Good day, and welcome to Magnite Q1 2025 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Nick Kormeluk in Investor Relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's first quarter 2025 earnings conference call. As a reminder, this conference 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'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 anticipated financial performance and strategic objectives, including the potential impacts of macroeconomic factors on our business. These statements are not guarantees of future performance that 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 actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. A discussion of these and other risks, uncertainties and assumptions is set forth in the company's periodic reports filed with the SEC, including our first quarter 2025 quarterly report on Form 10-K and our 2024 Annual Report on Form 10-K. We undertake no obligation to update forward-looking statements. Our commentary will include non-GAAP financial measures, including contribution ex-TAC or less traffic acquisition costs, adjusted EBITDA and non-GAAP net income per share. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in 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 to 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. Q1 came in very strong and we exceeded total top line guidance with CTV growing 15% and DV+ growing 9%. We saw a nice bounce back in DV+ after Q4, showing how quickly ad spend can restart on our platform after a market slowdown. Adjusted EBITDA came in significantly above expectations at $37 million, growing 47%, representing an adjusted EBITDA margin of 25% versus 19% in Q1 last year. Our CTV business continued to produce excellent results in Q1, driven primarily by the industry's largest players, wider adoption of programmatic, continued traction with the agency marketplaces and growth in live sports. Let me go one by one, starting with the industry's largest streamers, where we continue to deepen our relationships. Our most significant growth came from Roku, LG, Warner Bros. Discovery, Fox, Vizio, Walmart and Netflix. Netflix continues to roll out their programmatic business globally, most recently in EMEA, with further expansion coming through the rest of the year. Magnite continues to be a critical part of Netflix's programmatic ad stack, and we remain bullish about the work we are doing together. These partnerships underscore the tremendous opportunity for Magnite and CTV, but as we said last quarter, that opportunity isn't available to legacy SSPs that don't have a purpose built CTV ad server at the core of their platform. Two weeks ago, we widened our lead even further by unveiling the next generation of SpringServe, a unified solution that combines our ad server with the advanced programmatic capabilities of the Magnite Streaming SSP. Set for general availability this July this new platform offers something truly differentiated for buyers a more efficient, transparent path to premium supply and for media owners, streamlined workflows and smarter, more holistic yield optimization. As more budgets flow into CTV, marketers are…

Thanks, Michael. As Michael mentioned, we had a strong start to 2025, exceeding our Q1 contribution ex-TAC guidance for both CTV with growth of 15% and DV+ which grew 9%. Adjusted EBITDA grew 47% over the first quarter of last year with a margin of 25%, significantly above expectations. We're very pleased with these results and the rebound we've experienced in DV+. Before diving deeper into Q1, I want to touch on what we have seen to date in Q2. So far we are encouraged by the resiliency of ad spend and have not seen any meaningful change from expectations. In fact, so far in Q2 CTV contribution ex-TAC has grown in the mid-teens and DV+ in the mid-single digits. If the current trends were to continue, we would not change our Q2 forecast and the full year 2025 views we shared in late February. However, given tariff related economic uncertainty, we believe there could be some dampening of growth rates from current levels. I'll discuss this in more detail when I provide guidance later in my prepared remarks. Turning back to Q1, total revenue was $156 million, up 4% from Q1 2024 contribution ex-TAC was $146 million, up 12%. CTV contribution ex-TAC was $63 million, up 15% year-over-year and above the top end of our guidance range. We saw strong performance across our business with many of our largest partners. DV+ contribution ex-TAC was $83 million, an increase of 9% from the first quarter last year. This result exceeded our guidance range as we continued to gain traction with agency deals and new publisher relationships. Our contribution ex-TAC mix for Q1 was 43%, CTV, 40% mobile and 17% desktop. From a vertical perspective, technology, financial and business services were the strongest performing categories for all formats. Total operating expenses,…

Thank you. [Operator Instructions] Our first question comes from Jason Kreyer from Craig- Hallum. Please go ahead.

Great. Thank you, guys. Good to see the nice bounce back in DV+. Wanted to start with two on the Google case. Just one if there's any way you can just loosely size up what you think the opportunity would be as you see it? And then two, do you think the opportunity for Magnite has to wait for the structural divestiture? Or do you think there are opportunities for Magnite during some of these behavioral changes that could be implemented earlier.

Yes. Hey, Jason, great question. Why don't I take the second part of it and then David can address the first part. No, yes, this is a very good observation, the structural and non-structural. And it is our understanding that while they pursue what is more than likely going to be an appeal process and the structural piece will take some time, obviously the remedy that could be put in place is more behavioral and we would stand to benefit instantly from that. So yes, we don't, this used to be kind of conjectured that oh my God, this could be five years out, appeal, appeal. But in the way this is moving, you could see remedies put in place, as early as beginning of 2026. And as long as those remedies mirrored what they're trying to accomplish, which is more of a level, fair playing field, we would be in business from the get go. So yes, we're very excited about the way it's passing.

Yes. To try to quantify the impact, I think maybe an easy way to think about that is if you think about market share today we estimate that Google has more than 60% in DV+ and we have something in the mid-single digits, say, every 100 basis point increase in market share for us would result in roughly $50 million in contribution ex-TAC. And so if you think about, so I guess the way to think about that is how much market share could Google lose and then how much would we pick up? And of course we'd at a minimum pick up our proportional share. And we actually think we're positioned to pick up, you know, maybe more than our current proportional share. And so if our market share goes from 6% to 7%, it's almost a 20% increase in revenue. And of course, we would expect that to be potentially significant higher. And from a flow through perspective, what's interesting is that we're already looking at all the same ad requests that Google's looking at. And so we have expanded most of our cost today in looking at those ad requests. And so to the extent we have additional revenue, it's coming from a higher fill rate. And that higher fill rate comes at a very high flow through to adjusted EBITDA and to free cash flow. So more than 90% we estimate would flow through to the bottom line. So it's a very significant and positive impact to our margins and free cash flow.

A lot of great color there. Thank you. Michael, one quick follow up on the streaming side just with this new SpringServe platform that you have introduced, how can that further differentiate Magnite or widen the competitive gap with others? Thanks.

Yes, great question, Jason. Well, so we've always had a big gap in terms of the suite that we have in our product offering, primarily through SpringServe, right? And the recent trend as we've talked about is, efficient paths to inventory or from a buyer perspective, efficient path to ad dollars. And if you think about the way the world has been set up, it's been ad server and an SSP going into an ad server and the DSP going into the SSP going into the ad server. And so by combining our outstanding streaming capabilities from Programmatic into the Ad server, we are now creating the fastest, cleanest, highest fidelity path to the best premium CTV inventory in the industry. And so it just furthers accelerates the moat that we've created as Magnite as the leading CTV first Focus programmatic company.

All right, great. Thank you, guys.

Thank you. Your next question comes from the line of Shyam Patil from Susquehanna. Please go ahead.

Hey, guys, congrats on the great execution. I had a couple of topics I wanted to ask about going back to the Google antitrust ruling, Michael or David, do you expect the share gains there whenever they start to occur? I think you said early as the next year. Do you expect that to be more gradual or more dynamic? And then David, what did you mean by the proportional point if you guys have mid-single digits and Google has 60? Maybe just, if you could just put a finer point on that. I mean how much of that 60% do you think is something you guys feel like you could really go after and potentially kind of gain over time? And then I just have one more follow-up after that.

Yes, it's difficult to kind of play this game particularly in advance of the September trial date or hearing date. But from what has been proposed even by Google themselves from a remedy standpoint and it's still a bit to go in terms of fleshing out the details, most of it is coming across as behavioral, not fundamentally rewiring, which would take time obviously. So if we're just talking about a level playing field where on a jump ball in the auction and we're going up against other SSPs that don't have a built-in advantage of unfairly, you could be open for business day one in that instance. So we are quite encouraged about the direction we see that heading.

Yes, when I mentioned proportional, it's just kind of a side comment but just saying that, if Google has 60% market share, so that whatever that means that the rest of us have split up 40% market share. And so let's say Google, and I'm making this up, loses 10 billion or 15 billion in market share. If we just kept our same proportion of market share, we'd pick up 15% of that. But given our leadership position in the space, the SPO deals, the agency marketplaces that we run and so forth, there's opportunity for us to, we believe, take even more than our current share of that non Google market share. That's all I'm trying to say.

Thank you.

That's bottom line, it's significant opportunity.

Thank you, that's very helpful. Just on the macro and again David, I know you mentioned that the quarter-to-date trends remain healthy and you kind of called out the growth rates. Just wondering how are your customer and advertiser conversations going? Is there anything that suggests that things could change? I know obviously you guys are being prudent with the outlook, but anything in the customer and advertiser conversations worth sharing or any further color on the macro. Thank you guys.

Yes, sure. I mean I can help you there. We were recently down at one of the bigger industry shows. It's a show for CMOs called Possible down in Miami [Indiscernible] last week and, you know, had the opportunity to the team hosted over 130 meetings. So we had a lot of opportunity to talk to buyers. And it's funny, there was very little concrete examples of a pause and spend or a budget cut. Just a whole lot of speculation. And so I think you see that flavor of our guidance and simply saying it would be it's prudent to be cautious in this environment. But I can't really point to anything where we heard one buyer say, I'm stopping spending. There's the obvious, right, European auto that is shipping cars back to Europe and not shipping them to the U.S. Why are you going to advertise? But that's being offset by domestic auto advertising, American made. So it tends to be right now a counterbalance between those that have paused and those that are continuing and strengthening. But again, all the speculation is that when and if the tariffs go into place it will be a new phase in terms of the ad economy and based upon that kind of conjecture, we thought it prudent to put some guidance influence there.

Great. Thank you, guys.

Thank you. Our next question comes from the line of Dan Kurnos from the Benchmark Company. Please go ahead.

Yes, thanks. Good afternoon. I guess I'll ask the first non-Google question. Michael, just, we had a ton of conversation from Roku about mix shift towards programmatic guarantee. I know you are going to tell me that all programmatic is good programmatic, especially in CTV. But to the extent that there has been sort of mix within the CTV ecosystem, just maybe talk through how it would impact either take rate or volumes, which you're seeing on a pricing front. And then you spent some time talking about live sports. We got the announcements, DB360, YouTube again, opening up that funnel. You guys have made some pretty good waves with Disney. I mean, that feels like one area that regardless of the macro is going to do particularly well. So maybe just talk about kind of the incremental shots on goal you have there, especially as that also shifts more towards programmatic. Thank you.

Sure. Yes. I think if you really look at the arc of programmatic and CTV, it's so nascent that there really isn't anything bad about any type of flavor of a transaction in programmatic. And in fact, if we're sourcing the demand, there really isn't much of a change in terms of our rate card as it relates to what type of whether it's an auction, whether it's an invite only auction, whether it's PG, PMP, it's kind of. We don't really differentiate that all that much if we're sourcing demand. So long story short, more programmatic is good and we're a long way away from a programmatic type having a dramatic impact on our take rate. And as it relates to sports, I think you're absolutely right. Advertisers love that live environment. Even in a downturn, sports is going to be just fine. And like every other form of content that's streamed, programmatic is becoming much and much bigger player in the monetization efforts. So we feel really encouraged across the board. And we often think of sports as NFL games and the like, but there is just so many because of the demise of the regional sports networks, there's just so many streaming opportunities of sports out there that we're starting to land on our plate where we, even if the super bowl will never be programmatically ad served, our sports franchise will be just fine in thriving based upon just the sheer volume of live events that are out there.

Great. Thanks, Michael. Appreciate it.

Thanks, Dan.

Thank you. The next question comes from Laura Martin from Needham. Please go ahead.

Okay. I didn't want to ask this, but now you've confused me with your answer to the prior question. So when you do Programmatic Guaranteed and PMP, I thought that was the same rate card. But when you do Decisions Programmatic, which is what I would think you would be doing in live sports, isn't that twice the rate card when we're talking about mix shift within CSTD, TTD?

Yes. Laura, I think they weighed to look at it because there's a lot of nuance things. But the way to look at it really is the big differentiator in rate or value is are we bringing the demand or is the publisher bringing the demand? I wouldn't get too hung up into what type of auction package it looks like. So yes, when we bring the demand, the take rate is significantly higher than when the publisher brings the demand. We still get paid, but that's on the lower range of our rate. So to your point, if we're bringing demand to sports, especially maybe Tier 2 sports, that take rate is quite attractive because we're the folks piping in the demand.

Okay, great. That's what I thought. I just thought suddenly something had changed. Okay, here's I'm going to ask about Possible. So one of my takeaways from Possible that I had never heard before is I talked to two CEOs who were bringing data. In one case, the guy that made the most compelling travel data, selling it to SSPs like you, meeting with people like you in order to disintermediate the DSP so they could take part of the DSP fee. In theory, you could take some of the DSP fee and it would basically be targeting through data on the SSP that would displace the DSP. Can you talk about that trend and whether that's a thing or whether the guys just these CEOs are delusional.

Well, I can't vouch for the delusion of the CMO that you talk to, but, no, it's a very real thing. We've been talking about this for a couple quarters now. We refer to it as curation. And so this is where audience segments are assembled on the publisher/SSP side. And DSPs said, hey, if you want to buy this travel decorated audience, frequent flyers or whatever the case might be, you come here and buy it, as opposed to shipping the data to the DSP, having it assembled there. And quite frankly, a lot of the concern is what happens to that data when it's over there. The closer I can keep my data to my data warehouse, the more safe I feel. And so we're seeing a big bump in curation activity, audience creation at the SSP level. Now, I will say this. It mostly is done for privacy purposes and efficiency purposes, not to cut the DSP out. The DSP still will buy that audience, maybe at a different rate. I'm not privy to that. But all things being equal, what's really driving it is the efficiency of assembling it closer to home and the privacy aspect of it, so that no one can create a data graph of your travel data and buy cheaper than buying your audience segments.

Okay, so you guys are like aggregating more data sources so that your travel audience reach is more robust. That's why these CEOs are trying to call on you now to increase your curated quality of audiences, right?

That's right. And we've done that with OEMs that have data like automatic content recognition. We have done it with special ad units that people curate. There is a lot of flavors of curation. And it's really, you go back to the heart of the argument years ago that was, well, DSPs are worth the 20% take rate because all the value is created there, namely the audience creation. And now you're starting to see it on the SSP side. So I think, little by little, I think the market is starting to realize that SSPs or all SSPs aren't commodities. And I think, we're trying to position ourselves as that unique SSP that's going to be quite different from the competition set.

Okay, perfect. That's super helpful. And my last question is very simple. You have said in the past that you believe that Netflix will be your largest CTV revenue client by the end of 2025. Do you reiterate that guidance?

I believe we qualified by saying one of, if not our largest client on a run rate exiting the year. And we stand by that firmly.

Okay, good. That was my last question. Thank you very much.

Thanks, Laura.

Thank you. The next question comes from Robert Coolbrith from Evercore ISI. Please go ahead.

Great. Thank you for taking our questions. Just wanted to ask a little bit on the pricing environment in CTV right now. Assuming with all the new inventory coming on board, you may be seeing a little bit of pressure there, but just if that is the case, do you see marketers sort of reinvesting into incremental reach and frequency or maybe sort of pocketing some of the efficiency? Just wondering if you're seeing a behavior play out one way or the other. And then wanted to go back to the Google question and just looking at the range of outcomes, I think you're beginning to go in this direction, Michael. But even some of the things that Dave proposed, like the elimination of the unified pricing rules, which I think they're still using, if you were to see that even behavioral modifications that they've sort of basically said that they would be willing to go down the road of, do you see those as potentially translating to higher share for Magnite over time? Thank you.

Yes, sure, Robert. So I think I understand the first question. And yes, there's, and we've talked about this. It pretty much occurred Q3 last year and is played out in the subsequent quarters. There's definitely been price decline in CTV as it relates to CPMs. And that I believe really is just a factor of supply. You are seeing just a ton of supply, particularly among the OEMs, LG, Samsung, Vizio, they're huge businesses now and they have a lot of inventory to bring to market with the success of Disney, Netflix, etcetera. All these ad tiers coming to market. So there's never been more inventory of CTV and that has definitely led to a recalibration of CPMs. It really doesn't play out as it relates to our business from a take rate pressure standpoint. In fact, you might argue in a world where there's more inventory, people are going to lean more into programmatic and they're going to reward you more handsomely for bringing demand to them because they need it, because they have a lot of supply. So I think we're in a really good position there long term. And as it relates to your second question regarding Google, I don't want to come across as me advocating for Google's proposed remedy versus the DOJs versus any the industries. I'm just simply saying anything that creates a fair level playing field. And you gave an example of universal pricing. If it's fair, it's level. We're very happy how it gets there. That's for others to determine. But we think that we will win our out share size of market share from Google and we're elated where this is all head.

Got it. Thank you.

Thank you. The next question comes from Matt Swanson from RBC Capital Markets. Please go ahead.

Yes, thanks for taking my questions. Staying on Google but shifting gears a little bit to their decision not to get rid of cookies. I mean obviously this has been will they, won't they for the last four years. I don't know if anybody was really paying attention to it, anyone relative to everything else. But do you think this changes anything in the industry or I mean were preparations continuing to happen for a cookie less world or do you think customers kind of have that on the back burner?

Yes Matt, good question. I think the industry has been shown time and time again that right up until the deadline they're used to doing things the way they've been doing it and then forced to change. You know, GDPR comes to mind is something that all of a sudden was talked about for two years and the day it was enacted people were going crazy because they were a little under prepared let's say. I think the same can be said in the cookie area except that there have been forget privacy sandbox, that thing was dead upon arrival. But other third party attempts to capture, signal and replace the cookie, they're here and they're here to stay and they're part of our portfolio for helping monetize inventory. Keep in mind Safari browser is quite popular and it doesn't have cookies and so therefore you're going to need cookie list solutions out there and I don't think that's going to. This is putting a damper on that innovation and frankly if it comes to market it's at scale and our publishers want it, our buyers want it, we're the first stop they implemented at and so we have many, many non-third party solutions in play. And of course with the growth of mobile app and the growth of CTV, it was never a cookie world and with the logged in authenticated user in the CTV environment that really is helping the audience segment creation on the publisher side at the SSP level. So that isn't going to be impacted by cookies sticking around.

That's super helpful. And then we talked a little bit about the rise in volume within CTV on the supply side. One of the things we had talked about previously on the demand side was seeing more SMB, I guess small medium brands, nonlinear advertisers that could step into CTV because with the programmatic they can target smaller bases. Is that something we are starting to see pick up or could that be one of those kind of side areas that the macro is actually slowing down a little bit?

No, I think if. Let's just say CPM decline in. CPM's decline in CTV largely driven by supply. But let's be honest, there's a macro element to it too. The ad market since COVID hasn't been firing on all cylinders, so there's an element of that to it and the silver lining there, even acknowledged by the media owners with the streaming properties is that it's created a price point of entry for these SMBs to be able to test CTV. It was never going to work at $70 CPMs. So now that it's more market based, you are seeing a flourishing of that. I mean, it seems like every day there's another announcement of a company getting into that business with Gen AI accretive, Gen AI targeting. But ultimately what they all need is access to supply. So we're the first door knock and we feel that we're extremely well positioned to take advantage of those advertiser dollars for our media owners.

Thank you.

Thank you. Your next question comes from the line of Omar Dessouky from Bank of America. Please go ahead.

Hey guys, this is Arthur [ph] on for Omar, thanks for taking a question, Mike. I really appreciate the color on curation, the opportunity with curation. I think Netflix also recently talked about its mission to enhance some of the capabilities of his attack in things including for example, enhanced user marketing. Curious how much Magnite is involved in building out these features and if that could unlock potential for some of the more higher value services that could be take rate accretive. And as a follow up, I guess as you've now worked with Netflix for some time, are there any new learnings from that partnership worth calling out?

Yes, thanks Arthur, for the questions. Yes, our first gen AI product that we produced that's in market now is for curation. We were onboarding so many curators that it was getting difficult for folks to find the audience that they really needed. And so, the gen AI tool is fabulous in terms of being able to find those valuable audiences. We participate in the economics and curation, generally speaking in two ways. One, there is a modest fee to most of our curators for the effort of us onboarding them and making their inventory discoverable. And then of course, we participate in the publisher fee that we charge and generally speaking, curation carries a higher CPM. So the down flow of that you'll see in the economics of Magnite. So we're super bullish on it and we love our capabilities. We just extended the curation capabilities to the CTV platform and so early innings. But I think this is just going to be a story, a drumbeat story for the quarters to come. And I'm sorry, Arthur, the second question was…

Learnings from Netflix.

Oh, learnings from Netflix. Yes, I mean, I think what you're seeing is the learnings in Netflix was that SpringServe announcement that we made and that is that when we originally had SpringServe, the AD server and Magnite Streaming, the platform. We always thought of it as, oh, there's a customer set that requires an ad server and they'll do SpringServe. And then there's the guys that need the programmatic, which is basically the whole universe. But little by little, we started to realize that a lot of the streamers were requiring technology that was kind of ad serverish and streaming ish. And so by combining the two of them, they get the best of both worlds. They don't necessarily have to be an ad serving client only or an ad serving client with streaming. Now they have the best of both. And so you may have a different ad server. And now you get to use the capabilities of SpringServe as your programmatic ad server meshed completely with the demand sources from Magnite Streaming. So that is 100% some of the learnings we've taken away from some of our partnerships, like Netflix.

Got it. Thank you. Appreciate it.

Thank you. Your next question comes from Eric Martinuzzi from Lake Street. Please go ahead.

Yes, was just trying to get a sense for any signals from the verticals, specifically on the verticals that you're calling into question as far as the pulling away from the 2020, your 2025 guidance. So do you have, auto, retail travel, anything in the way of insertion order evidence or purchase behaviors, anecdotal conversations? I know you said you were just at the possible conference and you weren't seeing it, but still we have this reduction in the outlook. So just wondering, any data points?

Yes, I mean, look, I think the one that everyone has talked about is European auto and the decision by the top three not to ship product and actually turn product around midstream. And so there's definitely a real decline there, but again, it's been offset by other categories of growth. To answer your question, we have not seen any decline in any specific category that's related to any kind of tariff affected outcome. Just most of the talk is that generally speaking, we are talking to one of the largest companies in the world and their belief was they were going to eat everything until June 1st, and then at June 1st they'd start to be passing it along to the consumer. So everyone is just kind of saying we are holding steady, but if everything goes through the way it is supposed to, it may not be as pretty as it is right now and so it was just out of an abundance. It's out of, I think, prudence that we reflected that, those conversations into the guide. I don't know if. David, do you have any greater detail?

No, I think that's right. I mean, from a secondary, anecdotal perspective, some of the airlines have pulled some of their guidance have talked about, potential softening and some domestic travel. Again, we haven't seen it in actual activity, but you have folks, talking about that. And so, I guess my analogy, very poor analogy on this is, the weather forecast has a storm that might come your way smart to grab your umbrella and a raincoat and you hope the storm peters out or heads a different direction. But it -- it wouldn't be prudent if you didn't, kind of just be ready for it. And that's the way we're kind of thinking about our guidance, I guess.

Got it. Thanks for that insight.

Thank you. Our next question comes from the line of Shweta Khajuria from Wolfe Research. Please go ahead.

Okay, thank you for taking my questions. Let me try two, please. One is could you please help us or remind us how your relationship with Amazon's DSP is different from the Trade desk? And then the second is how are you positioning? I mean, Michael, you've been in this industry for a very long time. You've seen different cycles. So how are you positioning ahead of macro uncertainty on things that you can do and control so that when demand is back, you are positioned for outside share gains. Thanks.

Yes, thanks, Shweta. So on the Amazon front, I would say that it's a very similar relationship to the Trade Desk in the sense that, like the Trade Desk did years ago, they had certified partners platforms that they said they'd buy from. Their list was a bit more voluminous than Amazon's is, especially on the DV plus side. So we're only one of three that are authorized to be able to do business with Amazon, DSP, we're working with them very closely in the CTV world, we're working very closely with Trade Desk in that. So I just think that generally speaking, the relationships are quite similar and as it relates to macro preparations and yes, unfortunately, I have been in the business for a very long time. Thank you for pointing that out, Shweta. But I…

You look, young Michael…

Now I feel better. I think that we're not, we don't believe what we're going to see if it happens is going to be structural change. We still believe that Programmatic is going to grow in the years to come. We still believe that CTV is going to be a huge tailwind. So what we're not going to do is make silly moves to try to chase a mythical margin number if we feel as though we, if we stop investing, screw it for years to come. And so we're going to continue to do it. We've always been very, David and the team have been great in cost management. We'll obviously tighten the belts, we'll shave where we can. But you shouldn't expect from us a wholesale reduction in cost because the opportunity is too far and too great. And we have such a great position that we're going to continue to invest in that.

Okay. Thanks Michael.

Thank you.

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Michael Barrett for any closing remarks.

Thanks, Dager [ph]. I want to thank all you for joining us and for your support. Q2 is off to a good start and we look forward to the year ahead, especially with the momentum we have from our strengthening competitive position. We look forward to speaking with many of you at our upcoming investor events. We are participating in the Lake Street Virtual NDR tomorrow. Needham Conference in New York on the 13th, RBC Meetings in Montreal and Toronto on the 14th and 15th B. Riley Conference in Marina del Rey on the 21st and 22nd Craig Hallam Conference in Minneapolis on the 28th Evercore Conference in New York on the 28th bank of America Conference in San Fran on June 3rd Wolf Investor Luncheon Conference in New York on the 4th and 5th of June Rosenblatt Virtual Conference on June 10th Susquehanna Meetings in Boston on June 11th bank of America Meetings in London on June 16th Citi and UBS in Cannes and our Live from Cannes webcast on June 17th and 18th and Bank of America meetings in Paris on June 24th. Thank you and have a great evening.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.