Operator

Hello, everyone, and welcome to PubMatic's First Quarter 2026 Earnings Call. My name is Christian, and I will be your Zoom operator for today.

[Operator Instructions] Thank you for your attendance today. And as a reminder, this webinar is being recorded. I will now turn the call over to Stacy Clements.

Stacie Clements
The Blueshirt Group, LLC

Good afternoon, everyone, and welcome to PubMatic's earnings call for the first quarter of 2026. This is Stacy Clements, and I'll be your operator today.

Joining me on the call are Rajeev Goel, Co-Founder and CEO; and Steve Pantelick, CFO. Before we get started, I have a few housekeeping items. Today's prepared remarks have been recorded, after which Rajeev and Steve will host live Q&A. A copy of our press release can be found on the website at investors.pubmatic.com.

I would like to remind participants that during this call, management will make forward-looking statements, including, without limitation, statements regarding our future performance, market opportunity, growth strategy and financial outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and future conditions.

These forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. You