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Jun 30, 2021
PubMatic Q2 2021 Earnings Report
Delivered revenue and adjusted EBITDA above guidance and raised financial outlook.
Key Takeaways
PubMatic reported strong Q2 2021 financial results with revenue and adjusted EBITDA exceeding guidance. Multiple growth drivers led to year-over-year revenue growth of 88%, GAAP net income of $9.9 million, and adjusted EBITDA of $18.6 million.
Revenue in the second quarter of 2021 was $49.7 million, an increase of 88% over the same period of 2020.
GAAP net income was $9.9 million, or $0.18 per diluted share in the second quarter.
Adjusted EBITDA was $18.6 million, compared to adjusted EBITDA of $4.9 million in the same period of 2020.
Total cash, cash equivalents, and marketable securities of $122.0 million with no debt, an increase of 11% in the quarter.
PubMatic
PubMatic
PubMatic Revenue by Segment
Revenue by Segment
CTV Revenue
CapyFin.com Forward Guidance
PubMatic provided financial outlook for Q3 2021, full year 2021, and full year 2022.
Positive Outlook
- For the third quarter 2021, revenue is expected to be in the range of $51 million to $53 million, representing growth of 35% to 39% over Q3 2020.
- For the third quarter 2021 adjusted EBITDA is expected to be in the range of $15 million to $16 million, representing a 30% margin.
- For the full year 2021, revenue is now expected to be in the range of $205 million to $209 million representing year-over-year growth of 38% to 40% over 2020.
- For the full year 2021, adjusted EBITDA is now expected to be in the range of $65 million to $68 million or 30% to 32% margin.
- For the full year 2022, year over year revenue growth of 25% is expected, and anticipate achieving an adjusted EBITDA margin of approximately 30%.
Challenges Ahead
- The guidance assumes that the global economy continues to recover.
- The guidance assumes that there are no major COVID-19-related setbacks that may cause economic conditions to deteriorate.
- Economic conditions could significantly reduce advertiser demand.
- Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable.
- It is impractical to provide guidance on net income or to reconcile adjusted EBITDA guidance to net income without unreasonable efforts.