Yahoo Finance PubMatic, Inc. (NASDAQ:PUBM) Q1 2024 Earnings Call Transcript
PubMatic, Inc. (NASDAQ:PUBM) Q1 2024 Earnings Call Transcript May 7, 2024
PubMatic, Inc. beats earnings expectations. Reported EPS is $-0.05, expectations were $-0.12. PubMatic, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Well, hello, everyone and welcome to PubMatic's First Quarter 2024 Earnings Call. My name is Kelsey and I will be your Zoom operator for today. We thank you all for your attendance today. And as a reminder, today's webinar is being recorded. I will now turn the webinar over to Stacie Clements with The Blueshirt Group. Stacie, over to you.
Stacie Clements: Good afternoon, everyone, and welcome to PubMatic's earnings call for the first quarter ended March 31st, 2024. This is Stacie Clements with The Blueshirt Group and I'll be your operator today. Joining me on the call are Rajeev Goel, Co-Founder and CEO; and Steve Pantelick, CFO. Today's prepared remarks have been recorded after which Rajeev and Steve will host live Q&A. [Operator Instructions] A copy of our press release can be found on our website at investors.pubmatic.com. I would like to remind participants that during this call, management will make forward-looking statements, including, without limitation, statements regarding our future performance, market opportunity, growth strategy, and financial outlook.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and future conditions. These forward-looking statements are subject to the inherent risks, uncertainties, and changes in circumstances that are difficult to predict. You can find more information about these risks, uncertainties, and other factors in our reports filed from time to time with the Securities and Exchange Commission, including our most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, which are on file with the Securities and Exchange Commission and are available at investors.pubmatic.com. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements.
All information discussed today is as of May 7th, 2024 and we do not intend, and undertake no obligation, to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. In addition, today’s discussion will include references to certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income and free cash flow. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures is available in our press release. And now, I will turn the call over to Rajeev.
Rajeev Goel: Thank you Stacie, and good afternoon everyone. We delivered another outstanding quarter, which highlights the growing need for sell side technology for digital advertising, our strong customer relationships, and our breadth of solutions, resulting in growth across all formats and channels. Revenue and profit significantly exceeded our expectations, marking multiple quarters of accelerating revenue growth. Revenue grew 20% over Q1 last year. Excluding revenue from Yahoo's owned and operated inventory, year-over-year revenue growth was 25%. Adjusted EBITDA margin was 23% and we generated over $16 million in free cash flow. I'm incredibly proud of the team's hard work and focused execution, which has positioned us well for the growth opportunities that lie ahead.
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