Magnite, Inc.

Good day and welcome to the MAGNITE first quarter 2026 earnings conference call. All participants will be in a 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 will be an opportunity to ask questions. To ask a question, you may press star then one on a touch tone phone. 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 Kormeluk, Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to Magnite's first quarter 2026 earnings conference call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO, David Day, or 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'll remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of macro and economic 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 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 comments here today will include non-GAAP financial measures, including contribution XTAC 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 on our earnings press release and in 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 insight into the dynamics of the 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 SAC reports, and the webcast replay of today's calls to learn more about Magnite. I will now turn the call over to Michael. Please go ahead, Michael.

Thank you, Nick, and thanks, everyone, for joining us today. We delivered a strong first quarter, exceeding expectations across both revenue and profitability. Top line came in ahead of consensus with DV Plus outperforming our guide and CTV in line. Adjusted EBITDA exceeded consensus by 5 million, driven by earlier than expected cost efficiencies, and we are encouraged by the margin expansion we are seeing. Importantly, the broader market trend remains unchanged. Ad dollars continue to shift towards streaming. In Q1, CTV contribution X-TAC grew 30% and represented 51% of total, maintaining the momentum we saw in the back half of 2025. That strength was broad-based. We saw continued growth across leading publishers, including LG Ads, Netflix, Paramount, Roku, Vizio, Walmart, and Warner Brothers Discovery. Our top 10 accounts grew in the mid-30% range year-over-year, with the rest of the base growing in the mid-20s. This is not isolated performance. It reflects a platform that is gaining share as the market scales. The acceleration we're seeing in CTV is not surprising. We are materially outpacing the market, and we believe that is sustainable. This is driven by both new wins and expanding partnerships, but more fundamentally, by spring serve. SpringServe has evolved from a best-in-class ad server into the operating system for CTV monetization. We sit at the center of the transaction, unifying demand, optimizing yield, managing ad experience, and orchestrating data across the workflow. There are point solutions in the market, but no other scaled platform in CTV combines ad serving, mediation, and monetization infrastructure in a single unified layer. For publishers, this drives higher yield and better control. For buyers, it provides a direct path to the broadest set of premium inventory. And this capability scales across every cohort we serve. We support OEM monetization across home screens and emerging formats, partner with streamers to build and support their offering, and help broadcasters optimize their sales efforts, particularly as live and SMB demand grows. And in live TV, where performance requirements are highest, our differentiation is even more pronounced. Live sports remains one of the largest and least penetrated opportunities in programmatic. We are seeing strong traction here, including more than 80% growth year over year in revenue from March Madness. On the demand side, buyer marketplaces are scaling, clear line adoption is increasing, and buyers are prioritizing more direct and efficient access to premium CTV supply. We're also seeing commerce media emerge as an important driver across both DVplus and CTV. These partners are bringing valuable first party data and incremental demand into the ecosystem, increasingly activating across streaming environments. Our recent announcements with Expedia Group, Walmart Connect, and Roku Curate show further traction on the commerce media front. Across all of these areas, our role is consistent. We are the infrastructure layer that connects the ecosystem. As our capabilities expand, so does our position. We are increasingly the single entry point for buyers to access premium CTV inventory at scale. becoming the easy button for ctv and as the market consolidates around scaled platforms we believe our lead is durable and widening turning to dv plus dv plus declined five percent in q1 which was better than expected while budget shifts towards ctv continue we remain confident in the long-term role of dv plus trends improved exiting Q1 and into Q2 with signs of stabilization driven by mobile and app, online video, audio, and commerce media. Mobile and app grew 8% year over year and remains a durable growth segment supported by deeper integrations and new publisher and DSP onboarding. Commerce media continues to build momentum with 21 partners and 13 now deployed and ramping. expanding both our demand footprint and data capabilities across DV Plus and CTV. On the Google ad tech remedies, our view remains unchanged and we continue to believe the potential upside is meaningful. Stepping back, what ties this together is how our platform is evolving, particularly with AI. We are embedding AI across the platform to improve how media is bought and sold. At the core, AI enhances how inventory is valued, how campaigns are executed, and how decisions are made in real time. For publishers, AI is improving monetization through dynamic pricing and demand optimization. And with Clearline, AI is simplifying activation, curation, and optimization for buyers, reducing friction and enabling faster execution. Across the platform, we are beginning to see the emergence of agentic workflows, enabling greater automation and efficiency for both buyers and sellers. What matters is not a single feature, it's how these capabilities work together across our scaled infrastructure. We are already seeing adoption from the leading players across the ecosystem, using our AI to automate workflows, act on real-time signals, and improve performance. This is still early, but the direction is clear. AI is increasing efficiency, expanding working media, and driving more volume through platforms like ours. This is a tailwind for Magnite. Before I conclude, I want to address David's retirement. As previously announced, David has decided to retire after more than 13 years of exceptional service. He has been an invaluable partner and a steady leader whose financial stewardship helped shape Magnite into the company we are today. We are grateful for his leadership and for his commitment to ensuring a smooth transition as he remains in his role through September 30th while we evaluate internal and external candidates. On behalf of the board and the entire Magnite family, I want to thank David and wish him and his family all the best. With that, I'll turn the call over to David for more details on the financials.