PubMatic, Inc. (Nasdaq: PUBM), an independent technology company
delivering digital advertising’s supply chain of the future, today
reported record financial results for the first quarter ending
March 31, 2024.
“We delivered another quarter of outstanding
results, with accelerated revenue growth of 20%, highlighting our
strong customer relationships, our breadth of solutions and growth
across all formats and channels,” said Rajeev Goel, co-founder and
CEO at PubMatic. “The digital supply chain of the future we are
building brings new opportunities that are best addressed on the
sell-side of the ecosystem, which sits closest to the consumer.
These opportunities, including the need for increased innovation
and efficiency, changing privacy regulations, and an onslaught of
new ad inventory from CTV and commerce media, require deep and
specialized technology. Customers and partners like Instacart,
Klarna, Roblox and GroupM are choosing to build their ad businesses
on PubMatic technology. We've spent 17 years building
differentiated solutions and we believe our competitive moat is
widening while our logo list continues to grow.”
First Quarter 2024 Financial
Highlights
- Revenue in the
first quarter of 2024 was $66.7 million, up 20% compared to the
same period of 2023;
- Net dollar-based
retention1 was 106% for the trailing twelve-months ended
March 31, 2024, compared to 105% in the comparable trailing
twelve-month period a year ago;
- GAAP net loss was
$(2.5) million with a margin of (4)%, or $(0.05) per diluted share
in the first quarter, compared to GAAP net loss of $(5.9) million
with a margin of (11)%, or $(0.11) per diluted share in the same
period of 2023;
- Adjusted EBITDA was
$15.1 million, or 23% margin, an increase over $7.4 million, or a
13% margin, in the same period of 2023;
- Non-GAAP net income
was $4.8 million, or $0.09 per diluted share in the first quarter,
compared to Non-GAAP net loss of $(0.1) million, or $0.00 per
diluted share in the same period of 2023;
- Net cash provided
by operating activities was $24.3 million, a 90% increase over
$12.8 million in the same period of 2023;
- Total cash, cash
equivalents, and marketable securities of $174.1 million as of
March 31, 2024 with no debt;
- From January 1,
2024 through April 30, 2024, used $20.1 million in cash to
repurchase 1.1 million shares of Class A common stock. In 2023, 4.0
million shares were repurchased for a total of $59.3 million. We
have $95.6 million remaining in the repurchase program through
December 31, 2025.
The section titled “Non-GAAP Financial Measures”
below describes our usage of non-GAAP financial measures.
Reconciliations between historical GAAP and non-GAAP information
are contained at the end of this press release following the
accompanying financial data.
Business Highlights
Revenue growth across all formats and
channels
- Diversified across
more than 20 advertiser verticals. The top 10 ad verticals, in
aggregate, grew 20% year-over-year.
- Monetized
impressions in Q1 2024 increased 17% over Q1 2023
- Revenue from high
value formats and channels, mobile display and omnichannel video2
grew 26% over Q1 2023 and represented 77% of total revenue in the
quarter, up 6 percentage points over Q1 2023.
- Revenue from
omnichannel video, which includes CTV, grew over 33% year-over-year
in Q1 2024.
Scaled access to premium inventory, audiences and data
attracts increased buyer demand
- Supply Path
Optimization represented 50% of total activity on our platform in
Q1 2024, up from over 35% a year ago, driven by Activate and
multi-year, strategic partnerships with top ad agencies and
advertisers.
- 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.
- Expanded into a new
category of content creators and partnered with immersive platform
Roblox to enable programmatic media buying of Roblox’s video
advertising inventory. The partnership will allow more brands to
seamlessly reach Roblox’s global community while enabling Roblox to
gain scaled access to premium brand advertising demand.
- Recently announced
a first-of-its-kind solution with GroupM in which together we are
delivering AI generated cohort-based audience segments customized
for each advertiser client. Through use of first party data and
alternative data signals, buyers across the open internet are
moving toward higher value impressions and away from third-party
cookies.
- Increased buyer
demand, adding Wpromote, a top independent advertising agency, as a
preferred SPO partner to drive efficiency and maximize performance
across the open internet.
- Partnered with
Instacart to power and enhance offsite media buys across channels,
including CTV and premium video. Through Convert, our commerce
media platform, Instacart enables ad buyers to leverage their
first-party retail media data to reach audiences offsite and drives
sales.
- Recently partnered
with Klarna, the global payments company, to bring PubMatic’s
breadth of exclusive ad demand directly to their native mobile app
inventory.
2024 operating priorities include
investments for growth and continued efficiency gains
- Aligned with our
growth investments, increased global headcount by 11% in Q1 2024 on
a year-over-year basis, adding new team members across product
management, engineering and go-to-market teams in order to
accelerate long-term revenue growth.
- Infrastructure
optimization initiatives combined with limited capex, drove nearly
57.9 trillion impressions processed in Q1 2024, an increase of 25%
over Q1 2023.
- Cost of revenue per
million impressions processed decreased 10% on a trailing twelve
month period, as compared to the prior period.
“Continuing our momentum from Q4, in the first
quarter, we accelerated revenue growth, while delivering strong
margins and free cash flow. Excluding revenue from Yahoo’s owned
and operated inventory, revenue grew an impressive 25% over last
year. Monetized impressions continued to grow across all formats
and channels as the need from publishers and ad buyers for our
differentiated sell-side technology increases,” said Steve
Pantelick, CFO at PubMatic. “We are making steady progress on our
2024 key operating priorities which include increasing investment
for revenue growth acceleration, delivering cost efficiencies, and
generating strong free cash flow. As a result, we are raising our
full year guidance. At the midpoints, we expect year-over-year
revenue growth to be 12%, and adjusted EBITDA margin to be
approximately 31%.”
Financial Outlook
Our Q2 and full year outlook reflects a balance
between our growth trajectory and an anticipated headwind as one of
our top DSPs plans to revise its bidding approach. We anticipate
offsetting this headwind as the year progresses with continued
strong underlying growth across ad formats, channels, and regions,
as well as emerging revenue streams. Further, our outlook assumes
that general market conditions do not significantly deteriorate as
it relates to current macroeconomic and geopolitical
conditions.
Accordingly, we estimate the following:
For the second quarter of 2024, we expect the
following:
- Revenue to be
between $69 million to $71 million.
- Adjusted EBITDA to
be in the range of $17 million to $19 million, representing
approximately a 26% margin at the midpoint.
For the full year 2024, we are raising revenue
and adjusted EBITDA guidance and expect the following:
- Year-over-year
revenue to be between $296 million and $304 million, representing
approximately 12% growth at the midpoint.
- Adjusted EBITDA to
be in the range of $90 million to $94 million, representing
approximately 31% margin at the midpoint.
- Free cash flow to
be in line with 2023
- CapEx to be in the
range of $16 million – $18 million
Although we provide guidance for adjusted EBITDA
and free cash flow, we are not able to provide guidance for net
income, the most directly comparable GAAP measure. Certain elements
of the composition of GAAP net income, including stock-based
compensation expenses, are not predictable, making it impractical
for us to provide guidance on net income or to reconcile our
adjusted EBITDA guidance to net income without unreasonable
efforts. For the same reason, we are unable to address the probable
significance of the unavailable information.
Conference Call and Webcast
details
PubMatic will host a conference call to discuss
its financial results on Tuesday, May 7, 2024 at 2:00 p.m.
Pacific Time (5:00 p.m. Eastern Time). A live webcast of the call
can be accessed from PubMatic’s Investor Relations website at
https://investors.pubmatic.com. An archived version of the webcast
will be available from the same website after the call.
Non-GAAP Financial Measures
In addition to our results determined in
accordance with U.S. generally accepted accounting principles
(GAAP), including, in particular operating income, net cash
provided by operating activities, and net income (loss), we believe
that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income,
non-GAAP net income per diluted share and free cash flow, each a
non-GAAP measure, are useful in evaluating our operating
performance. We define adjusted EBITDA as net income (loss)
adjusted for stock-based compensation expense, depreciation and
amortization, unrealized gain, loss or impairment of equity
investment, interest income, acquisition-related and other
expenses, and provision for (benefit from) income taxes. Adjusted
EBITDA margin represents adjusted EBITDA calculated as a percentage
of revenue. We define non-GAAP net income as net income (loss)
adjusted for unrealized (gain) loss on equity investments,
stock-based compensation expense, acquisition-related and other
expenses, and adjustments for income taxes. We define non-GAAP free
cash flow as net cash provided by operating activities reduced by
purchases of property and equipment and capitalized software
development costs.
In addition to operating income and net income,
we use adjusted EBITDA, non-GAAP net income, and free cash flow as
measures of operational efficiency. We believe that these non-GAAP
financial measures are useful to investors for period to period
comparisons of our business and in understanding and evaluating our
operating results for the following reasons:
- Adjusted EBITDA and
non-GAAP net income are widely used by investors and securities
analysts to measure a company’s operating performance without
regard to items such as stock-based compensation expense,
depreciation and amortization, interest expense, and provision for
(benefit from) income taxes that can vary substantially from
company to company depending upon their financing, capital
structures and the method by which assets were acquired; and,
- Our management uses
adjusted EBITDA, non-GAAP net income, and free cash flow in
conjunction with GAAP financial measures for planning purposes,
including the preparation of our annual operating budget, as a
measure of operating performance [or, in the case of free cash
flow, as a measure of liquidity], and the effectiveness of our
business strategies and in communications with our board of
directors concerning our financial performance; and adjusted EBITDA
provides consistency and comparability with our past financial
performance, facilitates period-to-period comparisons of
operations, and also facilitates comparisons with other peer
companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results.
Our use of non-GAAP financial measures has
limitations as an analytical tool, and you should not consider them
in isolation or as a substitute for analysis of our financial
results as reported under GAAP. Some of these limitations are as
follows:
- Adjusted EBITDA
does not reflect: (a) changes in, or cash requirements for, our
working capital needs; (b) the potentially dilutive impact of
stock-based compensation; or (c) tax payments that may represent a
reduction in cash available to us;
- Although
depreciation and amortization expense are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements; and
- Non-GAAP net income
does not include: (a) unrealized gains/losses resulting from our
equity investment; (b) the potentially dilutive impact of
stock-based compensation; (c) income tax effects for stock-based
compensation and unrealized gains/losses from our equity
investment; or (d) acquisition-related and other expenses.
Because of these and other limitations, you
should consider adjusted EBITDA, non-GAAP net income, and free cash
flow along with other GAAP-based financial measures, including net
income (loss) and cash flow from operating activities, and our GAAP
financial results.
Forward Looking StatementsThis
press release contains “forward-looking statements” regarding our
future business expectations, including our guidance relating to
our revenue and adjusted EBITDA for the second quarter of 2024 and
revenue, adjusted EBITDA margin, free cash flow and capital
expenditures for full year 2024, our expectations regarding our
total addressable market, future market growth, and our ability to
gain market share. These forward-looking statements are based on
our current expectations and assumptions regarding our business,
the economy and other future conditions and may differ materially
from actual results due to a variety of factors including: our
dependency on the overall demand for advertising and the channels
we rely on; our existing customers not expanding their usage of our
platform, or our failure to attract new publishers and buyers; our
ability to maintain and expand access to spend from buyers and
valuable ad impressions from publishers; the rejection of the use
of digital advertising by consumers through opt-in, opt-out or
ad-blocking technologies or other means; our failure to innovate
and develop new solutions that are adopted by publishers; the war
between Ukraine and Russia and the ongoing conflict between Israel
and Palestine, and the related measures taken in response by the
global community; the impacts of inflation as well as fiscal
tightening and rising interest rates; public health crises,
including the resulting global economic uncertainty; limitations
imposed on our collection, use or disclosure of data about
advertisements; the lack of similar or better alternatives to the
use of third-party cookies, mobile device IDs or other tracking
technologies if such uses are restricted; any failure to scale our
platform infrastructure to support anticipated growth and
transaction volume; liabilities or fines due to publishers, buyers,
and data providers not obtaining consents from consumers for us to
process their personal data; any failure to comply with laws and
regulations related to data privacy, data protection, information
security, and consumer protection; and our ability to manage our
growth. Moreover, we operate in a competitive and rapidly changing
market, and new risks may emerge from time to time. For more
information about risks and uncertainties associated with our
business, please refer to the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and “Risk
Factors” sections of our SEC filings, including but not limited to,
our annual report on Form 10-K and quarterly reports on Form 10-Q,
copies of which are available on our investor relations website at
https://investors.pubmatic.com and on the SEC website at
www.sec.gov. Additional information will also be set forth in our
Quarterly Report on Form 10-Q for the quarter ended March 31,
2024. All information in this press release is as of May 7,
2024. We undertake no obligation to update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
About PubMatic
PubMatic is an independent technology company
maximizing customer value by delivering digital advertising’s
supply chain of the future. PubMatic’s sell-side platform empowers
the world’s leading digital content creators across the open
internet to control access to their inventory and increase
monetization by enabling marketers to drive return on investment
and reach addressable audiences across ad formats and devices.
Since 2006, PubMatic’s infrastructure-driven approach has allowed
for the efficient processing and utilization of data in real time.
By delivering scalable and flexible programmatic innovation,
PubMatic improves outcomes for its customers while championing a
vibrant and transparent digital advertising supply chain.
CONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands)(unaudited) |
|
|
March 31,2024 |
|
December 31,2023 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
80,194 |
|
|
$ |
78,509 |
|
Marketable securities |
|
93,887 |
|
|
|
96,835 |
|
Accounts receivable, net |
|
303,284 |
|
|
|
375,468 |
|
Prepaid expenses and other
current assets |
|
11,540 |
|
|
|
11,143 |
|
Total current assets |
|
488,905 |
|
|
|
561,955 |
|
Property, equipment and
software, net |
|
56,550 |
|
|
|
60,729 |
|
Operating lease right-of-use
assets |
|
23,473 |
|
|
|
21,102 |
|
Acquisition-related intangible
assets, net |
|
5,469 |
|
|
|
5,864 |
|
Goodwill |
|
29,577 |
|
|
|
29,577 |
|
Deferred tax assets |
|
18,547 |
|
|
|
13,880 |
|
Other assets, non-current |
|
3,669 |
|
|
|
2,136 |
|
TOTAL ASSETS |
$ |
626,190 |
|
|
$ |
695,243 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
289,176 |
|
|
$ |
347,673 |
|
Accrued liabilities |
|
19,763 |
|
|
|
25,684 |
|
Operating lease liabilities,
current |
|
6,841 |
|
|
|
6,236 |
|
Total current liabilities |
|
315,780 |
|
|
|
379,593 |
|
Operating lease liabilities,
non-current |
|
17,613 |
|
|
|
15,607 |
|
Other liabilities,
non-current |
|
4,067 |
|
|
|
3,844 |
|
TOTAL LIABILITIES |
|
337,460 |
|
|
|
399,044 |
|
Stockholders' equity |
|
|
|
Common stock |
|
6 |
|
|
|
6 |
|
Treasury stock |
|
(86,857 |
) |
|
|
(71,103 |
) |
Additional paid-in
capital |
|
241,179 |
|
|
|
230,419 |
|
Accumulated other
comprehensive loss |
|
(25 |
) |
|
|
(4 |
) |
Retained earnings |
|
134,427 |
|
|
|
136,881 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
288,730 |
|
|
|
296,199 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ |
626,190 |
|
|
$ |
695,243 |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
66,701 |
|
|
$ |
55,407 |
|
Cost of revenue(1) |
|
25,424 |
|
|
|
23,863 |
|
Gross profit |
|
41,277 |
|
|
|
31,544 |
|
Operating expenses:(1) |
|
|
|
Technology and development |
|
7,960 |
|
|
|
6,517 |
|
Sales and marketing |
|
24,815 |
|
|
|
23,127 |
|
General and administrative |
|
14,027 |
|
|
|
12,572 |
|
Total operating expenses |
|
46,802 |
|
|
|
42,216 |
|
Operating loss |
|
(5,525 |
) |
|
|
(10,672 |
) |
Interest income |
|
2,564 |
|
|
|
1,891 |
|
Other income (expense), net |
|
258 |
|
|
|
(465 |
) |
Loss before income taxes |
|
(2,703 |
) |
|
|
(9,246 |
) |
Benefit from income taxes |
|
(249 |
) |
|
|
(3,375 |
) |
Net loss |
$ |
(2,454 |
) |
|
$ |
(5,871 |
) |
|
|
|
|
Basic and diluted net loss per
share of Class A and Class B stock |
$ |
(0.05 |
) |
|
$ |
(0.11 |
) |
Weighted-average shares used
to compute net loss per share attributable to common
stockholders: |
|
|
|
Basic and diluted |
|
50,039 |
|
|
|
52,740 |
|
(1)Stock-based compensation expense includes the following:
STOCK-BASED COMPENSATION EXPENSE(In
thousands)(unaudited) |
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Cost of revenue |
$ |
437 |
|
$ |
316 |
Technology and
development |
|
1,441 |
|
|
1,008 |
Sales and marketing |
|
3,238 |
|
|
2,709 |
General and
administrative |
|
3,995 |
|
|
3,026 |
Total stock-based compensation expense |
$ |
9,111 |
|
$ |
7,059 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(In
thousands)(unaudited) |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
CASH FLOW FROM
OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ |
(2,454 |
) |
|
$ |
(5,871 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
11,212 |
|
|
|
11,432 |
|
Stock-based compensation |
|
9,111 |
|
|
|
7,059 |
|
Deferred income taxes |
|
(4,667 |
) |
|
|
(4,327 |
) |
Accretion of discount on marketable securities |
|
(1,234 |
) |
|
|
(1,057 |
) |
Non-cash operating lease expense |
|
1,690 |
|
|
|
1,532 |
|
Other |
|
(1 |
) |
|
|
(3 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
72,184 |
|
|
|
61,292 |
|
Prepaid expenses and other assets |
|
(196 |
) |
|
|
894 |
|
Accounts payable |
|
(58,444 |
) |
|
|
(55,387 |
) |
Accrued liabilities |
|
(1,784 |
) |
|
|
(833 |
) |
Operating lease liabilities |
|
(1,380 |
) |
|
|
(1,265 |
) |
Other liabilities, non-current |
|
257 |
|
|
|
(712 |
) |
Net cash provided by operating
activities |
|
24,294 |
|
|
|
12,754 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(801 |
) |
|
|
(1,417 |
) |
Capitalized software development costs |
|
(7,231 |
) |
|
|
(6,001 |
) |
Purchases of marketable securities |
|
(34,336 |
) |
|
|
(40,343 |
) |
Proceeds from maturities of marketable securities |
|
38,500 |
|
|
|
29,500 |
|
Net cash used in investing
activities |
|
(3,868 |
) |
|
|
(18,261 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Payment of business combination indemnification claims
holdback |
|
(2,148 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
939 |
|
|
|
314 |
|
Principal payments on finance lease obligations |
|
(32 |
) |
|
|
(31 |
) |
Payments to acquire treasury stock |
|
(17,500 |
) |
|
|
(7,898 |
) |
Net cash used in financing
activities |
|
(18,741 |
) |
|
|
(7,615 |
) |
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
1,685 |
|
|
|
(13,122 |
) |
CASH AND CASH EQUIVALENTS -
Beginning of period |
|
78,509 |
|
|
|
92,382 |
|
CASH AND CASH EQUIVALENTS -
End of period |
$ |
80,194 |
|
|
$ |
79,260 |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES(In thousands, except per share
amounts)(unaudited) |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of net
loss: |
|
|
|
Net loss |
$ |
(2,454 |
) |
|
$ |
(5,871 |
) |
Add back (deduct): |
|
|
|
Stock-based compensation |
|
9,111 |
|
|
|
7,059 |
|
Depreciation and
amortization |
|
11,212 |
|
|
|
11,432 |
|
Interest income |
|
(2,564 |
) |
|
|
(1,891 |
) |
Acquisition-related and other
expenses3 |
|
— |
|
|
|
— |
|
Benefit from income taxes |
|
(249 |
) |
|
|
(3,375 |
) |
Adjusted EBITDA |
$ |
15,056 |
|
|
$ |
7,354 |
|
Revenue |
$ |
66,701 |
|
|
$ |
55,407 |
|
Adjusted EBITDA margin |
|
23 |
% |
|
|
13 |
% |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of net
loss per share: |
|
|
|
Net loss |
$ |
(2,454 |
) |
|
$ |
(5,871 |
) |
Add back (deduct): |
|
|
|
Stock-based compensation |
|
9,111 |
|
|
|
7,059 |
|
Acquisition-related and other
expenses1 |
|
— |
|
|
|
— |
|
Adjustment for income
taxes |
|
(1,886 |
) |
|
|
(1,318 |
) |
Non-GAAP net income
(loss) |
$ |
4,771 |
|
|
$ |
(130 |
) |
GAAP diluted EPS |
$ |
(0.05 |
) |
|
$ |
(0.11 |
) |
Non-GAAP diluted EPS |
$ |
0.09 |
|
|
$ |
0.00 |
|
GAAP weighted average shares
outstanding—diluted |
|
50,039 |
|
|
|
52,740 |
|
Non-GAAP weighted average
shares outstanding—diluted |
|
55,006 |
|
|
|
52,740 |
|
|
|
|
|
|
|
|
|
Reported GAAP diluted loss per share for the
three months ended March 31, 2024 and 2023 were calculated using
basic share count. Non-GAAP diluted earnings per share for the
three months ended March 31, 2024 was calculated using diluted
share count which includes approximately 5 million shares of
dilutive securities related to employee stock awards.
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of cash
provided by operating activities: |
|
|
|
Net cash provided by operating
activities |
$ |
24,294 |
|
|
$ |
12,754 |
|
Less: Purchases of property and equipment |
|
(801 |
) |
|
|
(1,417 |
) |
Less: Capitalized software development costs |
|
(7,231 |
) |
|
|
(6,001 |
) |
Free cash flow |
$ |
16,262 |
|
|
$ |
5,336 |
|
1 Net dollar-based retention is 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).
Current Period Revenue includes any upsells and is net of
contraction or attrition, but excludes revenue from new publishers.
Our net dollar-based retention rate equals the Current Period
Revenue divided by Prior Period Revenue. Net dollar-based retention
rate is an important indicator of publisher satisfaction and usage
of our platform, as well as potential revenue for future periods2
Omnichannel video spans across desktop, mobile and CTV devices.3
Beginning in the third quarter of fiscal 2023, we no longer exclude
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. Prior period amounts for
Adjusted EBITDA and Non-GAAP net income have been updated to
conform to the current period presentation. For comparative
purposes, the impact of this change to our adjusted EBITDA and
Non-GAAP net income (loss) for the three months ended March 31,
2023 is a decrease to Adjusted EBITDA income and Non-GAAP net
income of $1.0 million.
Investors:
The Blueshirt Group for PubMatic
investors@pubmatic.com
Press Contact:
Broadsheet Communications for PubMatic
pubmaticteam@broadsheetcomms.com
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