PUBMATIC, INC. PUBMATIC Q1 2024 AT A GLANCE
EXPANDED PRODUCT SUITE DRIVES ACCELERATED GROWTH ACROSS FORMATS & CHANNELS
Delivered Revenue and Adjusted EBITDA Ahead of Guidance
REVENUE
Q1 2024 revenue of $66.7 million, up 20% year-over-year.
Excluding Yahoo owned & operated inventory, revenue grew 25% year-over-year in Q1.
GAAP & NON-GAAP NET INCOME 1
GAAP net loss in Q1 2024 was $2.5 million with a margin of (4)%, or $(0.05) per diluted share.
Non-GAAP net income in Q1 2024 was $4.8 million, or $0.09 per diluted share.
NET DOLLAR BASED RETENTION 2
Net dollar-based retention for TTM Q1 2024 was 106%, partially impacted by Yahoo's shuttering of their SSP earlier in 2023 and their transition related to their owned and operated inventory.
Excluding Yahoo, net dollar-based revenue retention was 114% for TTM Q1 2024.
ADJUSTED EBITDA 3
Adjusted EBITDA in Q1 2024 was $15.1 million, or 23% of revenue.
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities was $24.3 million for Q1 2024.
IMPRESSIONS PROCESSED
In Q1 2024, we processed nearly 58 trillion impressions, an increase of 25% over Q1 2023.
Reduced the unit cost of impressions by 10% year-over-year for TTM Q1 2024.
BUYER CONSOLIDATION
Supply Path Optimization (SPO) represented 50% of total activity in Q1 2024.
OMNICHANNEL VIDEO REVENUE
Revenue from high value formats and channels, mobile display and omnichannel video grew 26% over Q1 2023 and represented 77% of total revenue in the quarter.
Revenue from omnichannel video, which includes desktop, mobile and Connected TV (CTV) devices, grew over 33% year-over-year in Q1 2024.
PubMatic's strength in SPO, private marketplace and programmatic guaranteed fueled new partnerships with marquee CTV streamers including DISH Media, Vevo and Virgin Media UK.
- This non-GAAP measure is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. Please see provided table for a reconciliation between GAAP net income and non-GAAP net income.
- Calculated by starting with the revenue from publishers in the trailing twelve months ended March 31, 2023 ("Prior Period Revenue"). We then calculate the revenue from these same publishers in the trailing twelve months ended March 31, 2024 ("Current Period Revenue") (including any upsells and net of contraction or attrition, but excluding revenue from new publishers). Our net dollar-based retention rate equals Current Period Revenue divided by Prior Period Revenue.
- This non-GAAP measure is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. Please see provided table for a reconciliation between GAAP net income and Adjusted EBITDA.
©2024 PubMatic, Inc. PubMatic is a registered trademark of PubMatic, Inc., U.S. Pat. & Tm. Off. and other countries. Other trademarks are the properties of their respective owners.
PUBMATIC Q1 2024 AT A GLANCE
EXPANDED PRODUCT SUITE DRIVES ACCELERATED GROWTH ACROSS FORMATS & CHANNELS
Recent Customer Announcements, Case Studies & Proof Points
BUYER VALUE GROWTH
Activate Exceeds Benchmarks in Luxury Retailer's CTV Sequential Messaging Campaign
PubMatic Partners with GroupM to Deliver First-of-its-Kind AI Generated Cohort Modeling Capability for Advertisers Wpromote Selects PubMatic as Preferred Partner
PUBLISHER VALUE CREATION
DISH Media Partners with PubMatic to Accelerate Programmatic Demand for SLING TV
PubMatic Delivers 27% CPM Uplift for Dwango
Roblox Taps PubMatic to Offer Programmatic Immersive Video Ads on Its Platform Sofascore Increases Programmatic Revenue by 197% with PubMatic's OpenWrap SDK Vevo Partners With PubMatic to Expand Programmatic Buying Across its Global CTV Network Virgin Media Partners with PubMatic to Scale FAST Advertising in the UK
PubMatic's Hybrid Bidding Solution Delivers 35% Increase in Revenue
COMMERCE MEDIA VALUE GROWTH
PubMatic Announces Instacart Ads Integration to Leverage Retail Media Data Across CTV Klarna and PubMatic Partner to Boost Advertiser Access to High-Intent Shopper Community
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(In thousands) (unaudited)
Three Months Ended March 31,
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data) (unaudited)
Three Months Ended March 31,
Net loss
Add back (deduct): Stock-based compensation Depreciation and amortization Interest income Acquisition-related and other expenses 4 Benefit from income taxes
Adjusted EBITDA
Revenue
Adjusted EBITDA Margin
2024 | 2023 |
$(2,454) | $(5,871) |
9,111 | 7,059 |
11,212 | 11,432 |
(2,564) | (1,891) |
--- | --- |
- (3,375)
$15,056$7,354
$66,701 | $55,407 |
23% | 13% |
Net income (loss)
Add back (deduct): Stock-based compensation Acquisition-related and other expenses 4 Adjustment for income tax benefit
Non-GAAP Net Income (Loss)
GAAP diluted EPS Non-GAPP diluted EPS
GAAP weighted avg. shares outstanding - diluted Non-GAAP weighted avg. shares outstnding - diluted
2024
$(2,454)
9,111
---
(1,886)
$4,771 $(0.05) $0.09
50,039
55,006
2023
$(5,871)
7,059
---
(1,318)
$(130) $(0.11) $0.00
52,740
52,740
- We are no longer excluding the impact of post-acquisition cash compensation agreements for certain key acquired employees from the Martin acquisition from Adjusted EBITDA and Non-GAAP net income (loss). The impact of this change to our adjusted EBITDA and Non-GAAP net income for the three months ended March 31, 2023 is a decrease to Adjusted EBITDA and Non-GAAP net income of $1.0 million.
©2024 PubMatic, Inc. PubMatic is a registered trademark of PubMatic, Inc., U.S. Pat. & Tm. Off. and other countries. Other trademarks are the properties of their respective owners.
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PubMatic Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 20:11:07 UTC.
