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Mar 31, 2023
Taboola Q1 2023 Earnings Report
Taboola exceeded guidance in Q1 2023, raised the midpoint for 2023, and announced a share buyback program of up to $40M and a debt repayment of $50M.
Key Takeaways
Taboola reported a strong Q1 2023, beating the high end of guidance across all metrics, driven by the core business and key publisher partnerships. The company is focused on executing its objectives, with the Yahoo integration expected to lead to a $2.5B revenue run-rate. Taboola announced a share buyback program of up to $40M and repaid $30M of long-term debt in April.
Q1 2023 revenues reached $327.7M, gross profit was $89.6M, and ex-TAC gross profit amounted to $115.7M, surpassing guidance.
Net loss for Q1 2023 was $31.3M, with an adjusted EBITDA of $10.1M, exceeding the high end of guidance metrics.
Net cash from operating activities stood at $17.5M, and free cash flow was $11.2M in Q1 2023.
The company announced a share buyback program of up to $40M in 2023 and repaid $30M of long-term debt in April, with plans to repay up to an additional $50M this year.
Forward Guidance
Taboola updated its 2023 guidance, raising the mid-point for revenues to $1,427M - $1,469M, gross profit to $418M - $436M, ex-TAC gross profit to $529M - $546M, and adjusted EBITDA to $65M - $80M, expecting positive free cash flow. 2024 guidance assumes investments will begin to pay off: at least $200M Adjusted EBITDA, at least $100M Free Cash Flow.
Positive Outlook
- Revenues of $1,427M - $1,469M
- Gross Profit of $418M - $436M
- ex-TAC Gross Profit of $529M - $546M
- Adjusted EBITDA of $65M - $80M
- Positive Free Cash Flow
Historical Earnings Impact
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Avg. Return Before/After Earnings
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