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Sep 30, 2022
PubMatic Q3 2022 Earnings Report
Reported revenue increase of 11% year over year, driven by omnichannel video growth of 45%, and GAAP net income of $3.3 million.
Key Takeaways
PubMatic reported Q3 2022 financial results with revenue of $64.5 million, an 11% increase year-over-year. The company generated a GAAP net income of $3.3 million and an adjusted EBITDA of $25.3 million.
Revenue in the third quarter of 2022 was $64.5 million, an increase of 11% over the same period in 2021.
Revenue from omnichannel video in the third quarter 2022 grew 45% over the same period last year.
GAAP net income was $3.3 million, or $0.06 per diluted share in the third quarter.
Adjusted EBITDA was $25.3 million, or 39% margin.
Forward Guidance
For the fourth quarter of 2022, PubMatic expects revenue of between $75 million to $78 million, representing approximately 1% year-over-year growth at the midpoint. Adjusted EBITDA is expected to be in the range of $33 million to $36 million, representing approximately a 45% margin at the midpoint.
Positive Outlook
- Omnichannel video revenues are expected to grow.
- SPO activity is expected to increase.
- Continued growth faster than the market rate due to strength of omnichannel platform.
- Financial profile and selective growth investments.
- Expect adjusted EBITDA to be in the range of $33 million to $36 million, representing approximately a 45% margin at the midpoint.
Challenges Ahead
- Conservative approach to guidance due to the continued possibility of global advertising spend deceleration which could impact business.
- Wider range of outcomes for the fourth quarter than typically seen, especially as Q4 revenue tends to be back-end weighted.
- Continued pressure on display formats that are disproportionately impacted by macro conditions.
Historical Earnings Impact
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