MGNI - Earnings call transcript Q1 2024

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Operator

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

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

Nick Kormeluk

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

this being call a conference As reminder, is recorded.

Joining me and CFO. CEO; Michael are on the David call Day, today Barrett, our

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

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

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

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

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

Michael Barrett

QX in CTV, for across Thank line you, I'm the once report XX% top Nick. ex-TAC that for which exceeded contribution grew quarter. pleased particularly lines, business guidance to our results again all

business strong contribution great X%. Our and very performed continue delivering throughout and DV+ also well, ex-TAC March an XXXX a to positive that exceptionally trends will optimistic of We've the year. remain growth start had

we accelerators. highly quarter, emphasized demonstrated strong Our of monetization best-in-class strength from live inventory. in number the Magnite our performance a CTV key basketball Last partner platform sought NCA benefited the as a valuable Madness, this is proving handling was through March after how in In for of this sports. platform quarter,

wins and new partners us be Our for strong ad a ramping differentiator strategic. from delivered highly stellar continues also serving and SpringServe results business, to and

and solution The frequency protect much a We a us experience the ad around makes yield just Magnite conduit host rules audience combination and that than and a complex for and streaming honor of capabilities SpringServe consumer of competitive more offer separation to viewing our demand. capping. serving, complete SSP monetization, includes tools

deeply also clients' within our are embedded We workflow.

monetization. others. barriers barrier the ad from to our is case, entry SSP superior of moat server ad it an their workflow in this and are enterprise meaningful in creates more our a a combined implementation like And also looks solution. the This perspective, typical operations, for software So from form stickiness not of and

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

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

at live as our preparation Olympics, and NFL elections. Summer programming from in functionality for partners, building Fall agency college additional as In sports addition, well we and the on like launching hard the through work feedback features and in QX various are football

a TV been CTV look has to market. sellers broadly the some advent more connecting Recently, bit back of at attention little to to the the DSPs directly given connected stepping landscape. Now in

sell-side this what about anxious platforms like been have means Magnite. for observers Some

both and optimistic experience backed anxious. perspective, us leaves than data more Our by

plain Despite The just concept has our OpenPath remember confidence. to sparking share, important experience video we introduced connections have to that similar accelerated year-over-year. Trade isn't Desk This growth It's this across continued ago, our direct this, new. business X DV+ over years the our and rate gain strengthens concerns.

adopt SSPs Magnite believe continue will dual or to for are thrive reasons. While to pipeline test approach the programmatic we incremental likely drive a some like large differentiated following to media demand, owners

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

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

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

all demand streaming Number about advertisers. ability diversified a number growing of from is X to capture the

of that a linear business, focus CTV biddable the by X,XXX-plus stages in tools. digital and with advertisers. handful not future environment, are Today, a spent will is we'll host of and We advertising but XXX. The partner DSPs precise dollars rightfully advertisers, future. of isn't is and and advertisers These first the capturing handle DSPs the buying a broadcast so, early this demand targeting

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

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

the continues in for the headline, So while participate disintermediation nice Magnite a narrative makes economics. to

of with Bros and Disney, Samsung, have long-term Roku, valuable CTV VIZIO a role deep likes market. Warner LG Discovery, ensure in the the of Paramount, Fox, we Our partnerships growth the

enter their excited expand to it to these of during We XXXX programmatic advertising upfront to the ad which CTV majority are as sales. a will continue season, relates efforts partners

ex-TAC once QX finished again revenue with of strong Now X%. to growth moving DV+. over

buyers, Our such by with as driven in and results digital extreme improving and native, out-of-home. podcast audio, monetization sellers, to continue focus formats investing performance be improving AI on for

announcement was are we to support sandbox to unexpected and Google so recently fully we in the Google eventually aware, are work its of privacy delay when notwithstanding deprecation it that third-party testing prepared The yet you -- will As another to cookies. we launches. that privacy when support are prepared so delay, and continue do with fully announced not

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

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

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

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

David Day

Thanks, Michael.

XXXX a with high beating start and have to guide. end contribution strong pleased significantly of are the our ex-TAC, to DV+ We CTV

which up CTV the margin continued Contribution million, contribution the above reported well The for end is were revenue significantly results XX% $XX an in QX $XXX XX%. EBITDA of contribution was year-over-year, also our XX% from significant guidance ex-TAC quarter, CTV. ad drivers of up XXXX. range. growth from Total serving better-than-expected million, was QX We strong as high exceeded live March including Madness guidance range. was adjusted up of ex-TAC which as million, XX% for sports, $XXX our

an up year-over-year. outperformance was increase million, quarter first was ex-TAC offerings by the our last managed slightly with to from driven million CTV year. service $XX X% $XX Our or contribution programmatic compared down DV+ entirely

and XX% and perform our XX% Our From and vertical XX% mix for contribution was not and Categories ex-TAC financial mobile performing did well home a perspective, as QX categories. were entertainment, CTV, automotive, were technology. garden that food beverage and desktop. strongest

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

loss quarter for to year. was a $XX for million million. of of for $XX EBITDA was which quarter. compared adjusted loss Net $XX and last quarter was first $XX a XX% million margin the the margin million, compares Adjusted and XXXX the XX% EBITDA net of to

margin was first As $X.XX share $X.XX a diluted per loss first the $X.XX contribution earnings calculate the percentage as to reported $X.XX quarter compared of adjusted was Non-GAAP quarter XXXX. GAAP in EBITDA ex-TAC. XXXX, XXXX the of for basic a a reminder, first last for share year. and of of per quarter compared we loss to of

results non-GAAP to per share QX included reconciliations are and with income The earnings release. our non-GAAP press

at define balance of business. decrease a million the end was million, was seasonality fourth our expenditures, the of cash was end Operating Capital quarter. for property million CapEx, capitalized $XX internally QX used equipment which $XX decrease and we at $XXX adjusted development million due of from were quarter. cash Our EBITDA less typical including as The in $XXX for purchases the both software the flow, the to quarter. and costs,

Our quarter the $X net expense was million. interest for

QX, structure the we our quarter, As stabilizes future. last in foreseeable our successfully announced facilities credit capital refinanced for we which

end at mentioned the to net X.Xx cash QX was same seasonality the Our typical due I leverage of earlier.

second leverage improvements year. net now leverage Xx year. quarter and expect to year the see a the full We and end this our less future net or of quarters share ratio of for in by I expect expectations the will

contribution up in expect EBITDA against to double-digit range managed a $XXX to million, going to $XX $XX to ex-TAC CTV in partially service million, of and ex-TAC to Contribution be margin we programmatic the $XX be of at comprised which to For Contribution attributable contribution, in to $XX million the EBITDA of second ex-TAC growth quarter, million in the DV+ $XXX range $XXX which comp be offset lower the to attributable range CTV million. the is by adjusted of $XXX for between XXXX. strong QX adjusted million QX and expenses XX% operating implies to midpoint. million approximately million, be of

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

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

Operator

Susquehanna. comes our Instructions] of [Operator question Shyam from Patil first And

Shyam Patil

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

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

Michael Barrett

Shyam. Yes, sure,

ad we to option it the exceeded. able you we exceeded performance, SpringServe And that be front, the just X serving kind came to buy at far everything on expectation range recall, has serving So itself expectations, acquired it's on of thought it's a with we so top the So SpotX and performance if ad time. of far yes, of had of stories, right? so when the

companies. sales So it's also and really same-store growing fast rare adoption. choice new incredibly It through the customer through is for digital-first streaming

long a these at broadcasters the choice. video that have guys, time for if position the good OEMs, at Obviously, a and all But is fast the FreeWheel of you look of virtual look at has you very been services, look you at server in online SpringServe market. MVPDs

is in killing So secret stand-alone SpringServe as is a it, SpringServe just here SSP. the with but sauce our combination

SpringServe SpringServe, in X the being tools, only clients think you're relationship having on, publishers, together to access And have drive SpringServe unified to addition use have superior monetization. to that that SSP. the stickier So clients access we X just year will goes as that with don't to going login, will will clients a see the have

couldn't So excited with more with with the forward prospects we and going results SpringServe. the to be date

As Mediaocean to are very excited relationship. ClearLine, we it the about relates

for it to programmatic. to increasingly, insertion there agencies. They those process software to that sits send As their streaming And know, to all major it use to planning, their very uses service. for need it. automate make Everyone using they're same and linear more that, over at the the is broadcasters you for orders

the market of here kind cetera. a to really be partners can with think partnering real so we programmatically used sold that And Mediaocean and think they there's with or transacting et our processed the deals be about opportunity way to shift publisher at that insertion targeting, now

So really about excited that.

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

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

Operator

The comes from next question Needham. Laura of Martin

Laura Martin

Michael. add I'll Nice my X, have congratulations. [indiscernible] I congratulations.

because which were CPM -- Prime is Video an creating is they that oversupply. so softness coming X the So into seeing too, Roku market, said probably is and Netflix Amazon

per you and first my move TV the Or thousand market like do one. within trends pricing the there So between see are if And Roku, market a cost together? the my is call OEMs the are that's what sort difference, Samsung there a of whole question is so, first different? LG, broadcasters. that difference if That's CTV you does CTV

Michael Barrett

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

of pundits market kind what has it which cratering a hasn't some been of So have -- the CPM. said of the

So that hasn't occurred.

Laura Martin

Super helpful. interesting and

the we're in market. upfront market. billion week, Next spend into We're $XX the walking -- billion of upfront $X

the -- programmatic side gut feel What's be of the Are more point this this when the If of by what new get will actually deals all year we're is that? point past? you are much on August. are signed lot you we deals tipping programmatic in year's your going other a on upfront? view a the to your there were compared upfront feel when signed market do to How at

Michael Barrett

I think of and Laura, premium the do, of with They'll the but the I stretch. what be not sold more majority directly the publisher guys. will majority still see that that any we'll it be by biddable,

And ad that's most And rate think I so what to of that's our these of that continues growth and you're to just [indiscernible] because guys deals. want. publisher spend going be more more sold buyers see with and

Laura Martin

Okay.

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

Michael Barrett

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

Operator

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

Jason Kreyer

Michael, direct you I on connection. time spent appreciate the

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

Michael Barrett

to to in area is every I point deal every knows mean, create we really tried the You it. get It's think deal DSP, to deal that's self-serving think that of a role buyer go not too call. that in the CTV the out to library SSP, is inefficient publisher where in right? be about a location, the quite libraries it's the for I point one tough great and create library And different. I to that trying

be a done that element for can If think It do. that an before, there is there's talent they publisher. of haven't it risk to So element, engineering costly. I requires it

challenges, So think I broader think is based upon those I for this kind of don't everyone.

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

Jason Kreyer

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

Michael Barrett

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

but So you're that for category, of many, more many take more obviously, them. rate of a is seeing lower them, what

still I a last and of at of when now right quarter. inventory inventory Prime market Amazon onto bucket dumped so look a And the this obviously folks there's available it. lot think

go that they're that still name I the premium a with, think with. they're for broadcasters buyer shows preference comfortable there's super comfortable to brand real

But And change don't around margins, driven in on be managed our the think March that throughout I I terms dramatic so anytime by over to will of line dramatically there's was trend of the that, I buckets. don't NCAA some mean soon. change and basketball. think mix going the performance, particularly that any of service XXXX

Operator

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

Matthew Swanson

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

David Day

full characterize means a as caveat macro it ahead. little improving, but by bit. And want steam we I don't wouldn't to The Yes. any is

to was in lots a for lot automotive, to vertical on which cars So in strength sitting if sold, increased beverage. be weaknesses some there put need folks but also particular. financial, we're view, result place a lot electric had prices, technology a in as that to CPG of A and example, of in you've of maintain food take inflation, some need we for support seeing

a called and that last others WPP Entertainment, few recovered have still issues think out. we of strike from fully I year. some haven't the

think optimistic. I perspective, think a so cautiously And from guidance I remain we

So have the we've describe for we're certainly of we business is appreciate spoken that -- the that in little I in there. businesses. to place how some other But service improvements potential the and future the about Also, we is managed more than think cautiously way and past a optimistic volatile it.

this And had value first important as look company. forward super particular, the early continues it kind of stronger in half in add group, in to comps it's But XXXX. for to be so we of obviously we year -- that a XXXX,

little personally depressing. So not growth from now a a perspective, that's depressing

the year. up of ease half the comps those -- second that And

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

Matthew Swanson

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

Michael Barrett

Yes.

relationship an I so we guess, working them it more is earnings the actually little where was our this managed about, our of mean, team. the of in I bit as a through expansion. a contraction actually cycle time actually But calls, has now first our earnings. talked kind with So been We're service it's portrayed of

political own with in We sole own working ad are partner. remain server. their them their They advertising and SSP

a though a SpringServe felt ad likely if they So had more of do and It's kind their It's into process. commented that been and have through think a there. I the the the server, would lengthy and the I own to server. their it because X largest they length expense capabilities commercial connection own server risk with ad they commercial DSPs. of than connection the begins But been about had technical as it ad intimated ends earlier using were a of they it. implementation

not lift XXXX. finger the a They're going on Trade Desk even to integration until

think were them if Why a I publisher, in ad to it's I'd do kinds do so do wouldn't I because incremental they these do and engineers own been as of probably but pitched have unique the demand. you, that do they're an experiment. it's And sense their it they server as think quite I things.

remains our think incredibly So I Disney relationship strong.

about We services. top as are talking And to they're relates the most an outlier that workflow it for XXXX. I think do of streaming

Operator

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

Zach Cummins

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

David Day

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

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

Zach Cummins

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

David Day

it really in as us. Yes, question. of refinancing to we're a on just net possibilities the and that is converts we're for opens the a you to covenant first thrilled guess ratio of progress the good be our debt, that's mentioned, this related lot position. of leverage springing And with I point up our removal -- a

a $XXX we yes, for share or million could used place program in for buybacks. have that program repurchase So for convert be

the not where for market converts favorable this take trading, it's the time. at off to them Given us are

And lend more repurchases ourselves would so it consider share significantly. to

would where we'll on significantly. table wasn't very So probably in least at -- the I XXXX, say

a we think we as focus take of I not. growing forward that's facts for and although move us, action will if or area circumstances determine

Operator

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

Daniel Kurnos

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

that So about just of opportunity. curious kind particular

almost political to the that of to the basis, lot programmatic purely trying actually just transact into, I universe. a sounds on aspect wanted like CTV but of a you mentioned agencies are David, particularly get kind in it And political

if seeing be many just if of what that a the you're shift So some kind that's and sort on but on boom you're of I negotiating how premise? deals guess dollars there, of could that curious depending

Michael Barrett

Yes.

local political, and right, I'll to a I Dan, that's have And and think a kind it space to a a very yes, we relates about I David told, story it more to streaming, spend. not as able because momentum being in And business of look and area. going to in it's on and forward relationships. lot green secure of talking promising. us much really backloaded as let but to We it's think much that for of be opine, So that as anyone it's lot as terms you're relates well do is us that's that think of

so hadn't yet. And conjecture talk that it about we is political because flown of anything kind

it's be think big. to we so And going

into We but how forward-looking how still some is much it's when, of all the have comp. the programmatic it's to who encouraging, it on of But big very guide. it's going it built come kind from, of

David Day

a got we've team crack And place. in facilitation Yes. political

approach in guidance. very tried think, players. to established So -- fairly we have have we're with relationships take, our modest And we I a those

the to so it an in the upside create your latter point, half year. certainly of And could

Operator

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

Unknown Analyst

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

Michael Barrett

Yes.

think on think the transaction using rate buy-side Magnite would the a envision be with is, fee associated I about the side. this that take is And that's there's it in way Mediaocean. from tool there'll that So involved the I obviously, to

it. obviously, it, a economics. the there's of And on Magnite So piece is shared sell-side economics piece buy the then partnership, side of that's

money, flow would and rate is that through of a be it terms anything it accretive fee. found in and think take a buy-side I So both would

Operator

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

Michael Barrett

remainder on many and investor foundation the to to will performance virtual Magnite great at the speaking like the expectations. upcoming that for Cannibal We the forward post-QX of meetings exceeded I'd look you for delivering beyond. quarter our our our established has events. with solid to thank say tomorrow. investor build Andrea. around you, team a you also The to of very Thank a world team year of host

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Operator

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

Magnite (MGNI) 8 May 242024 Q1 Earnings call transcript