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Did Magnite beat or miss consensus estimates last quarter?

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- **Revenue Growth**: Q3 CTV contribution ex TAC up 18% (25% ex political), DV+ +7% (10% ex political), driven by Netflix, Roku, and SMB expansion via Streamer.ai.
- **AI & Infrastructure**: Clear Line with MCP protocol enables agnostic workflows; $60M+ annual CapEx for 2026 to support CTV growth and AI integration.
- **Google Opportunity**: 1% market share gain could add $50M annually; behavioral remedies may accelerate 2026 impact post Q1 2026 trial decision.
- **Financial Health**: $57M EBITDA (34% margin), $482M cash, and $191-196M Q4 guidance reflect strong execution amid macro challenges.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Revenue growth driven by 18% CTV contribution ex TAC (25% excluding political), with DV+ growing 7% (10% ex political). Adjusted EBITDA of $57M (34% margin) exceeded expectations.
- **Key Partnerships**: Expanded with Netflix (global ad expansion), Roku (preferred programmatic partner), Warner Bros. Discovery (Neo platform), and Vizio. Streamer.ai acquisition enables SMB CTV access, with wins at ITV and Wolt.
- **AI Integration**: Clear Line enhanced with MCP protocol for agnostic workflows; SpringServe supports live sports growth (Disney NFL, MLB, WNBA).
- **Google Ad Tech Trial**: Potential 1% market share gain could add $50M annually. Filed lawsuit for anti-competitive damages.

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $179M (+11% YoY), contribution ex TAC $167M (+12%). GAAP net income $20M, Non-GAAP EPS $0.20. Operating expenses $154M (+5% YoY) due to cloud costs and headcount.
- **Q4 Guidance**: Contribution ex TAC $191-196M (6-9% growth), CTV $87-89M (12-14% growth). 2026 outlook: 11%+ growth, 35%+ EBITDA margin, $60M CapEx.
- **Liquidity**: $482M cash, $50M share buybacks. CapEx increased to $80M for 2025, with $60M+ annualized for 2026.

**【Q&A Highlights】**
- **Trade Desk Impact**: Reconnected with major buyers post OpenPath change; minimal long-term impact expected. DV+ growth tempered by macro weakness and CTV shift.
- **SMB Strategy**: Streamer.ai powers DSPs like MNTN to access CTV; SpringServe integrates with 100+ DSPs for programmatic expansion.
- **AI & Infrastructure**: MCP protocol enables agent-driven workflows; hybrid cloud/on-prem reduces costs by 30%.
- **Google Trial Timeline**: Remedies decision expected Q1 2026; behavioral remedies (e.g., unified pricing) could accelerate 2026 impact.

Magnite, Inc. (MGNI) Q3 2025 Earnings Call Transcript

- **Q2 Growth Stars**: CTV ex-political +15%, DV+ +8%, adjusted EBITDA +22%. SpringServe platform and SMB partnerships driving CTV expansion.
- **Google Ruling Upside**: 1% market share shift could add $50M annualized. Magnite positioned to gain from fairer ad exchange competition.
- **AI & Efficiency**: AI tools for inventory shaping, audience discovery, and contextual targeting. Cloud cost reductions driving 150bps margin expansion.
- **DV+ Resilience**: Despite macro concerns, DV+ growth +8% YoY, outperforming expectations with new publisher deals and DSP partnerships.

**【CEO Summary Section】**
- **Q2 Strong Performance**: Total revenue $173M (+6% YoY), CTV contribution ex-TAC $72M (+14% YoY), DV+ contribution ex-TAC $90M (+8% YoY). Adjusted EBITDA $54M (+22% YoY), margin 34% vs 30% last year.
- **CTV Growth Drivers**: New partnerships with Roku, Netflix, LG, Warner Bros. Discovery, and Paramount. SpringServe platform (combined ad server and streaming platform) now general availability. SMB adoption via DSPs like MNTN, tvScientific, and Vibe.
- **Live Sports Expansion**: Deal with FanDuel Sports Network for 3,000+ live events. Programmatic ad buying in sports growing as broadcasters shift to streaming.
- **AI Integration**: Neural net for DSP inventory shaping, AI-powered audience discovery with third-party data, and LLM for contextual CTV inventory categorization.
- **Google Antitrust Impact**: Potential 1% market share shift could add $50M annualized contribution ex-TAC. Current Google SSP share ~60%, Magnite ~mid-single digits.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Contribution ex-TAC $162M (+10% YoY). Operating expenses $151M (-1.3% YoY) due to lower cloud costs and employee expenses. Adjusted EBITDA $54M (+22% YoY).
- **Q3 Guidance**: Contribution ex-TAC $161-165M (+9% midpoint YoY). CTV ex-political +18%, DV+ +10%. Adjusted EBITDA expenses $109-111M.
- **Full Year Outlook**: Contribution ex-TAC growth >10% (mid-teens ex-political). Adjusted EBITDA margin expansion 150bps vs 100bps prior. Free cash flow growth 17-20%.
- **Liquidity**: Cash $426M, net leverage 0.6x. $88M remaining in share buyback program.

**【Q&A Highlights】**
- **Google Antitrust Remedies**: Behavioral remedies could start in 2026. Magnite well-positioned to capture share shift. Civil damages case under evaluation.
- **DV+ Momentum**: New deals with Spotify, T-Mobile, Redfin. Share gains from top DSPs. DV+ growth driven by product enhancements and market stabilization.
- **AI & Programmatic**: SpringServe platform enables end-to-end CTV ad buying. AI reducing creative production costs for SMBs. Programmatic adoption in live sports accelerating.
- **Competitive Position**: Modular product approach (ad server, SSP, DSP) allows flexible partnerships. 1.5 trillion ad requests processed daily, lowest COGS in industry.

Magnite, Inc. (MGNI) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Beat**: CTV +15%, DV+ +9%, EBITDA margin 25% vs. 19% last year. New SpringServe platform accelerates CTV growth.
- **Google Opportunity**: 60% DV+ market under Google's control; Magnite could gain 100+ bps share with >90% EBITDA flow-through.
- **AI & Audio Expansion**: Spotify partnership extends programmatic to audio; generative AI tools enhance targeting.
- **Q2 Outlook**: CTV mid-teens growth, DV+ mid-single digits. EBITDA margin 29% (midpoint) amid cautious macro guidance.

**【CEO Summary Section】**
- **Q1 2025 Strong Performance**: Total revenue of $156 million, with CTV contribution ex-TAC up 15% YoY to $63 million and DV+ up 9% to $83 million. Adjusted EBITDA of $37 million (25% margin) vs. $25 million (19% margin) last year.
- **CTV Growth Drivers**: Roku, Netflix, Warner Discovery, and live sports (e.g., NCAA, MLB, NHL) led CTV expansion. New SpringServe platform integrates ad server and SSP for faster, more efficient ad delivery.
- **AI & Innovation**: AI-powered audience discovery and generative AI tools enhance targeting. Spotify partnership extends programmatic audio capabilities.
- **Google Antitrust Impact**: Court ruling on Google's monopolistic practices could shift up to 60% DV+ market share. Magnite estimates 100+ bps market share gains, with >90% EBITDA flow-through.

**【CFO Financial Commentary】**
- **Q1 Financial Highlights**: GAAP net loss of $10M (-44% YoY), Non-GAAP EPS of $0.12 (+140% YoY). Operating expenses down 4% YoY to $157M due to cloud cost savings.
- **Q2 Outlook**: Contribution ex-TAC guidance of $154-160M (mid-teens CTV growth, mid-single-digit DV+). Adjusted EBITDA margin expected at 29% (midpoint).
- **Leverage & Liquidity**: Net leverage 0.6x, $430M cash balance. $88M remaining in share buyback program.

**【Q&A Key Themes】**
- **Google Remedies Timing**: Behavioral changes (fair auctions) could begin Q1 2026, with structural divestitures taking longer. Magnite ready to capture share immediately.
- **CTV Pricing Dynamics**: CPM declines driven by supply growth, but programmatic adoption and SMB advertisers offset pressure.
- **Macro Uncertainty**: Q2 guidance widened due to tariff-related risks in auto, retail, travel. No material ad spend pullbacks seen to date.
- **SpringServe Differentiation**: Unified ad server/SSP platform gives 99% U.S. streaming supply access, vs. legacy SSPs with display-era infrastructure.

Magnite, Inc. (MGNI) Q1 2025 Earnings Call Transcript

- **CTV Dominance**: Q4 CTV Contribution ex-TAC +23% YoY, full-year +19%, solidifying Magnite as the leading CTV SSP.
- **DV+ Resilience**: Q4 DV+ pause (1% growth) reversed in Q1 2025 with mid-high single-digit growth, signaling transient macro impact.
- **AI-Driven Innovation**: Launching generative AI tools to enhance targeting, yield, and content classification, positioning for 2025+ growth.
- **Financial Strength**: Q4 Free Cash Flow $64M, 2024 Free Cash Flow $118M. 2025 Guidance: Contribution ex-TAC >10% growth, EBITDA margin +100+ bps.
- **Competitive Edge**: Defended against The Trade Desk's OpenPath, highlighting Magnite's superior demand diversity, yield management, and direct publisher relationships.


**【CEO Summary Section】**
- **Q4 CTV Growth**: Contribution ex-TAC increased 23% YoY, outpacing guidance of 18-21%, driven by partnerships with Roku, LG, Vizio, Walmart, Disney, and Netflix. Full-year CTV growth was 19%.
- **DV+ Volatility**: Q4 DV+ grew only 1% due to post-election spending pause, but rebounded to mid-high single-digit growth in Q1 2025.
- **AI Initiatives**: Launched generative AI tools for audience targeting, yield optimization, and content classification. These tools aim to enhance partner value and drive future growth.
- **Market Positioning**: Defended against The Trade Desk's OpenPath initiative, emphasizing Magnite's superior yield management, diverse demand access, and direct relationships with 90% of U.S. streaming households.

**【CFO Financial Commentary】**
- **Q4 Financials**: Total revenue $194M (+4% YoY), Contribution ex-TAC $180M (+9% YoY). CTV Contribution ex-TAC $78M (+23% YoY). Adjusted EBITDA $77M (+9% YoY), Free Cash Flow $64M.
- **Cost Efficiency**: Reduced cost per ad request by 26% in DV+ and 45% in CTV. Hybrid cloud/on-prem strategy expected to expand margins in 2026+.
- **2025 Guidance**: Contribution ex-TAC growth >10% (mid-teens excluding political). Adjusted EBITDA margin to expand 100+ basis points. Free Cash Flow growth 17-20%.

**【Q&A Highlights】**
- **CTV Growth Sustainment**: Q1 2025 CTV growth expected to remain strong, with Netflix becoming a top client by end-2025.
- **AI ROI**: Early-stage AI tools focused on existing client efficiency, with potential new revenue streams from data monetization.
- **OpenPath Response**: Trade Desk's OpenPath charges sellers fees while offering limited demand diversity, reinforcing Magnite's value as a neutral SSP.
- **DV+ Recovery**: Q1 2025 DV+ growth mid-high single digits, driven by normalization post-election and new deal ramps.
- **CapEx Allocation**: 2025 CapEx $60M focused on tech stack optimization, not GenAI infrastructure.


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