UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to________ Commission File Number: 001-39748 PUBMATIC, INC. (Exact name of registrant as specified in its charter) Delaware 20-5863224 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

PubMatic, Inc. (NASDAQ:PUBM) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET Company Participants Stacie Clements - Investor Relations, The Blueshirt Group Rajeev Goel - Co-Founder and Chief Executive Officer Steve Pantelick - Chief Financial Officer Conference Call Participants Shweta Khajuria - Evercore ISI Brent Thill - Jefferies Matthew Swanson - RBC Andrew Marok - Raymond James Justin Patterson - KeyBanc Andrew Boone - JMP Jason Helfstein - Oppenheimer Vasily - Cannonball Operator Well, hell ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------|------------------------------------------------------------------------------------------------------------------------|-----------|-------|-------|-------|-------|-------| | | | | | | | | | | | | \| PubMatic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R E D W O O D N E W Y Y O R K S M U N I C H C H A M S T E R D A M S T E R L O N D O N Q2 2022 Earnings Presentation | Y D N E Y | | | | | ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) PubMatic's unaudited financial statements highlight increased assets, equity, revenue growth, and positive operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$570.2 million** by June 30, 2022, with liabilities decreasing and equity increasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $460,075 | $460,749 | | **Total Assets** | $570,231 | $550,215 | | **Total Current Liabilities** | $255,427 | $266,965 | | **Total Liabilities** | $286,315 | $293,035 | | **Total Stockholders' Equity** | $283,916 | $257,180 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2022 revenue grew **27%** to **$63.0 million** and **26%** to **$117.6 million** for six months, but net income declined due to increased costs and operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | 6 Months 2022 | 6 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $63,032 | $49,658 | $117,584 | $93,266 | | Gross Profit | $44,058 | $36,570 | $80,618 | $67,878 | | Operating Income | $9,794 | $10,133 | $14,377 | $16,774 | | Net Income | $7,819 | $9,921 | $12,598 | $14,839 | | Diluted EPS | $0.14 | $0.18 | $0.22 | $0.26 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$39.8 million** for the six months ended June 30, 2022, but significant investing activities led to an overall **$30.6 million** decrease in cash and equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $39,782 | $33,763 | | Net cash used in investing activities | $(73,577) | $(28,187) | | Net cash provided by financing activities | $3,184 | $3,856 | | **Net (Decrease) Increase in Cash** | **$(30,611)** | **$9,432** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, **12%** revenue concentration, **$10.5 million** stock-based compensation, and **60%** US revenue - One publisher represented **12%** of revenue for the three months ended June 30, 2022, down from **17%** in the same period in 2021. For the six months ended June 30, 2022, this publisher represented **13%** of revenue, down from **18%** in 2021[29](index=29&type=chunk) - As of June 30, 2022, two buyers accounted for **32%** and **16%** of accounts receivable, respectively[29](index=29&type=chunk) Revenue by Geographic Area (in thousands) | Region | Q2 2022 | Q2 2021 | 6 Months 2022 | 6 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | United States | $38,278 | $30,076 | $71,046 | $57,484 | | EMEA | $17,044 | $14,445 | $31,685 | $25,755 | | APAC | $6,775 | $4,142 | $12,896 | $8,337 | | Rest of the world | $935 | $995 | $1,957 | $1,690 | | **Total** | **$63,032** | **$49,658** | **$117,584** | **$93,266** | - Total stock-based compensation was **$5.4 million** for Q2 2022 and **$10.5 million** for the six months ended June 30, 2022, up from **$3.6 million** and **$6.8 million** in the respective prior-year periods[62](index=62&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **27%** Q2 2022 revenue growth driven by impressions, mobile, and video, noting a **130%** retention rate, but gross margin declined to **70%** due to increased operating expenses and infrastructure investments [Overview and Business Highlights](index=21&type=section&id=Overview%20and%20Business%20Highlights) PubMatic's platform processed **409 billion** daily ad impressions, serving **1,550** publishers, with Q2 2022 revenue at **$63.0 million** and Adjusted EBITDA at **$23.0 million** - In June 2022, the platform processed approximately **409 billion** ad impressions daily[77](index=77&type=chunk) - As of June 30, 2022, the company served approximately **1,550** publishers and app developers[77](index=77&type=chunk) Financial Highlights (in thousands) | Metric | Q2 2022 | Q2 2021 | 6 Months 2022 | 6 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $63,032 | $49,658 | $117,584 | $93,266 | | Net income | $7,819 | $9,921 | $12,598 | $14,839 | | Adjusted EBITDA | $23,048 | $18,594 | $40,054 | $33,088 | [Key Factors Affecting Our Performance](index=23&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) Performance is driven by growing and monetizing ad impressions, which reached **36.2 trillion** in Q2 2022, alongside a **130%** net dollar-based retention rate, strategic investments, and managing industry dynamics - The number of ad impressions processed on the platform increased to approximately **36.2 trillion** for Q2 2022, up from **20.2 trillion** in Q2 2021[85](index=85&type=chunk) - The net dollar-based retention rate was **130%** for the trailing twelve months ended June 30, 2022, compared to **150%** for the trailing twelve months ended June 30, 2021[89](index=89&type=chunk) - The company is focused on Supply Path Optimization (SPO) agreements with agencies and advertisers to increase ad spend volume on its platform[80](index=80&type=chunk)[90](index=90&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q2 2022 revenue grew **27%** to **$63.0 million**, but gross margin declined to **70%** due to a **45%** increase in cost of revenue and a **30%** rise in operating expenses, leading to decreased operating income Revenue and Gross Profit Comparison (in thousands) | Metric | Q2 2022 | Q2 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $63,032 | $49,658 | $13,374 | 27% | | Cost of revenue | $18,974 | $13,088 | $5,886 | 45% | | Gross profit | $44,058 | $36,570 | $7,488 | 20% | | Gross profit margin | 70% | 74% | | | - Sales and marketing costs increased by **30%** in Q2 2022 compared to Q2 2021, primarily due to a **$2.1 million** increase in personnel costs from a **10%** headcount increase and higher stock-based compensation, plus a **$1.4 million** increase in marketing and travel[126](index=126&type=chunk) - General and administrative expenses increased by **28%** in Q2 2022, driven by a **$1.1 million** increase in personnel costs from a **31%** headcount increase, and higher facilities and professional services costs[129](index=129&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Strong liquidity with **$183.0 million** in cash and equivalents, a **$25.0 million** credit facility, sufficient for **$79.9 million** in contractual obligations - As of June 30, 2022, the company had cash, cash equivalents, and marketable securities of **$183.0 million** and net working capital of **$204.6 million**[136](index=136&type=chunk) - The company has a revolving line of credit of up to **$25.0 million**, with no outstanding borrowings as of June 30, 2022. The facility matures on June 6, 2024[140](index=140&type=chunk) Summary of Contractual Obligations (in thousands) | Obligation Type | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease liabilities | $30,398 | $3,206 | $12,325 | $9,885 | $4,982 | | Other contractual obligations | $48,619 | $10,231 | $33,840 | $4,548 | $— | | **Total** | **$79,908** | **$13,542** | **$46,450** | **$14,735** | **$5,181** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risks include low interest rate risk, currency exchange risk from foreign currency expenses, and no material inflation impact - The company does not believe a **100 basis point** change in interest rates would materially affect its financial condition[163](index=163&type=chunk) - A hypothetical **10%** change in the U.S. Dollar to Indian Rupee exchange rate could result in a **$0.7 million** change in operating income for the six months ended June 30, 2022[165](index=165&type=chunk) - A hypothetical **10%** change in the U.S. Dollar to British Pound exchange rate could result in a **$0.7 million** change in operating income for the six months ended June 30, 2022[165](index=165&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2022, with no material changes to internal financial reporting controls - The principal executive officer and principal financial officer concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective at a reasonable assurance level[167](index=167&type=chunk) - No change in internal control over financial reporting occurred during the quarter ended June 30, 2022, that has materially affected, or is reasonably likely to materially affect, internal controls[168](index=168&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in legal proceedings with a material adverse effect on its business, financial condition, or cash flows - The company is not presently a party to any legal proceedings that, in the opinion of management, would individually or taken together have a material adverse effect on the business[172](index=172&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Risks include advertising demand, customer retention, competition, operational fluctuations, data privacy, infrastructure, ad fraud, international challenges, and concentrated insider control - The business is highly dependent on overall demand for advertising, which can be affected by macroeconomic factors like the COVID-19 pandemic and the conflict in Ukraine[190](index=190&type=chunk) - For the six months ended June 30, 2022, **13%** of revenue was derived from its largest publisher, Yahoo[193](index=193&type=chunk) - Evolving data privacy laws like the CCPA, CPRA, and GDPR create significant compliance challenges and risks, as the company relies on publishers to obtain consumer consent for data processing[254](index=254&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk) - The dual-class stock structure gives insiders, holding approximately **66%** of the voting power as of June 30, 2022, substantial control over corporate matters[297](index=297&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the current reporting period - Not applicable[306](index=306&type=chunk) [Item 3. Defaults Upon Senior Securities](index=65&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the current reporting period - Not applicable[307](index=307&type=chunk) [Item 4. Mine Safety Disclosures](index=65&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the current reporting period - Not applicable[308](index=308&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the current reporting period - Not applicable[309](index=309&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------|-----------------------------------------------------------------------------------------|-----------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | \| PubMatic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R E D W O O D N E W Y Y O R K S M U N I C H C H A M S T E R D A M S T E R L O N D O N | Y D N E Y Q1 2022 Earnings Presentation | | | | | | | ...

PubMatic, Inc. (NASDAQ:PUBM) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Stacie Clements - Investor Relations, The Blueshirt Group Rajeev Goel - Co-Founder & Chief Executive Officer Steve Pantelick - Chief Financial Officer Conference Call Participants Shweta Khajuria - Evercore Brent Thill - Jefferies Justin Patterson - KeyBanc Matt Swanson - RBC Andrew Marok - Raymond James Andrew Boone - JMP Jason Helfstein - Oppenheimer Vasily Karasyov - Cannonball Operator Hello everyon ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the period ended March 31, 2022, show total assets of $497.6 million, a decrease from $550.2 million at the end of 2021, with revenue at $54.6 million and net income at $4.8 million Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $74,467 | $82,505 | | Accounts receivable - net | $218,359 | $286,916 | | Total Current Assets | $404,874 | $460,749 | | TOTAL ASSETS | $497,609 | $550,215 | | Accounts payable | $186,012 | $244,321 | | Total Current Liabilities | $200,557 | $266,965 | | TOTAL LIABILITIES | $229,903 | $293,035 | | TOTAL STOCKHOLDERS' EQUITY | $267,706 | $257,180 | Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue | $54,552 | $43,608 | | Gross profit | $36,560 | $31,308 | | Operating income | $4,581 | $6,642 | | Net income | $4,779 | $4,918 | | Diluted EPS | $0.08 | $0.09 | Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $19,314 | $12,687 | | Net cash used in investing activities | ($27,805) | ($16,848) | | Net cash provided by (used in) financing activities | $453 | ($381) | - For the three months ended March 31, 2022, one publisher represented **14% of the Company's revenue**, a decrease from 20% in the same period of 2021[28](index=28&type=chunk) - As of March 31, 2022, two buyers accounted for **29% and 20% of accounts receivable**, respectively, showing significant concentration[28](index=28&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a 25% year-over-year revenue increase to $54.6 million for Q1 2022, driven by more impressions processed, with a strong net dollar-based retention rate of 140% - The company processed approximately **32.6 trillion ad impressions** for the three months ended March 31, 2022, a **76% increase** from 18.5 trillion in the same period of 2021[82](index=82&type=chunk) - The net dollar-based retention rate was **140%** for the trailing twelve months ended March 31, 2022, up from 130% for the trailing twelve months ended March 31, 2021[75](index=75&type=chunk)[86](index=86&type=chunk) - For Q1 2022, revenue from mobile and video (including OTT/CTV) combined comprised approximately **67% of total revenue**[78](index=78&type=chunk) Financial Highlights (in thousands) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue | $54,552 | $43,608 | | Operating income | $4,581 | $6,642 | | Net income | $4,779 | $4,918 | | Adjusted EBITDA | $17,006 | $14,494 | Revenue and Gross Profit Comparison (in thousands) | Metric | Q1 2022 | Q1 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $54,552 | $43,608 | $10,944 | 25% | | Cost of revenue | $17,992 | $12,300 | $5,692 | 46% | | Gross profit | $36,560 | $31,308 | $5,252 | 17% | | Gross profit margin | 67% | 72% | | | - Operating expenses increased year-over-year primarily due to higher personnel costs from increased headcount: Technology and Development (**+28%**), Sales and Marketing (**+29%**), and General and Administrative (**+32%**)[118](index=118&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - As of March 31, 2022, the company had cash, cash equivalents, and marketable securities of **$174.7 million** and net working capital of **$204.3 million**[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from interest rates, foreign currency exchange rates, and inflation, though interest rate risk is considered low - The company does not believe a **100 basis point change** in interest rates would materially affect its financial condition[153](index=153&type=chunk) - A hypothetical **10% change** in the U.S. Dollar to Indian Rupee exchange rate could change operating income by **$0.4 million** for Q1 2022[154](index=154&type=chunk) - A hypothetical **10% change** in the U.S. Dollar to British Pound exchange rate could change operating income by **$0.3 million** for Q1 2022[154](index=154&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that as of March 31, 2022, the company's disclosure controls and procedures were **effective**[156](index=156&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2022, that materially affected, or are reasonably likely to materially affect, internal controls[158](index=158&type=chunk) [PART II - OTHER INFORMATION](index=36&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that would have a material adverse effect on its business, financial condition, or cash flows - As of the filing date, the company is not a party to any legal proceedings that management believes would have a material adverse effect on the business[162](index=162&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including dependency on advertising demand, the need to retain customers, operational fluctuations, data privacy regulations, and corporate governance issues - **Business & Operational Risks:** - Revenue is highly dependent on overall advertising demand - Failure to attract/retain customers or expand into emerging channels could harm growth - The business is subject to seasonal fluctuations, with higher spending in Q4 and lower in Q1 - Platform outages, security breaches, or failure to prevent fraud could damage reputation and business[164](index=164&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk) - **Data & Regulatory Risks:** - Rejection of third-party cookies, ad-blocking technologies, and evolving data privacy laws (CCPA, GDPR) threaten the ability to collect and use data, which is critical to the business - Failure to comply with complex and evolving data privacy laws could result in significant fines and liability[168](index=168&type=chunk)[169](index=169&type=chunk)[178](index=178&type=chunk) - **Financial & Corporate Risks:** - Insiders have substantial control due to the dual-class stock structure, limiting the influence of Class A stockholders - The company received a notice of delisting from Nasdaq for failing to have a minimum of three independent directors on its audit committee, following the death of a director, and has a cure period to regain compliance[179](index=179&type=chunk)[283](index=283&type=chunk)[288](index=288&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[293](index=293&type=chunk) [Defaults Upon Senior Securities](index=63&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[294](index=294&type=chunk) [Mine Safety Disclosures](index=63&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[295](index=295&type=chunk) [Other Information](index=63&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[296](index=296&type=chunk) [Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and various Inline XBRL documents for interactive data[298](index=298&type=chunk)

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | PubMatic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R E D W O O D NIE WILLY ORIKE AM UNIC HIST A MISITE RIDIA MICH L O N D O N | Investor Presentation | | | | | | | | 「 O K Y O F U E L I N G A D V E R T I S I N G I N N O V A T I O N March 2022 | ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|----------|--------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | PubMatic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R E D W O O D NIE WILL Y OR K SEE MIU NICH I C A M SITE RID A M S T E R D A M S T L O N D O N Q4 and FY 2021 Ea ...

PubMatic, Inc. (NASDAQ:PUBM) Q4 2021 Earnings Conference Call February 28, 2022 5:00 PM ET Company Participants Rajeev Goel - Chief Executive Officer Stacie Clements - IR, The Blueshirt Group Steve Pantelick - Chief Financial Officer Conference Call Participants Shweta Khajuria - Evercore Brent Thill - Jefferies Justin Patterson - KeyBanc Matthew Swanson - RBC Andrew Boone - JMP Jason Helfstein - Oppenheimer Andrew Marok - Raymond James Operator Hello everyone, and welcome to PubMatic's Fourth quarter and f ...