Magnite 2021 Investor Dayのハイライト

Magniteは先日、2021年度投資家向け説明会（2021 Investor Day）を開催し、弊社ビジネスの現状と将来的な見通しについて詳しくお伝えしました。リアルタイムでご参加頂けなかった方向けに、本イベントのハイライトを以下にまとめさせていただきましたので、是非ご一読くださいませ。本イベントでは、今後数年間における弊社の方向性や、変化の激しい広告業界でクライアントの成功をどう導くかを中心にご説明いたしました。。

Investor Dayのプレゼンテーション（フルバージョン）はこちらからご視聴いただけます。以下のサマリーには弊社の期待、想定、見通し、予測に基づく、またはそれらに関連する将来予測に関する記述が含まれています。将来予測に関する記述の使用と関連するリスクの詳細*については、以下を参照お願いします。

Magniteの成長と収益性 

弊社の長期ビジネスモデルは、年間売上高成長率25%以上、調整EBITDA利益率35～40%（Non-GAAP指標）を目標としています。CEOであるMichael Barrettは今後5年、さらにはそれ以降の目標として、年間広告費を150～200億ドル（現在よりも数十億ドルの増加）に引き上げることとしており、これにより90億ドルから500億ドルに拡大するプログラマティックCTV市場と同様に、CTVは30%以上（現在は20～25%）、DV+は20%以上（現在は1桁台半ばから後半）のシェア拡大を目指しています。

成長著しいCTVのニーズに応える

Magnite DV+は、ディスプレイ、動画だけでなく、ネイティブ、オーディオ、DOOHなどのフォーマットにも対応するプラットフォームとして、現在プログラマティック市場、そして弊社収益の大部分を占めています。しかし今後数年は、長期的に成長率の高いCTV市場を捉え、（DV+の増収だけでなく）CTVプラットフォームを弊社最大の収入源にするべく邁進いたします。弊社のレポート、CTV: The Future Forwardによると、消費者の83%が広告付き無料／低価格コンテンツを好むことが明らかになっており、AVOD市場に大きな商機があることを示しています。

今後はCTVの大半がプログラマティックで取引される時代が訪れるでしょう。そうなればSSPはコンテンツの効率的な収益化をもくろむパブリッシャーにとって、かつてないほど重要になります。現在、Magniteは多くの大手CTV企業により推奨（場合によっては唯一の）パートナーとして選ばれており、Magniteが提供する価値やサービスは今後も増え続けることが期待されています。

バイヤーとセラーを支援する技術や製品に投資 

Magniteはより運用広告のコントロール強化を目的としてセラーツールへの投資を行っています。これには予約型オークション、買付け一本化のためのバイヤーツール、オーディエンス／ターゲティングプラットフォームも含まれています。データインフラの改善、価値の高いファーストパーティデータを活用する新製品の導入、新しいデータプロバイダとの連携によって、オーディエンス管理機能を継続的に拡大してまいります。

あらゆるプラットフォームを一本化することで唯一無二の機会を提供 

Magniteは自社のオムニチャンネルプラットフォーム（DV+およびCTV）により、異なるインベントリタイプに対してオーディエンス機能を一本化し、クロスデバイスデータとモデルをまとめて、強力なAIと機械学習を構築します。業界をリードする2つのCTVプラットフォームの形式と機能を効果的に統合することで、使用期間の長短を問わず、パブリッシャーはすべてのプラットフォーム技術を簡単に使用できるようにします。

未来のアドテクに向けた取り組み

広告の予算獲得において、スケール、オーディエンス、アイデンティティ・ソリューションそしてオムニチャンネルが必須となるこれからの広告業界で、Magniteは唯一無二の存在となっております。予約型インベントリとオープン型インベントリ、両分野での売上を伸ばすことにより、CTVとDV+、両方のシェアを拡大できると信じています。

*FORWARD-LOOKING STATEMENTS 

This presentation and management’s prepared remarks during this webcast include, and management’s answers to questions during this presentation may include, forward-looking statements, including statements based upon or relating to our aspirations, predictions, expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the acquisition of SpotX, Inc. (“SpotX,” and such acquisition the “SpotX Acquisition”) or SpringServe, LLC (“SpringServe,” and such acquisition the “SpringServe Acquisition”) or the anticipated benefits thereof; statements concerning potential synergies from the SpotX Acquisition or SpringServe Acquisition; statements concerning the potential impacts of the COVID-19 pandemic on our business operations, financial condition, and results of operations and on the world economy; our anticipated financial performance; anticipated benefits or effects related to our completed merger with Telaria, Inc. in April 2020 (“Telaria” and such merger the “Telaria Merger”); key strategic objectives, industry growth rates for ad-supported CTV and the shift in video consumption from linear TV to CTV; introduction of new offerings; the impact of transparency initiatives we may undertake; the impact of our traffic shaping technology on our business; the effects of our cost reduction initiatives; scope and duration of client relationships; the fees we may charge in the future; business mix; sales growth; client utilization of our offerings; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; benefits from supply path optimization; and other statements that are not historical facts. 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. Risks that our business face include, but are not limited to, the following: our ability to realize the anticipated benefits of the Telaria Merger, SpotX Acquisition, and SpringServe Acquisition; our ability to comply with the terms of our financing arrangements; restrictions in our Credit Agreement may limit our ability to make strategic investments, respond to changing market conditions, or otherwise operate our business, which may place us at a disadvantage compared to competitors; increases in our debt leverage may put us at greater risk of defaulting on our debt obligations, subject us to additional operating restrictions and make it more difficult to obtain future financing on favorable terms; sales of our common stock by the former owner of SpotX, including pursuant to a registered offering, may have an adverse effect on the price of our common stock; conversion of our Convertible Notes will dilute the ownership interest of existing stockholders, or may otherwise depress the price of our common stock; the severity, magnitude, and duration of the COVID-19 pandemic, including impacts of the pandemic and of responses to the pandemic by governments, business and individuals on our operations, personnel, buyers, sellers, and on the global economy and the advertising marketplace; our CTV spend may grow more slowly than we expect if industry growth rates for ad supported CTV are not accurate, if CTV sellers fail to adopt programmatic advertising solutions or if we are unable to maintain or increase access to CTV advertising inventory; we may be unsuccessful in our supply path optimization efforts; our ability to introduce new offerings and bring them to market in a timely manner, and otherwise adapt in response to client demands and industry trends; uncertainty of our estimates and expectations associated with new offerings, including the CTV ad server product that we recently acquired in the SpringServe Acquisition; lack of adoption and market acceptance of our Demand Manager solution; we must increase the scale and efficiency of our technology infrastructure to support our growth; the emergence of header bidding has increased competition from other demand sources and may cause infrastructure strain and added costs; our access to mobile inventory may be limited by third-party technology or lack of direct relationships with mobile sellers; we may experience lower take rates, which may not be offset by increase in the volume of ad requests, improvements in fill-rate, and/or increases in the value of transactions through our platform; the impact of requests for discounts, fee concessions, rebates, refunds or favorable payment terms; our history of losses, and the fact that in the past our operating results have and may in the future fluctuate significantly, be difficult to predict, and fall below analysts’ and investors’ expectations; the effect on the advertising market and our business from difficult economic conditions or uncertainty; the effects of seasonal trends on our results of operations; we operate in an intensely competitive market that includes companies that have greater financial, technical and marketing resources than we do; the effects of consolidation in the ad tech industry; the growing percentage of digital advertising spend captured by closed “walled gardens (such as Google, Facebook, Comcast, and Amazon); our ability to differentiate our offerings and compete effectively to combat commodification and disintermediation; potential limitations on our ability to collect or use data as a result of consumer tools, regulatory restrictions and technological limitations; the development and use of new identity solutions as a replacement for third-party cookies and other identifiers may disrupt the programmatic ecosystem and cause the performance of our platform to decline; the industry may not adopt or may be slow to adopt the use of first-party publisher segments as an alternative to third-party cookies; our ability to comply with, and the effect on our business of, evolving legal standards and regulations, particularly concerning data protection and privacy; failure by us or our clients to meet advertising and inventory content standards could harm our brand and reputation and those of our partners; the freedom of buyers and sellers to direct their spending and inventory to competing sources of inventory and demand; the ability of buyers and sellers to establish direct relationships and integrations without the use of our platform; our reliance on large aggregators of advertising inventory, and the concentration of CTV among a small number of large sellers that enjoy significant negotiating leverage; our ability to provide value to both buyers and sellers of advertising without being perceived as favoring one over the other or being perceived as competing with them through our service offerings; our reliance on large sources of advertising demand, including demand side platforms (“DSPs”) that may have or develop high-risk credit profiles or fail to pay invoices when due; we may be exposed to claims from clients for breach of contracts; errors or failures in the operation of our solution, interruptions in our access to network infrastructure or data, and breaches of our computer systems; our ability to ensure a high level of brand safety for our clients and to detect “bot” traffic and other fraudulent or malicious activity; the use of our net operating losses and tax credit carryforwards may be subject to certain limitations; the possibility of adjustments to the purchase price allocation and valuation relating to the SpotX Acquisition; our ability to raise additional capital if needed; volatility in the price of our common stock; the impact of negative analyst or investor research reports; our ability to attract and retain qualified employees and key personnel; costs associated with enforcing our intellectual property rights or defending intellectual property infringement and other claims; the Capped Call Transactions may affect the value of the Convertible Notes and our common stock; we are subject to counterparty risk with respect to the Capped Call Transactions; the conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition and operating result; failure to successfully execute our international growth plans; and our ability to identify future acquisitions of or investments in complementary companies or technologies and our ability to consummate the acquisitions and integrate such companies or technologies. We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.