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Mar 31, 2024
Taboola Q1 2024 Earnings Report
Taboola's Q1 2024 results surpassed the high end of guidance, with accelerating growth across key metrics and reiterated 2024 guidance.
Key Takeaways
Taboola had a strong start to 2024, with Q1 revenues of $414 million. The company's business momentum and growth rates accelerated, leading to the reiteration of its 2024 guidance. The primary focus for the year is advertiser success and ramping up Yahoo integration.
Q1 2024 revenues reached $414 million, gross profit was $109 million, and ex-TAC gross profit was $139 million.
Net loss for Q1 2024 was $26 million, while non-GAAP net income was $4 million, and adjusted EBITDA was $23 million.
Revenue growth was driven by new publisher partners added to the Taboola network.
Maximize Conversions, an AI-bidding technology, reached nearly 60% of revenue.
Forward Guidance
The company is expecting strong Q2 and FY 2024 YoY growth across all metrics and reiterating 2024 Adj. EBITDA $200M+ (30% margin) and $100M+ Free Cash Flow
Positive Outlook
- Expecting strong Q2 and FY 2024 YoY growth across all metrics
- Q2 revenue guidance: $425M (+28% YoY)
- Q2 gross profit guidance: $115M (+18% YoY)
- Q2 ex-TAC gross profit guidance: $145M (+18% YoY)
- Q2 Adj. EBITDA guidance: $25M+ (+60% YoY)
Challenges Ahead
- Certain elements of net income (loss), including share-based compensation expenses and warrant valuations, are not predictable
- Intense competition in the digital advertising space
- Reliance on a limited number of partners for a significant portion of the Company’s revenue
- Potential impacts of the war in Israel to the Company’s operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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