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Mar 31, 2021
PubMatic Q1 2021 Earnings Report
Delivered revenue and adjusted EBITDA above guidance and raised 2021 financial outlook.
Key Takeaways
PubMatic reported a strong first quarter with revenue of $43.6 million, a 54% increase year-over-year, and net income of $4.9 million. The company's performance was driven by multiple organic growth drivers and an omnichannel platform, leading to raised full year outlook for 2021.
Revenue increased by 54% year-over-year to $43.6 million.
Net income increased to $4.9 million, or $0.09 per diluted share.
Adjusted EBITDA was $14.5 million, compared to $5.1 million in the same period of 2020.
Net dollar-based retention was 130% for the trailing twelve months ended Q1 2021.
PubMatic
PubMatic
Forward Guidance
For the second quarter 2021, PubMatic expects revenue to be in the range of $45 million to $46 million, representing growth of 70% to 75% over Q2 2020. They expect adjusted EBITDA to be in the range of $14 million to $15 million representing, 31% to 33% margin. For the full year 2021, they are raising their outlook and they now expect revenue to be in the range of $195 million to $200 million representing year-over-year growth of 31% to 34% over 2020. They now expect adjusted EBITDA to be in the range of $54 million to $58 million or 27% to 29% margin.
Positive Outlook
- Expect revenue to be in the range of $45 million to $46 million for Q2 2021, representing growth of 70% to 75% over Q2 2020.
- Expect adjusted EBITDA to be in the range of $14 million to $15 million for Q2 2021, representing 31% to 33% margin.
- Raising full year 2021 revenue outlook to be in the range of $195 million to $200 million, representing year-over-year growth of 31% to 34% over 2020.
- Raising full year 2021 adjusted EBITDA outlook to be in the range of $54 million to $58 million, or 27% to 29% margin.
- Guidance assumes that the global economy continues to recover and they do not have any major COVID-19 related setbacks that may cause economic conditions to deteriorate or otherwise significantly reduce advertiser demand.
Challenges Ahead
- Guidance is based on the assumption that the global economy continues to recover.
- Major COVID-19 related setbacks may cause economic conditions to deteriorate.
- Economic conditions may significantly reduce advertiser demand.
- Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable.
- Unable to provide guidance on net income or to reconcile adjusted EBITDA guidance to net income without unreasonable efforts.