MGNI - Earnings call transcript Q2 2024

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Operator

Good day, and welcome to the Magnite Second Quarter 2024 Earnings Call. (Operator Instructions.) I would now like to turn the conference over to Nick Kormeluk of Investor Relations. Please go ahead.

Nick Kormeluk

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's Second Quarter 2024 Earnings Conference Call.

conference being this reminder, a call recorded. is As

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

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

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

Michael Barrett

very once reported. Thank It's or exceeded the win. you, reinforced a QX our Nick. been so since again exciting results strong delivered CTV line guidance, that and last Netflix we top XX leadership in our days with We we

FSP chosen into have more The new existing created by absolutely customers programmatic been deal thrilled do We them as can partners a business them to with momentum help significant has advertising. are asking partner. and programmatic how and Netflix we us for move CTV for faster and our

and the result them of work the a with what a investment pace at to throughout we've supporting to been world's breadth programmatic XXXX, look and doing platform. we Netflix ramping demonstrates to the win we've and announcement forward years that Our summer programmatic We capabilities working our CTV transform. and create been the leading starting took clearly of and and is in holistic offer the we integrate have numerous moat the in in competitive It CTV since built launch validates May. depth and feverish features assemble,

players drivers ex-TAC growth, of ad X%. were increasing adoption largest the XX% Key and year-over-year contribution ad grew grew quarter, by spend programmatic serving strong industry's For the CTV performance contribution strength. CTV ex-TAC DV+ overall and

XX%. above pace to continued quarter the for spend ad Our

seen Regarding in decreases CPM CTV, slight trends we've year-over-year.

programmatic lower have programmatic of these inventory CPM important, CTV and who selling TAM. drop-off programmatic the driven powerful and makes CPMs demand. Volume buyers we We not will and from continue. may supply more The However, increases these even reductions, largest better more expanding targeting help believe also participation a and their in of by the scaling trends CTV are and price-sensitive. players accessible offset our of very programmatic growing be and adoption significantly and sources ROI CTV newer these expansion industry supply industry facilitate trends entry believe accelerating are we believe

big to win, other addition the want Netflix also In partnerships. two of our I highlight to

that our continued recently with the Airlines, ad commerce as entertainment. Magnite is centralized media partner the choosing world in programmatic platform First announced exclusive enter largest we one airlines for their United the in as in-flight of arena. growth Magnite the be will the demonstrates they where This advertising space

next expansion Roku, partnership The is new with to an integration ecosystem second programmatic we of The in the seven-year our of Magnite. where Exchange Roku Exchange. announced have the an powering through Roku support

In numerous continuing and a that buyers, are our we and solutions off agency addition line third-party testing agencies we providing early buying and gain seeing as albeit are self-service adoption, to very of growth, small base. with is marketplace demand also has traction direct in our our multiple advertising It platform Roku big development. them incremental with brands connecting well clear through are to with as and opportunities facilitation team. ClearLine,

with ocean we also quarter. media and launching represents campaign first Our are a big opportunity exclusive them ClearLine, our this partnership for

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

In Disney, programmatic which of as included SpringServe streaming Magnite us much in to and coming growth Warner, and differentiate LG accounts the fact, gives Roku, SSP to quarter from market. the continues with fastest-growing Paramount, big a relative combination, our first this advantage some partner competition and us of the a

capabilities solution. implementation And is from barrier SSP is are software not more our for looks from moat form typical And the tools and operations, podding the tools. believe whether clients' it workflow audience it our ad serving be creates review, or stickiness others. embedded entry combined deeply a superior enterprise Our a case, perspective, also of barrier like monetization. within just this the workflow, We ad our the meaningful in in to and ad clients' creative logic of

Our be strategic or partners of CRMs. ad two us as solution part ERPs having view to their and complicate one core and than running two more platform workflow operations would comparable

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

digital by continue efficiency audio, native, traffic Our be in formats results to and and investing out-of-home. and improving by as monetization scale, through adding AI shipping, performance such with improving driven podcast

with support for Google as challenges per configuration. In given rollout. they've and within Demand a announced any prepared done you front, of that improve so broader it. performance new of will future aware, potential have learning. that industry, the not finds are feature Sandbox testing in using versus acknowledged and has The the the machine you're Privacy we deprecate as I'm deep enhance the not Google with for we've configurations recently their they to may of work we're it our the feature decision sure release turbot want third-party AI Frankly, some those optimal that to our with publisher's seen surprised cookies. In iteration event, to may rapidly real-time wrapper impression the the pre-bid manual impressions in Manager On new billions

not meaningful long has the for does in business position deprecated term, been always our some that cookies we being a risk decision our CPM was relieve uncertainty and do Although potential the believe short-term volatility.

the selected the and positive investments CTV that in ever-growing leading The over in strategic for momentum to the create turn on a to believe future CTV the excited positive. Regardless of closing, the to Magnite. for it strong a have to growth is the David? of the we details thrilled paid with So Google's clearly decreased nontransparent our half user have we net are we third-party who partners David on delivered rate holistic acceleration a off, year. With continue implementing world's decision, as more powered we other methods that an view and first about and and are data are our CTV cookies I'll better in call industry, made programmatic the are and tracking identifiers. In we've bright obtain consent the roster model that, for financials. by and for first-party platform for identity business remainder sellers positioned reliance

David Day

Thanks, Michael.

quarter our market. recent wins We our momentum with customer business. strong another our growth with outpacing take believe with the share is resulting are we're we're continuing We very the ad spend pleased and seeing in to as

momentum total we mentioned, Total QX DV+. expectations a X% was from again ex-TAC up with million, was revenue along Michael for for XXXX. $XXX and CTV QX ex-TAC $XXX strong our of exceeded Contribution in performance As XX% top million, contribution guidance We ad ex-TAC growth with was contribution ad-serving and up the and spend X%. business. $XX up very our saw in end above continued SpringServe year-over-year million, range. CTV strong

again once programmatic was an our outperformance year. CTV million, driven to was quarter ex-TAC $XX the compared or increase million Our second X% from $XX offerings. DV+ by last contribution

the and that second within well contribution primarily due additional were range. increased was XX% and perform compares operating XX% XXXX margin $XX was from merit strongest expense not and desktop. increases technology EBITDA was of style EBITDA mobile our were modest compared CTV, margin From and expenses, for year. year-over-year and of Adjusted to year. XX% perspective, million XX%, and that annual of grew last of travel, hiring XX% became automotive last million, the vertical which of for categories second to Our the XX% fashion. Total million $XXX mix increase million. Adjusted did computing $XX fitness, of second ex-TAC and the QX loss performing a by as last the year. million for which higher loss health retail $XXX quarter same The $XXX our expenses. Net and the operating categories, revenue for cloud net last the million a was $X and of from for was personnel-related guidance period cost fully for amortized $XX quarter decrease acquired costs was year driver in of intangible third million primary million with to SpotX $XX were includes result quarter driven assets a quarter quarter the a The the decrease

a the loss Non-GAAP non-GAAP as ex-TAC. GAAP XX% last quarter and income per of loss XXXX. XXXX in share was included year. compared of basic are we As of of press the $X.XX margin of share per with adjusted earnings compared contribution second QX quarter to to percentage $X.XX results second diluted earnings non-GAAP and and quarter $X.XX grew EBITDA the $X.XX release. XXXX for for second Reconciliations per was our a of a calculate share reminder,

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

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

the QX, net expected the of at reflecting end QX. X.Xx Our seasonality The end our from sequential to at is normal was the the of leverage due X.Xx improvement in business. improvement

leverage continue see expect QX We leverage end of this by QX net improvements net expect less year or and the of and year. the in Xx to

second RSU cover taxes, to XXX,XXX quarter, X.X of $XX quarter, $X we for shares method during or utilized the for million. to X% addition, nearly In shares million full the to dilution for the withholding dilution thereby cover, reducing shares outstanding. withhold million using by our the regular reduced Year-to-date by employee we've cover through vesting

in expectations had our end will quarter of We available authorized quarter $XXX capacity program. I year. now for our or at and also repurchase full share convert the share third million

adjusted to For quarter, CTV the of million, $XXX to the expect to $XX be EBITDA midpoint. Contribution ex-TAC $XXX expenses million $XX between range the million, we ex-TAC attributable to to year-over-year XX% reflecting $XXX operating million the of We million XX% $XXX accelerate million. Contribution DV+ to million. margin to contribution be at QX a which of of anticipate range for range midpoint. approximately of at EBITDA $XX and million be growth in attributable in to at to implies $XX third to the

reflects a July Our political QX seen surrounding parties, spend although improvement. ad circumstances to both we've extraordinary the in some CTV and DV+ to expectations start slow due across

total flow, Adjusted CapEx EBITDA contribution For at year, to $XX faster to XX% EBITDA an expand expect expect least now points XXX with over that ex-TAC we are with reaffirming grow even XXXX, growth to cash DV+. to we the adjusted in XXX basis be growth free full CTV and the grow higher million. than mid-teens in we margin to approximately

them full was be to expect am on also I'm Netflix relationship positive the and United solid I example. media We business. EPS relationship opportunity their growing help excited commerce marquee advertising GAAP the new particularly for about with the our grow a and have in we Magnite. with to also our opportunities and as space another excited about quarter net new basis. QX year for income a

business that, open Q&A. have significant let's our the exciting We momentum opportunities in line for ahead. With and

Operator

question-and-answer pause now momentarily this Instructions.) We begin we'll session. will (Operator our the to At assemble time, roster.

first question Patil comes from from Our Shyam Susquehanna.

Shyam Patil

Congrats on couple partnership recent of quarter long I and a great a all the questions. had wins.

year how next was of should a them bit of obviously, Roku, the you of and that? can ramp first the quarter bit on those. some for The partnerships. we then question, this about And how revenue you to advertising, to you about little that you on quarter thinking the expect contribution to finer some any maybe half second you the could both talk Netflix, expecting put be kind one Can year? you're extent just good third there's political talk look about partnerships. throughout of really second that little a how can point and if fourth in And the on talk about

David Day

ramp and some Sure, new They've on really launching United take their Netflix discussed those [Steve]. timing to Yes, ramp. to time will the we then this fairly be this fall in of a that. partnerships, up. into they'll and I'll ramping summer that take XXXX. is partnership, defer that on

pause of expansion, in those -- spending. was two that not our interesting they ramp events up. Political year. the so, Roku political there significant some considered and and some seeing is July, growth we're remainder these in significant we're revenue impacts really are this really think for With And a I unusual with seeing in there,

election. cautious political little on of to that running XX% a occurs spend is challenging weeks in up What's eight we're the ten So the front. that to

in so, gauge. versus And cutoff how that to hard QX QX much occurs before the is always September of

given And to cutoff potential conservative that have guidance the in will the quarterly volatility so, our we're anything and you trying that else to in trying somewhat estimate got land. Michael, spend to and be where in political add?

Michael Barrett

No, perfect.

Operator

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

Unknown Analyst

think In was (inaudible). -- have clarify, quick you is like there's growth I acceleration clarification on guys are release, press in the This follow-up of quarter-over-quarter just guidance. -- about commentary commentary just may a if the Maybe half I could. that you second a I expecting XXXX. a question, there I expecting around to a wanted

Michael Barrett

[Arthur], not if your I you. I'm think Arthur we lost still sure have end? you Operator, on

Operator

Pardon everybody. reconnect the with while Pardon us try speakers. we and me, everybody,

We the have with reconnected speakers.

may proceed. You

David Day

we'll audio. question, all that apologize it. you recover lost jump if we back right your Arthur, I could into

Unknown Analyst

clarification quick I just -- quick on wanted a ask the make a to guidance.

So, acceleration the on expecting second quarter-over-quarter around in XQ in versus And would expecting if accelerating think a was guys to there would XQ QX? question, clarify, commentary the on I versus QX are press acceleration growth XQ a I could. be and XQ half accelerating follow-up release, XXXX. be have a you wanted and I of then then sequential you I basis? guys

David Day

the Yes, -- year, compare half not guidance Sure. we specific acceleration only second which to year, on focused will we're the to of I and overall -- particularly half QX CTV QX. of lead year-over-year XX% first guided We're you is giving and mean the an acceleration. growth, the -- and on growth,

but feel So, business. to good our really more really -- there, come we're about CTV we

the in accelerated that narrowing see revenue. CTV spend CTV is between growth ad our gap the and of because growth, You that can the growth revenue

bullish really on we're CTV business. so, our And

Unknown Analyst

or question take bit like talk side follow-up the of the you six changed down could Video And a CTV say, with dynamics on if online, inventory a how down, it. supply months the trended a I'm has wondering outlook Prime take some your Netflix guys if maybe rate. just rate year more has Appreciate given looking and coming you're And on take quarter. about CTV sequentially on road? the rate just quick in

David Day

I continue -- still I levels. market rate on lapping we've last inventory most the the coming But take from to specific year. had the decrease several take premium don't narrative we quarters. whooshing on that's but is Yes, last the rates, in our earning at The think give significant think lower that we're to

And so, significantly. the take rate rate, due has of continuing decline that our to mix in average change which quite is slowed

And it to but sort actual revenue point that you the closer And acceleration of why continue we're so see growth will stabilization. in that's wouldn't time, we're and out, CTV spend ad bottoming the this commented come growth business. to our you in say hitting -- as earlier, our over we're see I significant closer of

So, trends to those we continue -- we continue. expect

continued the Michael, to than of programmatic expect CTV, quarters we've adoption XX% add. spend We growth have last to those you know, rates going so, of if expect ad remain anything we high, as in greater else don't forward. I and want over had handful

Michael Barrett

No.

think captures I all. it that

Unknown Analyst

the quarter. it. Got Congrats helpful. on Super

Operator

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

Jason Kreyer

streamers? about Michael, relationships think pretty about for strategy. vocal what for that means Netflix that has existing been your Can means talk this maybe the and what just industry other you programmatic your with you role deploying ad in

Michael Barrett

line Yes, think leaning into across of the for I programmatic Netflix I vocal streamers. Jason, all been think you quite the big question. see and about thanks has kind that Yes, trend

I for in deployed streamers, of market. bigger some spend dollars in think but we prime the programmatic I online, that numbers but recently final piece of the was the puzzle. And the completed seemed that was going forward of spot everyone think the one like the from kind with any up the big the upfront in CPMs, think kind maybe of upfront slightly don't all all of been a programmatic takeaways definitely for season are pleased it came haven't that

think market I someone It's any kind time of wanting. heavy a comes buyers focus. what programmatic are So, with answering to

you're And in the more a buy, see is want a just that's They want. of bigger they given think equation. terms role certainly supplies so buyers going play to of programmatic and that more, programmatic and Netflix the I targeting, way that to streamers fact that, revenue, efficient what that's more part and what the want

Jason Kreyer

you've wish the as on any they view what the changes And then or Netflix of over with Netflix of of last learnings the months, been their to opportunity? or strategy deploy couple size to your any working

Michael Barrett

No, talked about. that talked the in we haven't about already nothing script or they that haven't

as at the comms in off top said mark David area. -- think, of I we're of the Netflix call, we this

And ones so strategy us the a Netflix direction be the as might we better it feel a be, from that would would they'll you of of But could we giving size to I timing, give what their be a comfortable there. what etc. say very relates still client, to understanding go-to-market we represent kind of feel with

Jason Kreyer

the DV+, that's on on just there like that growth one anything else was there? related QX slower little political, consistent with going a to this is or quick One quarter. seems the It Is bit guide.

David Day

in nothing lighter but that little There's line. volatility point to growth we mobile, put in so, kind normal rate, volatility saw at always a of DV+ bucket. some the We a -- finger

the trying and and a we're on from perspective, cautious political I perspective macro geopolitical given macro perspective also for a challenges to going directly. -- of little the concerns, our this year, remainder all we're given in think guide be of the certainly all swirl

Operator

The next Laura Needham. from comes question from Martin

Laura Martin

So, Netflix. again, on

round XX. faster. brands ad have and they love reach would to more I under they subs say numbers ad-driven XX the But is here critical So, found that talking what market to the in have Netflix million upfront mass, they're they're in America revenue think

they market? in they're So, have smaller is for even critical of Can reach with ad-driven that does bigger subs world, in my than use the that need require upfront they your than Or buys, question. their U.S.? reach sort the when ad that they programmatic

Michael Barrett

just it terms as long that. want, my Laura. their doesn't Netflix provide take lot be could question, But scaled be to And, demos. and is have Yes. it households, answer to audiences of would that that the to yes, defer can on Great that, a folks as of it in again, you I

a folks in programmatic at you're of buys see concentration If demo, looking a that you in universe those smaller consistently decent of programmatic in have ARGO. with individuals we are targeting, making nature, because that by

that be and seat I you think programmatic upfront to as that into big nicely have up able the start at scale table. plays to a

Laura Martin

you're then That's business. a work CTV which DV+, you And there back is bigger the same couple I they getting given I super helpful. on slide your similar it for is But a quite DV+ just around not don't slide all X% love than hard the you've in more. We're just that a DV+ know to new ago. -- business CTV. years it? new is and something for to getting this disclose Or growth of still And Okay. growth turn clients us have there? you It's bit is spend clients,

David Day

over think have mobile I cross And slide our -- though both, the some revenue Airlines the that talks so streaming about Laura, on hit different from wins. the that coming you're will is a there that recent desktop it's deck referring that's lines. and that DV+, television some one specifically United also mobile device, actually even on there to in those is might comes

the near-term is biggest tend kind of focus encompassing. really to do wins CTV. there more on that But So, on

Michael Barrett

as Yes. too one And well. Amazon the

exclusively in for that's out, So, Laura, a you it's should great being we DSP, a DV+. future something But SSP earnings point it's Amazon's releases. preferred consider bring almost probably

Operator

from ISI. Peterson Evercore Ian from comes question next The

Ian Peterson

may. I if Two,

a in incremental second how in guys First, acceleration these investment needs how CTV to in partnerships it Or the should question partnerships? or implied investments partnerships on QX think how that make quarter. run us you walk these trended you which Magnite has if pretty services material new spend? of require Can some have in guide, through around you about to number to color is signed would order expect we will managed revenue? And properly to your And business be great business get in my the some QX? trend

David Day

that managed was on service Yes, QX. think managed Great. the down in front. slightly service I take I'll

down the One think is always slightly find QX. to expect We little it's I be in -- you'll And as more we've discussed volatile. more a past, what is it in been managed service.

so a service more our of any smaller becoming see little to related time, a service. revenue And overall we're you'll and guidance And mix. component over managed than managed cautious smaller

we And partnerships. the over all think trending that the partnerships there how there's partnership there these ROI. of needed engineering of you a I'd that on opportunity is incremental for represent, CTV to for modest if the bit product have of thing so, no time. From and example, engineering, a see that's live direct perspective, and pan some The can only little new that back overall I really say hiring investment margin, a nice sports, acceleration is we sort

nothing think anything, or accelerate we'll opportunity that that fundamental of I of we that but development to margins because changes dynamics of ahead our the look of some So, us. have

Operator

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

Matthew Swanson

how versus much the of to How guess, just on thinking cyclical could just versus is see one the of you the you're and I kind macro another kind macro environment in secular CTV idea? that Dave, about between differentiation, DV+, if ask I it in guidance. going back there

Michael Barrett

Matt, it's Michael.

categories both spend if standpoint, the across ad board, I platforms. performing that go aren't to from well across as look you the an think tend

focus in of not categories for be a of may and it's But some speaking, meant think spend, across don't or I there weaknesses just the board when that on managed CTV contribution. generally instances of, service Magnite say, say we so rare DV+. and/or all strength And

David Day

Yes.

because the of the CTV. would I the expansion that we're think it look whatever macro making muted general CTV, gains that in that in that more probably a is, because said, little of impact,

you'd more add acutely you that. on business let's nuance a little probably the DV+ speaking, that's but only macro say it there side, So, to was on the the slowdown, relatively the than I'd a of side see would CTV

Matthew Swanson

these helpful talked what Yes. during the partners people you launched you're that how us about maybe out that's to there, Michael, doing interest give but won, Netflix names really about you you be then, remarks, Obviously, why probably about just to figure more helpful. trying the talk help. increased them don't and are color color. before some could you could No, after you specific And if want from deals deal, for other prepared would

Michael Barrett

a increase I that effect the an think like big the the that will the YouTube. -- in of in need But do seeing we're every Netflix -- we've probably stack. work kind work basis. through just and was same-store with Yes, stream what with, business, we our and clients We of want ones out player halo walking there kind we offerings never they that about Matt, reference work a about talked in there what some with of is we past or the talked had sales in won how of before customizing on us

want server an revenue that's work their into you doing of features, SSP three five ad So people instead an that ad are participation. features features are features to with have of well, someone that monetization have get will, kind that server, they they increase their SSP, having and our think of stack, deeper oh, us we're as, the and if folks these increase

would at look as that So, of it verification effect halo the the wouldn't it's that we CTV from to huge more for the announcements of receiving, that say look the revenue have. I performance existing I clients we're

Operator

question Eric Street. Lake next Martinuzzi from comes from The

Eric Martinuzzi

-- things need there. the to behind the or do really the there The you that deeper kind here, side far QX, as to as the on educating a relationship Curious are plumbing, the is get step Mediaocean buy next call -- is it, the the in of layer on ramp-up ClearLine?

Michael Barrett

stuff. all falls dev work making -- date, sure place. that Mediaocean. lot Yes, collections, right? workflow it's So, integrating, great plumbing that all billing, works, for question, sure reconciliation, sure was and been up was that making make that sound to and in Eric, Had has to it of kind the A of on

resources of through to is But education of we that you're we But and next there's our activation. controls. additional water this the there's And anticipate that flowing out right, So in now it. phase it's we're no that there's an kind process need. pipes, that

relationships We that on have has is it exist. Mediaocean the facilitation leaning demand all well. as team our that

to sales are relatively them and said, and not now. this I that are through insertion to be really efficacy right with the from a and order really ClearLine linear insertion tests and As the that not we're sent of can convincing get balancing put midterm monies be that that of the through response business as It's get converting we targeting DSP of we're work. switch, that. would to additional you frequency those -- new it. and the is of those This to getting going for take by that order trying but from folks flip an an can of that, dollars encouraged you cycle over kind some expect And workflow programmatic place today the path we we're the that easy taking that the reach the yes,

Operator

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

Zach Cummins

capital asked repurchasing QX, Most with thinking retiring other it you flow this analysts, of shares you already comes especially improving to been here see, mine about but juncture? by or potentially allocation in at that are when have just how curious cash them

David Day

a good that's Yes, question.

we're $XXX normal our our If $XXX we'd we and kind where first the flow with set -- like years. having structure, balance. for cash start of about to happy baseline we million, next refinancing million from for now really kind January, with think have of a completed as of a As capital handful stand I'll we're that uses we operational cash, in

to X.X -- we we like March another aside pay come in would of to put or off would years, next that the due the converts $XXX million XXXX. Over

will we point, excess have your cash. to so, And some

the would we some think our much repurchasing shares, lean price. perhaps in particularly with to volatility stock heavily of of now opportunistic I more

So, are some We'll keep accelerate powder some dry on that small also there that important be certainly the might if product would table. CTV-related tuck-ins, acquisitions development.

So, that's think about how right now. our I capital think we allocation

Zach Cummins

Got rest of it. the the Best with luck quarter.

Operator

Instructions.) from from (Operator comes next Compton question Our Macquarie. Ross

Unknown Analyst

by some DV+ mediation potential your the pieces the about, [to starts it's Google's which Tech and also seeing the little here long as that revenue, at hear with competitive for Interested looking of in in results? but September, network the think, spend thoughts kind a way upcoming you press on play eight Google helping an declined has space Michael, quarters moving to you in trial a going SSP row. I here, ads.] of to appreciate to the win Are in for Ad I the be and

Michael Barrett

Yes, was great years, say question. this have we it in DVXXX. and more over playing to not a relates seen field several as would GAM that investigation since and far if quarters, I with Google level [AdEx] Google working on, going definitely

practices afforded are kind Magnite. quarter last I not were any think there's So, quarter there's think -- that that Web, accumulation of margins. [C] But of accumulation more I us change the that -- conducive I say the to I been opportunities don't conducive more of are anything this where or more to don't to Open the abundant. think would on now

Operator

remarks. are for queue. session. conference to more in There Michael the no like closing Barrett the would concludes I over any questions This turn question-and-answer our back to

Michael Barrett

for host expectations. us delivering positioned team for and The in to of post-QX nicely has performance like America at investor quarters. finish of team strong the year forward thank Bank look fourth the first the strong upcoming We to you of I'd another virtual tomorrow. with our Jason. investor meetings exceeded quarter the Magnite events. third in of that half great our many will Thanks, a speaking our

XX. with Nick IR XX August on meetings Philadelphia Craig-Hallum participate will XX. attending and be will Baltimore and in Cannonball Conference on the in We August

Benchmark New conferences Street in XX September York Wolfe San X. Lake on the York X, in September New in on We Conference New September September Riley B. the on and X, the September BofA the will York Conference in be Conference attending New the Francisco York and Citi in on conference X, on

great on Nick with will investor Dallas a on Diego Montreal XX York Street, participating you on and September Stephens. XX September in September Thank with September Toronto in be XX have with meetings XX L.A. Lake the [SEG]. evening. Street, Following all, September Benchmark, RBC conferences, XX on in September XX and with on September New Austin on with and XX Lake on San

Operator

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

now may disconnect. You

Magnite (MGNI) 7 Aug 242024 Q2 Earnings call transcript