Rubico Inc (RUBI) 2025 Q2 法說會逐字稿

Good day, and welcome to Magnite Q2 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Nick Kormeluk in Investor Relations. Please go ahead.

大家好，歡迎參加 Magnite 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部的 Nick Kormeluk。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's second quarter 2025 earnings conference call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; and David Day, our CFO. I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation.

謝謝接線員，大家下午好。歡迎參加 Magnite 2025 年第二季財報電話會議。提醒一下，本次電話會議正在錄音。今天與我一起參加電話會議的還有執行長邁克爾·巴雷特 (Michael Barrett) 和首席財務官大衛·戴 (David Day)。我想指出的是，我們已經在投資者關係網站上發布了財務重點幻燈片，以配合今天的簡報。

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

在我們開始之前，我要提醒您，我們準備好的評論和對問題的回答將包括可能被視為前瞻性陳述的信息，包括但不限於有關我們預期的財務業績和戰略目標的陳述，包括宏觀經濟因素對我們業務的潛在影響。

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

這些聲明並不能保證未來的表現。它們反映了我們目前對未來事件的看法，基於假設和估計，並受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、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 2025 quarterly report on Form 10-Q and our 2024 annual report on Form 10-K. We undertake no obligation to update forward-looking statements or relevant risks.

有關這些和其他風險、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 2025 年第一季的 10-Q 表季度報告和 2024 年的 10-K 表年度報告。我們不承擔更新前瞻性陳述或相關風險的義務。

Our commentary today will include non-GAAP financial measures, including contribution ex-TAC, or less traffic acquisition costs, adjusted EBITDA and non-GAAP net 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.

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 後的貢獻，或減去流量獲取成本、調整後的 EBITDA 和非公認會計準則每股淨收入。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發佈在投資者關係網站上的財務摘要中找到。

At times, in response to your questions, we may offer additional metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail may be 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. I will now turn the call over to Michael. Please go ahead, Michael. Please go ahead, Michael.

有時，為了回答您的問題，我們可能會提供額外的指標，以便更深入地了解我們的業務動態。請注意，這些額外的細節可能只是一次性的，我們可能會或可能不會提供這些指標的未來更新。我鼓勵您造訪我們的投資者關係網站，查看我們的新聞稿、財務要點、定期的 SEC 報告以及今天電話會議的網路直播重播，以了解有關 Magnite 的更多資訊。現在我將把電話轉給麥可。請繼續，邁克爾。請繼續，邁克爾。

Thank you, Nick. Q2 came in strong, and we exceeded total top-line guidance with CTV contribution ex-TAC growing 14%, or 15% excluding political, and DV+ growing 8%. Adjusted EBITDA also came in significantly above expectations at $54 million, growing 22% with a margin of 34% versus 30% in Q2 last year.

謝謝你，尼克。第二季表現強勁，我們的總營收預期超出預期，其中 CTV 貢獻（不包括 TAC）成長 14%，或不包括政治因素成長 15%，DV+ 成長 8%。調整後的 EBITDA 也大幅超出預期，達到 5,400 萬美元，成長 22%，利潤率為 34%，而去年第二季為 30%。

Our CTV business continued to produce strong results driven by new and expanding partnerships, positive SMB trends, growth in agency marketplaces, and programmatic growth in live sports. Let's go one by one, starting with the industry's largest streamers, where we continue to deepen our relationships.

我們的 CTV 業務繼續取得強勁業績，這得益於新的和不斷擴大的合作夥伴關係、積極的 SMB 趨勢、代理市場的增長以及體育直播節目的程序化增長。讓我們逐一介紹，從業內最大的串流媒體開始，我們將繼續加深與這些串流媒體的關係。

Our most significant growth came from Roku, Netflix, LG, Warner Bros Discovery, and Paramount this quarter. Warner Bros Discovery announced their NOVA platform during the upfronts in Q2. This is a new programmatic ad platform that allows CTV buyers direct access to WBD's entire premium video inventory through one simplified and intuitive user interface. The programmatic component is powered by Magnite.

本季度，我們最顯著的成長來自 Roku、Netflix、LG、華納兄弟探索頻道和派拉蒙。華納兄弟探索公司在第二季的預售期間宣布了他們的 NOVA 平台。這是一個新的程序化廣告平台，允許 CTV 購買者透過一個簡化且直觀的用戶介面直接存取 WBD 的整個優質影片庫存。此程序化組件由 Magnite 提供支援。

One of the most compelling future sources of CTV growth will be mid-sized direct-to-consumer brands, and we see that trend gaining momentum now. This segment of the market has been unlocked by a number of critical factors. The technology to run programmatically has matured and been implemented by the largest publishers, inventory is scaled, and CPMs have normalized to drive higher return on ad spend.

未來 CTV 成長最引人注目的來源之一將是中型直接面向消費者的品牌，我們看到這一趨勢正在增強。這一細分市場已被多種關鍵因素解鎖。程序化運行的技術已經成熟，並已被最大的出版商所實施，庫存已擴大，CPM 已正常化，以推動更高的廣告支出回報率。

Additionally, AI has dramatically reduced ad creative production costs and targeting ease, all making CTV become a desired and high-performing channel, delivering strong results for digital-first advertisers. We're very pleased to see an SMB-focused DSP partner, MNTN, go public this quarter, which further shows that the entry of SMBs into CTV is very real.

此外，人工智慧大大降低了廣告創意製作成本並簡化了定位，使 CTV 成為一個受歡迎的高性能管道，為數位優先廣告商帶來了強勁的業績。我們很高興看到專注於中小企業的 DSP 合作夥伴 MNTN 本季度上市，這進一步表明中小企業進入 CTV 是非常現實的。

We see the SMB segment exploding over the next three to five years through newer specialized DSPs like TVScientific, Vibe, Streamer, and more, and they'll all need access to premium CTV supply through an integrated ad server and SSP. That's exactly where Magnite is positioned to lead with its SpringServe product.

我們預計，未來三到五年內，中小企業市場將透過 TVScientific、Vibe、Streamer 等較新的專用 DSP 實現爆炸式增長，他們都需要透過整合廣告伺服器和 SSP 來存取優質的 CTV 供應。這正是 Magnite 憑藉其 SpringServe 產品佔據領先地位的地方。

We continue to deepen our partnerships with the largest agency holdcos, as we recently announced another buyer marketplace with Dentsu in EMEA. This continues to show our unique strength with agencies who can leverage our end-to-end technology to create curated packages of CTV inventory to drive greater returns for their clients.

我們繼續深化與最大的代理商控股公司的合作關係，最近我們宣布與電通在歐洲、中東和非洲地區建立另一個買家市場。這繼續展示了我們與代理商的獨特優勢，他們可以利用我們的端到端技術來創建精選的 CTV 庫存包，從而為客戶帶來更大的回報。

Next, I'll talk about live sports. You've heard me say that we are in the early days, and that remains true. However, each year we cycle a sports season, programmatic grows as an effective go-to-market tool to sell more inventory. I would position this as a growth opportunity that has great promise, with most of the leading players choosing Magnite due to our unparalleled tech and continued commitment to invest in this area.

接下來我講一下體育直播。你們聽我說過我們正處於早期階段，事實也是如此。然而，每年我們都會經歷一個運動賽季，程序化廣告逐漸成為一種有效的行銷工具，可以銷售更多的庫存。我將其定位為一個極具前景的成長機會，大多數領先的參與者選擇 Magnite 是因為我們擁有無與倫比的技術並持續致力於在該領域進行投資。

Our newly announced deal with FanDuel Sports Network, who produces over 3,000 live sporting events year-round in local markets, is yet another example of a partner who chose Magnite and is already operating at scale.

我們最近宣布與 FanDuel Sports Network 達成協議，該網絡全年在當地市場製作超過 3,000 場現場體育賽事，這也是合作夥伴選擇 Magnite 並已大規模運營的又一例證。

On the CTV technology front, we moved to general availability for our combined CTV platform with streaming and ad serving, now branded as SpringServe. As a reminder, this is a unique combination of our ad server and streaming platform that truly gives us a competitive advantage, while improving our internal operating efficiency.

在 CTV 技術方面，我們將串流媒體和廣告服務結合的 CTV 平台推向了普遍可用性，現在品牌為 SpringServe。提醒一下，這是我們的廣告伺服器和串流平台的獨特組合，它真正為我們帶來了競爭優勢，同時提高了我們的內部營運效率。

Now to DV+. DV+ contribution ex-TAC was up 8% this quarter, driven mostly by new product functionality and also by early contributions from recently announced partners. Additional publisher launches that are expected to start or ramp this year include Spotify, T-Mobile, and Redfin. We're also seeing share gains in DV+ from some of the largest DSPs.

現在轉到 DV+。本季度，DV+ 貢獻（不含 TAC）成長了 8%，主要得益於新產品的功能以及最近宣布的合作夥伴的早期貢獻。預計今年將開始或加速推出的其他發行商包括 Spotify、T-Mobile 和 Redfin。我們也看到一些最大的 DSP 在 DV+ 中的份額有所增長。

We have also seen significant success in the commerce media space. Our expanded partner list now includes Western Union, PayPal, and Connected Media by United Airlines, as well as recently announced REMAX. We will be monetizing REMAX's on-site digital inventory and activating their home buyer via our curation tools, look for commerce media to be a continued growth area for Magnite.

我們也在商業媒體領域取得了巨大的成功。我們擴大的合作夥伴名單現已包括西聯匯款、PayPal、美國聯合航空的 Connected Media，以及最近宣布的 REMAX。我們將透過我們的策展工具將 REMAX 的現場數位庫存貨幣化並激活他們的購房者，尋求商業媒體成為 Magnite 的持續成長領域。

On the DSP side, Magnite continues to benefit from supply path optimization. DSPs are rapidly consolidating their spend to a handful of platforms, platforms that can provide access to all types of programmatic media in a safe and transparent environment. Magnite is uniquely positioned to capitalize on this spend consolidation.

在 DSP 方面，Magnite 繼續受益於供應路徑優化。DSP 正在迅速將其支出集中到少數幾個平台上，這些平台可以在安全透明的環境中提供對所有類型程式化媒體的存取。Magnite 具有獨特的優勢，可以利用這種支出整合。

A great example of this is our growing partnership with Amazon, both as a DSP and a publisher. We've mentioned before that Magnite is one of only three platforms approved for Amazon DSP spend, which has resulted in significant growth. As a publisher, we are thrilled they chose us to help monetize their own inventory on their Fire platform. We believe this is a strong indication of how important Magnite is to generating demand in the CTV ecosystem.

一個很好的例子就是我們與亞馬遜日益增長的合作夥伴關係，既作為 DSP，又作為出版商。我們之前提到過，Magnite 是僅有的三個獲準使用 Amazon DSP 的平台之一，這帶來了顯著的成長。作為出版商，我們很高興他們選擇我們來幫助他們在 Fire 平台上將自己的庫存貨幣化。我們相信這有力地表明了 Magnite 對於在 CTV 生態系統中創造需求的重要性。

We're pleased to report continued growth in our curated product. Our curated marketplace enables global holding companies, data providers, and specialized curators, whether they focus on contextual targeting, optimization, or advanced creative execution, to operate and scale their businesses seamlessly on our platform across all inventory types and screens.

我們很高興地報告我們精選的產品持續成長。我們精心策劃的市場使全球控股公司、數據提供者和專業策展人（無論他們專注於情境定位、優化還是高級創意執行）能夠在我們的平台上跨所有庫存類型和螢幕無縫運營和擴展他們的業務。

Since the start of Q2, we've onboarded almost 50 curators, with the vast majority transacting across multiple formats, including CTV, display, and online video. This momentum underscores the market demand for sophisticated curation tools that live on the supply side.

自第二季開始以來，我們已經吸收了近 50 位策展人，其中絕大多數涉及多種形式，包括 CTV、展示和線上影片。這種勢頭凸顯了市場對供應方複雜的策展工具的需求。

Shifting to an update on AI, we continue to develop and embed AI capabilities as a core product focus. I'll provide an update on some of the capabilities we highlighted on our previous call, as well as some new offerings.

轉向人工智慧的更新，我們繼續開發和嵌入人工智慧功能作為核心產品重點。我將提供有關我們在上次電話會議中強調的一些功能以及一些新產品的最新資訊。

First, we expanded our neural net and machine learning systems to shape the outbound connections to our CTV buyers. Our industry-leading traffic shaping sends the most relevant available supply to bandwidth-constrained DSPs, allowing them to more efficiently discover inventory and increase their spend on our platform.

首先，我們擴展了我們的神經網路和機器學習系統，以塑造與 CTV 買家的出站連結。我們業界領先的流量整形技術可將最相關的可用供應發送給頻寬受限的 DSP，從而使他們能夠更有效地發現庫存並增加在我們平台上的支出。

Second, our AI-powered audience discovery feature within our curated marketplace tool is expanding to incorporate third-party data in addition to our proprietary segments, making it even easier for users to identify high-value audiences aligned with their campaign objectives.

其次，我們精心策劃的市場工具中由人工智慧驅動的受眾發現功能正在擴展，除了我們的專有細分之外，還納入了第三方數據，使用戶更容易識別符合其活動目標的高價值受眾。

And third, we're in the process of launching an LLM that uses AI to automatically categorize CTV inventory into contextual segments, making it more addressable and driving increased campaign reach and monetization compared to current manual categorization methods.

第三，我們正在推出一款 LLM，它使用人工智慧自動將 CTV 庫存分類為上下文段，與目前的手動分類方法相比，它更具可尋址性，並能推動廣告活動覆蓋率和貨幣化程度的提高。

We're very excited with the progress we've made in incorporating AI into our technology, and we'll continue to roll out AI agents and automated optimization as core components of our product roadmap. The last topic I want to briefly cover is the antitrust ruling against Google in the DOJ case, which we believe will likely change the entire landscape of the open internet and drive significant upside for our DV+ business.

我們對將人工智慧融入我們的技術所取得的進展感到非常興奮，我們將繼續推出人工智慧代理和自動優化作為我們產品路線圖的核心組件。我想簡要談的最後一個主題是司法部針對Google的反壟斷裁決，我們認為這可能會改變整個開放網路的格局，並為我們的 DV+ 業務帶來顯著的成長。

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

提醒一下，法院發現谷歌在其廣告伺服器和廣告交易平台（也稱為 SSP）方面從事了非法壟斷行為。顯然，多年來，Google一直從事非法行為，導致其廣告伺服器內部出現不公平拍賣，從而不成比例地增加了其 SSP 的交易量，而損害了 Magnite 等競爭對手 SSP 的利益。

The court also found that Google had illegally leveraged their control of advertising demand to artificially prop up their own ad exchange and prevent publishers from freely choosing what SSPs or ad server to work with.

法院還發現，Google非法利用其對廣告需求的控制來人為支撐自己的廣告交易，並阻止出版商自由選擇與哪些 SSP 或廣告伺服器合作。

We are highly encouraged by the court's ruling and believe that it will drive beneficial changes to the open internet and result in a more fair and transparent process that yields greater returns for publishers and advertisers. We remain focused on preparing our business for potential outcomes of the remedy phase, which is set to commence on September 2025.

我們對法院的裁決感到非常鼓舞，並相信它將推動開放網路的有益變化，並帶來更公平和透明的流程，為出版商和廣告商帶來更大的回報。我們將繼續專注於為 2025 年 9 月開始的補救階段可能產生的結果做好準備。

In their initial filings, the DOJ is seeking both structural and behavioral remedies. On the structural side, they are seeking a divestiture of both Google's SSP and ad server. On the behavioral side, they have proposed a series of remedies to address Google's unfair auction practices, as well as prohibitions on preferential routing of advertising demand or tying demand access to publishers' use of Google supply-side products.

美國司法部在首次提交的文件中尋求結構性和行為性補救措施。從結構方面來看，他們正在尋求剝離Google的 SSP 和廣告伺服器。在行為方面，他們提出了一系列補救措施來解決Google的不公平拍賣行為，以及禁止優先安排廣告需求或將需求訪問與出版商使用Google供應方產品掛鉤。

While the specific timing and nature of the remedies remain uncertain, and Google has already indicated an intent to appeal the decision, we believe any remedy that results in a more level playing field will be highly beneficial for our business and significantly improve our opportunity to monetize publishers' inventory and correspondingly increase our win rate. It's very possible that market share could begin to shift away from Google as soon as early 2026, as there have been indications that behavioral remedies will be implemented even during an appeals process.

雖然補救措施的具體時間和性質仍不確定，而且谷歌已經表示有意對該決定提出上訴，但我們相信，任何能夠帶來更公平競爭環境的補救措施都將對我們的業務非常有利，並顯著提高我們將出版商庫存貨幣化的機會，從而相應提高我們的勝訴率。市場佔有率很有可能在 2026 年初開始從谷歌轉移，因為有跡象表明，即使在上訴過程中也會實施行為補救措施。

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

我們估計谷歌的交易平台目前控制著 DV+ 市場近 60% 的份額。作為該領域的第二大參與者，我們的市場份額僅為中等個位數，鑑於我們領先的技術和與出版商的深厚關係，我們相信，我們完全有能力抓住谷歌停止非法行為後導致的市場份額變化，而無需對我們現有的成本結構進行任何有意義的改變。

Based on our estimates of the market, we expect that every 1% share shift in the market could result in $50 million of additional contribution ex-TAC on an annualized basis. One last thing to note, while the court's findings are focused on equitable remedies going forward, any civil damages that we could potentially realize would require us to file a separate action, which we believe has significant merit.

根據我們對市場的估計，我們預計市場份額每變化 1%，每年都可能帶來 5000 萬美元的額外貢獻（不包括 TAC）。最後要注意的是，雖然法院的裁決重點是未來的公平補救措施，但我們可能實現的任何民事損害都需要我們提起單獨的訴訟，我們認為這具有重要意義。

Before turning the call over to David, I want to point out that even with some lingering tariff pressures, we're expecting to see second-half 2025 growth rates accelerate, especially when looking at CTVx Political. We also intend to continue to invest in our live TV, ClearLine, and curation offerings, as we believe these represent a very attractive growth area where we can increase our market share. With that, I'll turn the call over to David for more details on the financials.

在將電話轉給大衛之前，我想指出，即使存在一些揮之不去的關稅壓力，我們預計 2025 年下半年的成長率將會加速，尤其是從 CTVx Political 來看。我們也打算繼續投資我們的直播電視、ClearLine 和策展產品，因為我們相信這些代表著非常有吸引力的成長領域，我們可以增加我們的市場份額。說完這些，我將把電話轉給大衛，以了解更多有關財務狀況的詳細資訊。

Thanks, Michael. As Michael mentioned, we had strong revenue growth in Q2, as macro downsides were not as pronounced as initially feared. We saw stronger-than-market growth in DV+ due to several product enhancements and momentum from a number of recent deals we signed.

謝謝，麥可。正如邁克爾所提到的，我們在第二季度實現了強勁的收入成長，因為宏觀不利因素並不像最初擔心的那樣明顯。由於多項產品的改進以及我們最近簽署的多項交易帶來的動力，DV+ 的成長勢頭強於市場。

Adjusted EBITDA was also significantly above guidance, growing 22% over the second quarter of last year, with a margin of 34% compared to 30% last year. We're very pleased with these results and in particular the continued strong growth in DV+.

調整後的 EBITDA 也大幅高於預期，較去年第二季成長 22%，利潤率為 34%，而去年為 30%。我們對這些結果非常滿意，尤其是 DV+ 的持續強勁成長。

While some tariff-related pressures persist, the overall ad spend environment appears less volatile. Given our current view, and assuming that this level of stability continues, we are reinstating our expectations for full-year results, which I will cover in more detail later in my remarks.

儘管一些與關稅相關的壓力仍然存在，但整體廣告支出環境似乎波動較小。鑑於我們目前的觀點，並假設這種穩定水平持續下去，我們將恢復對全年業績的預期，我將在後面的發言中更詳細地介紹。

Total revenue for Q2 was $173 million, up 6% from Q2 of 2024. Contribution ex-TAC was $162 million, up 10%, exceeding the high end of our guidance range. CTV contribution ex-TAC was $72 million, up 14% year over year, or 15% excluding political, and at the top end of our guidance range.

第二季總營收為 1.73 億美元，較 2024 年第二季成長 6%。扣除 TAC 後的貢獻為 1.62 億美元，成長 10%，超過了我們預期範圍的高端。CTV 貢獻（不含 TAC）為 7,200 萬美元，年成長 14%，或不包括政治因素成長 15%，處於我們指導範圍的最高端。

DV+ contribution ex-TAC was $90 million, an increase of 8% from the second quarter last year and above the top end of our guidance range. Our contribution ex-TAC mix for Q2 was 44% CTV, 39% mobile, and 17% desktop. From a vertical perspective, technology, health and fitness, and financial were the strongest performing categories, while auto was the weakest.

DV+ 貢獻（不含 TAC）為 9,000 萬美元，較去年第二季成長 8%，高於我們指引範圍的最高端。我們第二季的貢獻（不包括 TAC 組合）為 44% 來自 CTV、39% 來自行動裝置、17% 來自桌上型電腦。從垂直角度來看，科技、健康和健身以及金融是表現最強勁的類別，而汽車則表現最弱。

Total operating expenses, which includes cost of revenue, were $151 million, a decrease from $153 million for the same period last year. Adjusted EBITDA operating expenses for the second quarter were $108 million, better than we expected, and an increase from $102 million in the same period last year.

包括營業成本在內的總營運費用為 1.51 億美元，較去年同期的 1.53 億美元有所下降。第二季調整後的 EBITDA 營運費用為 1.08 億美元，優於我們的預期，較去年同期的 1.02 億美元增加。

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

我們指引中的大部分有利因素是受較低的雲端運算成本和其他員工相關費用的推動。正如我們所討論的，我們的技術團隊在降低單位雲端成本方面繼續取得重大進展，這使我們能夠在成本僅適度增加的情況下管理廣告請求量的大幅成長。

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

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

Our net income was $11 million for the quarter compared to a net loss of $1 million for the second quarter of 2024. As highlighted in my intro, adjusted EBITDA grew 22% year over year to $54 million, reflecting a margin of 34%, which compares to $45 million and a margin of 30% last year. This was a result of both higher revenue and disciplined investment and cost management efforts. As a reminder, we calculate adjusted EBITDA margin as a percentage of contribution ex-TAC.

本季我們的淨收入為 1,100 萬美元，而 2024 年第二季的淨虧損為 100 萬美元。正如我在介紹中所強調的，調整後的 EBITDA 年成長 22% 至 5,400 萬美元，利潤率為 34%，而去年為 4,500 萬美元，利潤率為 30%。這是收入增加和嚴格的投資與成本管理努力的成果。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。

GAAP earnings per diluted share was $0.08 for the second quarter of 2025 compared to a loss of $0.01 for the second quarter of 2024. Non-GAAP earnings per share for the second quarter of 2025 was $0.20 compared to $0.14 last year. Reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q2 results press release.

2025 年第二季 GAAP 每股攤薄收益為 0.08 美元，而 2024 年第二季每股虧損為 0.01 美元。2025 年第二季非公認會計準則每股收益為 0.20 美元，去年同期為 0.14 美元。我們第二季業績新聞稿中包含了非公認會計準則收入和非公認會計準則每股收益的對帳。

Our cash balance at the end of Q2 was $426 million, a slight decrease from $430 million at the end of the first quarter. The decrease was due primarily to small timing differences in working capital flows. Operating cash flow, which we define as adjusted less CapEx, was $34 million. Capital expenditures, including both purchases of property and equipment and capitalized internally used software development costs, were $20 million.

我們第二季末的現金餘額為 4.26 億美元，較第一季末的 4.3 億美元略有下降。下降的主要原因是營運資金流動的時間差異較小。經營現金流（我們將其定義為調整後減去資本支出）為 3,400 萬美元。資本支出（包括購買財產和設備以及資本化內部使用的軟體開發成本）為 2000 萬美元。

The interest expense for the quarter was $5 million. Net leverage was 0.6x at the end of Q2, no change from the end of the first quarter. As a reminder, the $205 million principal amount of our convertible notes is now classified as a current liability on the balance sheet, as the notes mature in March of 2026. We intend to pay off the converts with cash at maturity and have ample liquidity to do so.

本季的利息支出為 500 萬美元。第二季末淨槓桿率為0.6倍，與第一季末相比沒有變化。提醒一下，我們的可轉換票據的 2.05 億美元本金現在被歸類為資產負債表上的流動負債，因為這些票據將於 2026 年 3 月到期。我們打算在到期時用現金償還轉換者，並且擁有充足的流動資金來做到這一點。

During the quarter, we repurchased or withheld over 800,000 shares for approximately $11 million. As of today, we have $88 million remaining in our authorized share repurchase program, which we will continue to deploy opportunistically.

本季度，我們以約 1,100 萬美元回購或扣留了超過 800,000 股股票。截至今天，我們的授權股票回購計畫還剩餘 8,800 萬美元，我們將繼續適時部署。

I'll now share our thoughts about the third quarter and outlook for the full year. While the macro appears to stabilize somewhat, we remain cautious with our Q3 and full-year expectations. Given the concentration of political spend in the third and fourth quarters last year, we will also provide our guidance both with and without political contribution ex-TAC to show underlying business performance.

現在我將分享我們對第三季和全年展望的看法。儘管宏觀經濟似乎有所穩定，但我們對第三季和全年的預期仍保持謹慎。鑑於去年第三季和第四季政治支出的集中，我們還將提供包含和不包含政治捐款（不包括 TAC）的指導，以顯示潛在的業務表現。

For the third quarter, we expect contribution ex-TAC to be in the range of $161 million to $165 million, which is 9% growth at the midpoint, and 13% when excluding political. Contribution ex-TAC attributable to CTV to be in the range of $71 million to $73 million, which is nearly 12% growth at the midpoint, but over 18% growth when excluding political.

對於第三季度，我們預計扣除 TAC 後的貢獻將在 1.61 億美元至 1.65 億美元之間，中間值增長 9%，扣除政治因素後增長 13%。歸屬於 CTV 的 TAC 貢獻在 7,100 萬美元至 7,300 萬美元之間，以中間值計算成長近 12%，但如果不包括政治因素，則成長超過 18%。

Contribution ex-TAC attributable to DV+ to be in the range of $90 million to $92 million, which is 7% growth at the midpoint and 10% when excluding political. And we anticipate adjusted EBITDA operating expenses to be between $109 million and $111 million.

歸屬於 DV+ 的 TAC 貢獻在 9,000 萬美元至 9,200 萬美元之間，中間值成長 7%，不包括政治因素則成長 10%。我們預計調整後的 EBITDA 營運費用將在 1.09 億美元至 1.11 億美元之間。

For the full year, we anticipate total contribution ex-TAC growth above 10%, or mid-teens excluding political, adjusted EBITDA to grow in the mid-teens. And we're increasing our adjusted EBITDA margin expansion guidance to at least 150 basis points from 100 basis points previously, and free cash flow to grow high teens to 20%. In addition, we expect total CapEx to be approximately $60 million for the year, although we continue to opportunistically evaluate an acceleration of incremental CapEx investment as we transition to on-prem.

就全年而言，我們預計扣除 TAC 後的總貢獻成長率將超過 10%，或不包括政治因素的中段成長率將達到 15% 左右，調整後的 EBITDA 成長率將達到 15% 左右。我們將調整後的 EBITDA 利潤率擴張指引從先前的 100 個基點提高到至少 150 個基點，並將自由現金流成長從 10% 提高到 20%。此外，我們預計今年的總資本支出約為 6000 萬美元，儘管隨著我們向內部部署過渡，我們將繼續機會主義地評估增量資本支出投資的加速。

We're pleased with our second quarter results, with our continued execution on strategic initiatives, and we're confident in our ability to successfully navigate through the current environment. I'm also pleased with the progress our team continues to make in our tech stack cost efficiency efforts, which will help expand margins and support investments in growth areas. With that, let's open the line for Q&A.

我們對第二季的業績和策略性舉措的持續執行感到滿意，我們有信心能夠成功應對當前環境。我也很高興看到我們的團隊在技術堆疊成本效益工作方面不斷取得進展，這將有助於擴大利潤率並支持對成長領域的投資。現在，讓我們開始問答環節。

Shyam Patil, Susquehanna.

薩斯奎漢納的 Shyam Patil。

Congrats on the great quarter and outlook. I had a couple of questions. First one, you guys have had a lot of exciting new partnerships and customer wins over the past few quarters. And it really seems like your positioning in the market is being validated pretty strongly, if not inflecting upward. Maybe, Michael, can you talk about this and just the broader momentum you're seeing?

恭喜本季取得的出色成績和良好的前景。我有幾個問題。首先，在過去的幾個季度裡，你們建立了許多令人興奮的新合作關係，贏得了許多新客戶。而且看起來，您在市場中的定位確實得到了強有力的驗證，甚至有所提升。邁克爾，也許您能談談這一點以及您所看到的更廣泛的勢頭嗎？

And then my second question, Michael, I know you talked about Google in the prepared remarks. Just maybe what's your thinking in terms of kind of base case on what happens and kind of the benefit to Magnite? And then you talked about civil damages. I'm just kind of curious what that could look like as well.

然後是我的第二個問題，邁克爾，我知道您在準備好的發言中談到了谷歌。也許您對將會發生什麼的基本情況以及對 Magnite 有何好處有什麼看法？然後你談到了民事損害賠償。我只是有點好奇那會是什麼樣子。

Yeah. Good questions. So yeah, we have posted up a number of exciting wins and really thrilled with the traction in the marketplace. I think if you broadly look at them, particularly the ones on the CTV side, but not just related to CTV, you're seeing a trend where folks are utilizing pieces of our product stack to help build their programmatic business on. And this kind of modular approach that we can approach the marketplace is quite unique, and it's not just a one-size-fits-all approach.

是的。好問題。是的，我們取得了許多令人興奮的勝利，並且對市場的發展感到非常興奮。我認為，如果你廣泛地看待它們，特別是 CTV 方面的那些，但不僅僅與 CTV 相關，你會看到一種趨勢，即人們正在利用我們的產品堆疊來幫助建立他們的程序化業務。我們採用的這種模組化方法對於市場來說是非常獨特的，它並不是萬能的方法。

And so I think what we're finding is success in that approach, success in the investments that we made in our product, the acquisitions that we've made. And we find ourselves in relatively rarefied air where the competitive set is quite lean at that point. And I would expect to see more continued success in that area.

所以我認為，我們發現這種方法是成功的，我們對產品的投資和進行的收購是成功的。我們發現我們處在相對稀薄的空氣中，此時的競爭環境相當激烈。我希望看到該領域取得更多持續的成功。

As it relates to Google, it's kind of difficult to crystal ball it just given the fact that the remedies are out there, but haven't been ruled by the judge. And so, I would imagine at that juncture when the remedies are put forth, we'll probably have a stronger opinion as to what it might look like. And as it relates to any possible litigation in the civil action, I just -- we'll stick with the verbiage that we use in the script, and that is we're looking at it, and we think there's a lot of merit there.

就谷歌而言，由於補救措施已經存在，但法官尚未作出裁決，因此很難對其進行預測。因此，我想，當補救措施提出時，我們可能會對它是什麼樣子有更強烈的看法。至於它與民事訴訟中任何可能的訴訟有關，我只是——我們會堅持使用腳本中使用的措辭，那就是我們正在研究它，我們認為它有很多優點。

Great. Thank you guys.

偉大的。謝謝你們。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

This is Ken on for Shweta. Just one for me, what is driving the reiteration of the prior guide given the raise in Q3? Thank you.

這是 Ken 為 Shweta 表演的。對我來說只有一個問題，鑑於第三季的加薪，是什麼促使我們重申先前的指導？謝謝。

Yeah, I'll take that. Yeah. I think it's interesting. After our last earnings call, as we went through May and June, I think the overall ad spend market was sort of moderate, soft to moderate, but it was much more at least stable than what we had feared. So I think we kind of had bigger fears throughout that quarter.

是的，我會接受的。是的。我認為這很有趣。在我們上次財報電話會議之後，隨著五月和六月的到來，我認為整體廣告支出市場處於溫和、疲軟到中等水平，但至少比我們擔心的要穩定得多。所以我認為我們在整個那個季度都有更大的擔憂。

And there's -- even though the ad spend market isn't robust at this point of time, it's become much more stable. And so that's given us comfort to reiterate or to put back into place our perspective for the full year.

儘管目前廣告支出市場並不強勁，但它已經變得更加穩定。因此，這讓我們感到欣慰，可以重申或重新確立我們對全年的看法。

We're also super excited about, of course, the growth in CTV. You can see some of the acceleration, and we gave some numbers to back out political. So you can see the kind of organic growth and acceleration in that business. But we're particularly happy with the DV+ business.

當然，我們也對 CTV 的成長感到非常興奮。您可以看到一些加速，我們提供了一些數字來支持政治。因此您可以看到該業務的有機成長和加速。但我們對 DV+ 業務特別滿意。

We were initially more concerned that that business could be more volatile and with potentially more downside. But the team has really done a fantastic job. We've got some new product releases. We're getting some more momentum on some of our recent deals. And so there's actually more strength, I think, in that DV+ than we even anticipated.

我們最初更擔心的是，該業務可能會更加不穩定，並且可能會有更多不利因素。但該團隊確實做得非常出色。我們發布了一些新產品。我們在最近的一些交易中獲得了更多的動力。因此，我認為 DV+ 的實力實際上比我們預期的還要強大。

And so a combination of all those factors helped us to feel comfortable that we could kind of get something out there for the full year. Again, assuming that this current environment kind of continues the way that it's going right now.

所有這些因素的結合讓我們感到很放心，我們可以在全年取得一些成果。再次假設當前的環境繼續按照現在的方式發展。

Thank you very much. That's my only question. Thanks.

非常感謝。這是我唯一的問題。謝謝。

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

All right, thanks. Good afternoon. Obviously, a great quarter again, guys. So Michael, I mean, I guess I'll start it off and just say, yeah, Google is getting sued. They're also trying to stuff the home TV+ industry into an AI mode box. So we can debate whether or not they should be allowed to put their crawler and their AI on one consolidated platform. But how do you guys think about the development of agentic in the marketplace and your ability to continue to monetize DV+ if that becomes an increasing source of traffic and usage from consumers?

好的，謝謝。午安.顯然，這又是一個偉大的季度，夥計們。邁克爾，我的意思是，我想我會首先說，是的，谷歌被起訴了。他們也試圖將家庭電視+產業塞進一個AI模式的盒子裡。因此，我們可以討論是否應該允許他們將爬蟲和人工智慧放在一個統一的平台上。但是，如果 DV+ 成為流量和消費者使用量不斷增長的來源，你們如何看待 agentic 在市場上的發展，以及你們繼續將 DV+ 貨幣化的能力？

And then you spent a good amount of time talking live sports, Michael, and I appreciate that. And I guess, we've got ESPN DTC, we've got Fox DTC, and Peacock has had an absolute killer upfront. And so how should we think about the contribution this year from live sports almost all being done programmatically now like -- or at least the newer offerings. So just help us think through potential even as early as this year from that platform? Thank you.

然後你花了大量時間談論現場體育賽事，邁克爾，我很感激。我想，我們有 ESPN DTC，我們有 Fox DTC，而且 Peacock 的前期準備非常充分。那麼，我們該如何看待今年現場體育賽事的貢獻呢？現在幾乎所有的體育賽事都是透過程式化的方式進行的——或者至少是較新的節目。那麼，能否幫助我們思考一下該平台在今年的潛力？謝謝。

Yeah, thanks for the questions, Dan. Yeah, so AI is definitely the agentic chat tools that the consumers are using, businesses are using. There's no question that search referral traffic has gone down for our clients that are primarily browser-based websites.

是的，謝謝你的提問，丹。是的，所以人工智慧絕對是消費者和企業正在使用的代理聊天工具。毫無疑問，對於我們主要基於瀏覽器的網站而言，搜尋引薦流量已經下降。

It's important to note, and David gave the mix before in his part of the script, our business is pretty well diversified. We have a lot of mobile app business. Obviously CTV isn't impacted by this directly. And if you know the types of publishers we have, quite a lot of top brand globally, known brands, media companies where they truly are destination sites and weren't as reliant upon search referrals. And so there's a bit of protection there for them in terms of their future prospects for the business.

值得注意的是，正如大衛之前在他的劇本部分中提到的那樣，我們的業務相當多樣化。我們有很多行動應用業務。顯然，CTV 並未受到直接影響。如果你了解我們擁有的出版商類型，你會發現其中有許多全球頂級品牌、知名品牌和媒體公司，它們真正的目標是網站，而不那麼依賴搜尋推薦。因此，就他們的未來業務前景而言，這給他們帶來了一定的保護。

And lastly, we do work with a broad, broad swath of top publishers produces an awful lot of ad inventory. We'll process 1.5 trillion-plus ad requests today. I'd love to say we sell every one of those requests, but obviously we don't. And therefore, even if there was some deterioration in terms of traffic which led to less ads going to auction, it probably just kind of increases our win rate as a percentage of traffic that we bring. Also probably lowers our processing costs.

最後，我們確實與許多頂級出版商合作，製作了大量的廣告資源。我們今天將處理超過 1.5 兆個廣告請求。我很想說我們滿足了每一個請求，但顯然我們並沒有這麼做。因此，即使流量方面有所下降，導致參與競價的廣告數量減少，也可能只是增加了我們帶來的流量的中標率。也可能降低我們的加工成本。

We haven't seen budgets shift. We haven't seen buyers shy away from open web. And so I think we feel pretty good about where we stand today. And lastly, it's pure conjecture. But I don't think every one of these popular chat agents are going to be able to stand up an ad business the size of Google's.

我們尚未看到預算發生變化。我們還沒有看到買家迴避開放網路。所以我認為我們對目前的狀況感到非常滿意。最後，這純粹只是猜測。但我並不認為這些流行的聊天代理商都能開展像Google這樣規模的廣告業務。

Every one of them hiring 5,000 to 7,000 salespeople, the technology involved in it. They'll obviously have to have an ad play. And I fully anticipate that we'll be able to play in that game as -- them as publishers and us as sources of demand. So it could be new found publishers for us.

他們每家都僱用5000到7000名銷售人員，其中涉及技術。他們顯然必須要播放廣告。我完全相信我們能夠參與這場遊戲中——他們作為出版商，我們作為需求來源。所以這對我們來說可能是新發現的出版商。

And as for Live Sport, yes, it is early and look at it's super encouraging that the sports rates are being won by streamers. Consumers have cut cord, and they voted that streaming is the way to go. The FanDuel isn't insignificant, as you know. They are a huge regional sports network in baseball. And we are participating in that as we speak.

至於現場體育賽事，是的，現在還為時過早，而且看到體育賽事的收視率被串流媒體所贏得，真是令人鼓舞。消費者已經切斷了有線電視，他們認為串流媒體才是最佳選擇。如你所知，FanDuel 並非微不足道。他們是一個龐大的棒球區域運動網絡。我們正在參與其中。

And so I think that -- we'll be able to dimensionalize the numbers in the not-too-distant future, but it's still pretty early days in terms of contribution.

所以我認為——我們將能夠在不久的將來將這些數字維度化，但就貢獻而言，現在還處於早期階段。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great, thank you guys. So a question on the DV+ side. You've seen some really interesting engagements with platform companies earlier this year, Pinterest last quarter, companies that have historically filled ad slots internally. So just curious like what is happening on that front? And why is Magnite finally getting a seat at the table where you haven't before? And if you think this trend continues to other platforms?

太好了，謝謝大家。所以這是一個關於 DV+ 方面的問題。今年早些時候，你已經看到了與平台公司進行的一些非常有趣的合作，上個季度，Pinterest 也與這些公司合作，這些公司歷來都是在內部填補廣告位。所以只是好奇那方面發生了什麼事？為什麼 Magnite 最終獲得了之前從未有過的席位？您認為這種趨勢是否會延續到其他平台？

Yeah, great question, Jason. I mean from our observation, I think one of the things that folks have come to realize that own platforms like that, that maybe we're trying to run kind of a walled garden approach and that only demand source by their direct teams or any self-serve tools that they would have, which the only demand that could come.

是的，傑森，這個問題問得很好。我的意思是，從我們的觀察來看，我認為人們已經意識到擁有這樣的平台，也許我們正在嘗試一種圍牆花園的方法，並且只有他們的直接團隊或他們擁有的任何自助服務工具的需求來源才是唯一可能的需求。

And I think there's just sort of two kind of revelations. Number one, you're severely under monetizing your inventory if you're not plugging in third-party demand, and I think some folks have learned it the hard way. And the second is there's less and less of a desire among the advertising community to kind of do these direct kind of historically high COGS way of interacting with sales folks.

我認為有兩種啟示。第一，如果你不插入第三方需求，你的庫存貨幣化就會嚴重不足，我認為有些人已經從慘痛的經歷中學到了教訓。第二，廣告界越來越不願意採用這種歷史上成本較高的直接與銷售人員互動的方式。

And so I think programmatic is definitely desired by agencies, desired by marketers. And they have gotten very comfortable working with a handful of partners. Thankfully, Magnite is one of them. So when folks do go to open up and they talk to their agency partners and their marketers they tell them, well, most of our business runs on Magnite. And so it kind of puts us in a pole position to be their inaugural partner as they open up. And yes, we're thrilled with the announcements you've made and it would completely expect more announcements to come.

所以我認為程式化絕對是代理商和行銷人員所希望的。他們已經與少數合作夥伴合作得非常融洽。值得慶幸的是，Magnite 就是其中之一。因此，當人們確實去開放並與他們的代理商合作夥伴和行銷人員交談時，他們會告訴他們，我們的大部分業務都是在 Magnite 上進行的。因此，當他們開放市場時，我們就處於有利地位，成為他們的第一個合作夥伴。是的，我們對您發布的公告感到非常興奮，並且完全期待發布更多公告。

Appreciate that. And then just a quick follow-up. So Netflix has fully rolled out the Netflix ad suite. Just curious, as you're integrated in that, how that process has gone for Magnite? And if there's been any incremental visibility into what your role looks like?

非常感謝。然後只是快速的跟進。因此 Netflix 全面推出了 Netflix 廣告套件。只是好奇，當您參與其中時，Magnite 的流程進展如何？您是否對自己的角色有了更深入的了解？

Yeah. It continues to be an incredible partnership. We're thrilled to be a part of their story, emphasizing the fact that it is their story. So we just reiterate the things that Dave talked about and you're right about the rollout and our presentation in that rollout. And we maintain what we said all along that they're a very important revenue client for us. And as we exit the year, we feel comfortable in saying that they could be one of our biggest clients on a run rate basis.

是的。這仍然是一次令人難以置信的合作關係。我們很高興成為他們故事的一部分，並強調這是他們的故事。因此，我們只是重申戴夫談到的內容，你對此次推出以及我們在推出過程中的演示的看法是正確的。我們始終堅持我們的說法，他們是我們的一個非常重要的收入客戶。在即將結束的這一年裡，我們可以放心地說，從營業額來看，他們可能是我們最大的客戶之一。

I appreciate that. Thanks, Michael.

我很感激。謝謝，麥可。

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

Okay, great. Thanks for taking the question. I wanted to probe a little bit more some of the antitrust commentary, which obviously holds out a transformational kind of opportunity for you guys which makes the commentary about 2026 kind of interesting. The idea that behavioral remedies could be implemented while an appeal is outstanding.

好的，太好了。感謝您回答這個問題。我想進一步探討一些反壟斷評論，這顯然為你們提供了一種轉型的機會，這使得有關 2026 年的評論變得有趣。在上訴未決期間可以實施行為補救措施的想法。

What is your basis for suggesting that? Is that some commentary from the judge or some interpretation of legal precedent. What is your basis for thinking that, that could in fact happen, and we could, in fact, begin to see this next year?

您這樣建議的依據是什麼？這是法官的一些評論或對法律先例的一些解釋。您認為這實際上可能發生，並且我們實際上可能在明年開始看到這種情況的依據是什麼？

Barton is luck we have it. I have our General Counsel in the room, and Aaron is going to answer that for you.

擁有巴頓是我們最大的幸運。我們的總法律顧問也在場，Aaron 將為您解答這個問題。

Yeah. I would say that in a case like this, where the court is found that there's a legal practices that need to be rectified, if there were remedies put in place now, pending an appeal there's no reason why a court wouldn't want those revenues to take place as soon as possible to remedy the illegal conduct, notwithstanding the appeal. But that being said, there's obviously a lot of unknowns here as well.

是的。我想說，在這樣的案件中，法院發現存在需要糾正的法律行為，如果現在就採取補救措施，等待上訴，那麼法院沒有理由不希望盡快實施這些收入以糾正非法行為，儘管有上訴。但話雖如此，這裡顯然也有很多未知數。

So we're, like everyone else, anxiously awaiting the decision. But I think that based on guidance we've received, there's a very realistic possibility that the behavioral remedies would be in place during the state of an appeal.

因此，我們和其他人一樣，焦急地等待這個決定。但我認為，根據我們收到的指導，在上訴期間實施行為補救措施的可能性非常大。

Okay. So you've received some guidance that supports us. Okay. And then in terms of just on the legal front since we have the attorney here. The idea of looking at the merit of civil litigation for the damages that you guys have suffered, what would be kind of the ideal timing to think about that, knowing that Gannett's already filed knowing that there could be a statute of limitations and yet there's some benefit to having violations found by the DOJ.

好的。所以您已經收到了一些支持我們的指導。好的。從法律角度來說，因為我們這裡有律師。對於你們所遭受的損失，考慮民事訴訟的優點，什麼時候是考慮這個問題的理想時機，因為甘尼特已經提起訴訟，知道可能存在時效，但司法部發現違法行為還是有好處的。

So what would be your sense of what would be kind of the sweet spot in terms of timing if one were to pursue something like this?

那麼，如果有人要追求這樣的目標，您認為最佳時機是什麼時候呢？

Yes. I think just as Michael said, at this time, we can't really comment any further on timing or specific intentions other than we're obviously considering all our options, and we do think there's a lot of merit. And as you've mentioned, there have been other participants that have already filed suit. So we're clearly aware of that and honoring it.

是的。我認為正如邁克爾所說，目前，我們無法對時間或具體意圖發表進一步評論，但我們顯然正在考慮所有選擇，並且我們確實認為有很多優點。正如您所說，其他參與者已經提起訴訟。因此，我們清楚地意識到了這一點並尊重它。

Okay. All right. And then if I could switch a little bit to kind of a related issue. So DV+ has been trending positively while the network business, the Google reports has been negative. Do you think those two things are related? And are we already beginning to see some of the benefit to DV+ from the market digesting the issues at Google?

好的。好的。然後，如果我可以稍微轉到一個相關問題。因此，DV+ 一直呈現正面趨勢，而Google報告的網路業務則呈現負面趨勢。您認為這兩件事有相關嗎？我們是否已經開始看到市場消化谷歌的問題為 DV+ 帶來的一些好處？

Yeah. Interesting question, Barton. I don't believe so. I think they're not correlated. This has come from a lot of -- as you know, relatively new to the story, but DV+ has been a journey for us, and I just couldn't be more proud of the team behind it.

是的。有趣的問題，巴頓。我不這麼認為。我認為它們不相關。如你所知，這來自許多人——相對較新，但 DV+ 對我們來說是一段旅程，我為背後的團隊感到無比自豪。

And it is a whack-a-mole business. It is 1,000 things on your checklist and then even the next checklist and it's 1,00. And so little things that matter. And I think our team is just operating at such a high level and the Magnite story resonates in the marketplace. So I really do think that if there's share shift, it isn't coming from Google, it's coming from our competitors.

這是一件像打地鼠一樣的事。您的清單上有 1,000 項，甚至下一份清單上有 1,00 項。還有那些重要而微不足道的小事。我認為我們的團隊正在以如此高的水平運作，而 Magnite 的故事在市場上引起了共鳴。所以我確實認為，如果市場佔有率發生轉移，那不是來自谷歌，而是來自我們的競爭對手。

Okay. All right. That's great. That's good for me. Thank you very much.

好的。好的。那太棒了。這對我來說很好。非常感謝。

Thank you.

謝謝。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Good morning. Congratulations on your numbers. I'd like to start with the Amazon comments. I was really intrigued by your Amazon comments because back to your point, you both can sell their inventory and you can use their DSP interacts with you. Do you think over time Amazon could be a bigger client than Netflix for you from a revenue point of view?

早安.恭喜你獲得這個數字。我想從亞馬遜的評論開始。我對你的亞馬遜評論非常感興趣，因為回到你的觀點，你們都可以銷售他們的庫存，也可以使用他們的 DSP 與你互動。從收入角度來看，您是否認為隨著時間的推移，亞馬遜會成為比 Netflix 更大的客戶？

Laura, it's Michael. Great observation. Hard to speculate. I would think that that would be pretty far fast to think that anytime soon that they would open up their owned and operated so that it would equal the Netflix opportunity. But we are elated to be a partner there on both sides of the marketplace, and it's certainly a meaningful relationship.

蘿拉，我是麥可。很棒的觀察。很難推測。我認為，他們很快就會開放自己的自有和經營業務，以便獲得與 Netflix 相當的機會。但我們很高興能夠成為市場雙方的合作夥伴，這無疑是一種有意義的關係。

That's all. And then on MNTN, I agree with you. I'm very excited about the opportunity for small and medium businesses coming to Connected Television. I thought it was interesting that you brought it up because I thought of MNTN went direct and got direct ad units from Paramount and Peacock. And it sounds like from your comments that they are actually their DSP that they're actually buying ad inventory from you. So can you just confirm that?

就這樣。關於 MNTN，我同意你的看法。我對中小型企業進入連網電視領域的機會感到非常興奮。我認為你提起這件事很有趣，因為我認為 MNTN 是直接從派拉蒙和孔雀那裡獲得廣告單元的。從您的評論來看，他們實際上是他們的 DSP，他們實際上是從您那裡購買廣告資源。那您能確認一下嗎？

Yeah. And I can't speak for the entirety of their business. But for years now, they've been a classic DSP running through Magnite to get access to CTV supply. And you have to keep in mind, Laura, that you still own me $5 in that bet when I bet that small to medium-size businesses will make up a big part of CTV and you said they wouldn't.

是的。我無法代表他們的全部業務發言。但多年來，他們一直是透過 Magnite 運行的經典 DSP 來獲取 CTV 供應。勞拉，你必須記住，當我打賭說中小型企業將佔 CTV 的很大一部分而你說他們不會時，你仍然欠我 5 美元。

And I'm happy that you're right and that I'm wrong. Thank you.

我很高興你是對的，而我是錯的。謝謝。

Matt Swanson, RBC Capital Markets.

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

Great, thank you. David, maybe we could start on the outperformance that we've seen in the margins, especially on the side you're talking about kind of getting your public cloud and your on-prem data structure in order.

太好了，謝謝。大衛，也許我們可以從我們在利潤率上看到的優異表現開始，特別是在你談論的讓你的公有雲和你的內部資料結構井然有序的方面。

What about the margin improvement do you think is sustainable in terms of maybe like spending kind of like a new base rate? And is there anything about the outperformance this quarter, year-to-date, that is more onetime in nature?

您認為利潤率的提高是否可持續，例如像新的基準利率這樣的支出？那麼，今年迄今為止，本季的優異表現是否更具一次性的性質？

Yeah. There's a couple of variables at play here. For the quarter's performance, there was a component of that beat that I think is sustainable going forward. Part of that was related to some personal cost, which were more of a timing basis. And so those will come back in Q3, and so we factored that into our guidance.

是的。這裡有幾個變數在起作用。就本季的業績而言，我認為其中的一個亮點是可持續的。其中一部分與一些個人成本有關，而這些成本更多的是基於時間的。這些將在第三季度回歸，因此我們將其納入了我們的指導中。

And then the other variable is we are adding some modest investment on our engineering and sales teams in the latter half of the year to really focus on some of our high opportunity areas in ClearLine, Curator, Live Sports and so forth. And so we'll still have some margin -- some of the of the gross margin benefits will be offset by some of those other investments and changes.

另一個變數是，我們將在今年下半年對工程和銷售團隊進行適度投資，真正專注於 ClearLine、Curator、Live Sports 等一些高機會領域。因此，我們仍然會有一些利潤——部分毛利率收益將被其他一些投資和變化所抵消。

But overall, we're still early in this process. It's first or second inning, I think, in our opportunity on the tech stack costs. And so there's a lot of work and analysis going on right now, looking at potentially accelerating some CapEx investment and other things. And we'll -- we're working through that and have a much better visibility as we get further towards the end of this year.

但總體而言，我們還處於這個過程的早期階段。我認為這是我們在技術堆疊成本方面的機會的第一局或第二局。因此，目前正在進行大量的工作和分析，以期有可能加速一些資本支出投資和其他事項。我們正在努力解決這個問題，隨著今年年底的臨近，我們將擁有更好的可視性。

That's really helpful. And then, Michael, maybe a high-level CTV question. I kind of think back to 2021-ish time line when SpotX came in. And it feels like so much of the way the market's developed is kind of the way that you or we all had hoped for with everyone being ad supported now. You guys now partnered with, I think, it's 29 of the top 30 publishers, seeing SMB spend come in Live Sports switching over.

這真的很有幫助。然後，邁克爾，也許是一個高層的 CTV 問題。我有點回想起 2021 年左右 SpotX 出現的時間軸。感覺市場的發展方式就像您或我們都希望的那樣，現在每個人都得到了廣告支持。我認為，你們現在已經與排名前 30 位的出版商中的 29 家建立了合作夥伴關係，看到了中小企業在 Live Sports 轉換方面的支出。

Like what do you think are the major limiting factors or I guess, chokepoints in demand coming faster to CTV at this point?

您認為目前對 CTV 的需求加速成長的主要限制因素是什麼，或者我猜想，瓶頸是什麼？

Yeah. Great question, Matt. I think the one I put my finger on is there's still linear around. I mean core cutting continues to accelerate. So the largest players in the streaming market are also the largest broadcasters and therefore, there's this balancing act of trying to feed to mouths.

是的。問得好，馬特。我認為我所指出的是周圍仍然存在線性。我的意思是核心切割繼續加速。因此，串流媒體市場中最大的參與者也是最大的廣播公司，因此，需要採取平衡的行動來滿足人們的需求。

And so it just isn't as purest wish coming over. Go-to-market practices, we kind of prohibit sometimes just buying streaming you have to buy the programming across both platforms.

所以這不是最純粹的願望。進入市場的做法，我們有時禁止僅僅購買串流媒體，你就必須購買跨兩個平台的節目。

And I also think some of it the industry don't fall in streaming. Measurement, it remains to be a big challenge, right? You're going through upheaval right now with Nielsen's Panel, and being able to tie the traditional measurement from linear to streaming is a challenge.

而且我還認為，有些產業並不屬於串流媒體產業。測量，這仍然是一個巨大的挑戰，對嗎？您現在正經歷尼爾森小組的變革，能夠將傳統的線性測量與串流測量結合起來是一個挑戰。

Attribution is something that everyone is working on, but there has to be common standards. So some of it is the poor brand manager that for years has spent money on broadcast, now spending in linear in asking the right questions like, well, how impactful is it? Is it better? Is it worse? Is it the same? And as an industry, we've got to work -- we've got to work harder at making that answer easy for folks to spend.

歸因是每個人都在努力的事情，但必須有共同的標準。因此，部分原因是可憐的品牌經理多年來一直在廣播上投入資金，現在卻在線性投入資金來提出正確的問題，例如，它的影響力有多大？好些了嗎？更糟嗎？一樣嗎？作為一個行業，我們必須努力——我們必須更加努力地讓人們輕鬆消費。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

All right, thanks for taking our questions. Two, please. I want to go back to Sean's question on the partner roster and the strength there. Maybe adjacent to that, if you had to take a weighted average right now across the partner set in terms of where they are on programmatic penetration, in terms of percentage hitting however you want to put it. Maybe if you could talk a little bit more about that and what you think can unlock or accelerate more engagement from those partners with programmatic?

好的，感謝您回答我們的問題。請給我兩份。我想回到肖恩關於合作夥伴名單及其實力的問題。可能與此相鄰的是，如果您現在必須對整個合作夥伴集進行加權平均值計算，以了解他們在程序化滲透率方面的情況，以百分比計算，無論您想怎麼說。或許您可以就此多談一談，您認為什麼可以開啟或加速程式化合作夥伴的更多參與？

And then a second one in relation to the Google ad tech outcomes, assuming we do get your meaningful remedies, equitable revenue that you put it. Are there any other product opportunities, market segments or regional opportunities that you might choose to lean into in a scenario like that? Thank you.

然後第二個問題與 Google 廣告技術成果有關，假設我們確實獲得了有意義的補救措施，也就是您投入的公平收入。在這樣的情況下，您是否還有其他產品機會、細分市場或區域機會可供您選擇？謝謝。

Yeah. Thanks, Robert. Yeah. On the first one, if you go back two years ago, was definitely the belief in the marketplace that upfronts were kind of the enemy of programmatic that marketers are committing upfront dollars and that necessarily means it's direct sold by the publisher, and therefore, it's out of the hands of programmatic. And if you fast forward, you go to any agency -- any media companies upfront presentation being lead with programmatic capabilities.

是的。謝謝，羅伯特。是的。關於第一個問題，如果你回顧兩年前，當時市場肯定認為預付款是程序化廣告的敵人，行銷人員承諾預付資金，這必然意味著它是由出版商直接銷售的，因此，它不受程序化廣告的控制。如果你快進，你會發現任何一家代理商——任何媒體公司的前期演示都是以程式化能力為主導的。

So it's definitely getting there. Buyers want it; sellers want it as well. It's just that there's broadcast TV has been sold for well over 70 years. And it's -- there's a way of doing it the industry set up to do that.

所以它肯定會實現這一目標。買家想要它；賣家也想要它。只是廣播電視已經銷售了70多年了。而且——業界有辦法做到這一點。

And there's obviously some hesitancy to lean 100% in hesitancy to play with biddable because upfront is upfront. Biddable might be better. It may not be better. But little by little, the guys are doing it. And you see guys like Hulu that have been at it for longer than anyone and how advanced that they become and new entrants that come into the industry, whether it's Amazon or Netflix that are just more technology-focused and programmatic first focus.

而且顯然有些人猶豫不決是否 100% 傾向於使用可競價方式，因為預付款就是預付款。出價可能會更好。可能並不會更好。但漸漸地，人們開始這麼做了。你會看到，像 Hulu 這樣的公司在這個領域已經存在很久了，而且他們已經取得了很大的進步，而進入這個行業的新進入者，無論是亞馬遜還是 Netflix，都更加註重技術，並且優先考慮程序化。

So I think you're seeing an acceleration. And we really do believe in the future where it can be bought and sold programmatically in an extreme environment, it will be. And it will be biddable. And it will be performing for the advertiser, and it will be the best ROI for the publisher. And I think we're, every quarter marching closer to that world.

所以我認為你看到了加速。我們確實相信，未來在極端環境下，比特幣可以透過程式進行買賣。而且它是可以競標的。它將為廣告商帶來效益，並為出版商帶來最佳的投資報酬率。我認為我們每個季度都在朝著那個世界邁進。

As it relates to Google, the question was are there other opportunities that would be opened up? And I think that it's possible, but I really do believe that if all we do is stick to our knitting and there's a share shift of what we do today from their 60% in our high single digits that will keep us fine for a number of quarters before we had to look at edge cases where we could pick up additional revenue.

由於它與谷歌有關，問題是是否還有其他機會可以打開？我認為這是可能的，但我確實相信，如果我們所做的就是堅持我們的主業，並將我們目前所佔的份額從 60% 轉移到我們的高個位數，這將使我們在未來幾個季度內保持良好的狀態，然後我們才需要考慮可以獲得額外收入的極端情況。

(inaudible), Craig.

（聽不清楚），克雷格。

Yeah, hi, good afternoon. Thanks for taking my questions. I was just curious about some of the AI capabilities you're developing on your own platform. Can you just speak to specifically the LLM you were talking about kind of the use states you could drive on that whether it be efficiency or incremental revenue?

是的，你好，下午好。感謝您回答我的問題。我只是好奇您在自己的平台上開發的一些人工智慧功能。您能否具體談談您所談論的 LLM 的使用狀態，無論是效率還是增量收入？

Yeah. So in that particular instance, what we cited was the ability to crawl through content -- video content primarily on the CTV platform. And it really is amazing, and it really does hold back spend, how difficult it is to find consistent labeling of video, even especially in libraries. And so part of the challenge has been, if I want to be in a certain environment in a video show, hobbling that together through mechanical ways of like looking at taxonomies, the taxonomies are different between different media companies.

是的。因此，在那個特定例子中，我們所引用的是抓取內容的能力——主要是 CTV 平台上的影片內容。這確實令人驚奇，而且確實抑制了支出，找到一致的視訊標籤是多麼困難，尤其是在圖書館中。因此，部分挑戰在於，如果我想在視訊節目中處於某個特定的環境中，就需要透過機械的方式將其整合在一起，例如查看分類法，而不同媒體公司的分類法是不同的。

So if you can build this agent that can spider all the content and pick up the signals that you're looking for and you can craft and create your own segments on the fly in real time it saves a ton of time for discovery.

因此，如果您可以建立這個代理，它可以抓取所有內容並獲取您正在尋找的訊號，並且您可以即時製作和創建自己的片段，這將節省大量的發現時間。

And obviously, you're now getting a bigger targetable audience which will lead to more revenue spent on the platform. So super excited about that particular use of the LLM, but there'll be many, many more that we'll be able to tack on to that.

顯然，您現在擁有了更大的目標受眾，這將為您帶來更多的平台收入。所以對於 LLM 的這個特殊用途感到非常興奮，但我們也能夠在此基礎上添加更多功能。

Great. Thanks for taking my questions and best of luck for the rest of the quarter.

偉大的。感謝您回答我的問題，並祝您本季剩餘時間一切順利。

Niel Nober, Lake Street Capital Markets.

Niel Nober，Lake Street Capital Markets。

Hey guys, thanks for taking my question and congrats. In regards to M&A, are there any areas of the technology platform that are of particular interest?

嘿夥計們，謝謝你們回答我的問題，恭喜你們。在併購方面，科技平台中有哪些領域特別受到重視？

Yeah, great question. I think our stance on M&A hasn't really changed much in the last 1.5 years, and that is we really truly believe we have all the assets that we need that our success can come organically. That said, like any technology company, we have a road map that is far greater than what we can actually execute on in any given quarter.

是的，很好的問題。我認為，我們在併購方面的立場在過去的一年半並沒有發生太大變化，那就是我們真的相信我們擁有實現成功所需的所有資產。話雖如此，與任何科技公司一樣，我們的路線圖遠遠超出了我們在任何一個季度實際能夠執行的範圍。

So if we were able to come across an opportunity where we could advance that road map, through acquisition, it's something we would definitely entertain. But to size that, I think aqua hire not swing for the fence huge purchase. Again, we went through that phase, very happy we went through that phase, but very happy we were not in that phase any longer. So I think that's what you should expect from us from an M&A standpoint.

因此，如果我們能夠遇到一個機會，透過收購來推進這一路線圖，我們肯定會考慮。但就規模而言，我認為 aqua hire 不會孤注一擲進行巨額購買。再說一次，我們經歷了那個階段，很高興我們經歷了那個階段，但也很高興我們不再處於那個階段。所以我認為從併購的角度來看，這就是你應該對我們的期望。

Awesome, thank you. That's it for me and congrats again.

太棒了，謝謝。對我來說就是這樣了，再次恭喜你。

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

我們的問答環節到此結束。現在我想將會議交還給邁克爾，請他做最後發言。

Thank you, operator, and thank you all for joining us and your support. We feel very good about accelerating growth trends in the back half of the year, aided this year and next by the numerous new and expanding partnerships. We're also excited about our DV+ opportunity as we look forward to the judge's ruling on remedies in the Google trial. I'll turn it back over to Nick to cover our upcoming marketing events. Nick?

謝謝操作員，也謝謝大家的加入我們與支持。我們對下半年加速的成長趨勢感到非常高興，這得益於今年和明年眾多新的和不斷擴大的合作夥伴關係。我們也對 DV+ 機會感到興奮，因為我們期待法官對 Google 審判中的補救措施作出裁決。我將把話題轉回給尼克，讓他來介紹我們即將舉行的行銷活動。缺口？

Thanks, Michael. We look forward to seeing many of you at our upcoming events coming up. Evercore virtual NDRs tomorrow. E-Bank's conference in Park Cities is on August 11 and 12. Cannonball's virtual TMT conference on the 13th, Rosenblatt's virtual Technology Summit on the 18th, The B. Riley meetings in LA and San Diego on the 19th and 20th, Wells Fargo meetings in Baltimore and Philadelphia on the 26th and 27th, BFA in New York on September 3rd, Benchmark and Citi on September 4th, B. Riley's conference in New York on September 10th, Wolfe Conference in San Francisco on September 10th.

謝謝，麥可。我們期待在即將舉行的活動中見到你們。Evercore 明天將進行虛擬 NDR。E-Bank 的會議將於 8 月 11 日至 12 日在 Park Cities 舉行。13號Cannonball的虛擬TMT會議，18號Rosenblatt的虛擬技術高峰會，19號和20號在洛杉磯和聖地亞哥的B.Riley會議，26號和27號在巴爾的摩和費城的富國銀行會議，9月3號在紐約的BFA，9月4號的Benchmark和花旗，9月10號在紐約的舊金山的3月。

Yes, we will be in both cities at both times with different teams. Lake Street conference in New York on September 11th. Craig-Hallum meetings in Milwaukee and Chicago on September 17th at 18th. Stephens meetings in Houston on September 22nd. Rosenblatt meetings in Dallas and Atlanta on September 23rd and 24th, and Redburn meetings in Denver on the 30th. Thank you and have a great evening.

是的，我們會和不同的團隊同時出現在兩個城市。9 月 11 日在紐約舉行的 Lake Street 會議。克雷格-哈勒姆會議於 9 月 17 日至 18 日在密爾瓦基和芝加哥舉行。9 月 22 日，史蒂芬斯在休士頓舉行會議。9 月 23 日和 24 日在達拉斯和亞特蘭大舉行羅森布拉特會議，9 月 30 日在丹佛舉行雷德伯恩會議。謝謝您，祝您有個愉快的夜晚。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。