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PubMatic(PUBM) - 2024 Q2 - Quarterly Results
PUBMPubMatic(PUBM)2024-08-08 20:10

Revenue and Growth - Revenue for Q2 2024 was 67.3million,up667.3 million, up 6% compared to Q2 2023, with omnichannel video revenue growing 19% year-over-year[1][5] - Revenue from high-value formats and channels, including mobile display and omnichannel video, grew 15% year-over-year and represented 78% of total revenue[5] - Revenue for Q2 2024 increased to 67.3 million, up 6.2% from 63.3millioninQ22023[17]−RevenueforQ22024was63.3 million in Q2 2023[17] - Revenue for Q2 2024 was 67.267 million, up from 63.330millioninQ22023[20]−ForQ32024,thecompanyexpectsrevenuebetween63.330 million in Q2 2023[20] - For Q3 2024, the company expects revenue between 65 million to 67millionandadjustedEBITDAof67 million and adjusted EBITDA of 15 million to 17million,representinga2417 million, representing a 24% margin at the midpoint[9] - Full-year 2024 revenue is projected to be between 288 million and 292million,representingapproximately9292 million, representing approximately 9% growth, with adjusted EBITDA expected to be 87 million to 91million,a3191 million, a 31% margin at the midpoint[9] Profitability and Margins - Gross profit increased by 10% year-over-year to 42.1 million, with a net income of 2.0millionanda32.0 million and a 3% margin[1][3] - Adjusted EBITDA for Q2 2024 was 21.1 million, representing a 31% margin, up from 10.8millionanda1710.8 million and a 17% margin in Q2 2023[1][3] - Gross profit for Q2 2024 increased to 42.1 million, up 10.1% from 38.3millioninQ22023[17]−NetincomeforQ22024improvedto38.3 million in Q2 2023[17] - Net income for Q2 2024 improved to 1.97 million, compared to a net loss of 5.72millioninQ22023[17]−AdjustedEBITDAforQ22024was5.72 million in Q2 2023[17] - Adjusted EBITDA for Q2 2024 was 21.078 million, a significant increase from 10.809millioninQ22023,withanAdjustedEBITDAmarginof3110.809 million in Q2 2023, with an Adjusted EBITDA margin of 31% compared to 17% in Q2 2023[20] - Non-GAAP net income for Q2 2024 was 9.671 million, compared to 0.152millioninQ22023[21]−Non−GAAPdilutedEPSforQ22024was0.152 million in Q2 2023[21] - Non-GAAP diluted EPS for Q2 2024 was 0.17, compared to 0.00inQ22023[21]−NetincomeforQ22024was0.00 in Q2 2023[21] - Net income for Q2 2024 was 1.971 million, compared to a net loss of 5.724millioninQ22023[20]CashFlowandFinancialPosition−Netcashprovidedbyoperatingactivitiesforthefirstsixmonthsof2024increasedto5.724 million in Q2 2023[20] Cash Flow and Financial Position - Net cash provided by operating activities for the first six months of 2024 increased to 36.2 million, up 26.7% from 28.6millioninthesameperiodof2023[19]−FreecashflowforQ22024was28.6 million in the same period of 2023[19] - Free cash flow for Q2 2024 was 6.913 million, down from 10.795millioninQ22023[22]−NetcashprovidedbyoperatingactivitiesforQ22024was10.795 million in Q2 2023[22] - Net cash provided by operating activities for Q2 2024 was 11.944 million, down from 15.848millioninQ22023[22]−Cashandcashequivalentsdecreasedto15.848 million in Q2 2023[22] - Cash and cash equivalents decreased to 73.5 million as of June 30, 2024, from 78.5millionasofDecember31,2023[16]−Totalassetsdecreasedto78.5 million as of December 31, 2023[16] - Total assets decreased to 673.1 million as of June 30, 2024, from 695.2millionasofDecember31,2023[16]−Accountsreceivabledecreasedto695.2 million as of December 31, 2023[16] - Accounts receivable decreased to 351.6 million as of June 30, 2024, from 375.5millionasofDecember31,2023[16]ShareRepurchaseandCapitalExpenditures−Thecompanyrepurchased6.1millionsharesofClassAcommonstockfor375.5 million as of December 31, 2023[16] Share Repurchase and Capital Expenditures - The company repurchased 6.1 million shares of Class A common stock for 100.1 million, with 74.9millionremainingintherepurchaseprogram[4]−CapExfor2024isestimatedtobebetween74.9 million remaining in the repurchase program[4] - CapEx for 2024 is estimated to be between 16 million and 18million[10]OperatingExpensesandCompensation−TotaloperatingexpensesforQ22024increasedto18 million[10] Operating Expenses and Compensation - Total operating expenses for Q2 2024 increased to 46.1 million, up 1.5% from 45.4millioninQ22023[17]−Stock−basedcompensationexpenseforQ22024increasedto45.4 million in Q2 2023[17] - Stock-based compensation expense for Q2 2024 increased to 9.7 million, up 33.5% from 7.3millioninQ22023[18]−Stock−basedcompensationforQ22024was7.3 million in Q2 2023[18] - Stock-based compensation for Q2 2024 was 9.699 million, up from 7.266millioninQ22023[20]−DepreciationandamortizationforQ22024was7.266 million in Q2 2023[20] - Depreciation and amortization for Q2 2024 was 11.336 million, slightly up from 10.898millioninQ22023[20]MonetizationandImpressions−Monetizedimpressionsgrew1210.898 million in Q2 2023[20] Monetization and Impressions - Monetized impressions grew 12% year-over-year, with Supply Path Optimization (SPO) representing over 50% of total activity[1][5] Headcount and Workforce - The company increased global headcount by 16% year-over-year in Q2 2024, adding team members across product management, engineering, and go-to-market teams[7] Interest Income - Interest income for Q2 2024 was 2.340 million, compared to 2.176millioninQ22023[20]OperatingLoss−OperatinglossforQ22024narrowedto2.176 million in Q2 2023[20] Operating Loss - Operating loss for Q2 2024 narrowed to 3.99 million, compared to $7.13 million in Q2 2023[17]