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What does Magnite do and what are its main business segments?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MGNI

MGNI fundamentals

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