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Sep 30, 2024
PubMatic Q3 2024 Earnings Report
PubMatic's Q3 2024 financial performance was marked by exceeding expectations with revenue growth driven by CTV and mobile app, and strategic advancements in sell-side technology.
Key Takeaways
PubMatic announced strong Q3 2024 results, exceeding expectations with revenue of $71.8 million, a 13% increase year-over-year. The company saw significant growth in omnichannel video, up 25%, and reported a gross profit of $46.3 million, up 23% year-over-year. Despite a net loss of $(0.9) million, adjusted EBITDA reached $18.5 million. The company actively repurchased 3.6 million shares year-to-date, demonstrating a commitment to shareholder value.
Revenue reached $71.8 million, a 13% increase compared to Q3 2023.
Omnichannel video revenue grew by 25% year-over-year.
Adjusted EBITDA was $18.5 million, representing a 26% margin.
Net dollar-based retention was 112% for the trailing twelve months ended September 30, 2024.
PubMatic
PubMatic
Forward Guidance
PubMatic anticipates revenue between $86 million and $90 million for Q4 2024, with an adjusted EBITDA margin of approximately 40% at the midpoint. For the full year 2024, the company expects revenue between $292 million and $296 million, representing approximately 10% growth at the midpoint, and an adjusted EBITDA margin of approximately 31% at the midpoint.
Positive Outlook
- Revenue to be between $86 million to $90 million for Q4 2024.
- Adjusted EBITDA to be in the range of $34 million to $37 million for Q4 2024.
- Adjusted EBITDA margin approximately 40% at the midpoint for Q4 2024.
- Year-over-year revenue to be between $292 million and $296 million for full year 2024.
- Adjusted EBITDA to be in the range of $89 million to $92 million for full year 2024.
Challenges Ahead
- Guidance reflects a balance between fastest growing areas and continued headwinds.
- Headwind from one of the top DSP buyers that revised its auction approach in late May.
- Guidance assumes that general market conditions do not significantly deteriorate.
- Unable to provide guidance for net income, the most directly comparable GAAP measure.
- Certain elements of GAAP net income, including stock-based compensation expenses, are not predictable.