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CTV performance significantly outpaced the broader market with 30% growth, driven by the SpringServe platform evolving into a unified operating system for streaming monetization.

Management attributed CTV strength to broad-based adoption across top-tier publishers and OEMs, with top 10 accounts growing in the mid-30% range.

Live sports emerged as a critical growth vector, exemplified by 80% year-over-year revenue growth from March Madness as programmatic penetration in live events increases.

DV+ performance exceeded expectations despite a 5% decline, showing signs of stabilization through growth in mobile in-app, audio, and commerce media segments.

The company is positioning itself as the 'easy button' for CTV by unifying ad serving, mediation, and monetization infrastructure into a single entry point for buyers.

Strategic focus on commerce media is expanding the demand footprint, with 21 partners signed to leverage retail data for off-site programmatic activation.

Full-year 2026 guidance was raised for Adjusted EBITDA margin to at least 35.5% and free cash flow growth to the mid-30% range, reflecting durable cost efficiencies.

Management anticipates AI will drive modest revenue in 2026 through improved workflow productivity, with more significant revenue impacts expected in 2027.

Capital allocation strategy will shift toward more aggressive share repurchases following the $250 million payoff of convertible debt, targeting 50% of free cash flow return.

Guidance for Q2 assumes continued stabilization in DV+ and sustained high-20% growth in CTV as streaming ad dollars continue to scale.

The company expects further margin expansion in 2027, supported by a new data center in Northern California coming online later this year and maturing cloud optimization efforts.

CFO David Day announced his retirement effective September 30, 2026, after 13 years with the company; a search for a successor is underway.

Macroeconomic headwinds remain a factor, specifically impacting the automotive and technology verticals, which were the weakest performing categories in Q1.

The company successfully eliminated $250 million in convertible debt, significantly reducing net leverage to 0.7x and strengthening the balance sheet.

Management remains optimistic about potential market share gains from the Google AdTech antitrust trial, though no upside is currently factored into 2026 guidance.

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Management noted that while open web display remains under pressure, the segment is stabilizing due to outperformance in mobile in-app (up 8%), audio, and commerce media.

The company expects DV+ to return to a 'flattish' growth profile, which they believe would still outperform the broader market for traditional digital formats.

Management dismissed the idea that AI agents would eliminate the need for SSPs, arguing that Magnite provides the essential 'rails' and system of record for complex, real-time transactions.

They believe AI will actually increase volume on the platform by making it easier for buyers to execute campaigns, which should support or improve margin profiles.

While implementation of technical remedies could take six to nine months, management believes certain behavioral changes could result in 'instant gains' for Magnite's win rates.

They expressed disappointment that a ruling has not yet been issued but still anticipate a favorable impact within the 2026 calendar year.

The $4 million beat in operating expenses was driven by moving workloads from the cloud to on-premise infrastructure and AI-related productivity gains.

Management confirmed these savings are durable, though some will be reinvested into product development and scaling for higher transaction volumes later in the year.

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