- Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to the Magnite Q3 Conference Call. [Operator Instructions]. I would now like to turn the conference over to Nick Kormeluk, Head of Investor Relations. Please go ahead.

Nick Kormeluk

Thank you, operator, and good afternoon, everyone. Quarter Conference Third Magnite's to XXXX Call. Earnings Welcome

call recorded. a reminder, being conference this As is

on call like me slides today's Day, that Joining presentation. the have on our and Barrett, we website CFO. David our CEO; Investor I to financial would posted to Relations out today point highlight are accompany Michael

not objectives, Before and factors to remarks might not respect the questions uncertainties be SEC, our and XX-K. risks, quarter or may performance statements. known but or These other factors by other to information and implied estimates of our to strategic that guarantees to, including that and our A to different uncertainties be are with and statements obligation started, to assumptions forward-looking limited will our will potential views future forward-looking update you discussion impact unknown remind these set actual subject assumptions results, our and performance events I quarterly get projected reflect concerning macroeconomic statements company's and XXXX including or answers XX-Q we on forward-looking report Form that They third or materially We current filed on with undertake and in of prepared and of are relevant be performance. considered anticipated cause risks. our future on business. statements and include periodic including, based from financial our the risks, reports achievements results is no statements the to forth expectations

that that on of income insights to or non-GAAP your EBITDA less non-GAAP between financial press and response Relations earnings we include offer may posted detail adjusted business. press Investor future be these including Investor financial visit to our on our to be and the access provide per webcast we our over At additional you the one-time call Michael. advised of may traffic non-GAAP website. dynamics in to replay encourage release, results Please metrics highlights will reported our questions, go SEC be the into website deck, for share. this costs, metrics. in acquisition metrics provide is or and not can update periodic found Reconciliations I an today ex-TAC revenue turn our our GAAP and greater commentary will Please to financial learn in may Relations today's the call times, in Magnite. about ahead, reports nature, highlights deck may of more Michael. and the now Our I to release incremental measures,

Michael Barrett

Nick. you, Thank

ad with ability continued guidance, We performance environment. challenging our tougher to as that macro are spend a and QX well very more grow surpassed pleased as with even our our

the expectations Our will outlook. results also in in revenue growth XX%. across David and ex-TAC greater QX strong and in specifically, EBITDA margin our and CTV, entire business These came exceeded were and on QX encouraging, results detail provide at adjusted

XX% grew driver grew that give to deepened and client wins and a year, the as We our and engagement, with quarter the half VIZIO ongoing ex-TAC leaders first improvement continue the GroupM. new of continued business X and Disney industry by with grow CTV to growth in relationships ramping want LG, highlight and to time Fox, to commentary a streaming. key year-over-year, quarter, Kroger, with in partnerships Our revenue be We partnerships. and trend Magnite in from driven the X

these of of future on individually. partnerships business, each I touch and CTV as All want our serve drivers to

will portfolio. to the the guaranteed power launch simple inventory for build the wins company's advertisers further private entertainment, is one news streamline to streaming where solutions process Fox to and video becoming partner will custom First, SSP of deliver buying Fox Magnite. as we technology programmatic across sports, of we and leading important Magnite and the OneFOX and recently announced marketplace enable a their represents campaigns partnership that ad programmatic our component with many serve video create differentiator an entire plan across increasingly and inventory. a Fox our server, SpringServe, campaigns true unified CTV and portfolio of for Together,

functionality, channel. our calls, the importantly, direct yield customers a It drives inventory highlighted between have complexity, we parties, improves and reduces is As and server on have incredibly for multiple that ad programmatic previous integration both sales sales powerful. and between enhances management SSP most force

connected ad the Tiles our driven footprint. personalized SSP unique our product by its that we CTV win are use across also millions newly-released SSP. programmatic video home also entire growth users. as a an to VIZIO of for In ad fact, for using content simplify serving VIZIO our to manage while on and ad OEMs area of our relationship ad format. experiences their and that Tiles entire quarter, are TVs power their the represents announced the of search can CTV between with and to channel. highlight process deliver server relying native would new be discovery VIZIO recommendations, our screen the unit In presented exciting on was Tiles us business SpringServe proprietary used and

inaugural retail gained been planning, momentum of will across deliver data content This publisher leveraged all first-party entire work allow campaigns measurement automatic proprietary be Ads provides as data ad at or retail scale. their quarter, This multiyear very to preferred with, in pleased the more on activation, announced what but formats, streaming advanced package premium recently, Solutions, Kroger of footprint to and selected advertising which with platforms we serving display to media regardless recognition for partnership can have to ACR media server, omnichannel DSP Kroger's network to advertisers, emphasis with we our they as analytics. has Magnite's the a Last inventory business, an data support addition partnership video. in spanning Marketing. online Precision access As CTV with SSP to ad and including LG CTV us personalized the one space are Kroger's

with encouraged this very this the progress to number and a of brands early are already with data by We spend. help utilizing optimize agencies initiative

with upfronts. Our season is preferred and the continuing new momentum of XXXX we scale, to into as gaining GroupM move partnership

are brands in quick We SPO on we to agencies demand as as optimization, see new it Magnite. advertiser or the starting supply across of And consolidate be expect OTT step lastly, and path with update Disney. spend strategy, partnership work and to on result one a a to our

stack. strategic Disney, We with technology continue programmatic of the at partner positioned be forefront a their to advertising

and industry-leading efforts with more shift Disney are programmatic to environment. into a streaming inventory partner We their excited biddable to

is on relationship we work continually across globally. Our ad growing formats properties in as scope their

very in we CTV next-generation are nicely, platform on QX. transition platform have complete year-end by client our also integration to forward track Our for is starting and substantially and moving ready

the We after to and and functionality, more are intend launch. industry-leading about the excited share features details

returned On with to acceleration the this we have ensuing growth expected DV+ quarter, that begun quarters. in side, the implementing business initiatives key growth have some

channels. into Magnite quarter. quarter, macro the selling this through and the directly X% estimate effect concerns. have more monetize despite greater This perspective and programmatic to remains ads positive marketers, agencies environments, to heading DV+ when in partners to tend grew very dollar closer broader difficulty rely year-over-year, although of X% back, this In heavily our Stepping the XXXX publishers been inventory challenging like would therefore, to strengthening ad we considering have upon

the We seen of tiers, we ad-supported have switching continue subscriptions more CTV, and quarter record number ad in to in higher-priced of to launch already will specifically this this seeing are ad into a And services trend impressions consumers AVOD result and additional inventory. which expect XXXX. from

very flow judiciously manage in expect as we David. expenses the to our grow With I'll to top the healthy cash As free call and look balance we XXXX, to business. that, and line over turn we generate investments

David Day

Thanks, Michael.

third the Magnite Revenue or up million, XXXX. that with team was QX performed very attributable Total was million, our Revenue up we $XXX million. CTV are from pleased Our from ex-TAC surpassed results at was $XX ex-TAC for million XX% $XX quarter, and QX well to revenue guidance. was $XXX X% DV+ X%. QX, X% grew X% than the ex-TAC to of QX less X%, an revenue revenue spend our basis, Political last grew increase DV+ million, and XX% from last QX $XX for over a year. sequential represented CTV total grew ex-TAC ex-TAC year. On quarter. compared of during revenue

less million, XXXX. in to the expenditures, There quarter for XX% of and compared the EBITDA was an pace share compared outstanding and of reduction the quarter million costs revenue million costs loss purchases as $XX per expectations. mobile a the our average XX% weighted utilized last Note Our the XX% for the quarter which for margin third with were capitalized $X.XX and for same from a quarter, million GAAP million year. ago. XXXX, average loss and quarter, XXXX. XXX Adjusted basic ex-TAC. and year. Adjusted were was EBITDA and and for earnings of define XXX for from hiring, software as lower of loss facilities was of XXXX. share for costs, for QX $XX share property $XX diluted revenue to were year the due diluted million with quarter CTV, from up million. XXXX line per primarily same for was per that quarter share operating $XX XX% share increase costs, office was reported the development calculate expense adjusted of to up was our million, was third per weighted in third Total third deferral both EBITDA the of shares in the was EBITDA operating the quarter. X% non-GAAP earnings lower diluted including $XXX expected, QX. in flow, same expenses, per in XX% Operating into of for use shares third quarter was for margin Costs third we consistent EBITDA marketing QX revenue net $XX includes the technology last third quarter and increased Capital the percentage $X.XX, XXXX. the $XX period we sequentially than XXXX. cash third and lower up of adjusted period versus million $XX Adjusted which were a million Net basic of a the consistent the Fully XX%, which the loss internal quarter with cloud CapEx, $X.XX third as ex-TAC to Non-GAAP $XXX for mix $X.XX of equipment desktop. cost of in X% million

interest sheet. on balance of was had million $XXX At the Our for million. cash expense we $X the the QX, end quarter net in

the or at XXXX. reduce to net which X.Xx continue demonstrates the in shares end leverage end target towards QX which QX. extended at repurchase We ratio, we ultimate This X.Xx share of progress compared not QX, debt, during of the as our approximately Regarding our further less. was of buyback million was Xx through and December program, did program any remain under $XX our to

taxes to reducing employee to We RFP During $X the cover method for the for balanced We continued XXX,XXX between cover quarter, year our and to shares a approximately regular we with buybacks million. started debt withhold leverage. utilize the goal withheld share vesting.

we our share at capital discussed, allocation to of being of to ratio. represent we accumulation as current current evaluate maximize capital would discount believe goal buy share said, repurchases a flexibility, of cash as previously value. shares price repurchases part at reduce with our will our attractive plan very to net to intrinsic continuing our our As use a to leverage the is That continue strategy,

a Moving high-level and quarter the on will our into to for share guidance. very XXXX. view now expectations fourth I

continued continues conservative a guidance assumes be to Our environment. to challenged and approach economic

$XXX to For the million. expect revenue range the $XXX quarter, fourth we million of to ex-TAC be in

to ex-TAC revenue be in million range expect the to of attributable We to million. $XX CTV $XX

day election we X% to on Based we over, update roughly to expect or revenue is seen, provide we've of political can our on an double political that Now QX ex-TAC. dollars QX, spend. what from

We $X XX% approximately the EBITDA expectations. adjusted approximately be million $XX million expenses the an operating midpoint. CapEx $XX for adjusted implying consistent to be anticipate with EBITDA expect margin We to at quarter, of our to XXXX million,

that we For full and year, over million, generate we revenue the ex-TAC free $XXX million be in expect to flow. will cash over $XXX

platform do market revenue recession managing as more surprise conditions no As expect slight with challenging margin We our higher grow first stack expect to and the with are for increasing focus we the CTV should migration. tech that It XXXX, of we year we our come some risks. client costs. costs as the in on complete half even compression

over subside EBITDA longer achieve will XX% believe adjusted expect margins second is However, the we the range. in that we And migration the completed. half impact to XX% as to the term,

similar lower that than will We in or be CapEx our also expect XXXX. potentially

progress from We are optimistic regarding that, close as let's the perspective, the by a out the With strong also we during open Q&A. move and encouraged and financial quarter. XXXX our We're made operational into position, both line for XXXX.

Operator

Instructions]. [Operator

question is Shyam first of The Susquehanna. from Patil

Shyam Patil

pressure quarter should Good on kind to commentary With point had we look as a I AVOD, on impact it's rate of point about expect And a quarter. industry subsiding pressure of of in as the follow-up. for growth year, next of the that half year? top guide I be bit Michael, the of first margin and half, Disney+, there David, looking But the offset do of the what will the kind the a then you catalyst? of your Netflix in second to you've you fourth option early, at we made the job had the half? then the just you year-over-year you per overall that for line are second wondering I on the pressure first And comment little didn't a terms AVOD couple se. or launch suggesting just curious. in starting a I in year, seen at inventory the kind lead and next CPM? questions. know would I'm in terms be in half know

Michael Barrett

Disney+. Great. Netflix Yes, and on the so I'll jump

of a most so not As it Certainly, of you much were And campaigns, direct of we're ramification of kind early. in handful -- a campaigns the all to is Netflix those and it advertisers, stated, the a sold market. and from stream. seeing AVOD from other I TV, at for didn't budgets came for It which dollars, for industry. think linear than the were come likely more say, sign ad cannibalistic good It is wasn't instance. allocated that whole services for,

that boat good lift will thing. a on HBO belief there. out dollars of standpoint, is from that CPMs, industry. rising premium Disney up kind it's premium AVOD, streaming a other CPMs More CPM. Max on that's focused our So the Obviously, that And there's will be has has CPM a premium and

achieve the to relates So they as in the side, And pretty that is tiers CPMs they for to as them today. driver north as of what said, business. mirror a they And premium get continue services business, much are were the being pretty part term, Disney getting the our market the elated we to on able mirror ad-supported in more market portfolio. our maybe work as much we're it Disney+ the it's meaningful to are with for long obviously, strategically. Disney+ into And

David Day

perspective. on revenue All a a right. And XXXX -- from

business. First, couple of I'll a and about thoughts. CTV talk general DV+

can some nearly DV+, to we're not think in be, we gain we XXXX, and So entering we are while where seeing we want continue momentum growing share. to

year. case next have area think in we momentum. into in even countercyclical heading have the And be AVOD CTV, beneficial. And of -- or cutting developments would could so we and that DV+ recession, real tiers positive the have as the down In expect some also some subscriptions. from growing perhaps we support potential growth In move the some acceleration particular, in we higher households that on of streaming we cord

we so as clients separate new dynamics environment, for confident From half running And transition recessionary we be platform. expect into we're of yes year, more got a the going streaming first that so on. in back the stepping CTV that, we a even on margin we'll our platforms We've perspective, -- X X our grow. to -- have

reduction on we'll hit have year. leverage, costs. new usage go in the as as those we so cloud the year, you'll cloud just we some of optimization the the see will and Also, have platform the a middle And of through our

So by exiting to will we've margin line, the course depend current compensating achieve impacts. that We recession obviously, in drivers over back on the we minimum, position to could forward the those margins of a have that year, that at to XX%. targets the a a will on costs of XX% going to top the we'll But the couple of any of end although set year reduce close get the year. be

Operator

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

Jason Kreyer

really where a maybe different outperforming? seen you nice you're seen of bit kind just resilience where quarter bit if I'm business, elsewhere. and wondering was you talk we've you've can It a or your little than where And a little maybe in think about more

Michael Barrett

us, this for I macro having terms challenges. and that of do having reporting company challenges, could inherent business you really in just everyone to right, Yes, think hoping in some hard read-throughs, -- that get Jason. market We're some every it's

we gains, And we what kind to omnichannel, that growth market don't of focused Magnite, saw is that a think as serving the ad on have it environment, growth we've probably shared to DV+ to anywhere largest benefits. apart. and share have this starting even reap it the kind seen you working where want is to us I the near with we we impressive. we sets in call, I back along, capabilities been independent, getting certainly, of But certainly have player all it But exposure CTV that. be story CTV-first of been more on our come do stronger on that standpoint. is from think would that And to a certainly more signaled what examples

the if anchor rate was CTV our TAM, peer to behind will. wind that us exposure us in create and Our sails, think apart, able that meaningful from world being be what's Magnite I revenue SSP I you think, drove on growth going to in what sets set to the I to our think that

Jason Kreyer

helpful. That's

quarter. things in number wins of VIZIO, the Fox, like that You highlighted a like

you with at are interactions seeing top-of-funnel moving in changed, Or slowdown those either continued same through pace? those like them Just as conversations customers, or are cycle? economic persist the have initial engagements any climate has the to there the

Michael Barrett

Yes.

perhaps same or We that or accelerated. in at bad, talked the pace slightly a script this have been about for think while. I for good kind that historically, of and for

partner. in side their lean other directly, environment and heavily inventory difficult SSP ad dips, your the On becomes it when publishers programmatic to very on sell more in the

And sold at if so a even never to unfortunately, XX buyer we're inventory is always versus, we're publishers seeing and it. Magnite, sell a price impressions, in lower. run of inventory. even this price in record And do case, depressed out we essentially But units able market, depressed buyer obviously, some can to record the out, a has there's with be

And so or direct really their bottom lines good something sold I platforms particularly economic that that with is help interest seeing actually think how this accelerating exclusively were is a in in talks, for is guy in cycle tough and almost programmatic, that -- their publishers us.

Operator

question is Needham. next Martin The of Laura from

Laura Martin

is. it Yes,

a at should So Disney on your is Michael, them, one a only I other. this speaking is ad-driven SSPs I that next Disney had they SSPs. expect X Google's as was out event, and to the they we My drive Google guess, of tier, at And roll stage, year? help revenue -- you're question said I believe that

Michael Barrett

past definitely, lack perspective, let's Yes, concentration or I been clear in the think but we've in about Most Laura. pretty accounts. of thereof this our put

as with We will and really words, so read-through financial are in business, Disney material bucket. a go definition. associated in differ the Laura, represents CTV past, CTV think XX% talked have we've about, be client of a buckets I take other don't there. and our which it And rates from several And there should don't by

the than and lifting much lines publisher different rate, packages they're selling you the with if doing dealing would heavy take we And all the in so of demand. more if just and serving you're plumber, that's the ad be and it they're using pipe along dramatically the as of the creating they're

which want a our given as prevalence about, I to stimulation direct this end take at industry, there's and time more occurring Magnite just to the of think in So the that we've carry believe the talked have control. a upon over to an sell for bump the would of rates we where as and demand evolution higher line. which bigger bigger And revenue rely that's we're lower take will rate, be the platforms company they'll

Laura Martin

target then want making my how to helpful. do These repaying And like you before are leverage acquisitions something go to shares a leverage. buying start cash is of follow-on X.Xx, excellent. much Very And doing in you're with ready moving have the you Or again you're debt? numbers lower towards? leverage or instead do

David Day

Yes.

leverage target, current want Xx. that below we get Our to ratio

So #X priority and now, progress. right good that's making we're our

we get be yes, then priorities. when other we'll there, rethinking So

Operator

from Matt Thornton is question of next Truist. The

Matthew Thornton

think Congrats you're say put for despite tough I I'd I'd on the from useless. up somewhat growth "conservatively" macro, that -- a for obviously, quarter, you're guiding Michael, good XQ read-throughs you know next that. and are and tough peers rarely I say a guiding the say despite year macro. quarter, a you

a we On on step this of path? that kind there Would outlook? there, and of initiatives touched confident in platform a what next There's you there David. you've underpins little already, so about, be some maybe forward change margin then could into you 'XX. do what half for has change that like-for-like out most where again, a has bit my guess, in macro? talked that then conversely, revenue, a I margin most and to And but would fast question. roll upside and surprise? think a about there? confident second And is you're year step first X.X, basis, we've most David, you as here get conservative be And you question That's lot one of my like-for-like if CTV of like-for-like

Michael Barrett

first Yes, jump Yes. I'll Matt, David the then and in. will hit step

a And a talking not into lines always dormant market. small that But there some quarter, QX. had tightening in. clients, is and course, pandemic throughout we're deep marketplace while are there's that we of and bright with some kicking into been a But some for back so the a spots, about a the our probably listen, capital pretty ad and see, kind had see. concern in So the we're of to listen, verticals and worsening confidence bright sight economy

think not folks seen have during largely, publishers their we start lean your channel. sales us, I CPM choice and really And on a going serving by we again, seeing a today, or take most programmatic are So an if that historically, slightly in latter. is to or page show serving ad served a are one at serving to streaming that's the less and

And at give think inventory that few and the CTV will in we're bats processing, more us so quite we particular, our a that record us with again, that tiers the next enable coming and that revenue And yield just ad-supported in to for clients. to generate year. there's are line more

consumer capabilities, that to would think for be would similar just assume the there's opportunity gives quicker that confidence. tough And rebound isn't of and terms and see guess deep and a be in so a we a So it advertising upside it. long-lasting I programmatic with for to It of us everyone, and more as spend is recession, macro isn't to inventory be I you kind commensurate surprise that climate. spend going going us

David Day

Yes.

our of in with margin margin don't a platforms, our step launch the the front, of On there'll think function change platform, I our be profile. combination new

basis it What see year, substantially to you'll end costs for going what is the right? it up is even does sets think compensated us unit more a at grow forward. the will by cost higher I think effective initially I the be of

nicely margins think our up in I sets and in so XXXX. momentum for growth it continued And

Matthew Thornton

perspective more could. if expect platform revenue Would impact the you one I maybe either? cost more perspective David, any And thoughts there? to from or or a follow-up, not impact from a much new I guess, have

David Day

revenue don't of will I much upside. initially, have Well, it a think

X in of X running more the first just months, you're think, phase, little I the initial cost because a the bit impact it's the platforms.

uplift of You've But little on obviously, ease some forward be the a elements indexed revenue XXXX, same having from a cost that you perspective. as heavier and side. the really interesting use, cloud certainly, you'll into functionality are unified think have go got I new to potential, going interface,

Operator

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

Matthew Swanson

I'll the my Yes. add on quarter. congratulations

going has answers people on, and talking talk in weeks, programmatic me a go to talked or Disney that shift about demand through a maybe kind to or suppressed environment, us can kind is If the of a the faster Like of question move equilibrium just about on? to We coming year Or supply that a feasible? supply wanted of month takes biddable environment, kind this of had thinking. tomorrow, turn Something we've to decided an how touched AVOD. bunch of start a XXX% is influx But right, a we're this lot demand we premium bidding logic? got where into if you that can to even that that biddable through fast Netflix that to of just environment. publisher through

Michael Barrett

just demand hooked of But -- it's where case for Yes. types they open clients that in the capabilities very talked No, the it's they're installed, we in that just literally they talking obviously. the our Netflix, are a have, use pipes tomorrow rarely -- I for you about. can't about auction, speak and guys

demand the brought And so be there. in is could that because demand instantly

technical saying inventory the it. I review up by platform, and that stuff, issues of could go-to-market handling the on a caveat just business that instantly. publisher delay kind thing, ramp if not their so put and could it each But and a practice. more way own that's you it that's And there's of that so creative has of

lit and or you're up buyer and because folks. could nature, And you're So it auction, so up little PG, some open of be forth a invite, those seller. an But are PMP doing quickly. always then be lining on yes, very open a of but little by that Invite-only between slower a requires could bit it's auction, if enabled bit biddable, very back quickly. lastly, a auction

Matthew Swanson

just year-end by improvement? a you And into investing impacting growth to investment waiting is out? standpoint, alive you guys DV+ you're the next the rates. it be streak talk Or through year little there keep from where a have can play about those for looking macros I been most areas guess, seeing I'll just to still that then, mean, bit are my the asking in? question. I And Obviously, are investments an incremental

Michael Barrett

a of group optimize it a The not to Matt, a into Yes, to it's This tweaking $XX case is game like on parameters. from and those a day our an a of massive working with those hundreds it ad budget pretty takes such and -- while team a of R&D We business tweak systems. is it's that drop requests much million systems investing to constant within another have it challenge we're it. standpoint. and where billions going

over And we're the you're internal and report, good previous why we're external quarters we that we about our good. about see said so to members our where good not starting feeling progress feeling

to in starting it's more that think media And XX so like aren't optimization. efficiency to from working bringing two, impact than dollar want constant a work lined another have value. knock projects you even this, can. see starting But environment standpoint, green those by save each you path to just with greater you effort. probably an I up have that others. more supply distracting you're it's to number shoots, Number one, too every partners think one, You're and them We also off one I some see

larger buy inventory And with familiar seeing a to the no-brainer. platforms continued because push my folks, starting is of even Magnite. some what we're would tell you Magnite that's through I'd so are just for that a I'm Publishers rather say,

put me you coming through Publisher, to instead Mr. it that directly. of So

of So too, respect it's accelerating Matt. in that kind really

Operator

from is from Evercore. The Shweta next question Khajuria

Unidentified Analyst

a have This on calling is right the Jocelyn Shweta. spending question, now. for ad high-level quick I question

Trade the cautional So spend. advertising Desk, and past several like few hearing over [indiscernible] ad have reported are we days, basically

talked to a are of know you to could hearing wondering and lot in the see terms to what and change -- could start of advertisers, could so So here? I probably like, you When sentiment agencies what sentiment -- from from be start the change here? what

Michael Barrett

that a So question the you're of buyers I on that, sentiment but asking what their about going market lost from Is checks kind bit was? you little forward.

Unidentified Analyst

Yes.

Michael Barrett

Yes.

caution buyers. so And of picture we're to into kind we're close we very get not you a advertisers, kind a tied -- publisher bring to by the macro obviously, the that seeing have of there's get -- So lot although what demand, commitments. run and the of longer-term to by desire with informs we're paid marketplace, fixed

spot upfront be are dollars the quickly. back from out -- that held a CTV there of can lot a So from are that were utilized standpoint

the this the I on the I I on give everyone argument trying question lean towards So could tend is answer, to I or spend. but cut a is, big spend And that bit to answer the think definitive wish we than little spend to more is think a cut spend? on a on pause you pause

we than scenario makes will So sense. and faster spend there, perhaps come that being feel back will it the out come that if the back painted that's most pessimistic

Unidentified Analyst

sense. that makes Yes,

Operator

questions no the are to over back turn There additional Barrett would concludes remarks. this conference This question-and-answer at time. to like Michael I Instructions]. closing [Operator our session. for

Michael Barrett

Thank you, Kate.

CTV, areas are post DV+ growth able to We're continue identity. rates. and in QX on and invest market-leading for in We to build to growth happy a prudently clear and improved audience our position strong with

our our as events. to feel team, next also forward launching will ad us at the the tomorrow. the years all for many just programmatic We partners. year for broader to Thank market, of for participants to will come, businesses for you, are for of their growth our SIG ability this to look meetings largest good host and which call. results CTV for quarter, prospects our investors many improving many drive QX especially We you talking post-QX investor delivering CTV Magnite ad and market supported have the analyst very or of upcoming about grow joining investor virtual of

attending York New in on XXth, Conference We in December the Conference on in the Craig-Hallum a Macquarie Conference X in XX, virtual York be New on the November will the also Conference New January RBC -- XXth, the in on York XX. Needham Nashville New York in Stephens on

you with have in for a a Francisco and XX thank today. us road Have busy on Boston December also We XX. great schedule in November joining Truist and San evening, Evercore show on

Operator

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

disconnect. may You now

Magnite (MGNI) 10 Nov 222022 Q3 Earnings call transcript