Magnite (MGNI) 2026年第三季度财报电话会：CTV增长与上调业绩指引

核心要点

• 2026年第三季度营收同比增长14%至2.04亿美元，扣除TAC后的净收入增长20%至2.01亿美元。
• 联网电视（CTV）扣除TAC后的净收入增长39%至1.05亿美元，占总额的53%；DV+业务增长5%至9500万美元。
• 经调整EBITDA增长46%至8300万美元，利润率从去年同期的34%提升至42%；净利润增长70%至3400万美元。
• 第三季度政治广告贡献了约1200万美元。Magnite目前预计2026年政治广告扣除TAC后的净收入将超过4000万美元，高于此前预期的1500万美元。
• 管理层上调了2026年全年业绩指引：扣除TAC后的净收入预计增长约17%，经调整EBITDA预计增长约30%，经调整EBITDA利润率约为38.5%。
• 对于2027年，公司预计剔除政治广告后的营收增长将超过15%，按列报口径计算增长将超过10%，经调整EBITDA利润率至少为38.5%。

关键财务数据

由于现金储备超过债务，Magnite第三季度末的净杠杆率为-0.2倍。该季度内，公司以约2900万美元回购或代扣了近120万股股票。截至季度末，剩余回购授权额度为1.45亿美元。

业务与经营表现

CTV仍是Magnite的主要增长引擎。前十大CTV客户扣除TAC后的净收入增幅达40%中段，其他CTV合作伙伴的增幅亦超过30%。管理层将这一表现归功于SpringServe、程序化购买普及率的提升以及头部媒体所有者的业务增长。

公司与LG Ad Solutions签署了为期三年的续约与扩建协议，将与Kelly的合作拓展至主屏幕广告单元，并被HP TV+选为主要视频广告服务器及程序化技术合作伙伴。此外，Pinterest亦选择Magnite作为其在全球推出程序化交易的主要供应端平台（SSP）。

移动应用端收入贡献增长17%，占DV+业务的约35%。管理层表示，除效果类广告外，该板块正在吸引更多元化的品牌广告。同时，商业媒体和音频广告也有助于缓解传统展示广告及开放网络面临的压力。

政治广告是重要的增量驱动力。第三季度超过四分之三的政治广告收入贡献流向了CTV，约20%的政治广告支出通过ClearLine流转。管理层预计，政治广告将占2026年扣除TAC后净收入的5%以上，而此前大选年该比例通常为2%至3%。

运营效率同样有所改善。Magnite通过将计算能力转回本地部署，使云成本同比基本持平，并将每十亿次广告请求的流媒体成本降低了50%以上。管理层还提及，AI驱动的生产力提升惠及了工程、运营、销售以及一般与行政管理等各部门。

管理层业绩指引

管理层仍预计未来三至五年内CTV的年复合增长率约为25%，但同时在问答环节说明该目标属于愿景性质，而非确定承诺。

风险与关注要点

• 在竞争激烈的选战关键市场，政治广告挤占了部分其他广告份额。管理层表示，大选后广告需求的复苏速度仍存在不确定性。
• 随着AI问答引擎改变用户行为，搜索与引流流量出现走弱，传统开放网络广告库存因而承压。
• 尽管国际CTV业务表现相对坚挺，但国际DV+市场仍受到定价压力和不均衡经济状况的不利影响。
• 谷歌广告技术反垄断补救措施仍取决于布林克玛法官（Judge Brinkema）的最终裁决及落地执行时间。谷歌估计部分技术层面的调整可能需要12至18个月，而行业普遍预估为6至12个月。
• 智能体广告（Agentic advertising）引起了广泛的测试兴趣，但管理层指出目前流向此类工作流的资金规模仍较有限，预计2027年仍将是探索之年。
• 管理层指出，宏观经济环境以及可用的CTV广告供给可能会对未来增长的持续性与轨迹产生影响。

分析师问答亮点

管理层表示，即便剔除政治广告，CTV的增长依然强劲。现有合作伙伴正在扩大合作，而部分近期签署的协议尚未产生实质性收入，预计将于2027年开始贡献业绩。

体育直播已成为Magnite平台上重要且快速增长的板块。管理层表示，在广告组（ad pods）、广告主排他冲突管理和预加载等技术的支持下，主流大学及职业体育赛事的广告库存已在通过程序化方式进行交易。

Magnite确认其正作为SSP合作伙伴与OpenAI展开合作，将广告需求引入OpenAI的广告库存。公司未透露该合作的财务细节。

针对DV+业务，管理层目前的模型假设为大致持平至低个位数温和增长。移动应用端、商业媒体和音频是主要增长领域，抵消了展示广告面临的挑战。

ClearLine完全在Magnite平台上运营并收取费用，在为参与合作的发布商引入更多需求的同时，也创造了扣除TAC后的增量净收入。

业绩电话会完整纪要

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完整财报电话会议逐字稿

管理层陈述

Operator

Good afternoon, and welcome to the Magnite Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Nick in Investor Relations. Please go ahead.

Nick Kormeluk

Thank you, operator, and good afternoon, everyone. Welcome to Magnite's Third Quarter 2026 Earnings Conference Call. As a reminder, this conference is being recorded. Joining me on the call today are Michael Barrett, CEO; and Brian Gephart, 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 not limited 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 may cause our 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 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-TAC 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 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 insights into the dynamics of our business. Please be advised that this additional detail may be onetime 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'll now turn the call over to Michael. Please go ahead, Michael.

Michael Barrett

Thank you, Nick, and thanks, everyone, for joining us today. I am pleased to report one of the best quarters for Magnite. We significantly exceeded expectations in Q3 across the business, both in CTV and DV+ leading to meaningful top and bottom-line outperformance. We expect this momentum to continue into the fourth quarter and once again are raising both our full year contribution ex-TAC outlook and margin expectations.

Total contribution ex-TAC for the third quarter was $201 million and exceeded expectations by over $10 million. CTV beat our expectations by $6 million and grew 39% year-over-year. DV+ also strongly exceeded expectations by $4 million, growing 5%. Political was a big contributor and far exceeded our expectations, coming in at approximately $12 million in Q3 with more than 3/4 of it benefiting the CTV business. We experienced a very strong midterm cycle this year, and Q4 political spend will be even larger than Q3. More on political later in my prepared remarks.

Adjusted EBITDA exceeded expectations by $13 million, resulting in a margin of 42%, demonstrating the operating leverage and cost discipline in our business model. CTV performance is broad-based on both the demand and supply side. CTV represented 53% of total contribution ex-TAC in the quarter, continuing the momentum that began over a year ago. The CTV market has reached an important inflection point as programmatic is rapidly becoming the desired way to transact on streaming television.

We expect strong growth ahead for programmatic and CTV, and our incredibly strategic role positions us to continue this momentum and drive continued share gains. We remain confident in our ability to outperform the market and expect a long-term 3 to 5 year growth rate in CTV of approximately 25%. We saw strong growth across many of the industry's largest media owners, including Disney and ESPN, Fox and Tubi, LG Ads, Netflix, Roku, Skydance and VZO Walmart.

Across our top 10 CTV accounts, growth was once again in the mid-40% range year-over-year with the remaining partners also growing above 30%. We also had a great quarter with new and expanding partnerships. LG Ad Solutions signed a 3 year extension and expansion, deepening our preferred programmatic partnership, extending exclusive ad serving via SpringServe and bringing Agentic buying to the LG TV home screen through our Magnite orchestration layer.

We also expanded our Kelly relationship to include programmatic on their home screen units, while HP TV+ selected Magnite as its primary video ad server and programmatic technology partner. And finally, Pinterest announced the global launch of programmatic deals, selecting Magnite as their primary supply side platform. Magnite connects Pinterest display, native and video inventory as well as their high-intent commercial signals directly to major DSPs while integrating Pinterest inventory into Magnite orchestration to enable agentic discovery, packaging and optimization.

These partnerships showcase the unique value of our full stack technology and independence. Publishers trust us to manage their most mission-critical advertising infrastructure without the conflict of competing media interest. We are also encouraged by the steady improvement in DV+. Mobile in-app continues to be a primary contributor, growing 17% year-over-year in Q3 and now represents approximately 35% of the DV+ business.

We believe the mobile app market will continue to be a solid growth driver for the foreseeable future. As I mentioned earlier, political spend significantly exceeded our expectations. In total, we are now expecting political contribution ex-TAC to be over $40 million for 2026 versus the $15 million previously projected. To put this in perspective, this is more than double the last presidential election and nearly 4x the last midterm cycle.

There are three key drivers to our political growth. First, midterm election spending is setting records, and we have the scale and relationships to capture that demand. Second, CTV is coming into maturity and capturing an increasing share of overall budgets. And third, we have dramatically amplified that opportunity through our expanded offerings, including ClearLine and our supply side curation capabilities.

Our ClearLine buying tool shortens the path to supply, improving ROI for political advertisers by connecting them directly with the leading media owners in CTV. Approximately 20% of our political ad spend flowed through ClearLine, becoming one of the largest conduits for this demand across our platform. Moreover, our supply-side decisioning capabilities enable customized access to curated supply at scale. These tools allow publishers to segment and price their inventory for political advertisers specifically, improving access, geographic targeting and the consumer experience.

Importantly, this technology is powered by deep domain expertise. We've built a dedicated team on the ground in D.C., staffed by political ad veterans with numerous cycles under their belts, enabling us to rapidly respond to urgent campaign needs, support quick launch timelines and capture outsized political budgets.

Given our enhanced capabilities in this area, political will increase over 5% of our contribution ex-TAC mix in 2026, up from the 2% to 3% range in previous political years. We believe our success in political is durable based on our unique supply position and tools. And additionally, CTV will continue to play a bigger part of the political spend mix in future cycles.

Our strategy is paying off. First, SpringServe has positioned us as the operating system for CTV monetization. Our unique offering serves as a key driver of our market position, allowing us to consistently outpace industry growth rates and expand market share. Second, audience enablement and decisioning are moving toward the supply side, and we believe Magnite is leading that transition.

And third, as AI reshapes advertising, it is becoming increasingly clear that our position as a key infrastructure player with a full suite of Agentic tools has publishers and buyers leaning on us to enable these new workflows together with programmatic. Taken together, these trends are fueling our long-term competitive position and growth prospects.

Finally, I want to provide a brief update on Google remedies. As you know, the court issued its remedies opinion in September, and we're currently awaiting the final order from Judge Brinkema. While the court and industry are still working through implementation details and timing, we applaud the court's approach in adopting the key behavioral remedies proposed by the DOJ and believe that the ruling will result in more balanced and level playing field with fairer auctions, greater transparency and increased choice for publishers.

We're also pleased that the ruling has the potential to open-up additional access to AdWords demand, which has primarily been restricted to the Google Stack. All of these things are very good for our industry and will benefit our DV+ business at some point, hopefully sooner rather than later.

In summary, I'm thrilled with our performance this quarter and the momentum that we are carrying into the fourth quarter and 2027. We have strong CTV growth, improving DV+ performance, expanding publisher relationships and the operating leverage to translate that growth into meaningful earnings growth.

Before I conclude, I would like to introduce Brian on his first earnings call as our CFO. He's no stranger to Magnite earnings calls and has been an integral part of the team for the last 5-plus years. We are thrilled to have him at the finance helm and keeping us focused on executing at an extremely high level and supported by a great team. Welcome, Brian.

Brian Gephart

Thanks, Michael. We are extremely pleased with our third quarter results. As Michael mentioned, our beat was strong across the board, demonstrating the durability of our business, resulting in us raising our guidance for the remainder of the year. Total revenue for Q3 was $204 million, up 14% from Q3 2025.

Contribution ex-TAC was $201 million, up 20%, well above the high end of our guidance range. Political contributed approximately $12 million or 6% to total contribution ex-TAC. CTV contribution ex-TAC was $105 million, up 39% year-over-year, exceeding our guide of $98 million to $100 million.

Political accounted for approximately 9% share of CTV. DV+ contribution ex-TAC was $95 million, an increase of 5% from the third quarter last year, also above the top end of our guidance range. Political share in DV+ was approximately 3%. Our contribution ex-TAC mix for Q3 was 53% CTV, 33% mobile and 14% desktop.

From a vertical perspective, outside of political, retail and financial services were the strongest performing categories. The automotive category continued to grow modestly. Total operating expenses, which includes cost of revenue, were $154 million, flat with last year. Adjusted EBITDA operating expense for the third quarter was $117 million.

We have been successful keeping cloud costs roughly flat year-over-year by moving capacity on-prem. Through this effort, we have reduced our cost per billion ad requests by over 50% year-over-year for streaming. This expanded capacity optimizes our hybrid infrastructure and supports the increased supply we are seeing, which sets us up well for continued growth.

Our net income was $34 million for the quarter, an increase of 70% versus net income of $20 million for the third quarter of 2025. Adjusted EBITDA grew 46% year-over-year to $83 million, reflecting a margin of 42% compared to 34% in Q3 last year. We are seeing encouraging productivity benefits from AI across engineering, operation, sales and G&A. While there is more to come, these capabilities are helping us accomplish more, improve execution and support continued efficiency gains.

GAAP earnings per diluted share were $0.23 for the third quarter of 2026 compared to earnings of $0.13 for the third quarter of 2025. Non-GAAP earnings per share for the third quarter of 2026 were $0.33 compared to $0.20 in Q3 last year. Our cash balance at the end of Q3 was $393 million, an increase from $333 million at the end of the second quarter.

Operating cash flow, which we define as adjusted EBITDA less CapEx, was $68 million. Capital expenditures, including both purchases of property and equipment and capitalized internal use software development costs were $15 million. Net interest expense for the quarter was $5 million. Our leverage at the end of Q3 2026 was a negative 0.2x due to more cash than debt on the balance sheet.

As we announced last month, we successfully repriced our $358 million Term Loan B and $175 million revolver. We reduced the term loan interest margin by 50 basis points to term SOFR plus 2.5%, bringing the cumulative reduction to 250 basis points compared to the rate prior to our February 2024 refinancing and cut our revolver margin by 100 basis points down to SOFR plus a margin ranging from 2.5% to 3%.

The term loan repricing alone will deliver approximately $1.8 million in annualized cash interest savings. These actions reflect market confidence in our strong balance sheet and free cash flow generation while further optimizing our capital structure. During the third quarter, we repurchased or withheld nearly 1.2 million shares for approximately $29 million. Year-to-date through the third quarter, we repurchased or withheld approximately 5.5 million shares for about $86 million.

As of quarter end, $145 million remained available under our current repurchase authorization, which is effective through February of 2028. I will now share our expectations for the fourth quarter of 2026 and our current thoughts for the full year as well as give some early thoughts on 2027.

For the fourth quarter, we expect contribution ex-TAC to be in the range of $227 million to $233 million, which represents growth of 16% to 19% contribution ex-TAC attributable to CTV to be in the range of $124 million to $127 million, which represents a growth range of 33% to 36%. DV+ contribution ex-TAC to be in the range of $103 million to $106 million, which represents a growth range of 2% to 4%. We anticipate adjusted EBITDA operating expenses to be in the range of $125 million to $127 million, which implies adjusted EBITDA margin of 44% to 46%.

For the full year 2026, we are raising total contribution ex-TAC growth to be approximately 17%, up from 13% to 14% previously and at least 11% originally, raising adjusted EBITDA percentage growth to be approximately 30% from greater than 20% previously and nearly doubling our mid-teens original guidance; raising adjusted EBITDA margin to be approximately 38.5% from at least 37% previously and from at least 35.5% originally, raising free cash flow growth to be above 60% from the high 40% range previously and our mid-30% range originally and reaffirming CapEx of approximately $60 million, a reduction from prior year.

Now turning to 2027. We remain very bullish on our business for 2027 with top line growth, excluding political, accelerating over 2026. We expect top line growth, excluding political, of over 15% or over 10% on a reported basis. We expect adjusted EBITDA margin of at least 38.5%. Note that our guide for 2027 does not factor any upside from Google remedies.

In summary, Q3 was another outstanding quarter for Magnite, defined by our significant top line outperformance and strong operating leverage. Our continued momentum in CTV and robust free cash flow generation reinforce the strength of our financial profile and support a disciplined approach to capital allocation.

As we head into the final quarter of the year, we are confident in our ability to sustain this performance, achieve our raised full year targets and deliver long-term value for our shareholders. We enter 2027 with exceptional operational strength and strong momentum across the board.

With that, I will hand the call back over to the operator to open the line for questions.

Operator

Our first question comes from Shyam Patil of Susquehanna.

分析师问答

Shyam Patil

Congrats on the great results. I had a couple of questions. First, you guys talked about kind of the longer-term CTV growth rate of 25-plus percent, I think, as a baseline, which is very strong, very healthy.

Michael, I just wondering if you could talk a little bit more about just what gives you confidence in that? How much of that is based on business that you kind of have won and are going to ramp versus new business that you're going to have to win?

And then second question, outside of CTV, it seems like you guys are doing a lot of interesting deals with walled gardens like Pinterest and OpenAI. Just wondering if you could talk about how meaningful or material are these or do you expect them to be over the next couple of years?

Michael Barrett

Yes. Thanks, San. Yes, CTV growth rate, that's something that we've been pretty consistent on for years now. It's a factor of certainly our market position and the types of clients that we have. As they globally expand, we go along with them, and that really is an inflection point for revenue growth. But it's kind of pegged off of an industry growth rate.

And we said consistently that we expect to exceed, if not greatly exceed the industry growth rate just given our market position. And so, I suppose that, that 25% isn't just completely taken out of thin air. But if you look at the industry growth rates, generally speaking, they're in the low teens, and that's been pretty consistent, maybe declining a little bit with some of the supply glut that has existed out there.

But -- so 25% would peg guess roughly double the industry growth rate. And although that's not something we pledge to, it's certainly something that's aspirational and we think very attainable. And you saw the growth rates this year in CTV. And so, we expect strong momentum into Q4 and into 2027.

And as it relates to working with the walled gardens or hedged gardens, if you will, I think that it takes a while for some of these great brands to get comfortable with third-party demand. And when they do increasingly, they're turning to Magnite to help source that or organize it through an orchestration layer or whatever the case might be.

So, Pinterest has a robust ad business. OpenAI has a burgeoning and robust ad business as well. So those are the types of partnerships that tend to be big contributors to our story on some of the newer Commerce Media deals where the customer hasn't been in the media business before. Those definitely take longer to ramp. So these kind of deals with folks that have big ad businesses tend to deliver gains rather quickly.

Operator

Our next question comes from Matt Swanson of RBC Capital Markets.

Matthew Swanson

I'll add my congratulations on the quarter. So really strong growth in CTV. Could you go a little bit deeper on the environment kind of outside of political? And then I know in previous years, we sometimes talk about a crowding out effect. But maybe is that supply allowing for these things to kind of happen simultaneously? Or did you see any dynamics like that?

Michael Barrett

Yes, Matt, good questions. As the -- so for the environment, absent political, we are finding it very strong, obviously, seasonally strong as well. But -- and the real linchpin to that, that's driving a lot of this is our SpringServe positioning. When we're not -- when we're the primary ad server, obviously, we enjoy the economics of SpringServe as the ad server, but SpringServe as a very efficient path to our programmatic demand. And when we're not the primary ad server, we're usually the programmatic ad server of choice.

And so just -- it really does anchor with SpringServe as a point of differentiation. What we are finding, you kind of alluded to the market and perhaps softness as it relates to supply and/or macros, particularly global. We are definitely finding that the same thing has been consistent through any of these kind of cycles that folks lean more heavily on programmatic. They lean more heavily on Magnite sourced demand.

Obviously, that carries a different economic profile than publisher sourced demand. So I think that's what you're seeing -- what we're seeing in our CTV number ex political that it would -- without political, it still would be an outstanding year for Magnite. As it relates to political crowding out other advertising, that's certainly the case. You see how much political ran in certain states across our platform. It's really astounding.

And so there's no question that crowded out advertising. One of the unknowns is how quickly it comes back after the election last night. So we're watching that very closely. We don't have a tremendous amount of history there. But we do think that it's a pretty strong market and that we'll see that strength continue even ex political.

Matthew Swanson

And then maybe just one quick follow-up on some of the topics you touched on there. Like the two formats that seem the least likely to be disrupted from kind of that viewability and attention side of CTV, which is really thriving and then mobile in-app, which I feel like you've talked about increasingly in recent quarters. Are you seeing any of the potential demand dislocation from mobile display or desktop display create some additional market drivers in those spaces?

Michael Barrett

Yes. I think -- and we hit on that like Q4 of last year where we saw that pronounced drop in DV+ and a corresponding uptick in CTV. There's no question that with the attractive price points of some of the CTV offerings that, that is definitely siphoning dollars off of the open web, particularly video in the open web. And I think that mobile -- the mobile app publisher economy, they've done a very good job over the last several years and quarters of making it more brand-friendly, brand safe, brand understandable.

And so it's definitely something that used to be a very high concentration of performance advertisers, app downloads. You're now getting this nice mixture of brand advertising, which really leans into what we do. Most of the mobile specialists specialize in those high-performance ads, we bring a different portfolio of advertising and it's of high appeal to these mobile app publishers. So we think there's real legs to this mobile app business for us.

Operator

Our next question comes from Jason Kreyer of Craig-Hallum.

Jason Kreyer

Great job, guys. We'll talk that up to your new CFO. Wanted to talk about just the evolution in Agentic. I mean it seems like more of these wins that you announced, your Agentic capabilities are a clear component of you winning these deals. Is that translating to any changes in how people are going about that market? I mean I realize utilization is pretty low right now, but is there kind of some pent-up demand there that's ready to kind of shoot out of a canon in the next several quarters? Or how are you thinking about that?

Michael Barrett

Yes. And I'll be sure to relate your comments to David Day, who just sent me a picture of his view out his door, which is a beach in palm trees, not show us at all. Yes, so the evolution of Agentic is really interesting. A lot of interest. a lot of test and trial, not a lot of dollars, as you pointed out, flowing through it. I think the really cool decision that the team made and executed upon at the beginning of the year was, hey, we see it going in two different directions.

Number one, we're going to have media owners and we're going to have buyers that don't have Agentic capabilities that will want to utilize our capabilities. So we have a buyer agent, a seller agent that the buyers can use, sellers can use seller agent and they can conduct aggentically out of the gates.

And then we said, what we really should do is build this orchestration layer because the more sophisticated media owners and the more sophisticated buyers will have their own agents. But they need this orchestration layer to make it work. to find the inventory, to find it effectively and to actually transact.

And so it's really playing out. It's like 50-50, half the people use our tools, half don't. We are agnostic to that. We just are there to play a leadership role in this burgeoning market. And as far as the canon about to shoot, I don't think most people predict that in the industry. I think it's still going to be a year of exploration in 2027, but we are perfectly positioned if that canon does go off, if that answers your question.

Jason Kreyer

That answers my question. But I do have another one. So there's been a lot of chatter this quarter just about the open web and pressure on referral traffic and search traffic and whatnot. It doesn't seem like from your numbers, you saw any hiccups in DV either in the quarter or in the guide. But just curious if you're seeing any of that play out in what you guys see in the market?

Michael Barrett

Yes. It's no question that's a reality. It's not surprising that we are talking quite a bit about mobile app, which is not a browser-based traditionally open web source of inventory. I think what's saving our DV+ numbers is not just a team doing an outstanding job, but our deep penetration into commerce media, that's a very attractive form of both data media and ad dollars.

And so I think that, that has helped soften the blow for us. And obviously, as we point out, mobile app. So yes, it's happening. It's happening around us. The numbers would be much stronger if it were more of a search generated traffic world as opposed to answer engines. But I think we are pretty well hedged with our portfolio to weather that where individual publishers may have much greater exposure than the Magnite platform.

Operator

Our next question comes from Dan Kurnos of StoneX.

Daniel Kurnos

Michael, I think the line of questioning clearly here is sort of about the future and sustainability. So I'm going to ask two that usually come up on this call, although I will, before I get there, say that your political results are clearly nonstandard into the upside relative to the rest of the space. Even Roku didn't have the same percentage of political revenue as a total of their platform as they did in '24. So you're obviously doing something right there.

The first -- the two questions I have, one, Michael, we're hearing more and more, and I know this kind of comes up all the time, just never seems to quite get there on sports. -- programmatically executed, right? I mean we still have to kind of cross the Rubicon there, no pun intended and sort of figure out how we can continue to drive that. It seems like we're getting there. We'll see what happens in '27. So just any color on what you're seeing from your partners on that front.

And then I know international has been a bit of a mess lately, especially with some kind of CPMs all over the place, but it's clear that even with, let's call it, Netflix's ad rollout pickup that they're still leading the charge in driving adoption internationally and that overall monetization is improving. And so just how you think about kind of the next leg there and as it relates to you guys continuing the CTV growth rate?

Michael Barrett

Yes. Thanks, Dan. Sports used to be something that we would call out with some regularity, and we highlight main events like Final four, et cetera. And we may, in the future, do that. But it's becoming such a mainstream piece of our business and it's transacting so smoothly that it's just now a big contributor. I mean when ESPN lifted up programmatically, when they got on to the Disney stack and we were able to monetize it.

Now just sports is -- there have been some really big leaps and bounds in terms of making sports a more effective programmatic. A lot of them we did. We built our LSA, et cetera, a SpringServe but I think that sports is just going to be increasingly a part of the programmatic universe. It's not about when, it's now, and it's just only going to get bigger. And we're not talking about tertiary sports. We're talking about main sports, College Pro and it's transacting programmatically.

Big innovation this year other than some of the tools I already referenced was the ability to pod to be able to have a DSP bid on the slots. That helps eliminate advertiser conflict. We can preload that so that from a user perspective, high performance, high fidelity. So yes, by us not referring to sports in the script, this is more like it's just oxygen for us now. It's a big piece of our publisher footprint and a big attraction for our buyers.

As it relates to international, you're right. If you look at our DV+ business internationally, it's challenged in some markets because of pricing, economic backdrops, et cetera. Streaming seems to be holding up pretty well. And you're right, like when Netflix launches into new markets, we follow when Paramount does it, we follow Disney+, the big launch in Asia, where we go along for the ride. And so, it's still a very healthy growth rate in international for CTV.

And one of the things about international is it tends to be a programmatic first market that a lot of these media owners don't have local sales presence. And so, they really lean as they build those sales teams, they really lean on programmatic first. So you're actually seeing a higher contribution of programmatic revenue from international media owners as opposed to domestic.

Operator

Our next question comes from Laura Martin of Needham.

Laura Martin

Let me add my congratulations to excellent execution, Michael, and your team. My first one is on AI. Could you go through how you're using AI to lower costs, and we're really focused on accelerating new product trends by using AI. So could you talk about whether your product velocity and time to market is improving using AI tools?

And then the second thing, sort of staying on AI, but on the demand side, it feels to me like with the launch of Meta's news product, I'm seeing OpenAI ads all over the place for ChatGPT. I'm wondering if you guys thought about how big a new ad category these labs, these AI labs could be for the overall advertising demand to sop up some of this supply glut.

Michael Barrett

Thanks, Laura, and I appreciate the kind words. Yes. So AI definitely plays a big role in our technology development. Our engineering team is completely versed in it. Our product team is completely versed in it. And what we're seeing is the normal life -- the life stage of developing an idea, hearing from customer, creating the PRD, creating the mockups getting it built, getting it brought to market has completely collapsed.

And we are seeing such acceleration in terms of bringing innovation to market because of the internal use of AI tools that it is absolutely breathtaking. I use a rule of thumb as how often the go-to-market team yells at the product team and the engineering team, and there hasn't been any yelling this year. So I take it that we're doing pretty good in that area.

And AI as an advertising category is a very growing category for us. We benefited from that, not to the degree that we would call it out as one of our top categories, but it is certainly a contributor to our revenue growth, and we are very aware of who's spending where and how to secure those dollars.

Operator

Our next question comes from Barton Crockett of Rosenblatt.

Barton Crockett

Okay. I guess, first, I just want to confirm something there was a report in the media about a deal with OpenAI.

Michael Barrett

We lost -- you kind of cut out there, Barton. So you're asking about the article about our relationship with OpenAI.

Barton Crockett

Yes, yes. Can you confirm that anything is happening there? And if so, just talk about what you bring to the table there and what you think the opportunity is?

Michael Barrett

Yes, we don't have a lot of latitude to go much beyond that statement that OpenAI issued. So we are definitely working with them. We are one of their partners, and we are working in the capacity of an SSP piping in demand into the OpenAI advertising inventory.

Barton Crockett

Okay. All right. So I'll leave that there. On the antitrust remedies, I was just wondering if you could update us on what's been sorted out since the decision on timing and what you expect to kind of progress in terms of timing of implementation and how that could feather into revenues over time?

Michael Barrett

Yes. So we're still waiting upon the final from Judge Brinkema. And as you know, some of those behavioral remedies were just process changes, policy changes and some carried with some tech work that Google has estimated to be 12 to 18 months and the industry estimates it shouldn't take more than 6 to 12 months.

So we're kind of just not there yet, Barton, to be able to go through item by item and say that's going to light up in February, that will light up in March. We just got to wait on the final ruling from Judge Brinkema, but we remain hopeful. We are pleased with the outcome, pleased with the remedies and really believe it will result in fair auctions and better performance for our publishers and ourselves.

Operator

Our next question comes from Tyler DiMatteo of BTIG.

Tyler DiMatteo

Michael, just one for me. I wanted to come back to the DV+ business here. Obviously, it's had its kind of fits and starts, but it's been performing well. I'm curious to get a little more color in terms of how you're now at this point, thinking about the organic growth potential of that business. When you think about going under the hood between mobile, in-app, et cetera, just like the highest level, can you parse that for us as to how you're thinking about what that could look like just given the upside you've seen so far?

Michael Barrett

Yes. Why don't I let Brian opine on that from a modeling standpoint.

Brian Gephart

Yes. So obviously, we've talked about the challenges in display. We've talked about green shoot areas like mobile in-app, commerce media and audio. Overall, the way we think about that business is roughly flat to modest low single-digit growth.

Operator

Our next question comes from Naved Kha of B. Riley.

Ethan Widell

This is Ethan Widell -- well calling in for Naved. Congrats on the quarter. For starters, so obviously, live sports is a really big opportunity going forward. Would you maybe be willing to call out the scale of that right now? And maybe how much does that contribute to your guide? And could you expand on your expectations on positioning should the FOX Roku deal close on time in first half '27?

Michael Barrett

Sure. So yes, I don't think anytime soon, we'll be breaking out that category of spend more so that it's just another number to have to keep reciting every quarter. We could do it on an annual basis, and we may very well look at that. But it's a significant chunk of the media that we transact on our platform, and it's growing rapidly.

So I think the interesting point about our position there is we're not talking about having to go out there and win accounts to get a whole the live sports. It sits on our platform today. And really, the big change has been both the tech that we've built to make programmatic more effective and the willingness of the media owners to go in a programmatic direction.

So those both are coming together at a perfect time, and we feel really encouraged about the contribution it will have in 2027. And you -- the second part of the question?

Ethan Widell

That was it.

Michael Barrett

Okay. Great.

Ethan Widell

My other question was just on costs. Your adjusted EBITDA OpEx was a little below, I think, what was guided despite obviously really, really strong top line results. Can you maybe speak to what drove the savings there relative to expected spend? And maybe how we should consider the slope of that going forward?

Brian Gephart

Yes. So I would just -- I would describe that mostly from just continued efficiency gains in the cloud with our on-prem investment as we described, driving our cost per billion ad request down over 50% over the last year. So that's the primary driver.

Operator

Our next question comes from Shweta Kajaria of Wolfe Research.

Shweta Khajuria

Okay. Michael, how should we be thinking about contributions to CTV revenue, in particular from all the new product upgrades as well as partnerships in terms of incrementality next year or just going forward because you mentioned 25%, even if it is aspirational mid- to long term, how should we be thinking about the trajectory of this growth rate given these partnerships and products that you have announced?

And then the second question I had was a follow-up of one of the prior questions on the ad tech case. Is there anything we should be looking for as more information comes out that gives us confidence that, okay, well, Magnite and PubMatic and other platforms will now start benefiting from this? Like what should we be looking for where there is more -- contribution is more demonstrable?

Michael Barrett

Yes, sure. Thank you. Yes. So CTV growth rate, yes, it's durable. I mean, as we said kind of at the top of the Q&A, if you strip political from this year, it's a heck of a year, very strong growth coming from existing partners and new partnerships. I think that we feel we are in a terrific position in that segment largely given our technology and SpringServe as the tentpole of the technology play. We continue to enhance and build and innovate.

And so if we already started with the lead, that lead is just getting longer. I think that a lot rests with the strength of the macro economy. That's why always predicting '27 and given some sort of direction has some of its challenges, but we feel very strong that there's durability to the growth that we're seeing. And with some of the deals that we have talked about that haven't really contributed meaningful revenue, they will light up in 2027.

And so we haven't we haven't maximized all the deals that we have signed to date. And as far as the ad tech case, it's a very good question. And again, I hesitate giving any more specificity there just given the fact that it's still West cement and the judge hasn't come back with the clear final. But that said, I think that if you did hear that AdWords demand is freed up from having to spend on the Google Stack, that would be very encouraging.

If you heard Addex going through prebid as opposed to Addex sitting outside of Prebid, that could be a very encouraging sign. So I think we can be a lot more prescriptive when the final ruling comes down, and hopefully, that's soon. But I hear you and sympathize with trying to figure out what signals are important. And hopefully, we can guide you along that way in the coming quarter.

Operator

Our next question comes from Tim Nollen of SSR.

Timothy Nollen

Michael, I'd like to pick up on the concept of universal ad platforms and the effort you've been building, which is partly an Agenta question, but it's partly a ClearLine question, I think, as well. So as you've been driving more of these direct connections using ClearLine, do these deals drive more share of business to Magnite? Do they improve publisher performance in a way that you can reference? And how do they help your volume of transactions and even your take rate?

Michael Barrett

Sure. So ClearLine only operates on the Magnite platform. ClearLine only operates on the Magnite platform. So it definitely drives more spend to our publishers. ClearLine also is very efficiently priced. So there's a lot more working media dollars that go to our publishers. And so therefore, that's a big plus for them.

And ClearLine also, that's looking at ClearLine as the buying tool, the DSP. ClearLine incidences of ClearLine are in every buyer marketplace with our big holdcos. And so if you open up the aperture of how ClearLine really impacts our business, you're talking about multi-hundred billion dollars in spend in terms of what ClearLine can attract. And so I think that it's really been an unsung story for us political was an opportunity to mention how strong it was.

I mean 20% of all that great political demand came through ClearLine. And that meant agencies using it directly themselves, testing because these political agencies aren't wedded to any technology. Every cycle they go through, assess what they think is the best out there, choose what they want and ClearLine made the grade and performed exceptionally well. So we're really, really encouraged by the strength of ClearLine and what it could mean to our business going forward.

Timothy Nollen

And I think you've mentioned in the past that because this can be such a value-add additive service, it can be beneficial to your take rate as well. Is that still the case?

Oh sure. We charged for ClearLine. So it's definitely in addition to the incremental demand where we benefit from the take rate from our publishing partners, ClearLine itself is charging a fee. And therefore, we -- that's incremental ex-TAC for us, too.

Operator

This concludes the question-and-answer session. I would like to turn the conference back over to Michael Barrett, CEO, for any closing remarks.

Michael Barrett

Thank you, Ariel. Before we conclude, I'd like to extend my sincere gratitude to everyone at Magnite for your incredible effort, commitment and achievement so far. This stellar performance is merely the groundwork for what's to come, and we are energized by our strong momentum as we capitalize on the significant growth ahead.

Now I'll turn it back over to Nick to cover our upcoming marketing events.

Nick Kormeluk

Thanks, Michael. We look forward to speaking with many of you at our upcoming investor events. We're participating in a Q3 NDR tomorrow hosted by BTIG. Investor Meetings with Stephens in Houston on November 10. Denver meetings on November 12. The RBC AdTech Investor Group Meeting in New York on the 16. The Seaport Virtual TMT Conference on November 17. Craig-Hallum's Investor Group Meeting in New York on November 17, as well RBC TMT Conference in New York on November 18.

Stephens Investment Conference in Nashville on November 19. Investor Meetings with Craig-Hallum in Minneapolis on November 24. Investor Meetings with Craig-Hallum in Dallas on November 30 and Kansas City on the 1st, Investor meetings with StoneX in Boston on December 2. The StoneX AdTech Group meeting in New York on December 8. Raymond James TMT and Consumer Conference in New York on December 8. Wells Fargo TMT Summit in Rancho Calis Berdays on December 9. Susquehanna Virtual Technology Spotlight Series on December 14. Investor Meetings in San Francisco, the week of December 12, and the Needham Growth Conference on January 13.

Thank you all and have a great evening.

Operator

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.