Magnite, Inc.

Hello and welcome to the Magnite fourth quarter 2025 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press the star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Nick Kormiluk of Investor Relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's fourth quarter 2025 earnings conference call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO, and David Day, our CFO. I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation. Before we get started, I will remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including but unlimited to statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of macroeconomic factors on our business. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties, and other factors that that may cause our actual results, performance, or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The discussion of these and other risks, uncertainties, and assumptions is set forth in the company's periodic reports filed with the SEC, including our quarterly reports on Form 10-Q and our 2025 annual report on Form 10-K. We undertake no obligation to update forward-looking statements or relevant risks. Our commentary today will include non-GAAP financial measures, including contribution ex-tax or less traffic acquisition costs, adjusted EBITDA, and non-GAAP income per share. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and the financial highlights deck that is posted on our investor relations website. At times, in response to your questions, we may offer additional metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail may be one time in nature. and we may or may not provide an update on the future of these metrics. I encourage you to visit our investor relations website to access our press release, financial highlights deck, periodic SEC reports, and the webcast replay of today's call to learn more about Magnite. I will now turn the call over to Michael. Please go ahead, Michael.

Thank you, Nick. And what an end to 2025. We exceeded consensus expectations for both the quarter and the full year. In a mixed macro environment, Our results reflect the durability of our model and the accelerating shift towards streaming. In Q4, TTV contribution ex-tax grew 32% ex-political, meaningfully above our guide. That acceleration began in Q3 and strengthened into year-end. As we enter 2026, CTV is now larger than DV+, making streaming the majority of our business. That is a defining moment for Magnet. The long-anticipated ramp of programmatic CTV is no longer emerging. It is underway at scale. Adoption is broad-based across media owners, agencies, and DSPs. We saw strong growth from many of the largest players in the industry, including LG Ads, Netflix, Paramount, Roku, Vizio, Walmart, and Warner Brothers Discovery. TV OEMs are leaning aggressively into programmatic across home screens, pause ads, data enablement in marketplaces. Programmatic enablement in live sports continues to expand across the largest global stream. On the demand side, the largest global agencies are now driving meaningful volume through buyer marketplaces and DSP agnostic pipes powered by Magnite. Clearline activation continues to gain momentum as buyers increasingly seek direct, transparent, and efficient access to premium streaming supply. Stepping back, The industry trajectory is unmistakable. Consumers have moved to streaming. Time spent has already shifted. Advertisers are following and dollars are now catching up. CTV combines the brand impact of television with the precision and measurability of digital. As inventory has scaled and pricing has normalized, CTV has become accessible to a broader range of advertisers, from global brands to performance marketers to SMBs. For Magnite, this shift is structurally advantageous. In DV+, we operate in a highly competitive market where we hold mid-single-digit share. In CTV, our share is multiple times higher. As dollars migrate into streaming, they move into a segment where we have deeper integrations stronger publisher relationships, and differentiated infrastructure. Now turning to DBplus. DBplus grew 4% ex-political in Q4, modestly below expectations, and that pressure has increased in Q1. We observed accelerated budget reallocation from DBplus into CTV across agencies, DSPs, and brands. This trend has intensified in Q1. This makes sense. As CTV becomes more measurable and performance-driven and inventory scales, dollars are naturally consolidating into streaming environments. Within DV+, there are encouraging signs. Our mobile in-app business remains healthy. Commerce media partnerships are gaining momentum with more than 15 partners announced. 11 of which are deployed and ramping, including United Airlines, PayPal, Pinterest, and Best Buy. These partnerships combined owned inventory with first-party data layered through clear line curation. We do not believe that the decline in search referral traffic is impacting our DBplus business. Our footprint remains diversified across open web, mobile app, online video, audio, and digital at home. In fact, Our DV Plus supply continues to expand with ad requests growing over 30% year over year in Q4 and at similar rates in Q1. Our DV Plus business has never been supply constrained. Now, turning to AI. There has been speculation that generative AI and agent-based buying could disintermediate infrastructure platforms. We believe what is actually unfolding reinforces the importance of scaled, sell-side infrastructure. In Q4, we embedded an advertising context protocol, or ADCP, based seller-agent directly into Spring Serve and executed what we believe would be industry's first agent-to-agent campaign. Scope 3 served as the buyer-agent on behalf of MIQ, with media running across LG, and Warner Brothers Discovery Inventory. While still early, this marks an important milestone. It represents the first step toward a future where buyer and seller agents can interpret campaign briefs, intelligently match inventory with audiences, and ultimately transact media in a more automated and efficient fashion. Magnite is uniquely positioned on the south side. We believe we will be long-term winners in digital advertising, giving our differentiated access to supply, scaled and interoperable data assets, and ability to apply AI across the end-to-end workflow. Layering AI into that ecosystem modernizes the buying experience, streamlining historically manual insertion processes matching briefs with audiences and inventory at scale, and enhancing traditional programmatic execution. Even in a world of autonomous agents, infrastructure becomes more critical, not less. Agents may interpret intent, but they still rely on scaled marketplaces to clear transactions, enforce auction mechanics, ensure compliance, manage fraud prevention, and handle financial settlements. As the ecosystem evolves toward potentially thousands of buyer and seller agents, aggregation and interoperability become essential. You cannot have a market where every agent negotiates bilaterally with every other agent. Standards-based scale platforms are required to make that system function. That is the role Magnite plays. In Q1, we are continuing to run test campaigns and refine the ad CP framework. It's early, but we are encouraged by the progress and view this as a meaningful step toward a more intelligent and efficient advertising marketplace. AI is not displacing our infrastructure. It is increasing throughput across it. Lastly, on DBplus, we continue to await the court's final order in the Google ad tech remedies phase. We believe remedies could create meaningful share reallocation opportunities. As we have stated, every 1% of market share gained could represent approximately 50 million of incremental contribution expat annually at very high incremental margins. We remain prepared. To conclude, we are in the early innings of a multi-year replatforming of television and video advertising. Streaming is now the dominant form of video consumption. CTV represents the majority of digital video time spent, yet ad dollars still lag engagement. Industry forecasts call for sustained double-digit CTV advertising growth for years to come, with tens of billions of dollars expected to shift from linear television and fragmented digital channels into streaming environments. Magnate sits at the center of that shift. GTB is now the majority of our business. We are deeply integrated with the largest streaming publishers and OEMs in the world. We operate in premium, largely logged-in environments that are inherently more defensible and more measurable. And as dollars consolidate into CTV, they move into a segment where our market share is meaningfully higher and our infrastructure is embedded. At the same time, automation and AI are increasing efficiency across the ecosystem, expanding working media, and driving more volume through scale platforms like ours. Secular CTV growth, expanding total addressable markets, increasing automation, strong share position. Those forces are durable. We believe Magnate is foundational to how the next era of advertising will transact, and we have never been more confident in our strategic position. With that, I'll turn the call over to David for more detail on the financials. David?