得支出則更困難。事實上，Magnite 來自策劃出版商受眾的收入年增超過 100%。現在還處於早期階段，鑑於我們強大的工具集和無與倫比的發行商足跡，我們預計在可預見的未來將持續下去。

Just last week, a Forrester report evaluating 10 SSPs highlighted curation as one of the top three capabilities publishers should prioritize to drive higher yields and differentiate themselves. Not only did Magnite receive the highest possible score for curation, but I'm proud to say we also achieved the highest overall score for the totality of our current offering. Expanding our leadership in curation is critical and is another example of how our omnichannel footprint will enable capabilities for both CTV and DV+ that no one else has and will drive outsized market share gains.

就在上週，Forrester 的一份評估 10 個 SSP 的報告強調，策展是出版商應優先考慮的三大功能之一，以提高產量並實現差異化。Magnite 不僅獲得了最高的策展分數，而且我很自豪地說，我們還獲得了當前產品的最高總分。擴大我們在策展方面的領導地位至關重要，這也是我們的全通路足跡如何為 CTV 和 DV+ 提供其他人沒有的能力的另一個例子，並將推動巨大的市場份額成長。

In closing, we delivered strong Q3 results and Q4 guide. The strategic investments we've made to create the world's leading programmatic CTV platform are clearly paying off, and we are confident about a strong finish to the year. It's an exciting time for the role of programmatic and the evolution of CTV advertising and as the industry scales and evolves to bring in thousands of new buyers.

最後，我們交付了強勁的第三季業績和第四季指南。我們為創建全球領先的程序化 CTV 平台而進行的策略投資顯然已獲得回報，我們對今年的強勁收官充滿信心。對於程序化廣告的作用和 CTV 廣告的發展來說，這是一個令人興奮的時刻，隨著行業的規模和發展，吸引了成千上萬的新買家。

We are also optimistic about 2025 as programmatic continues to gain steam in CTV, we ramp up new and existing partners, and see continued acceleration in sports and further growth of ClearLine.

我們對 2025 年也持樂觀態度，因為程序化在 CTV 中繼續獲得動力，我們增加了新的和現有的合作夥伴，並看到體育領域的持續加速和 ClearLine 的進一步增長。

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

這樣，我會將電話轉給大衛，以了解更多有關財務狀況的詳細資訊。大衛？

Thanks, Michael. The third quarter was another strong quarter for Magnite, beating the high end of CTV top-line expectations and exceeding adjusted EBITDA expectations. Our results drove very strong free cash flow during the quarter. Our strong financial performance, debt refinancing, and early achievement of net leverage ratio goals have allowed for a tighter focus on equity dilution management. Our business is in a very solid position, and we are set up for a strong Q4, which is reflected in our updated guidance.

謝謝，麥可。第三季是 Magnite 的另一個強勁季度，超越了 CTV 頂線預期的高端，並超越了調整後的 EBITDA 預期。我們的業績在本季度推動了非常強勁的自由現金流。我們強勁的財務表現、債務再融資和及早實現淨槓桿率目標，使我們能夠更加關注股權稀釋管理。我們的業務處於非常穩固的地位，我們已為第四季度的強勁表現做好了準備，這反映在我們更新的指導中。

Total revenue for Q3 was $162 million, up 8% from Q3 2023. Contribution ex-TAC was $149 million, up 12%. CTV contribution ex-TAC was $64.4 million, up 23% year over year and, again, above the top line -- above the top end of our guidance range. Ad spend growth and strong momentum with our SpringServe ad serving and programmatic growth drove the outperformance in the third quarter. DV+ contribution ex-TAC was $85 million, an increase from $81 million or 5% compared to the third quarter last year. Our contribution ex-TAC mix for Q3 was 43% CTV, 40% mobile, and 17% desktop.

第三季總營收為 1.62 億美元，比 2023 年第三季成長 8%。扣除 TAC 費用後的貢獻為 1.49 億美元，成長 12%。不計 TAC 的 CTV 貢獻為 6,440 萬美元，年成長 23%，再次高於營收——高於我們指導範圍的上限。廣告支出的成長以及 SpringServe 廣告服務和程式化成長的強勁勢頭推動了第三季的優異表現。不包括 TAC 在內的 DV+ 貢獻為 8,500 萬美元，比去年第三季的 8,100 萬美元增加了 5%。第三季我們的貢獻（除 TAC 之外）為 43% 的 CTV、40% 的行動裝置和 17% 的桌上型設備。

From a vertical perspective, as expected, political was the strongest performing category at approximately 3.5% of contribution ex-TAC. News and retail were strong as well. Categories that did not perform as well were food and beverage and health and fitness. Total operating expenses, which includes cost of revenue, for the third quarter were $147 million, a decrease from $168 million for the same period last year. The primary driver of the decrease was the result of the SpotX-acquired intangible assets that became fully amortized in the third quarter of last year.

從垂直角度來看，正如預期的那樣，政治是表現最強的類別，約佔不計 TAC 貢獻的 3.5%。新聞和零售業也表現強勁。表現不佳的類別是食品和飲料以及健康和健身。第三季的總營運費用（包括收入成本）為 1.47 億美元，低於去年同期的 1.68 億美元。下降的主要原因是 SpotX 收購的無形資產去年第三季全額攤銷。

Adjusted EBITDA operating expense for the third quarter was $99 million, well below the low end of our guidance range. In Q3, we had a temporary benefit of approximately $1.5 million in lower rent-related expenses from one of our offices. The increase from $93 million last year was primarily driven by personnel costs, software costs, and cloud costs.

第三季調整後 EBITDA 營運費用為 9,900 萬美元，遠低於我們指引範圍的下限。在第三季度，我們從我們的一個辦公室獲得了約 150 萬美元的臨時收益，減少了與租金相關的費用。與去年的 9,300 萬美元相比，這一成長主要是由人員成本、軟體成本和雲端成本推動的。

Net income was $5.2 million for the quarter compared to a net loss for the third quarter of 2023 of $17.5 million. Adjusted EBITDA grew 26% year over year and was $51 million with a margin of 34%, which compares to $40 million and a margin of 30% last year. As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC.

該季度淨利潤為 520 萬美元，而 2023 年第三季淨虧損為 1,750 萬美元。調整後 EBITDA 年成長 26%，達到 5,100 萬美元，利潤率為 34%，而去年為 4,000 萬美元，利潤率為 30%。提醒一下，我們將調整後的 EBITDA 利潤率計算為扣除 TAC 的貢獻的百分比。

GAAP earnings per basic and diluted share was $0.04 for the third quarter of 2024 compared to a loss of $0.13 for the third quarter of 2023. Non-GAAP earnings per share in the third quarter of 2024 grew 42% and was $0.17 compared to $0.12 last year. The reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q3 results press release. Operating cash flow, which we define as adjusted EBITDA less CapEx, was $40 million for the quarter.

2024 年第三季的 GAAP 基本每股盈餘和稀釋每股盈餘為 0.04 美元，而 2023 年第三季為虧損 0.13 美元。2024 年第三季非 GAAP 每股盈餘成長 42%，為 0.17 美元，去年為 0.12 美元。我們第三季業績新聞稿中包含了非公認會計原則收入和非公認會計原則每股收益的調節表。本季營運現金流量（我們將其定義為調整後 EBITDA 減去資本支出）為 4,000 萬美元。

Overall, cash generation was very strong in the third quarter, and our cash balance at the end of Q3 was $387 million, an increase of $61 million or 19% from the end of Q2. The increase was due to strong results and typical seasonality in our business, partially offset by share repurchases.

總體而言，第三季的現金產生非常強勁，第三季末的現金餘額為 3.87 億美元，比第二季末增加了 6,100 萬美元，即 19%。這一成長是由於我們業務的強勁業績和典型的季節性，部分被股票回購所抵銷。

Capital expenditures, including both purchases of property and equipment and capitalized internal use software development costs, were $10 million for the quarter, bringing the total to $40 million year to date. Our net interest expense for the quarter was $7 million. We are pleased to report that our net leverage ratio was 0.9x at the end of Q3, a sequential improvement from 1.3x at the end of Q2. This result achieves our goal of less than 1x ahead of schedule.

該季度的資本支出（包括購買財產和設備以及資本化內部使用軟體開發成本）為 1000 萬美元，使年初至今的資本支出總額達到 4000 萬美元。本季我們的淨利息支出為 700 萬美元。我們很高興地報告，第三季末我們的淨槓桿率為 0.9 倍，比第二季末的 1.3 倍有所改善。這個結果提前實現了我們不到1倍的目標。

I'd also like to highlight that we repriced our $364 million Term Loan B debt at SOFR plus 3.75%, a 75-basis-point reduction. This will decrease interest expense by roughly $2.7 million annually. We're very focused on managing shareholder dilution after having successfully solidified our capital structure.

我還想強調的是，我們以 SOFR 加 3.75% 的價格重新定價了 3.64 億美元的定期貸款 B 債務，減少了 75 個基點。這將每年減少約 270 萬美元的利息支出。在成功鞏固我們的資本結構後，我們非常注重管理股東稀釋。

During the third quarter, Magnite utilized approximately $14 million to effectively reduce dilution for shareholders by 1.1 million shares. Year to date through November 6, our repurchase program and withhold to cover activity have effectively reduced dilution by 2.9 million shares for $32 million. We expect net share dilution in 2024 to be approximately 2%, excluding potential additional activity under the repurchase program. Through November 6, we have plenty of additional capacity with $110 million remaining in our authorized repurchase program.

第三季度，Magnite 使用約 1,400 萬美元，有效減少了 110 萬股股東的稀釋。今年迄今，截至 11 月 6 日，我們的回購計畫和預扣資金活動已有效減少了 290 萬股股票的稀釋，價值 3,200 萬美元。我們預計 2024 年淨股稀釋約為 2%，不包括回購計畫下潛在的額外活動。截至 11 月 6 日，我們還有充足的額外產能，授權回購計畫中還剩 1.1 億美元。

I'll now share our expectations for the fourth quarter and updated guidance for the full year. For the fourth quarter, we expect contribution ex-TAC to be in the range of $182 million to $186 million, contribution ex-TAC attributable to CTV to be in the range of $75 million to $77 million, reflecting year-over-year growth of approximately 20% at the midpoint. Contribution ex-TAC attributable to DV+ to be in the range of $107 million to $109 million. We anticipate adjusted EBITDA operating expenses to be between $102 million and $104 million, which implies adjusted EBITDA margin of approximately 44% for Q4 at the midpoint.

我現在將分享我們對第四季的預期以及全年的最新指導。對於第四季度，我們預計 CTV 的扣除 TAC 的貢獻將在 1.82 億至 1.86 億美元之間，扣除 TAC 的貢獻將在 7500 萬美元至 7700 萬美元之間，反映了同比增長。 20%。DV+ 的前 TAC 貢獻將在 1.07 億美元至 1.09 億美元之間。我們預計調整後 EBITDA 營運費用將在 1.02 億美元至 1.04 億美元之間，這意味著第四季度中點調整後 EBITDA 利潤率約為 44%。

For the full year, we're raising our expectation for contribution ex-TAC to now grow between 11% and 12%. We're raising our expectation for adjusted EBITDA margin to expand 150 to 200 basis points over 2023. We're raising our expectations that adjusted EBITDA will now grow more than 15% year over year and raising our expectations for free cash flow to grow approximately 20%. And we now expect total CapEx to be above $50 million. We also expect to be net income and EPS positive for the full year on a GAAP basis.

對於全年，我們將不包括 TAC 的貢獻預期提高至 11% 至 12%。我們將調整後 EBITDA 利潤率的預期上調至 2023 年擴大 150 至 200 個基點。我們上調了調整後 EBITDA 年成長 15% 以上的預期，並將自由現金流成長約 20% 的預期上調。我們現在預計總資本支出將超過 5000 萬美元。我們也預計，按照公認會計準則計算，全年淨利潤和每股收益將為正值。

Q3 was another solid quarter for Magnite, and I'm very pleased with our consistent results. We have momentum and significant opportunities ahead, and I'm looking forward to the strong finish we expect for 2024.

第三季度對 Magnite 來說又是一個穩定的季度，我對我們持續的業績感到非常滿意。我們未來充滿動力和重大機遇，我期待 2024 年的強勁成果。

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

接下來，讓我們打開問答熱線。

(Operator Instructions) Laura Martin, Needham & Company.

（操作員說明）Laura Martin，Needham & Company。

Great. Great numbers, you guys. My two questions are these all at the same time. Net leverage, 0.9 times. Are we on our way to 0? It feels like you guys are levered given your strong free cash flow. So that's my first question.

偉大的。偉大的數字，你們。我的兩個問題同時出現。淨槓桿，0.9倍。我們正在走向0嗎？考慮到你們強大的自由現金流，你們感覺就像是槓桿一樣。這是我的第一個問題。

My second question is on generative AI. One of the things we're seeing is that companies that are using generative AI are growing their costs much slower than their growing revenue. So I'm wondering how you guys are using generative AI and what the road map for that is so we can get cost growth like more operating leverage into the model? Thank you.

我的第二個問題是關於生成人工智慧。我們看到的一件事是，使用生成式人工智慧的公司的成本成長速度遠遠慢於收入成長速度。所以我想知道你們如何使用生成式人工智慧，以及路線圖是什麼，以便我們能夠獲得成本成長，例如在模型中增加更多的營運槓桿？謝謝。

Great. I'll take the first one. This is David. Yes. No, we're really happy with where our balance sheet or capital structure is at this point in time. I think our goal was to get to 1x -- net leverage ratio of 1x or below. We're happy with where we're at. And in some ways, our pivot is turning a little bit to equity dilution management. And so, I suspect that our net leverage ratio will could come down over time, but there will also be a focus on share repurchases.

偉大的。我就拿第一個。這是大衛。是的。不，我們對目前的資產負債表或資本結構非常滿意。我認為我們的目標是達到 1 倍——淨槓桿是 1 倍或更低。我們對目前的處境感到滿意。在某些方面，我們的重點正在轉向股權稀釋管理。因此，我懷疑我們的淨槓桿率可能會隨著時間的推移而下降，但也會關注股票回購。

Yeah. And hey, Laura, I'll take the generative AI question. Yeah, so it's a journey for us as a company. We started a task force within the company comprised of engineering, go-to-market folks, product, et cetera, to look at a slew of tools that are out there, as well as our own development. As you know, we have a very large data science team and a lot of the machine learning that we're doing isn't true generative AI to speak of, but that's really where it's driving our cost efficiencies as we kind of pointed out.

是的。嘿，勞拉，我將回答產生人工智慧問題。是的，這對我們公司來說是一次旅程。我們在公司內部成立了一個由工程人員、市場人員、產品人員等組成的工作小組，以研究現有的大量工具以及我們自己的開發。如您所知，我們擁有一個非常龐大的資料科學團隊，我們正在做的許多機器學習並不是真正的生成式人工智慧，但正如我們所指出的，這確實是推動我們成本效率的地方。

Our volume on the DV+ platform continues to go through the roof, but our cost of processing has come down roughly 30%, largely because of machine learning, filtering, et cetera. And we have talked about AI that we've pushed to our customers in the form of Demand Manager that's going over very well and creating revenue lifts up to 30% for some of our customers. So it's a -- like most companies, it's a work in progress, and we see a lot of the efficiencies are going to be gained internally probably through software development on our team's front, but we'll have more to say on that in the coming quarters.

我們在 DV+ 平台上的交易量繼續飆升，但我們的處理成本下降了約 30%，這主要歸功於機器學習、過濾等。我們已經討論過以需求管理器的形式向客戶推出的人工智慧，效果非常好，為我們的一些客戶創造了高達 30% 的收入提升。因此，與大多數公司一樣，這是一項正在進行的工作，我們看到，透過我們團隊前端的軟體開發，內部可能會提高許多效率，但我們將在未來幾個季度。

Sean Patil (sic - "Shyam Patil"), Susquehanna.

肖恩·帕蒂爾（原文如此，“Shyam Patil”），薩斯奎哈納。

Hey, guys, Nice job on the quarter. I had a couple of questions. Michael, you talked about, I think, both of these topics in your prepared remarks. I just wanted to see maybe if you could give a little more color. On Netflix, obviously, a great, great win, great relationship. Just wondering if you could provide any more color on just how you expect that to ramp in 4Q next year and then also kind of beyond that?

嘿，夥計們，本季幹得好。我有幾個問題。邁克爾，我認為您在準備好的發言中談到了這兩個主題。我只是想看看你是否可以給更多一點顏色。顯然，在 Netflix 上，這是一場偉大的勝利，良好的關係。只是想知道您是否可以提供更多資訊來說明您預計明年第四季的成長情況以及之後的情況？

And then on Disney, really good to see that partnership expansion. I guess, could you talk a little bit about just what led them to select Magnite for these additional areas and just what they really liked about the company and the technology that led to the renewal. And just -- and I guess maybe just kind of related to that, just do you expect further revenue growth from this relationship kind of over time? Thank you.

然後在迪士尼，很高興看到合作關係的擴展。我想，您能否談談是什麼促使他們選擇 Magnite 來從事這些附加領域，以及他們真正喜歡該公司以及導致更新的技術的哪些方面。我想也許與此相關，您是否期望隨著時間的推移，這種關係會帶來進一步的收入成長？謝謝。

Yeah. Great questions. As it relates to Netflix, as we talked about, we're very careful on our messaging there. A lot of folks ask us a lot about Netflix, and I'm not suggesting you're doing that, but to get a read-through on the Netflix ad business more so than a read-through on Magnite's business. So I think what we stand by is that we're with them, we're sole programmatic partner on the sell side.

是的。很好的問題。正如我們所討論的，與 Netflix 相關的是，我們在傳達訊息時非常謹慎。很多人向我們詢問了很多關於 Netflix 的問題，我並不是建議您這樣做，而是為了通讀 Netflix 的廣告業務，而不是通讀 Magnite 的業務。所以我認為我們的立場是我們與他們站在一起，我們是賣方的唯一程序化合作夥伴。

As they expand into foreign markets, we are going with them. The implementation has been seamless to date. They're in the very early stages of selling programmatic themselves. But we stand by the estimate that when 2025 dust settles that Netflix could very well be one of our, if not the biggest customer of Magnite.

當他們向國外市場擴張時，我們也將與他們同行。迄今為止，實施進展順利。他們正處於程序化銷售的早期階段。但我們堅持估計，當 2025 年塵埃落定時，Netflix 很可能成為我們的客戶之一（即使不是 Magnite 的最大客戶）。

And as it relates to Disney, I think that you got to look at the length of our relationship with Disney and all the software that we've helped build for them that they use internally under DRAX. And I just think it's more of an extension of the relationship that we've had as opposed to a full-blown RFP. But I think Disney has gotten very comfortable with what they want to do proprietary and what they want to be able to offer their customers but don't necessarily want to build it themselves. And so, as you start to look at the expansion of the relationship, I think those are very good indicators that Magnite is a trusted partner of theirs and will be for years to come.

由於它與迪士尼相關，我認為您必須了解我們與迪士尼的關係的持續時間以及我們幫助他們構建的所有軟體，這些軟體是他們在 DRAX 下內部使用的。我只是認為這更多的是我們之間關係的延伸，而不是成熟的 RFP。但我認為迪士尼已經對他們想做的專有業務以及他們希望能夠為客戶提供的東西感到非常滿意，但不一定想自己建造它。因此，當你開始考慮擴大這種關係時，我認為這些都是非常好的指標，表明 Magnite 是他們值得信賴的合作夥伴，並且在未來幾年都會如此。

Great, thank you, guys.

太好了，謝謝你們，夥計們。

Jason Kreyer, Craig-Hallum Capital Group.

Jason Kreyer，克雷格-哈勒姆資本集團。

Great, thank you. Michael, there's been a lot of focus on direct connections over the last couple of quarters. Just wondering if you can maybe revisit that and give us your thoughts on how direct connections evolve over the long-term?

太好了，謝謝。邁克爾，過去幾個季度，人們非常關注直接聯繫。只是想知道您是否可以重新審視這一點，並向我們提供您對直接聯繫如何長期發展的想法？

Yeah. I mean, as you well know, Jason, a little bit different for both platforms, right? So DV+, the dust has kind of settled there. It's a little bit easier to do a direct connection because of pre-bid software being predominantly used by all DV+ kind of publishers. And as we said, there hasn't been much change in the kind of two-pipe strategy that Trade Desk has deployed, one pipe for the direct connection, the second pipe to compete in the unified auction that is pre-bid and continue to see large amounts of spend from Trade Desk in the pre-bid unified auction area.

是的。我的意思是，正如你所知道的，傑森，這兩個平台都有點不同，對吧？所以 DV+ 已經塵埃落定了。由於所有 DV+ 類型的發布者主要使用預投標軟體，因此直接連接會更容易一些。正如我們所說，Trade Desk 部署的雙管道策略沒有太大變化，一根管道用於直接連接，第二根管道參與統一拍賣，即預投標並繼續在預投標統一拍賣區域中，可以看到Trade Desk 的大量支出。

As it relates to CTV, there is no pre-bid, so to speak. And so, it's a bespoke kind of connection to each player's ad server. And in many cases, as you know, we're either the primary ad server or we are the programmatic layer by which the DSP would connect through to the ad server. And so, ergo, we don't see much loss in economics for Magnite in a direct connection scenario in CTV by the Trade Desk in nonproprietary ad serving CTV players. And even in those case, you're dealing with a two-pipe scenario.

可以說，就 CTV 而言，沒有預先投標。因此，這是與每個玩家的廣告伺服器的客製化連接。如您所知，在許多情況下，我們要么是主要廣告伺服器，要么是 DSP 連接到廣告伺服器的程式層。因此，在 Trade Desk 為 CTV 播放器提供非專有廣告的 CTV 直接連接場景中，我們認為 Magnite 的經濟損失不會太大。即使在這種情況下，您也面臨雙管道場景。

So I think that one of the things that gets slightly conflated is the success that the Trade Desk is seeing with greater matching with UID. And I think a lot of people think, oh, UID in CTV equals direct connection, which is very, very far from the truth. Like look at Roku, for instance, Roku talks about UID and how it's helping them generate more revenue through the Trade Desk pipe. But keep in mind, UID is in direct connect and UID is serviced by Magnite to the Trade Desk through Roku. And so, I think people sometimes think if UID is mentioned, Magnite gets cut out of the picture, and it's far from the truth.

因此，我認為有點混為一談的是，Trade Desk 透過與 UID 進行更好的匹配而取得了成功。我認為很多人認為，哦，CTV 中的 UID 等於直接連接，這與事實相差甚遠。例如，就像看看 Roku，Roku 談論 UID 以及它如何幫助他們透過 Trade Desk 管道創造更多收入。但請記住，UID 是直接連接的，並且 Magnite 透過 Roku 將 UID 提供給 Trade Desk。因此，我認為人們有時會認為，如果提到 UID，Magnite 就會被排除在外，但這與事實相去甚遠。

Thank you, a lot of good color. You talked a little bit about curated audience, too. Just curious, I would think that, that's relatively nascent in terms of adoption there. But can you talk about where there's some early success as far as DV+ CTV and kind of the scale of publishers that are looking at something like a curated audience solution?

謝謝，顏色很好看。你也談到了一些關於策劃觀眾的問題。只是好奇，我認為這在採用方面相對較新。但您能否談談 DV+ CTV 方面取得的一些早期成功，以及正在尋求諸如策劃的受眾解決方案之類的發行商的規模？

Yes. I'll tell you, it's incredible. So Jason, we've been talking about this whole kind of moving audience targeting to the sell side. And I think that what's been the hindrance to that is, there's still third-party cookies, right? And most publishers are like, hey, until the third-party cookie goes away, I'm going to continue to transact the way I always did.

是的。我告訴你，這太不可思議了。傑森，我們一直在談論這種以賣方為目標的行動受眾。我認為阻礙這一點的是，仍然有第三方 cookie，對嗎？大多數發布商都會說，嘿，在第三方 cookie 消失之前，我將繼續像往常一樣進行交易。

But now that they feel that it is going away, even though the hiccup with chrome deprecation of cookies, they are really leaning into it. So we've seen -- and it is early days and it's early revenue, but we've seen a big explosion in it from a theory to reality. And so, you're seeing quite a bit of publishers adopting it. I mean, again, curation is, you're looking for finite audiences, left-handed jugglers. And there's only so many that any publisher would have, but if a Magnite can group together 1,000 publishers, now all of a sudden, you have this curated left-handed juggler segment that is scaled and buyers now can take advantage of that.

但現在他們覺得它正在消失，儘管 chrome 棄用 cookie 帶來了一些問題，但他們確實傾向於它。所以我們已經看到——現在還處於早期階段，而且還處於早期收入階段，但我們已經看到它從理論到現實的巨大爆炸。因此，您會看到相當多的出版商採用它。我的意思是，策展是，你正在尋找有限的觀眾，左撇子雜耍者。任何出版商都擁有這麼多的出版商，但如果Magnite 可以將1,000 家出版商聚集在一起，現在突然之間，你就擁有了這個經過規模化策劃的左手雜耍者細分市場，買家現在可以利用這一點。

And of course, in CTV, a lot of that world is first-party data and almost everything is curated in that respect. So we think it's a logical outcome of what we've been talking about, and that is when third-party cookies go away, the signal loss goes away. That's how the buy side has operated since the dawn of DSPs. We really think this is a very encouraging opportunity for publishers and their partners like Magnite to be able to participate in those economics. So early days, but very encouraging in the direction it's heading in.

當然，在 CTV 中，這個世界的許多內容都是第一方數據，幾乎所有內容都是在這方面策劃的。因此，我們認為這是我們一直在討論的邏輯結果，即當第三方 cookie 消失時，訊號遺失就會消失。這就是自 DSP 出現以來買方的運作方式。我們確實認為，對於出版商及其合作夥伴（如 Magnite）來說，這是一個非常令人鼓舞的機會，能夠參與這些經濟活動。雖然還處於早期階段，但它的發展方向非常令人鼓舞。

All right. Appreciate all your thoughts, Michael. Thank you.

好的。感謝你所有的想法，麥可。謝謝。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

Hey, thanks so much, Michael, could you talk a little bit more about the transfer of the shift into more bidded programmatic? It was only a year or so ago that there was this weird sort of fluctuation with a lot of direct sales, which I think coincided with linear TV advertising being soft and what's happening upfront at the time. But now linear TV advertising is still soft. There's a lot more demand -- or sorry, a lot more supply on the market from the likes of Amazon Prime and so on in CTV. And I think there's been a shift toward using more bidded tools, which should be good for you, for your business and for your take rate. And I wonder if you could just give us an update on transitions in the industry, please?

嘿，非常感謝，邁克爾，你能多談談轉向更多出價程序化的情況嗎？就在大約一年前，大量直銷出現了這種奇怪的波動，我認為這與線性電視廣告的疲軟以及當時發生的事情同時發生。但現在線性電視廣告依然疲軟。需求量大得多——或者抱歉，市場上的供應量大得多，來自 Amazon Prime 等 CTV 等服務。我認為人們已經轉向使用更多的出價工具，這應該對您、您的業務和您的接受率都有好處。我想知道您能否向我們介紹一下產業轉型的最新情況？

Yeah. Tim, really good observation. And certainly, publishers have -- I mean, buyers have always wanted to be able to activate programmatic buys in kind of a biddable fashion because they're very used to that, and they think it derives value for their advertisers. And the top premium publishers have been reluctant to play in that game for a number of reasons, largely driven by -- that's just not what they've done historically. So they much prefer to try to sell everything direct.

是的。蒂姆，觀察力真好。當然，出版商——我的意思是，買家一直希望能夠以可出價的方式啟動程式化購買，因為他們已經習慣了這一點，並且他們認為這可以為他們的廣告商帶來價值。出於多種原因，頂級優質發行商一直不願參與該遊戲，這在很大程度上是因為——這不是他們歷史上所做的事情。所以他們更願意嘗試直接銷售所有東西。

And I think in an environment where we've had a surplus of CTV inventory as opposed to two years ago when you had -- when it was supply constrained, you're not surprisingly seeing behavior shift more towards what the buyers want. And you're still seeing -- you're seeing it definitely occur more on the OEMs, the fast, the streaming-first players. And then if you look at the plus streamers, the premium big programming of legacy broadcast folks, bidding -- biddable programmatic is becoming something that they're leaning into, but certainly still not the prevalent way they conduct business with the buyers. So a long way of saying, there's still a lot of room to grow in there, which I think is good from a Magnite economic standpoint.

我認為，在我們 CTV 庫存過剩的環境中，而不是兩年前，當供應受限時，您會毫不奇怪地看到行為更多地轉向買家的需求。你仍然會看到——你會看到它肯定更多地發生在原始設備製造商、快速、串流媒體優先的播放器上。然後，如果你看看Plus串流媒體，傳統廣播公司的優質大型節目，競價——可競價的程序化正在成為他們所傾向於的東西，但肯定仍然不是他們與買家開展業務的普遍方式。總而言之，那裡仍然有很大的成長空間，我認為從 Magnite 經濟的角度來看這是一件好事。

And am I right in thinking that where CTV initially was a little bit what's the dilutive to your take rate versus online and mobile a few years ago, now with more bidded work, it should be actually positive for your take rate as this evolves?

我是否正確地認為，幾年前，與線上和行動裝置相比，CTV 最初對您的接受率有一點稀釋作用，現在隨著投標工作的增加，隨著這種情況的發展，它實際上應該對您的接受率產生正面的影響？

Yeah, I think you're right. As it evolves, I think we've always made a point of saying that it's not that we're under extreme take rate pressure from the marketplace. It's just that the type of product that's been popular namely among the Plus services has been publisher sold programmatic, which carries very low take rate vis-à-vis Magnite sourcing demand and bringing it to those publishers. So I think you're exactly right. I think we're on the low end of our historic take rate in CTV, and that will only improve as more biddable becomes activated.

是的，我認為你是對的。隨著它的發展，我認為我們一直強調，這並不是說我們面臨來自市場的極端接受率壓力。只是在 Plus 服務中流行的產品類型是發布商以程式化方式出售的，相對於 Magnite 採購需求並將其提供給這些發布商而言，這種產品的採用率非常低。所以我認為你是完全正確的。我認為我們正處於 CTV 歷史收視率的低端，隨著更多可出價的被激活，這種情況只會有所改善。

Great, thank you very much.

太好了，非常感謝。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hey. Thanks a lot for taking my question. So happy to hear about the extension of the Disney. And I was just wondering if you could talk a little bit about the economics. And if you can't do so in absolute terms, possibly in relative terms versus the kind of the prior deal or relationship you had with them, in particular, is the take rate changing at all or were there any other kind of value exchanges in this extension?

嘿。非常感謝您提出我的問題。很高興聽到迪士尼擴建的消息。我只是想知道你是否可以談談經濟學。如果你不能以絕對的方式做到這一點，可能是相對於你與他們之前的交易或關係的類型而言，特別是，採取率是否發生了變化，或者是否存在任何其他類型的價值交換這個擴展？

Yeah. Omar, obviously can't go into great detail on that. But suffice to say, Disney is -- the products that we sell to Disney carry with it take rate bands that are similar to other premier clients. So in other words, Disney is predominantly sourced their own demand through their sales team, whether it's programmatic or if it's direct sold. And in those cases, that's again a very low range of our take rate.

是的。奧馬爾，顯然不能詳細說明這一點。但可以說，迪士尼是——我們向迪士尼銷售的產品所採用的費率範圍與其他主要客戶類似。換句話說，迪士尼主要透過其銷售團隊來滿足自己的需求，無論是程序化銷售還是直銷。在這些情況下，我們的接受率範圍又非常低。

As you look at the expansion of our opportunities, some of those expansion opportunities carry with it the concept of Magnite bringing demand in. And when that happens, it comes at a more attractive take rate, just like it would for any other publisher. So I think the expansion opportunities are great. It validates our partnership and the strength of it. But more importantly, it probably does carry with it more attractive economics when they start to light up. So I think net-net, we view Disney as a big revenue grower for Magnite in the years to come.

當您審視我們的機會擴展時，您會發現其中一些擴展機會帶有 Magnite 帶來需求的概念。當這種情況發生時，它的接受率就會更具吸引力，就像其他出版商一樣。所以我認為擴張機會很大。它驗證了我們的合作夥伴關係及其實力。但更重要的是，當它們開始發光時，它可能確實會帶來更具吸引力的經濟效益。因此，我認為，我們將迪士尼視為未來幾年 Magnite 收入的主要成長點。

Okay, that's really good to hear. And if I could just ask a quick follow-up. Please feel free to skip this question if it's been asked before. Do you have any kind of update on your views given, I guess, the recent regulatory decisions and court decisions regarding Google and SSPs? And I apologize again if this question has been asked already.

好的，很高興聽到這個消息。如果我能快速跟進一下就好了。如果之前有人問過這個問題，請隨意跳過。我想，您對最近有關 Google 和 SSP 的監管決定和法院決定的看法有什麼更新嗎？如果這個問題已經被問過，我再次道歉。

No, Omar, it hasn't been asked. And no real update. Obviously, the ad tech trial piece of it is, the remedies are going to be argued coming soon. I think there's been a slight delay in it. But listen, I think that as we all know, this is going to be several years in the making before the dust settles.

不，奧馬爾，還沒被問過。並且沒有真正的更新。顯然，廣告技術試驗的一部分是，補救措施很快就會出現。我認為有一點延遲。但是聽著，我認為眾所周知，這將需要數年的時間才能塵埃落定。

We can't imagine that when the dust settles, it's not more attractive for Magnite to be able to compete in an industry where Google has a stranglehold on share on the DV+ side. We've been very successful in competing against them on the CTV side. But on the DV+ side, we think there's significant opportunity for growth once some of the structural inefficiencies in the marketplace get worked out, impossible to tell when that might be. But we think all in all, we're quite positive about the direction it's heading in.

我們無法想像，當塵埃落定後，對於 Magnite 來說，能夠在谷歌在 DV+ 方面佔據份額的行業中競爭並不是更有吸引力。我們在 CTV 方面與他們的競爭非常成功。但在 DV+ 方面，我們認為，一旦市場中的一些結構性低效問題得到解決，就會出現巨大的成長機會，但無法判斷何時會出現。但我們認為總而言之，我們對它的發展方向非常樂觀。

Okay, good to hear. Thanks for taking my questions.

好的，很高興聽到。感謝您回答我的問題。

Thanks, Omar.

謝謝，奧馬爾。

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Yeah, thanks. Michael has kind of touched on this. You raised the sort of confusion issue, which I think is very prevalent out there. Maybe it would be helpful if you updated your thoughts on, given the increasing prevalence of 1P ad tech stacks, how much you think the split of volume ends up being between the two, how much they lean on kind of 3P versus 1P? And obviously, there's been noise on who has better signal strength between the two. And I think you guys have argued that you guys pretty much win every A/B test.

是的，謝謝。邁克爾已經談到了這一點。你提出了某種混亂的問題，我認為這在外面很普遍。鑑於 1P 廣告技術堆疊的日益普及，您認為兩者之間的數量分配最終有多大，它們對 3P 與 1P 的依賴程度如何，如果您更新您的想法，這可能會有所幫助？顯然，對於兩者之間誰的訊號強度較好存在爭議。我認為你們已經爭辯說你們幾乎贏得了每一次 A/B 測試。

So I'd love to hear kind of your thoughts there. And then, separately, we continue to hear from other e-com guys, Uber, Lyft, for example, that they're willing to test out more programmatic. So it feels like United is just scratching the surface of what you can do in kind of broader e-com, but love to hear what you're thinking about incremental use cases as just the whole ecosystem continues to move more programmatic. Thank you.

所以我很想聽聽你的想法。然後，我們繼續從其他電子商務公司（例如 Uber、Lyft）那裡聽到，他們願意測試更多的程式化服務。因此，感覺美聯航只是觸及了更廣泛的電子商務中可以做的事情的表面，但很高興聽到您對增量用例的想法，因為整個生態系統繼續變得更加程序化。謝謝。

Yeah. Thanks, Dan. So on the first-party data versus third-party data, I think you have to look at it in two buckets. I think that third-party data will be very prevalent in DV+. If you look at the traditional DV+ publisher, whereas they do have a relationship with their end user, obviously, the consumer that consumes the content, oftentimes, it's not a logged-in registered relationship. And therefore, some of the fidelity of the signals aren't nearly as strong as if you were to have a logged-in relationship or even a credit card relationship, and that obviously is the CTV world.

是的。謝謝，丹。所以關於第一方數據和第三方數據，我認為你必須分兩個面向來看待。我認為第三方數據在 DV+ 中將會非常普遍。如果你看看傳統的 DV+ 發布商，雖然他們確實與最終用戶（消費內容的消費者）有關係，但通常情況下，這不是登入註冊關係。因此，某些訊號的保真度遠不如登入關係甚至信用卡關係那麼強，這顯然是 CTV 世界。

And so, I think in CTV, it will be predominantly a first-party world. And in the cases of third-party, I think you will see that's coming from the advertiser. So there's a lot of activity in clean rooms where you're matching Bank of America customers with a Paramount audience and trying to create audience segments specifically for BofA, and that's just an example. It's not a real-life thing.

因此，我認為在 CTV 中，這將主要是第一方的世界。就第三方而言，我想您會看到這是來自廣告商的。因此，在乾淨的房間裡有很多活動，你將美國銀行的客戶與派拉蒙的受眾進行匹配，並嘗試專門為美國銀行創建受眾群體，這只是一個例子。這不是現實生活中的事。

And so, I think when you start to look at it will play a very big role in creating signals in the DV+ world, but that's going to be a portfolio world. There's not going to be one killer data signal that's going to replace the deprecation of third-party cookies. And we'll be part of that portfolio solution. But I think in CTV, you're going to see a very, very strong first-party world, and we'll be front and center in that.

因此，我認為當您開始關注時，它將在 DV+ 世界中創建訊號方面發揮非常重要的作用，但這將是一個投資組合世界。不會有任何一種殺手級資料訊號可以取代第三方 cookie 的棄用。我們將成為該投資組合解決方案的一部分。但我認為在 CTV 中，你將看到一個非常非常強大的第一方世界，而我們將處於其中的前沿和中心。

As it relates to commerce media, you give a good example of Uber, and you can see it through across all kind of the travel industry per se. Anyone that owns their own screens, you're starting to see a real appetite to get into the commerce media business. And I think that we are expertly positioned as you look with the win of a very contested RFP with United -- we have a video ad server. We have video monetization capabilities in the programmatic area.

當它與商業媒體相關時，你給了 Uber 的一個很好的例子，你可以在所有類型的旅遊業本身中看到它。任何擁有自己螢幕的人都會開始看到進入商業媒體業務的真正興趣。我認為，正如您所看到的，我們在與曼聯的競爭非常激烈的 RFP 中獲勝，我們的定位非常專業 - 我們擁有視訊廣告伺服器。我們在程序化領域擁有視訊貨幣化能力。

We are extremely experienced in this stuff, and we can bring demand for them. And so, I think that unlike some of the initial forays in kind of retail media networks, I think this commerce travel network business will be very much a sell-side focused business. And I think we're very well-positioned to capitalize on that.

我們在這方面非常有經驗，我們可以帶來對它們的需求。因此，我認為，與零售媒體網路的一些最初嘗試不同，我認為這種商務旅遊網路業務將在很大程度上是一項以賣方為中心的業務。我認為我們已經做好充分利用這一點的準備。

Thanks, Michael.

謝謝，麥可。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Hi, guys. This is Brian Kraska on for Shweta. Thank you for taking the questions, and congrats on the quarter. Just wanted to see if you could provide an update on Trade Desk and OpenPath, if there's any impact you're seeing there. I know you mentioned in the first quarter that you're gaining share in DV+ and accelerated growth. Just any update on that commentary?

嗨，大家好。我是布萊恩‧克拉斯卡 (Brian Kraska)，替補席維塔 (Shweta) 發言。感謝您提出問題，並祝賀本季。只是想看看您是否可以提供有關 Trade Desk 和 OpenPath 的更新，以及您在那裡看到的任何影響。我知道您在第一季度提到您正在獲得 DV+ 的份額並加速增長。該評論有更新嗎？

And then, we appreciate the color on the verticals in the quarter. Just wanted to see if you have any incremental color on how those trend quarters to date.

然後，我們欣賞該季度垂直方向上的顏色。只是想看看您是否對這些季度迄今為止的趨勢有任何增量了解。

Sure, Brian. I'll take the first, and I'll let David talk about the verticals. Yes, no real update on OpenPath. Again, it's here to stay. We participate in the economics of OpenPath on the CTV side. And we have -- our share of spend with Trade Desk continues to grow on the DV+ side. So we feel as though we're well positioned as a kind of leading omnichannel SSP.

當然，布萊恩。我會選擇第一個，然後讓 David 談談垂直領域。是的，OpenPath 沒有真正的更新。再說一遍，它會留在這裡。我們參與 CTV 方面的 OpenPath 經濟。我們在 Trade Desk 的 DV+ 方面的支出份額持續成長。因此，我們覺得我們作為領先的全通路 SSP 處於有利地位。

And David, I don't know if you have any more color on the verticals.

大衛，我不知道你是否還有更多關於垂直方向的顏色。

Yeah. I mean, I think a couple of things. I think first to -- when you think about verticals for us, we're not disproportionately dependent on specific verticals. We have such a big footprint that overall spend, advertising spend in general, our spend tends to mimic that. And so when we talk about strength and weaker verticals, it's more on the margin.

是的。我的意思是，我認為有幾件事。我認為首先——當你考慮我們的垂直行業時，我們並沒有過度依賴特定的垂直行業。我們的足跡如此之大，以至於整體支出，一般廣告支出，我們的支出往往會模仿這一點。因此，當我們談論優勢和較弱的垂直領域時，更多的是邊緣問題。

They're not always huge, huge drivers. So some context there. I think, obviously, political being 3.5% of our total revenue for the quarter was significant. And news and retail were the other strongest verticals. News, we were talking about this earlier.

他們並不總是巨大的車手。所以有一些背景。我認為，顯然，政治業務占我們本季總收入的 3.5% 意義重大。新聞和零售是其他最強大的垂直行業。新聞，我們之前討論過這個。

Hurricanes drove a little more news and probably politics as well. So that's -- I think that's the insight that we have.

颶風帶來了更多的新聞，或許還有政治。我認為這就是我們的見解。

Zach Cummins, B. Riley.

扎克康明斯、B萊利。

Hi, good afternoon. Thanks for taking my question. Is there any way you could provide any sort of incremental update around the Mediaocean partnership? I know it was something announced earlier this year, but any sort of incremental update on that would be appreciated.

嗨，下午好。感謝您提出我的問題。您是否可以透過任何方式提供有關 Mediaocean 合作夥伴關係的增量更新？我知道這是今年早些時候宣布的事情，但任何形式的增量更新都將不勝感激。

Yeah. Thanks, Zach. As we had said before, we think it's a great partnership filled with opportunity for both of us. But we caution that from a sales cycle standpoint and an activation standpoint that it's going to take some time. And so I think we're pretty much right where we thought we would be.

是的。謝謝，扎克。正如我們之前所說，我們認為這是一次偉大的合作關係，對我們雙方來說都充滿了機會。但我們警告說，從銷售週期和啟動的角度來看，這將需要一些時間。所以我認為我們現在的處境非常正確。

We have folks sampling the tool. We have folks actively coursing spend through it. And it's more kind of a test mode and probably doesn't activate in terms of any substantial spend until you get into the kind of Q1, Q2 timeframe of next year.

我們有人對這個工具進行了採樣。我們有人積極透過它來控制支出。這更像是一種測試模式，在進入明年第一季、第二季的時間範圍之前，可能不會啟動任何實質支出。

Understood, that's helpful. And realizing that DV+ is facing some near-term headwinds, what's the right way to think about maybe the sustainable growth rate in that business as we go forward from here? Just curious of how you're thinking about incrementally investing in opportunities on that side.

明白了，很有幫助。意識到 DV+ 近期面臨一些阻力，當我們繼續前進時，思考該業務的可持續成長率的正確方法是什麼？只是好奇您如何考慮逐步投資這方面的機會。

David, do you want to handle that?

大衛，你想解決這個問題嗎？

Yeah, sure. Yeah, I think I think we feel good about DV+. There's no reason that we can't continue to be a share taker. And depending on the strength of the macro and overall spend, we certainly think that our DV+ growth rates could increase from the level that they're at now. We're investing in new formats and the curation that Michael mentioned earlier, we think we have the scale and the footprint and the technology that, that could be an additional driver for us, both in the space and also for taking share.

是的，當然。是的，我想我們對 DV+ 感覺很好。我們沒有理由不能繼續成為股東。根據宏觀經濟和整體支出的實力，我們當然認為我們的 DV+ 成長率可能會比現在的水平有所提高。我們正在投資邁克爾之前提到的新格式和策劃，我們認為我們擁有規模、足跡和技術，這可能成為我們在空間和份額方面的額外驅動力。

Understood. Thanks for taking my questions, and best of luck with the rest of the quarter.

明白了。感謝您提出我的問題，祝本季剩下的時間一切順利。

Thanks, Zach.

謝謝，扎克。

Matt Swanson, RBC Capital Markets.

馬特‧斯旺森，加拿大皇家銀行資本市場部。

Hey, guys. This is Simran on for Matt Swanson. Thanks for taking the question, congrats on the results. For my first one, it seems like you guys have partnered with almost everyone in CTV. So what would you say is the strategy to grow these partnerships from here?

嘿，夥計們。我是西姆蘭 (Simran) 替馬特·斯旺森 (Matt Swanson) 發言。感謝您提出問題，祝賀結果。對於我的第一個節目，你們似乎已經與 CTV 的幾乎所有人合作了。那麼您認為從這裡發展這些合作關係的策略是什麼？

Yeah, great observation. There aren't too many folks that we aren't their primary programmatic partner. So I think what the strategy is, is that we ride the maturation of programmatic with our partners. So particularly for our top premium partners, the Plus services, programmatic right now is almost exclusively sold by the publisher. And when we don't source the demand, our take rate is on the lower range of our take rates.

是的，觀察力很棒。沒有太多人不是我們主要的程序化合作夥伴。所以我認為我們的策略是與合作夥伴一起推動程序化的成熟。因此，特別是對於我們的頂級優質合作夥伴來說，Plus 服務目前幾乎完全由發行商銷售。當我們不採購需求時，我們的採用率處於較低的採用率範圍內。

But as it becomes more biddable, as more advertisers, not just linear broadcast advertisers, but advertisers that have traditionally done social or OLV in open web, as they start to test CTV and use it as a performance kind of middle funnel, bottom funnel advertising vehicle, that's where we start to pipe in the demand. We bring those advertisers in and that significantly improves the economics. So I think that the idea is to partner with everyone out there, which check that's occurred and now go with them on the journey and help bring them more monetization capabilities. And there, you'll see the profile of the economics improve substantially.

但隨著它變得更加可競價，隨著越來越多的廣告商，不僅僅是線性廣播廣告商，還有傳統上在開放網路中進行社交或OLV 的廣告商，他們開始測試CTV 並將其用作中間漏斗、底部漏斗廣告的績效類型車輛，這就是我們開始輸送需求的地方。我們引入了這些廣告商，這顯著提高了經濟效益。因此，我認為我們的想法是與每個人合作，檢查已經發生的情況，然後與他們一起踏上旅程，幫助他們帶來更多的盈利能力。在那裡，你會看到經濟狀況大幅改善。

Great. That's really helpful. And then one more for me. Do you see pressure on non-political spend? Did you see that towards the end of October? And how are you thinking about it coming back in guidance? And then, just speaking more broadly, how have trends looked one month into Q4? And has that momentum from Q3 kind of continued?

偉大的。這真的很有幫助。然後再給我一張。您認為非政治支出面臨壓力嗎？十月底你看到了嗎？您如何看待它回歸指導？然後，更廣泛地說，第四季一個月的趨勢如何？第三季的勢頭是否持續？

Yeah. So on the political side, there's always going to be dislocation, right? There's finite amount of ad times in CTV. And when political comes in, it does push out other folks. Also given the fact that it was like most of the elections in this country quite contentious, the mood of the programming, generally speaking, was something that folks kind of shut down on. So we did see a shutdown of like general ad brand spend, which we anticipate to return. Obviously, you're going into the holiday season, the strength of Q4 has always been there. So we anticipate that, that will come back.

是的。所以在政治方面，總是會出現混亂，對嗎？CTV 的廣告時間是有限的。當政治介入時，它確實會排斥其他人。另外，考慮到這個國家的大多數選舉都頗具爭議性，一般來說，節目的氣氛是人們不喜歡的。因此，我們確實看到了一般廣告品牌支出的關閉，我們預計這種情況會回歸。顯然，即將進入假期，第四季的實力一直存在。所以我們預計，這種情況會回來。

As to your -- the second part of the question, David, do you have any color as it relates to that?

至於你的問題的第二部分，大衛，你有與之相關的任何顏色嗎？

Yeah. As I mentioned, political is about 3.5% of our total revenue in Q3. And since the election is over, I guess, we can talk about political in the past tense here. In absolute terms, we more than doubled Q3 spend concentrated in the preelection timeframe. And so, if I pan back big picture, we had expectations of political coming in at around $20 million of contribution ex-TAC for the year, and we came in right around those expectations.

是的。正如我所提到的，政治業務約占我們第三季總收入的 3.5%。我想，既然選舉已經結束，我們就可以在這裡用過去式談論政治了。從絕對值來看，我們第三季的支出增加了一倍多，主要集中在選舉前的時間範圍內。因此，如果我回顧一下大局，我們預計今年的政治捐款（不包括 TAC）約為 2000 萬美元，而我們的表現正好符合這些預期。

Great, thanks a lot. Congrats again.

太好了，非常感謝。再次恭喜。

Robert Coolbrith, Evercore ISI.

羅伯特‧庫布里斯 (Robert Coolbrith)，Evercore ISI。

Hi, good afternoon. Thanks for taking the questions. I wanted to ask quickly if you have any update on the managed service business in the quarter. And then, I also wanted to ask a follow-up on curation, maybe from more of an advertiser perspective. Our understanding is that with one of the major DSPs and their sort of preferred ID solution, there's probably going to be a policy limitation on the use of third-party data segments. Are you seeing any advertisers trying to get ahead of that?

嗨，下午好。感謝您提出問題。我想快速詢問一下您本季的託管服務業務是否有任何更新。然後，我還想詢問策展的後續問題，也許更多從廣告商的角度來看。我們的理解是，對於主要 DSP 之一及其首選 ID 解決方案，可能會對第三方資料段的使用有政策限制。您是否看到任何廣告商試圖搶先一步？

And I'm wondering if there's anything you might be able to share in terms of share gain opportunity if you're sort of lighting up these audience segments and a different SSP solution isn't take rate opportunity or uplift opportunity, anything else you could tell us about that? Thank you very much.

我想知道，如果您想點燃這些受眾群體，並且不同的 SSP 解決方案不抓住利率機會或提升機會，或者其他任何您可以做的事情，那麼您是否可以在分享收益機會方面分享一些東西告訴我們這件事嗎？非常感謝。

Sure. I'll take the curation piece, and then, David, you can talk about managed service. Yeah. So, again, curation relative to early stages really has gained popularity. There used to be a ton of services, a ton of -- I'm not going to say networks, but some were network models, some were more of an exchange model.

當然。我將接受策展部分，然後，大衛，你可以談談託管服務。是的。因此，相對於早期階段的策展確實很受歡迎。曾經有大量的服務，大量的——我不會說網絡，但有些是網絡模型，有些更多的是交換模型。

But as this SPO has continued with major buyers, basically, let's just say, you were a company that had player technology that a publisher would use your player -- your video player technology in return, they would give you instead of paying for the technology or they pay a little for the technology, but they give you some ad slots in it. And so there's a case of technology and then there's a case of unique ad units. So some folks have unique spaces on the page. Increasingly, what buyers are saying and particularly the large agencies is like we would just soon conduct that through our exchange relationships that we have in place. So why don't you just go to Magnite and then Magnite will then activate through their marketplace these special units, the special technology, et cetera.

但隨著這個SPO 繼續與主要買家合作，基本上，我們只是說，您是一家擁有播放器技術的公司，出版商會使用您的播放器- 您的視頻播放器技術作為回報，他們會給您而不是為該技術付費或他們為這項技術支付了一點錢，但他們給了你一些廣告位。因此，有一個技術案例，還有一個獨特的廣告單元案例。所以有些人在頁面上有獨特的空間。越來越多的買家（尤其是大型機構）表示，我們很快就會透過現有的交換關係來實現這一目標。那麼，為什麼你不直接去 Magnite，然後 Magnite 將透過他們的市場啟動這些特殊單位、特殊技術等等。

And therefore, we'll buy it that way. That's one quite common way of that occurring. The other is the targeted solution of us finding audience segments and banning them together. I'm not aware of any restrictions vis-à-vis a DSP allowing that to occur. Generally speaking, it's not coming from the DSP per se, but it's coming from the advertiser behind the DSP, and they're the ones that are driving that demand.

因此，我們會這樣購買。這是很常見的發生方式。另外一個就是我們找到細分受眾群，然後一起封鎖的針對性解決方案。我不知道 DSP 有任何限制允許這種情況發生。一般來說，它不是來自 DSP 本身，而是來自 DSP 背後的廣告商，而他們正是推動這項需求的人。

So I feel hard-pressed to believe that they would limit that if they're finding success of that and trying to find the audience that they're looking for that's quite finite if we weren't able to stretch it across thousands of publishers.

因此，我很難相信他們會限制這一點，如果他們正在尋找成功並試圖找到他們正在尋找的受眾，如果我們無法將其擴展到數千個出版商，那麼這是相當有限的。

Got it. Thank you.

知道了。謝謝。

And on the managed service front, in the third quarter, managed service was about 4% of our total contribution ex-TAC, and that's down about 20% year over year. As we look forward to the fourth quarter, we would also expect managed service to be down in those levels or perhaps even greater. So what's going on, as you recall, managed services is primarily our mid-market sales folks who are helping agencies and other buyers who don't have the in-house resources to run programmatically. But many of those agencies and buyers are growing in their ability to run programmatic. And so, we're seeing some of those dollars shift into programmatic.

在託管服務方面，第三季度，託管服務約占我們扣除 TAC 的總貢獻的 4%，年減約 20%。當我們展望第四季時，我們也預期託管服務將下降到這些水平，甚至可能更大。因此，正如您所記得的，託管服務主要是我們的中端市場銷售人員，他們正在幫助沒有內部資源以程式設計方式運作的代理商和其他買家。但許多代理商和買家的程序化營運能力正在不斷增強。因此，我們看到其中一些資金轉向程序化。

The good news is, most of the time, that's continued -- they continue to work with us. And so these relationships are very important from our managed service team. But you are seeing, as we expected, that business activity becoming programmatic, which is at a slower take rate.

好消息是，大多數時候，這種情況仍在繼續——他們繼續與我們合作。因此，這些關係對於我們的託管服務團隊來說非常重要。但正如我們預期的那樣，您會看到業務活動變得程序化，而且執行速度較慢。

So in the short term, it hurts us from a take rate perspective and a contribution ex-TAC perspective. But we believe these players over time are going to continue to grow in their programmatic and that certainly offsets the negative component of that over time. And so we believe that managed service will continue to become a smaller and smaller portion of our overall contribution ex-TAC as we continue to move forward.

因此，從短期來看，從採用率角度和除 TAC 貢獻角度來看，這對我們造成了傷害。但我們相信，隨著時間的推移，這些參與者的程序化將繼續增長，這肯定會抵消隨著時間的推移所帶來的負面影響。因此，我們相信，隨著我們繼續前進，託管服務在我們除 TAC 之外的整體貢獻中所佔的比例將越來越小。

Got it. Thank you very much.

知道了。非常感謝。

Alec Brondolo, Wells Fargo Securities.

亞歷克‧布隆多洛 (Alec Brondolo)，富國銀行證券公司。

Thank you so much. Could we maybe double-click on the 30% reduction in cost per ad request year over year? That seems like a pretty meaningful -- it is a pretty meaningful improvement. I think you called out filtering and traffic shaping as the two drivers in the prepared remarks. Could you maybe spend a little bit more time just elaborating on what specifically that means or what functionally is changing there? And then secondly, just any feedback on how gross spend trended in the quarter relative to contribution ex-TAC would be helpful. Thanks.

太感謝了。我們是否可以雙擊每個廣告請求的成本逐年降低 30%？這看起來是一個非常有意義的改進——這是一個非常有意義的改進。我認為您在準備好的發言中將過濾和流量整形稱為兩個驅動因素。您能否花更多時間來詳細說明這具體意味著什麼或功能上發生了什麼變化？其次，任何有關本季總支出相對於 TAC 前貢獻的趨勢的回饋都會有所幫助。謝謝。

Yeah. Great. I'll touch on the efficiency gains on the DV+ platform and then have David expand upon that and talk about gross spend. But essentially, our costs are -- when we receive an ad request, that carries the cost structure to it. But when you bring that ad request to the exchange and run an auction and you're sending that ad request out to multiple DSPs, obviously that's a different cost profile.

是的。偉大的。我將討論 DV+ 平台上的效率提升，然後讓 David 對此進行擴展並討論總支出。但本質上，我們的成本是——當我們收到廣告請求時，它會帶來成本結構。但是，當您將該廣告請求提交給交易平台並進行拍賣，並將該廣告請求發送給多個 DSP 時，顯然這是不同的成本配置。

So what you really want to do is figure out what are the most sought-after ad requests, the ones that have been purchased in the past, whether it's a region, whether it's a device type, whether it's an inventory type. And for those that have never been bought, make sure that they don't make it to auction where your costs escalate. And so, most of the filtering and the shaping occur when the trillions of ad requests hit the front door. And then you smartly allocate to DSP number two, because DSP number two loves this type of inventory, we will send them that inventory first because we think we'll have a higher win rate. So all of this is going on in real time every day, recalibrated every 10 minutes based upon the trailing 10 minutes of activity. And that has really helped us to become so much more efficient with our on-prem boxes.

因此，您真正想做的是弄清楚哪些是最受歡迎的廣告請求，哪些是過去購買過的廣告請求，是否是區域，是否是設備類型，是否是廣告資源類型。對於那些從未購買過的物品，請確保它們不會參加拍賣，因為拍賣會導致您的成本不斷上升。因此，大多數的過濾和調整都是在數萬億個廣告請求到達前門時發生。然後你巧妙地分配給第二號DSP，因為第二號DSP喜歡這種類型的庫存，我們會先向他們發送該庫存，因為我們認為我們會有更高的獲勝率。因此，所有這些每天都會即時進行，並根據過去 10 分鐘的活動每 10 分鐘重新校準一次。這確實幫助我們提高了本地設備的效率。

I don't know, David, if you have more to add there or about the gross spend.

大衛，我不知道您是否還有更多要補充的內容或總支出。

Yeah. No, I think you covered it. From a gross -- an ad spend perspective, we'll look at DV+ and CTV separately. From a DV+ perspective, in general, our ad spend grows roughly at similar rates as our revenue growth, as our contribution ex-TAC. In CTV, as we've talked about, ad spend continues to grow at higher rates than our CTV contribution ex-TAC growth, but the difference between those growth rates has narrowed as our contribution ex-TAC has lifted up closer to the ad spend run rates. And so we're starting to see a little bit more stabilization. There's still a gap between those growth rates, but we're seeing more stabilization.

是的。不，我想你已經涵蓋了。從廣告支出總額的角度來看，我們將分別檢視 DV+ 和 CTV。從 DV+ 的角度來看，一般來說，我們的廣告支出成長速度與我們的營收成長速度大致相似，因為我們的貢獻不包括 TAC。正如我們所討論的，在CTV 中，廣告支出的成長速度繼續高於我們的CTV 貢獻（不包括TAC 的成長），但隨著我們的不包括TAC 的貢獻提高到更接近廣告支出，這些成長率之間的差異已經縮小。因此，我們開始看到更穩定的情況。這些成長率之間仍然存在差距，但我們看到更加穩定。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Max Michaelis, Lake Street Capital Markets.

馬克斯‧米凱利斯 (Max Michaelis)，湖街資本市場。

Hey, guys. Just one for me. If we go back to the Disney renewal, and you guys talked about sourcing your own demand and taking a higher take rate on that. Is that something you weren't previously doing? Or can you help me understand, is that something new you're doing with Disney? I guess, anywhere, any comments you can provide? Thanks.

嘿，夥計們。只給我一個。如果我們回到迪士尼的續約，你們談到了尋找自己的需求並採取更高的接受率。這是你以前沒有做過的事嗎？或者你能幫我理解一下，這是你和迪士尼一起做的新事情嗎？我想，無論在哪裡，您可以提供任何意見嗎？謝謝。

Yeah. I think, Max, good observation. I think the statement was more a statement about -- it was 2-fold. Number one, it's just the growing evolution of premium publishers' willingness to do programmatic in a biddable fashion, where when they first foray into programmatic, it was very much audiences defined by the publisher, pricing set by the publisher, and a one-to-one relationship in terms -- even though it was just executed programmatically, right? They knew the advertiser, they created the audience segment for them. It was just pushed through our pipes.

是的。我認為，麥克斯，觀察力很好。我認為這個聲明更多的是關於——它是雙重的。第一，優質發行商越來越願意以可出價的方式進行程序化，當他們第一次涉足程序化時，受眾很大程度上是由發行商定義的，定價是由發行商設定的，並且是一對一的。他們了解廣告商，並為他們創建了受眾群體。它只是被推入我們的管道。

So in that scenario, we're kind of providing value, but kind of the lower rung of value. And now that you're getting into more biddable opportunities, even if it's led by the publisher, when you're doing biddable, it carries a higher-value perception invite-only auctions, even could be 80 advertisers bidding on the same segment, that's a different profile. So the maturation of the Disney relationship is not unlike any of the other relationships we have with the premium publishers. There's just a growing acceptance that biddable is a very viable way to increase yield and please buyers.

因此，在這種情況下，我們提供了某種價值，但價值較低。現在你正在獲得更多可競價的機會，即使它是由發布商主導的，當你進行可競價時，它會帶來更高價值的感知邀請拍賣，甚至可能是80個廣告商對同一細分市場進行競價，這是一個不同的個人資料。因此，迪士尼關係的成熟與我們與優質出版商的任何其他關係沒有什麼不同。人們越來越認識到，biddable 是提高收益和取悅買家的一種非常可行的方式。

Some of the properties that we expanded our relationship with in Disney, in particular, are in markets that are either, A, emerging, say, for instance, audio, or B, in international markets that may or may not have the same kind of sales footprint that you might in North America. And they lend themselves more naturally to programmatic demand being sourced by Magnite.

特別是，我們與迪士尼擴大了關係的一些資產要么是 A 新興市場，例如音頻市場，要么 B 是國際市場，這些市場可能有也可能沒有相同類型的市場。它們更自然地滿足 Magnite 提供的程式化需求。

Awesome, thanks, guys.

太棒了，謝謝你們。

Thanks.

謝謝。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

[With large growth drivers, including the ongoing secular shift to CTV] --

[擁有巨大的成長動力，包括持續向 CTV 的長期轉變]——

Tim, are you on the line?

提姆，你在線上嗎？

We already had Tim question before.

我們之前已經向蒂姆提出問題。

Operator, we can go ahead and move on to the next one. If there's no others, then we can wrap up.

接線員，我們可以繼續下一個操作了。如果沒有其他人的話，我們就可以結束了。

Yes. This will conclude the question-and-answer session. I would like to turn the conference back over to Michael Barrett for any closing remarks.

是的。問答環節就此結束。我想將會議轉回邁克爾·巴雷特（Michael Barrett）發表閉幕詞。

Thank you, Sherry. Before wrapping up, I would like to thank the great Magnite team around the world for their dedication and very hard work for delivering another strong quarter that exceeded expectations. Our team's success is publicly recognized by securing the highest score in the current offering category of the 10 vendors evaluated in the Forrester Wave sell-side platform's Q4 2024 report. So congratulations to all the Magniters.

謝謝你，雪莉。在結束之前，我要感謝世界各地偉大的 Magnite 團隊的奉獻精神和辛勤工作，為我們帶來了另一個超出預期的強勁季度。我們團隊的成功得到了公眾的認可，在 Forrester Wave 賣方平台 2024 年第四季度報告中評估的 10 家供應商的當前產品類別中獲得了最高分。祝賀所有 Magniters。

We look forward to speaking with many of you at our upcoming investor events. We are participating in or at Wells Fargo Virtual Meetings tomorrow, Truist Virtual Conference on November 12, SIG Meetings in Boston on the November 13, Seaport Virtual Conference on November 18, Craig-Hallum Conference in New York on November 19, RBC Conference in New York on November 20, Macquarie Conference in Sydney on November 20, Wells Fargo Conference in Rancho Palos Verdes on December 3, Wolfe Conference in New York on December 4, Evercore meetings in San Francisco on December 9, and the Scotiabank Conference in San Francisco on December 10.

我們期待在即將舉行的投資者活動中與你們中的許多人交談。我們將參加明天的富國銀行虛擬會議、11 月12 日的Truist 虛擬會議、11 月13 日在波士頓舉行的SIG 會議、11 月18 日在紐約舉行的海港虛擬會議、11 月19 日在紐約舉行的Craig-Hallum 會議、在紐約舉行的RBC 會議。 4 日在紐約召集沃爾夫會議，12 月9 日在舊金山召開Evercore 會議，以及12 月12 月在舊金山召開豐業銀行會議。

Thank you all for joining, and have a great evening.

感謝大家的加入，祝您有個愉快的夜晚。

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

謝謝。現在這件事已經結束了。感謝您參加今天的演講。您現在可以斷開連線。