Magnite, Inc. (MGNI) Presents at Citi's 2026 Global TMT Conference Transcript

Magnite, Inc. (MGNI) Citi's 2026 Global TMT Conference September 8, 2026 9:30 AM EDT Company Participants Sean Buckley - President of Revenue & Market StrategyNick Kormeluk - VP of Investor Relations & Head of Global Real Estate Conference Call Participants Jamesmichael Sherman-Lewis - Citigroup Inc., Research Division Presentation Jamesmichael Sherman-LewisCitigroup Inc., Research Division Let's get started here. I'm Jamesmichael Sherman-Lewis, and I'm on the Internet team here at Citi. Joining us today are Sean Buckley, President of Revenue and Market Strategy; and Nick Kormeluk, SVP of Investor Relations. Thank you both for being here. Question-and-Answer Session Let's start with CTV. Growth accelerated sequentially to 36% in Q2, fairly broad-based strength across the segments. Against that backdrop, has anything changed in budget conversations over the last few years that could suggest programmatic is increasingly becoming the default method for transacting in CTV? Sean BuckleyPresident of Revenue & Market Strategy Great to be here. I would say programmatic is just up and to the right in terms of becoming the default mechanism for transactions in CTV. With that being said, I think there are some pockets where the market has leaned on more of the traditional direct sold model. For example, historically speaking, business tied to the upfronts with the largest players would fall into that bucket. Increasingly, though, the negotiations between the big buyers and the big media owners through the upfronts are moving money toward programmatic transactions as well, and that's a relatively new trend. And so that's a historically untapped pocket that's moving toward programmatic. And then live events would be another example. That's probably even earlier on, but historically speaking, either linear pass-through as in the same ad experience you'd get if you were watching on linear, even though you're watching via streaming