Key Takeaways TBLA stock has jumped 36.5% in 3 months, outperforming its industry, sector and the market. TBLA is expanding into display and commerce formats via its Realize platform to tap a $55B market. Revenues were $1.8B in 2024 and are expected to be $1.89B in 2025, with growing profit and strong cash flow.Shares of Taboola.com Ltd. (TBLA) have rallied 36.5% in the past three months, zooming past its industry, sector and the Zacks S&P 500 composite in the same time frame.TBLA is now trending above i ...

Magnite (MGNI) shares rallied 14.3% in the last trading session to close at $24.12. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 29% gain over the past four weeks. Magnite is benefitting from the traction in its programmatic advertising offerings, specifically within Connected TV, along with deepening relationships with Netflix and Roku, and expanding AI-driven tools. This digital ad exchange operator is e ...

"The integration of ContextIQ within SpringServe allows the industry to reimagine the ad break by opening up a complete picture of scene level analysis across CTV. We partnered with Magnite for their deep leadership in CTV and shared commitment to innovation," said Abbey Thomas, Chief Commercial Officer at Anoki. "ContextIQ leverages multimodal AI to capture the full emotional, visual, and auditory context of every scene. That allows publishers and advertisers to unlock more precision, brand safety, and emo ...

"We're pleased to broaden our work with Amazon Ads to make more streaming content on Fire TV devices available to buyers through Magnite," said Sean Buckley, President, Revenue at Magnite. "By developing the custom integration, we're able to more comprehensively connect advertisers to premium streaming inventory across Fire TV devices." "Expanding our work with Magnite was the natural evolution in our dedication to bring incremental demand to publishers through interoperable solutions," said Scott Siegler, ...

纪要涉及的公司和行业 - **公司**：Magnite、Criteo、Walmart、Procter、United、Google、PubMatic、Trade Desk、Warner Brothers Discovery、Paramount、Hulu、Netflix、Disney、Fox、Tubi、Pluto [2][5][17][30][46] - **行业**：广告科技行业、零售媒体网络行业、直播电视行业 [6][16][56] 纪要提到的核心观点和论据 数据策展（Curation）趋势 - **核心观点**：数据从依附于DSP转向依附于SSP，能提高发布商经济效益并保护数据，使SSP参与到原本由DSP主导的经济收益中 [6] - **论据**：随着cookie逐步淘汰，发布商与用户的关系信号增强，第一方数据开始用于受众创建；通过数据策展为受众添加价值，可提升库存价值；以往DSP侧经济收益占主导，如今通过策展工具，发布商和供应方合作伙伴开始参与其中 [8][9] 零售媒体网络（RMNs） - **核心观点**：Magnite作为供应方合作伙伴参与零售媒体网络，能获得更高CPM并参与分成，但不负责创建支持广告效果的数据 [17][19] - **论据**：以Walmart为例，其合作伙伴如Procter等大电视广告主，希望通过零售媒体网络获得广播级广告单元，会通过Magnite购买库存；数据仍由DSP掌握，Magnite提供库存，参与分成；数据由零售商和商业合作伙伴拥有，Magnite认为创建数据支持广告效果是他们的职责 [17][18][21] 行业生态变化 - **核心观点**：行业生态变得更加灵活，Magnite的独立地位使其受益，且其简单的购买界面受市场欢迎 [25][27] - **论据**：广告商希望避免DSP同时拥有库存，以确保获得最佳交易；Magnite的清晰界限和独立地位受市场重视；当发布商创建受众细分并定价后，买家可通过Magnite的购买界面进行简单的程序化购买 [25][27] Google拆分影响 - **核心观点**：若Google在9月被迫剥离广告服务器和SSP，对Magnite是重大利好，即使是行为补救措施也能增加其拍卖胜率和收益 [31][33] - **论据**：Google市场份额超60%，Magnite是第二大参与者，市场份额为5%-8%；若Google部分市场份额可供争夺，Magnite有信心获胜；Google以往拥有最后出价权，若被禁止，Magnite将赢得更多拍卖，每提高100个基点的胜率，Magnite将增加5000万美元收益 [34][35][37] 行业结构与竞争优势 - **核心观点**：行业呈现整合趋势，Magnite受益于供应路径优化（SPO），通过提供一站式平台获得市场份额 [48][49] - **论据**：Magnite在非流媒体业务（DV plus）的增长远超行业增长率，显示其从SPO中受益；卖家希望减少合作伙伴数量，Magnite的一站式平台能满足各种广告形式的交易需求，吸引买家和卖家，形成良性循环 [49][51][55] 直播电视业务 - **核心观点**：直播电视尤其是体育赛事直播将成为Magnite媒体组合的重要组成部分，Magnite可整合区域体育网络资源，为全国广告商提供更多选择 [56][63] - **论据**：体育赛事直播需求增长，消费者倾向于在线观看；目前体育赛事广告主要通过直销，未来有望实现程序化、数据驱动和自动化广告；Magnite可将区域体育网络的小站点整合为一个大的直播活动，为全国广告商提供更多选择，同时为区域体育网络带来全国广告收入 [58][59][68] 供应路径优化（SPO） - **核心观点**：SPO在流媒体领域已接近稳定状态，在开放互联网（DV plus）领域将持续优化，但难以达到完全稳定 [71][73] - **论据**：流媒体领域大部分客户与两个SSP合作，已实现较好的SPO；开放互联网领域由于供应复杂、存在欺诈等问题，难以完全规范，但头部竞价中SSP的预留插槽数量已从10 - 20个减少到6 - 8个，未来可能进一步减少，但不会只剩一个 [74][82] CTV业务收入结构与趋势 - **核心观点**：Magnite的CTV业务主要分为发布商销售的程序化广告和Magnite销售的程序化广告，未来发布商将逐渐放弃部分控制权，Magnite销售的程序化广告占比有望增加 [97][102] - **论据**：目前发布商销售的程序化广告占比约三分之二，Take rate为3% - 4%；Magnite销售的程序化广告占比约三分之一，Take rate为8% - 10%；随着CPM下降和供应增加，更多DSP需求将出现，发布商开始关注成本，逐渐放弃部分控制权，Magnite销售的程序化广告将吸引更多新的广告商 [99][100][104] GenAI和AI的应用 - **核心观点**：GenAI和AI将成为Magnite业务的核心，在产品开发、业务决策和生产力提升等方面发挥重要作用 [123][124] - **论据**：Magnite目前有Gen AI搜索工具用于策展业务，未来还将推出三款相关产品；业务中大量广告请求的筛选和决策依赖机器学习；公司各部门如编码、销售、营销等都在使用AI提高生产力 [124][125][126] 其他重要但是可能被忽略的内容 - **CTV广告CPM差异**：直接销售的CPM比Magnite销售的CPM高50%，主要原因是传统广播广告商更关注品牌，新广告商更注重精准定位 [117][118][119] - **收购情况**：Magnite收购了Telari、Spadex和SpringServe，其中SpringServe被认为是最佳技术投资，收购价格为10亿美元，原团队可能花费了3000万美元 [86][87][92] - **业务Take rate**：发布商销售的程序化广告Take rate为3% - 4%，Magnite销售的程序化广告Take rate为8% - 10%，托管服务业务Take rate为2% - 4%且呈下降趋势 [99][106][107]

NEW YORK, May 8, 2025 /PRNewswire/ -- ITN, the leader in automated activation technology for local TV, and Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today announced a breakthrough collaboration to modernize the execution of local TV advertising, enabling advertisers to transact live linear ads from local TV stations programmatically for the first time.The local TV advertising market is expected to reach $21 billion in the US this year. As advertiser demand for live local ...

Magnite (MGNI) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this digital ad exchange operator would post earnings of $0.34 per share when it actually produced earnings of $0.34, delivering no surprise.Over the last four quarters, the compan ...

Magnite (MGNI) Q1 2025 Earnings Call May 07, 2025 04:30 PM ET Company Participants Nick Kormeluk - SVP - Investor Relations & Head of Global Real EstateMichael Barrett - CEODavid Day - CFORobert Coolbrith - Vice President, Internet Equity ResearchMatthew Swanson - Director - Equity ResearchArthur Chu - Internet Equity ResearchShweta Khajuria - Managing Director Conference Call Participants Jason Kreyer - Senior Research AnalystShyam Patil - AnalystDaniel Kurnos - Equity Research AnalystLaura Martin - Managi ...

业绩总结 - 2025年第一季度的Contribution ex-TAC为1.458亿美元，同比增长12%[16] - 2025年第一季度收入为1.558亿美元，同比增长4%[21] - 毛利润为9300万美元，同比增长11%[21] - 2025年第一季度的Adjusted EBITDA为3680万美元，同比增长47%[16][21] - 调整后EBITDA利润率为25%，较去年同期提升6个百分点[21] - 净亏损为960万美元，同比减少46%[21] - 经营现金流为1820万美元，同比增长76%[23] - 截至2025年3月31日，现金及现金等价物为4.297亿美元[23] 用户数据 - 2025年第一季度中，CTV的Contribution ex-TAC为6320万美元，超出指导范围，年增长15%[16] - 2025年第一季度中，DV+的Contribution ex-TAC为8260万美元，超出指导范围，年增长9%[16] - 2025年第一季度美国市场收入占总收入的75%[31] 未来展望 - 对于2025年第二季度，预计Contribution ex-TAC将在1.54亿至1.6亿美元之间[19] - 第二季度CTV的Contribution ex-TAC预计在7000万至7200万美元之间[19] - 第二季度DV+的Contribution ex-TAC预计在8400万至8800万美元之间[19] - 第二季度的Adjusted EBITDA运营费用预计在1.1亿至1.12亿美元之间[19] 其他信息 - 非GAAP每股收益为0.12美元，较2024年Q1的0.05美元有所上升，同比增长140%[21] - 剩余收购无形资产的摊销总额为1390万美元[28]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 10-Q __________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-36384 __________________ MAGNITE, INC. (Exa ...