MGNI - Earnings call 4 2023

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Operator

Good day and welcome to the Magnite Q4 2023 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]Please note this event is being recorded.I would now like to turn the conference over to Nick Kormeluk, Investor Relations. Please go ahead.

Nick Kormeluk

Thank you, operator, and good afternoon, everyone. quarter conference fourth Magnite's to XXXX call. earnings Welcome

statements advised to call recorded.Joining to Michael including include posted presentation.Before me a would CEO; and reminder, website the answers financial being remarks accompany conference not this we like our information might CFO.I statements anticipated our our are that As highlights that on slides we prepared and Investor commentary results is is earnings concerning call get statements or the Contribution today's can David may acquisition started, and risks.Our strategic highlights non-GAAP financial be Day, on and you out non-GAAP We business. I be be GAAP provide update on point metrics. to detail limited be the an insights we our that including and undertake Relations have for performance Barrett, we that considered to one-time questions but dynamics objectives, call will will forward-looking remind our XX-K. to less release, on our relevant in more to may today traffic of response including webcast today's questions, and that Form learn current will actual over no future be release They to factors implied Relations financial cause our expectations A and risks, SEC, of your based deck, access are reports Report posted will about Investor in are not potential forward-looking known At with results macroeconomic views on on offer assumptions the projected set our and the update other unknown impacts EBITDA, in events found that of in guarantees uncertainties, website. is not visit times, or Please reflect assumptions filed to call different into financial the periodic materially future greater performance. Relations These go factors and our subject costs, to company's and and Annual the turn replay provide discussion to to results, may from Reconciliations Magnite.I business. metrics on reported statements. future respect forward-looking our XXXX risks, nature these and this estimates may Investor are and achievements or with by these and or statements our of you the be forth deck press uncertainties, share. and reports, or other Michael. to including of additional periodic between SEC our highlights our performance, to of in additional per include metrics income ex-TAC and obligation adjusted or to ahead. the our measures encourage financial I today website Please press now non-GAAP may

Michael Barrett

delivering very that pleased top-line while for Contribution ex-TAC strong you, business all profitability free our Thank across and once for flow. guidance QX again report cash Nick.I'm to results lines exceeded

delivering our of especially Contribution high the momentum with has guidance.To XX% start performed our QX from business been ex-TAC CTV DV+ nicely Our exceeding of our well rebounded CTV end business. particularly XXXX, and growth strong

pleased full-year. for approaching trends growing with growth representing positive the over $X total We they above to XXXX are spend that these to with and CTV ad We're see finished are encouraged XX% we optimistic ad report will XX% continue. spend billion,

gains to ad continued For XXXX, we spend expect represents on full-year share for believe basis a accelerate over We this growth XXXX. Magnite. market

Historically, partners other solutions. been this to based growing we for a believe engaged as the sports demand several unrivaled very And and Magnite we college sporting market new Fox, pod that needs.Our audience have professional and Disney, are on into This the features confident highly that partner support tools advertising. of user such the Magnite more strong programmatic additional basketball, key which execution can the position. in believe football our of Brothers the complex our as future offer which leadership role number the inventory data partnership live audience new positioned the We fuel which we through growth Warner done share. CTV ESPN, uniquely and typical is drive just complete and impacting golf.Beyond programmatic. a which players, class, a success sports live Cup most Paramount, World the CTV advanced all and massive technology industry-leading of integrations and rapidly takes are evolve, complex the that CTV the that business as with for next as to SpringServe ideal value growth that World ecosystem valuable product. as and sports, to will will rates with LSA, investment suited international advertising accelerate of you X, SSP greatly Fox, matures by with We have exceeds are market, are time goes major including viewing Roku, Brothers expand tennis including by buying are continue additional partners combined and and expand. monetize or market drive There area our prowess sports more ad programmatic. is technical server we North of Magnite audience almost TV opportunity strong better industry moment, and little last without X, our remains of investments this a advanced of NHL, all ad largest in our validated in rapid efforts growth programmatic and NBA, I strong of including and facilitating Streaming.#X, ad are for and Prime the #X, any such MLB ad are want a going has buyers Video and growth. real-time technical reasons leagues, including VIZIO.These Discovery where all will but key directly. the tremendous such the at the industry-leading sellers solution experience. least, advanced sports all CTV are our between all largest CTV Much certainly and soccer, partners server. events, and of spend not is events on extremely with sports In have NFL, a programmatic the reaping independent.Today, such for to offering we the spike our Cup enhance partnerships the and monetization is entering our Delivering continues ad who helps technology Warner solution, advertising platform streaming sports, increasing and CTV American leverages industry best increasingly acceleration, and industry But of part we Cricket scale to years the in a holistic and to we're Discovery, are provide enabled rules, and we landscape supporting Streamers inventory of us their to ad-supported matches a we benefits this by is programmatic is important and ad opportunities.As growing CTV we also the provide offer as entering meets fill services our and meaningful Olympics, ClearLine the sports exponentially we we making it publisher live TV continue efficiency. Samsung, direct platform us. proposition. an CTV LG, Our believe majority buying server X,

at In will part step We advertisers platforms on adopting most one ad to saw strategy.Now make we the technology monetization additions tier expansions relationship. a SSP name XXX the time an million a wins explain. SpringServe our move Media, international embedded can't be less our serving that than a coming, a and than The CTV, launching platform That all within a XX% Prime massive central SpringServe, a include workflow an more Amazon streaming the continuing The both Crackle linear use Video Therefore, shift and a Video client recent premium Wurl, of dollars acquisition. publisher SpringServe creates January. at scale. believe partners As or to their and With ad-supported That and stickier keep reminder, opting a becomes This trend, streaming into more is deeply viewers tier subscribers. including in whole will reach. in closer tiers. few. to overall an puts streaming lift also Linear-only reported of X/X of is our the a Virgin has technology ad-supported me iHeart, especially compares basis. the by streaming. big to Video services. SpringServe ad-supported Prime for Prime ignore Magnite.Let late is ecosystem, us

help XX% streaming the top But will of advanced Prime And will ad any performance Amazon and cable a part entire into help other wait have realize Video's Magnite for shows. advertisers importantly, advertisers from some time, targeting, to tier. does of content Video consumed TV capabilities, the the with will Amazon ad ecosystem. all of This is more Prime to these course, Of will merchants content to Prime purchasing over and shift, other streaming's occur performance be inventory cable platforms these accounts, drag results. drive to are CTV. benefit to used broadcaster thousands broadcast this merchants and will cohort Video sample This targeting. By but not than service. transition more programmatically advanced scale.Over syndicates

us inventory. cable Our their to share broadcast on of partners and rely monetize this

partner So opportunities.We Video, grows too seen their surge so our do supply already a Prime in have on as inventory. ad revenue

proud and growth in QX. success focus native, results. the We capped needs with sellers Prime's of improving is in XX%, Magnite for and in driven efforts greatly these formats content DV+. positioned these will to over buyers' ex-TAC podcast, syndicated by team's monetization extreme also our growth moving participate digital perfectly by to expect and I contribution audio, to am out-of-home. XX% be drive of We're such on finished incredibly as investing economics.Now year by We the

in innovation at DV+ product new been Magnite. in been years of map the helm stronger has X at road never the Our I've

by adoption of growth been DV+ AI. in also Our our has supported

revenue. ROI in the to filter other requests over.We the AI AI lift such has of continue In industry client dynamic Our which and machine also Demand highest technology as is and more order in impressions our cookies attention the plan of trillion solutions ad floors into deliver optimization the uses Manager, this right and uses for to we than invest of over year. that auction lot built Google's X to to out day best which over management a development, to tools to client third-party have received price learning per deprecate

Ultimately, have the we as good growth well first-party as own elimination data. audience possess better We of our as solutions are to a fully creation.In about capabilities identity to chapter We next not feel we in strengthen to addition, CTV. our invest necessary and been for ready position cookies monetize believe the business, leading are to struggle support our will intend continuing third-party the to particularly return publishers will support competitors we in cookieless the Sandbox in their driving the very world. Privacy and scale support closing, first-party segment solutions.In do preparing market new third-party all other alternative to help

more the product is delivering cutting-edge exclusively Now tech mirror, that platform position cement the efforts are to financials. our a David? in our position that, turn in our rearview on focus the David in over for to that industry.With the on further I'll will and call engineering we consolidation leadership detail

David Day

Michael.We close pleased and year for another strong to are Thanks, Magnite. quarter

DV+ quarter As CTV for ex-TAC of Contribution guide. Michael mentioned, fourth end exceeded both our results and high the

margin which range. the adjusted is end of the guidance an of for quarter, our above EBITDA high reported also XX% We

of up to $XXX $XXX million over $X ex-TAC shift million, QX XX% beating improvement was mentioned. compared in EBITDA X% and last mix For increase it as or ex-TAC up Contribution million, ad X% in discussed pressured quarter. expected, service ex-TAC be and ex-TAC billion, the XXXX, was trends, which Total flow. as CTV quarter DV+ spend $XX guidance, was surpassing was $XXX Contribution third million, several from softness the million, we we Michael continues by for free $XXX had of year.CTV and over cash to but the quarters, $XXX the was revenue an area from million, $XX full-year was Contribution last showed we've last million, XXXX. Contribution of from generated managed strength, down year, $XXX up million adjusted an QX Contribution ex-TAC of our marked and X%.

for of a year.As non-GAAP for million for a of and range, $XX Streaming, for margin was adjusted health as million XX% wins was the X% to and XX% ex-TAC of of we from Contribution including strongest quarter were adjusted outpace the mobile, compares of EBITDA our EBITDA non-GAAP EBITDA publisher and end increase the XX% million, platforms year automotive, at amortization from which $XX $XXX that led reminder, business growth.From release.Our the was fourth Net $XXX was down political election to we an was period same perform XXXX of last XXXX. spend EBITDA Adjusted QX international reconciliations at to included and the press per accelerated XX% share our $XX travel, The as in also midpoint the by $XX our earnings decrease and the with a $XXX XX% categories. quarter cash compared the cash million for perspective, quarter, Magnite fitness, a property margin compared last QX Total was off and retail with margin from to million, $XX fourth expenses, significantly are were paying and million million. Our EBITDA calculate which guidance from consolidation of was cost year.A the equipment desktop. quarter as investments less vertical we fourth last Contribution both up QX XXXX a services, legacy year. income the the for the $X.XX our the the costs capitalized from results of volume completed net $XXX the into expenditures, year. mix quarter million from use our to operating fourth $X.XX were the results define $XX quarter and purchases of for includes services, decrease was in last last the per quarter Non-GAAP expense last quarter. which internal of percentage ex-TAC. $XX primary of quarter for Operating $X.XX adjusted share was continued was was of the garden, well for our for driver balance not income million and loss loss GAAP diluted of of was in July. and Categories earnings revenue software of share resulting reported flow, and business operating $X.XX did to development compared as Adjusted million, and quarter. are per were CapEx, XXXX. DV+ which quarter. our overall performing financial fourth home cycled CTV, XXXX new results fourth Capital U.S. a end at million earnings Geographically, and

announced quarter Our million.As our successfully net credit $X entered in refinanced our acquisition facilities into was interest expense that in earlier we connection XXXX. month, April this the SpotX with had for we we

new with balance a a these upsized We consisted B revolver. significant new to Term revolver Loan with We million flexibility a this and a benefits structure million that provide and of and replaced Term million $XXX of prior with Loan Our facilities outstanding. Magnite. million capacity B of believe a $XX $XXX $XXX an facility

converts of facility, discount. repay which convertible December XXXX, springing absent or would tied them now term maturity all converts.Under new trading our the in to of repurchase the due accelerated we of our structure can credit of in have made maturity refinancing have of date on removed foremost, current the the earlier March covenant our loans maximum new our with them either view flexibility and notes them the maturity debt and XXXX, at and depending First

increases Second, in profile a liquidity our cash gives upsize rate, with flexibility. revolver matures February The to revolver our which us lower $XX and we million million interest were XXXX. to and from able $XXX financial greater

is with $XXX rating able from the the to original interest that convertible the repurchase cash to have our our to our the This February replaces cash carry terms facilities, million Third, we leverage-neutral a of to of of capital we're XXXX.And debt. been from less our able From a less with leverage new we to and authorization of continue lower targeting convert our facilities to the by driven with of or of their standpoint, in of SpotX, our be X.Xx credit loans program XXXX. up and or existing net cost allows Board flow balance a leverage structure refinance than In the ratio since a huge the deployment. stock generation at allows us February also strong are of ratio This conjunction maturity and X accomplishment opportunistic Xx net be better capital approved covenant-light were million years common to closing $XXX longer XXXX. finally, business.In our and of X.Xx $XXX the new reduce term. or acquisition extend program notes end for term same new than to million equal through Xst our reduce now a

now of full-year. QX, leverage cash and increase quarter the year, for our share last we cash decrease in but increases and of our net at will the in will flow, Given expect end and a a to see subsequent normal ratio similar corresponding first seasonality likely the quarters.I our expectations improvement

QX $XXX range operating range ex-TAC between Contribution attributable Contribution in to implies the $XX and attributable EBITDA to be be $XXX be to to be in adjusted XX% for QX ex-TAC the in inaugural to of $XX X, increases million ex-TAC in range approximately million, of million expect to additional $XXX to reset.To for of operating $XXX as to expenses an to provide expenses payroll million the we million, $XX million. QX the all-company merit $XXX and adjusted beyond DV+ in tax XXXX impact Contribution of million annual our gathering and million is of EBITDA For to which the the at in $XXX QX adjusted primarily EBITDA context CTV to the operating million margin EBITDA $XX be by expect down increase adjusted driven come of expenses, midpoint. January, January between and quarter, million, first The and we expense

adjusted full-year, total points we continued digits to Contribution the raising up and grow strong expect faster spend we EBITDA top-line previously level from CTV margin grow particularly high up this approximately of For DV+. expansion also than are at XXX growth. growth, raising ad points, XXX basis from XX single to We're to XX%, CTV, to with previously in ex-TAC basis

open particularly Q&A. which future.And revenue the and provides structure foreseeable our our expect to I'm for percentage CapEx flow happy for cash strong even our with in be in encouraged in a finish pleased and with We completed capitalized with total EBITDA the to stable capital I'm higher XXXX, of software.I growth that, million refinancing, let's free very double-digit am line growth growth adjusted PP&E progress range, CTV also by including an recovery. also the mid-$XX and with the

Operator

the [Operator Benchmark from of begin Instructions] Dan now session. will The question The first question-and-answer We Company. Kurnos comes

Daniel Kurnos

on on the focal seeing here, Really just been some given a the give results, the in you is meaningful acceleration us major all that's you're in the pretty based guys. Obviously, Michael, more CTV? guide. can noise marketplace, point and color what solid

of has specific to out, starting guess to talked improvements the move of but in So talked is about Amazon, anything the you as picture, conversations have marketplace take biddable?I see guys and and programmatic that know they of but how starting about the hasn't in Venture, inventory to in more already are off streaming, call rate? you whether PMP heard moving taken the way programmatically there yet, about Sports that virtuals I Hulu the any to see thing a you -- We've obviously And are historically are these sense to that some lot it's pacing? Disney deals. just those more like, even bigger we're the say, do talk

Michael Barrett

lower a the mostly and products was portfolio Yes, attribute pub we streaming industry. our acceleration in in one services XXXX year middle see the macro, blend CTV also it which it a shift in sold broader out We're were things an -- of the pointed benefits in CTV the starting the mix shift the just have pipes, I and the more would That by to us of obviously our of improved big spend video to with helps the carry macro advertisers. how of you of But more using the improvement a deal rate. there.So mix. plus of take rest

the that to the of sports yet. we we of and with that for as it's growth. continue early. CTV And to kind privy the ball has awfully any even have JV or we're aid that insight new plans So not Prime, frankly, expect for crystal that And XXXX

Daniel Kurnos

thoughts on love on that. acquisition. just one VIZIO guys' follow-up to maybe hear your Obviously, And I'd Walmart, the

out that, different as the think positive how given for VIZIO Walmart, given scale big there are guys some that, I but might direction. view potential that fears it was the a you in partner for opportunity a there move

thoughts your So there. get I'd love just to

Michael Barrett

in of set we the I very pure ad We think ecosystem within we've speculation. bring VIZIO happy deal, their the they're things that Dan, Yes, very a the about right of that our spoken about mean now business. guys, aren't from capabilities the present with Walmart happy partnership.

of this for to with come deal But closes. as deal a the in we bit Magnite think closing. from positive, is hard-pressed if but boy, away scenario negative a up very -- it So I'm

Daniel Kurnos

tech A very for big stack. check develop ad them to write an to

Operator

from comes next from The question Needham. Martin Laura

Laura Martin

in your one the connected comments, is like first purchase seeing link about this what on Michael, has in at I'm Building Great television, is and CTV Walmart for with of funnel if TV? you full you is top a sort from that is substitute to of desire on my is marketplace that's to or to is also linear full Amazon, CTV performance Amazon, alternatives. I CTV. of think bottom, Is that been more a guys. channel first RMN which top rather funnel for what historically That's Congratulations. deemed of than for top strong doing funnel, VIZIO numbers, through good bad just My this one. funnel

Michael Barrett

Yes, great question, Laura.

it's for brand very using us I good industry. think speaking, with deal generally I always I for will that and that the think the streaming. are mean today. whole those you advertisers ones have we And

You business know performing. whole our DV+ is

I at over good to pretty be to be measure performance, to and there'll ways from the DV+ apply CTV. different you're that that we're handbook, to able going different So tricks digital pull it. play, And think them

quite DV+ So that we and feel business. excelled comfortable at area CTV our our it's we playing where in in an business, have

Laura Martin

And David, you on then one EBITDA. for

is that the even made volatility EBITDA XXX Was this QX. that a in 'XX, there margins XX% though in you're basis and me XX% EBITDA XXX of is going of guiding in XX% to I've but basis expanding then out So you're in QX term sort moved long a QX giving fiscal into expenses the margins points EBITDA of points? margin to got something QX margins, EBITDA just whiplash actual, XX% what's short-term expansion

David Day

things whatsoever. of couple No. with QX. to out None call A

costs. normal top-line the of had we QX with And all-company results year an the the growth would and was I the with for with then of really which QX, are we the we what for performance. expected event, important say beginning an company. business did have expense good unusual So

the raises are our And January in X. effective so we've talked about past, those

on to You on also the and X to give in context in and into to some months expenses you $XXX get so kind normal midpoint back $XXX that that we rate. million would QX, the after EBITDA X million kind that or adjusted from taxes to gave of EBITDA year.And kick from we've midpoint kind get by expenses actually if the that months that those QX a QX additional and guidance that, payroll company the have be range. adjusted expect where of imply given, guidance of triangulate we those matching drop you run to would And more January slightly X, down QX

Operator

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

Jason Kreyer

on operating. Prime, that have like Amazon an but impact they've of tailwinds you it's market know or any I having curious spend just actually in I'm if had in just entrant in month kind that's siphoning the sort feel or any early away seen of Michael, you of the another terms ad been

Michael Barrett

publishing very them. And my conversations had partners, impact I would were say an general on in of the has some the it's end. it went in than plus and that in is some market with an were our with definitely lower on had CPMs middle CPMs. impact They out high and end to services kind were the in

think probably mid-XXs, now No. biggest pricing price that the the I it's we services CPMs? cratering in to of talking that's impact a I XXs. so I in that seen.Is probably have That's about so that we're it you're that And because the nascent. high think having probably mean

So most sound people think what commented a have but on that's it's whoosh not I of the to CPMs, industry. me

Jason Kreyer

with And that to how year And that then then impact start the here. any first your the ramping as just X deprecation up, to But started. we of that as cookie this you've does on cookie of seen business look we've if over curious deprecation. benefit out over only business your I'm occur course Obviously, you as X% months seen progress forward?

Michael Barrett

Yes.

requests a X% deprecation ad in of Jason, trillion plus a signal a to us it's a does hard for platform X So see too day. that

a able that been you've is than divine, share reading be think sure So with the heck Privacy the pretty investment, an to trades, to cookies a a why for requires heck alternative expertise.So to to of Privacy lot better the heck in this lot bar the positioned you're able and play -- a to lot to of of system I'm processing happy of in SSP most Sandbox cookies, everyone. minute we'll of set starting for we're Google a we the participate power, in to replacement And Chrome are we high proposed tech isn't be third-party of easiest a Sandbox.

audience be to to to that So isn't to raft right the replace our third-party that way going There's segment. I have the field. will try Privacy shrinks cookies. Sandbox from from there try of do vendors own Magnite only the it. lost think services to signal be going Furthermore, We'll a

you're So has it's to the on that really our invest behalf a -- not of resources that going a company to this portfolio publishers. wherewithal be if approach of in this for

will just undifferentiated out pack that start the are us separate of it think even SSPs to further I from there.

Operator

The Shyam from from next comes question Susquehanna. Patil

Aaron Flack

Congrats on is strong for on This the results. Aaron Shyam.

We X for you. have questions

First, XXXX. versus on weighting there? what political in the year? versus contribution of advertising half, of kind you're see you thoughts quarter? Could expecting thoughts second talk this to about just half spend, this either quarter early Any so And updated first on any fourth third

David Day

we interesting I'll in year perspective, in In We're we will expectations in From Contribution ex-TAC. be We've to presidential for XXXX. had been somewhat a it million a non-presidential take -- million. year it's in $XX Yes, conservative handicap. one, $XX XXXX, our had XXXX, David. Aaron. in comp that a

from uptick so an year. that would expect And we this

state so will flow we double well.Given those a of think level could say, create QX. the some is dollars not And and QX it expectation in upside play, us and most as for of the XXXX bad

in there's early in now, we in see but probably the time So QX late on significant November. period and that QX a and going in October even concentrated increase very dribbles highest impact some

Aaron Flack

an touched on that that briefly you this And the there getting in partners and more ClearLine from update your you But that remarks. share of adoption then, any can your you're prepared on is Michael, on product? feedback

Michael Barrett

relatively stands a good. interest we and so of in now to very that where far, and product talk But saw in being concrete to still be more It's imagine, Yes. we'll adoption. of details. terms early I days that it by, seems we're need matching so share us to able be able market would the standpoint. filling It year goes some as to lot happy it, from a right around market

Operator

next Khajuria Evercore comes Shweta question from ISI. from The

Shweta Khajuria

Michael, have I please. X,

On a were from from then your and then for today are guess the best on this accelerate advertisers ready you expect on What's happen, is -- advertisers ad accelerate. are also how publishers sense ready quarter how are on how to second and your to cookie from deprecation this? ready if And today. quarter a publishers spend maybe piece,

faster So -- XXXX? XX% be Is other there on there great. factors you growth. driven is is expect are to acceleration? that in that That's you that or that all confidence some do -- give that macro And

Michael Barrett

across GDPR. our industry So about cookie tracking of events happen, that in think Apple that terms think in occur. when great saw at speaking, then flat deprecation, cataclysmic in going seen are is that they I footed, generally We a talking app. to that And crackdown I we've little being the

new abandon signal methods.So instance, as to I prepared. that and think cookies think in that more particular the third-party it's test really there solutions difficult been has and loss. as to say the this But capture will better challenge industry out there's I someone that more to long I try have is do the awfully exist,

will with well Sandbox. It We clients be companies. all are Privacy available those as to all day our working X as

So CPM and make to going that We've start. inventory a the as will, to a able volume.And very aren't freshening we'll macro a them that helpful that. as which budgets environment to be seen cut, I coming even a growth together job there's tumultuous just, linear. from CTV, market acceleration, yes, that for to share it more do they back DV+ would gains no just we'll spend and again. be good area if up in ad be is no knitting to pretty long ad don't think think But have we'll say lot marketers will there's of inventory plenty more period a dollars it at help. and believe of There's sell is to to we I as market, of I But question coming in do to And decline, in again, CTV the time question.

of the some trends discussed in the past. we've just So that

Operator

comes question Day from Riley next Dan The B. from FBR.

Daniel Paul Day

that earlier you engineers. about hire Can talk sales in on to a And development in is look hire in resources? might statement. you to where where in heard about XXXX now, to just this and various I week right pretty the new talking your how and level about and just from that, focus roles the employment technology line put related feel you competitor looking income aggressively So then

Michael Barrett

hiring Dan. just of And I kind our to of will that it be really listen, no I normal we product be it the mean in of this Yes, have map terms about where and year, but road we Sure, the will go-to-market to team. a every service clients standpoint. we and year, feel well, pattern. folks different, think add stand bodies ability from we number our our our And good

our feel substantially days out adding the any don't of though opportunity Rubicon from not on grown you through we the by missing acquisitions. workforce.As hundreds know, we're we've quite folks of company to So as the

standpoint as we we touched we sales bit But it And script. So is was our road map that streaming to lot last bandwidth. in real together on we our concerned, required yes, won't where stand of efforts. and/or and all the feel I platforms, about headcount year that and good on from mushing any as think a the opportunities missing little a about a focus far be product

road product good to more And whether map we we'll doing same focused very SpringServeAnd have. streaming, a product as so are about feel innovation features, features fully pleased on migration year is, really job, the that on and we within and to also about talk features day what product the probably on, those who is able people and the bandwidth ClearLine, have be product the really but get were but goes it's we're now

Daniel Paul Day

feels plus within one, side, podcasts spent and we've DV+, time and more never hearing any another talking announcements then the about iHeart interesting really and about digital more put And it about out-of-home. out pretty some like you've but

numbers? to or in a when it longer is 'XX start trend on that term? the that dent Is thoughts any Just make might a

Michael Barrett

Yes.

screen see already audio, going and And those in you structure so is the think speak, experimental some living room. as But lot and are I -- because where, different are us an a bit so there's rather where it the are trying you're spend programming, video marketplace manifesting they I see these funny, for it's out-of-home they others a to budgets quickly, think some more this of little have adjacent itself because the restaurants, of now the in evolving you it's all Obviously, supply marketplace.You of have imbalance of what demand business into quick-serve an guys lot supply. been get have there's with of very and little in to digital while. advertising. rather we've and formats, a a placements generally when flat than restaurants, these slightly a bars, streaming this with we associate crack in or speaking, demand to lot not

that that good So at curating piece that. it of we're pretty work, and making

I positives more all So that XXXX significant think these and be probably net will much in 'XX. for

Operator

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

Arthur Chu

on This is Arthur results. on for Omar. the Congrats

in about a So pretty CTV bit more you I little likely of strong as if guys expansion caught hoping growth talk international DV+. international well. was could you out

inventory large new DSPs across and comes caught Asia online. I up growth like think CTV one the in pretty as strong sort Europe of of

a you be? CTV little versus of would appreciate competitive could about position talk there.And big how your an maybe of in if how your thinking terms I about internationally, expanding you're bit U.S., the growth potentially business just that So in could opportunity

Michael Barrett

your have that up France, the or tend linear are the of the Netflix going or right? crashing stations upending Disney market, top really cetera, TV Amazon international. top type the in dominate X the a stations of through these pluses X the Paramount interesting markets is you you're the very now kind opportunities has regional, the visit all things or And now X TV and world, business X of once the do these very world, it's You with business Prime, the the and Germany, seeing all pluses opportunity.So what they're the the et to we in Australia, global London U.K., services scene. of party insular was CTV to think what one I you so crack you when our expanding of been world, that Yes, -- of pick international have global, expansion about

the so ride, speak, just to we coverage, go have local demand So local we facilitation. along for and

services So real where internationally. ton be broadcasters I of going with opportunity. best going are the biggest work piece that's plus We is think and obviously brightest we that expansion international. a I the the of the see think to But the

Operator

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

Matthew Swanson

a starting wondering, when it's I of macro quarter. you I heard CTV kind was guess, One about a a of the may increase the data from because talking partner depth And we dependency better flow full on quite about do Congratulations server about the then is you few CTV of to being, the way going stack standpoint on side. publishers of marketplace. X-part question broader if much, that of the has. curious like Amazon unique there's think following just have to questions completely those areas was not so space. or the I other kind know of digital been they kind have, kind to secular, I do? a increased the ad is up ad spend, the we've the rest positivity in ad technology I how siloed some Amazon Amazon And still on obviously, -- of is think start or it of digital

are those my So X.

Michael Barrett

well. let David I'll in Yes, chime as

be and I and backing in will for that think little think near bit a I future, in obviously, different search general, years be that digital like the social. could growth several CTV out profile

in CTV. OpenWeb So

inventories $XX in, the at given just spend I still outpace more that foreseeable there's shifted haven't idea the linear all. more for CTV OpenWeb that will billion come of future, think and

Prime try up, as CTV thumbs fully yes, think me anticipate I like a huge will different be growth So they jumping rate. Amazon what are the almost so rate concerned, the David do. different I technology it's is is company. be right? cat, is impossible growth giving anyone far the replicate look, And in.As they can to that It's than going for just digital no to to a

just time you're that partners emulate do I valuable that able our our Magnite over built we will partner, that's technology because you for capabilities question, to your have and product capabilities, in that lean going do more So I the targeting on want publishing Amazon if there's the heavily side. become offerings to the services serving to think, can yes, think and to streaming to and no be the how

Operator

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

Michael Barrett

Magnite upcoming I for at delivering Thanks, We to for quarter Danielle. in many XXXX. year. strongly, we forward with of We finished team to believe and would investor the I and events. are our you heights another thank XXXX look like well-positioned record great speaking very new

participating York, XX. Portland in We will in, New Denver tomorrow be the in March for and and Lake Nick Conference evening. a on on you have Thank will on City March great again marketing and in SIG XX, be X, dialing March Salt

Operator

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

You may now disconnect.

Magnite (MGNI) 28 Feb 242023 Q4 Earnings call transcript