PubMatic Announces First Quarter 2025 Financial Results; Board of Directors Authorizes $100M Expansion of Share Repurchase Program
PubMatic (NASDAQ: PUBM) reported its Q1 2025 financial results, with revenue of $63.8 million and adjusted EBITDA of $8.5 million. The company experienced significant growth in key areas, with CTV revenue growing over 50% year-over-year and omnichannel video representing 40% of total revenue. Despite a GAAP net loss of $(9.5) million, PubMatic's board authorized a $100 million expansion of its share repurchase program through 2026.
The company's Supply Path Optimization reached a record 55%+ of total platform activity, and their infrastructure processed nearly 75 trillion impressions in Q1. PubMatic also launched an upgraded Gen AI buyer platform and maintains strong partnerships with 80% of the top 30 streaming publishers. For Q2 2025, the company projects revenue between $66-70 million and adjusted EBITDA of $9-12 million.
PubMatic (NASDAQ: PUBM) ha annunciato i risultati finanziari del primo trimestre 2025, con un fatturato di 63,8 milioni di dollari e un EBITDA rettificato di 8,5 milioni di dollari. L'azienda ha registrato una crescita significativa in aree chiave, con un aumento del fatturato CTV superiore al 50% su base annua e il video omnicanale che rappresenta il 40% del fatturato totale. Nonostante una perdita netta GAAP di 9,5 milioni di dollari, il consiglio di amministrazione di PubMatic ha autorizzato un ampliamento di 100 milioni di dollari del programma di riacquisto azionario fino al 2026.
L'ottimizzazione del percorso di fornitura dell'azienda ha raggiunto un record del 55%+ dell'attività totale sulla piattaforma, e l'infrastruttura ha elaborato quasi 75 trilioni di impression nel primo trimestre. PubMatic ha inoltre lanciato una piattaforma aggiornata per acquirenti basata su Gen AI e mantiene solide partnership con l'80% dei primi 30 editori di streaming. Per il secondo trimestre 2025, la società prevede un fatturato tra 66 e 70 milioni di dollari e un EBITDA rettificato tra 9 e 12 milioni di dollari.
PubMatic (NASDAQ: PUBM) informó sus resultados financieros del primer trimestre de 2025, con ingresos de 63,8 millones de dólares y un EBITDA ajustado de 8,5 millones de dólares. La compañía experimentó un crecimiento significativo en áreas clave, con un crecimiento de ingresos de CTV superior al 50% interanual y el video omnicanal representando el 40% del total de ingresos. A pesar de una pérdida neta GAAP de 9,5 millones de dólares, la junta directiva de PubMatic autorizó una expansión de 100 millones de dólares en su programa de recompra de acciones hasta 2026.
La Optimización de la Ruta de Suministro de la empresa alcanzó un récord de más del 55% de la actividad total en la plataforma, y su infraestructura procesó casi 75 billones de impresiones en el primer trimestre. PubMatic también lanzó una plataforma mejorada para compradores basada en Gen AI y mantiene sólidas alianzas con el 80% de los 30 principales editores de streaming. Para el segundo trimestre de 2025, la compañía proyecta ingresos entre 66 y 70 millones de dólares y un EBITDA ajustado entre 9 y 12 millones de dólares.
PubMatic (NASDAQ: PUBM)은 2025년 1분기 재무 실적을 발표했으며, 매출은 6,380만 달러, 조정 EBITDA는 850만 달러를 기록했습니다. 회사는 주요 분야에서 큰 성장을 경험했으며, CTV 매출이 전년 대비 50% 이상 증가했고 옴니채널 비디오가 전체 매출의 40%를 차지했습니다. GAAP 기준 순손실이 950만 달러였음에도 불구하고, PubMatic 이사회는 2026년까지 1억 달러 규모의 자사주 매입 프로그램 확대를 승인했습니다.
회사의 공급 경로 최적화는 전체 플랫폼 활동의 55% 이상으로 사상 최고치를 기록했으며, 인프라는 1분기에 거의 75조 건의 노출을 처리했습니다. PubMatic은 또한 업그레이드된 Gen AI 구매자 플랫폼을 출시했으며, 상위 30개 스트리밍 출판사의 80%와 강력한 파트너십을 유지하고 있습니다. 2025년 2분기에는 매출을 6,600만~7,000만 달러, 조정 EBITDA를 900만~1,200만 달러로 예상하고 있습니다.
PubMatic (NASDAQ : PUBM) a publié ses résultats financiers du premier trimestre 2025, avec un chiffre d'affaires de 63,8 millions de dollars et un EBITDA ajusté de 8,5 millions de dollars. L'entreprise a connu une croissance significative dans des domaines clés, avec une croissance des revenus CTV de plus de 50 % en glissement annuel et la vidéo omnicanale représentant 40 % du chiffre d'affaires total. Malgré une perte nette GAAP de 9,5 millions de dollars, le conseil d'administration de PubMatic a autorisé une extension de 100 millions de dollars de son programme de rachat d'actions jusqu'en 2026.
L'optimisation du chemin d'approvisionnement de la société a atteint un record de plus de 55 % de l'activité totale de la plateforme, et son infrastructure a traité près de 75 000 milliards d'impressions au premier trimestre. PubMatic a également lancé une plateforme acheteuse Gen AI améliorée et maintient des partenariats solides avec 80 % des 30 principaux éditeurs de streaming. Pour le deuxième trimestre 2025, la société prévoit un chiffre d'affaires compris entre 66 et 70 millions de dollars et un EBITDA ajusté entre 9 et 12 millions de dollars.
PubMatic (NASDAQ: PUBM) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 63,8 Millionen US-Dollar und einem bereinigten EBITDA von 8,5 Millionen US-Dollar. Das Unternehmen verzeichnete in wichtigen Bereichen ein starkes Wachstum, wobei der CTV-Umsatz im Jahresvergleich um über 50 % zunahm und Omnichannel-Video 40 % des Gesamtumsatzes ausmacht. Trotz eines GAAP-Nettoverlusts von 9,5 Millionen US-Dollar genehmigte der Vorstand von PubMatic eine Erweiterung des Aktienrückkaufprogramms um 100 Millionen US-Dollar bis 2026.
Die Supply Path Optimization des Unternehmens erreichte einen Rekordwert von über 55 % der gesamten Plattformaktivität, und die Infrastruktur verarbeitete im ersten Quartal fast 75 Billionen Impressionen. PubMatic führte zudem eine verbesserte Gen AI-Käuferplattform ein und pflegt starke Partnerschaften mit 80 % der Top 30 Streaming-Publisher. Für das zweite Quartal 2025 prognostiziert das Unternehmen einen Umsatz zwischen 66 und 70 Millionen US-Dollar sowie ein bereinigtes EBITDA von 9 bis 12 Millionen US-Dollar.
- CTV revenue grew over 50% year-over-year
- Board authorized $100M expansion of share repurchase program through 2026
- Supply Path Optimization reached record 55%+ of total platform activity
- Cost of revenue per million impressions decreased 20% on TTM basis
- Maintained strong cash position of $144.1M with no debt
- Revenue declined to $63.8M from $66.7M in Q1 2024
- GAAP net loss increased to $(9.5)M from $(2.5)M year-over-year
- Net dollar-based retention decreased to 102% from 106% year-over-year
- Adjusted EBITDA margin declined to 13% from 23% in same period 2024
Insights
PubMatic's Q1 showed declining overall revenue but strong growth in CTV; widened losses offset by $100M share repurchase expansion.
PubMatic's Q1 2025 results paint a contrasting picture of declining overall revenue alongside robust growth in strategic segments. Revenue fell to
The company's strategic focus areas delivered impressive results. CTV revenue surged by over
However, profitability metrics deteriorated substantially. GAAP net loss widened to
The balance sheet remains robust with
Operational efficiency improvements are evident, with the company processing 75 trillion impressions in Q1 (
Delivered revenue and adjusted EBITDA ahead of guidance;
Revenue from omnichannel video, including CTV, grew
CTV revenue grew over
Supply Path Optimization represented a record
NO-HEADQUARTERS/REDWOOD CITY, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the first quarter ending March 31, 2025.
“We are pleased with our Q1 performance, exceeding guidance on both the top and bottom line driven by the secular growth areas in our business. Ongoing investments in product innovation and go to market teams drove
First Quarter 2025 Financial Highlights
- Revenue in the first quarter of 2025 was
$63.8 million , compared to$66.7 million in the same period of 2024; - Net dollar-based retention1 was
102% for the trailing twelve-months ended March 31, 2025, compared to106% in the comparable trailing twelve-month period a year ago; - GAAP net loss was
$(9.5) million with a margin of (15)%, or$(0.20) per diluted share in the first quarter, compared to GAAP net loss of$(2.5) million with a margin of (4)%, or$(0.05) per diluted share in the same period of 2024; - Adjusted EBITDA was
$8.5 million , or13% margin, compared to$15.1 million , or a23% margin, in the same period of 2024; - Non-GAAP net loss was
$(1.8) million , or$(0.04) per diluted share in the first quarter, compared to Non-GAAP net income of$4.8 million , or$0.09 per diluted share in the same period of 2024; - Net cash provided by operating activities was
$15.6 million , compared to$24.3 million in the same period of 2024; - Total cash, cash equivalents, and marketable securities of
$144.1 million as of March 31, 2025 with no debt; - Through March 31, 2025, used
$138.2 million to repurchase 8.7 million shares of Class A common stock, representing17% of fully diluted shares as of the program’s inception. PubMatic’s Board of Directors has authorized a$100.0 million expansion of the share repurchase program through 2026.
The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
Business Highlights
Omnichannel platform drives revenue in key secular growth areas
- Revenue from CTV grew over
50% year-over-year. PubMatic partners with80% of the top 30 streaming publishers. - Revenue from omnichannel video, which includes CTV, grew
20% year-over-year and represented40% of total revenue.
PubMatic’s Sell-Side Platform continues to scale; deliver performance
- Premium CTV inventory continues to scale, with new and expanded partnerships across the globe including Spectrum Reach, the advertising division of Charter Communications, TCL for live sports streaming content and the BBC’s free ad supported streaming channels.
- Supply Path Optimization represented a record
55% + of total activity on our platform in Q1 2025, up from50% a year ago, driven by Activate, CTV Marketplace, and robust sell-side targeting capabilities. PubMatic received the The Supply Path Optimization (SPO) Award as part of AdExchanger’s 2025 Programmatic Impact Awards, highlighting the performance impact of Activate. - Activity from mid-market DSPs that specialize in performance marketing almost tripled on a year-over-year basis. These buyers are rapidly scaling ad spend on PubMatic as they prioritize access to premium supply, addressable audiences, and full-funnel sell-side solutions.
- Kroger Precision Marketing (KPM) consolidated activity on PubMatic as part of their effort to improve media performance by reducing the number of supply partners by
70% . As a result of the partnership, KPM saw a20% increase in click through rates in campaigns transacted via PubMatic. - Publishers using PubMatic’s audience curation tools see up to a
10% increase in advertising revenue, due to an increased diversity of ad buyers and higher CPMs.
Launched upgraded Gen AI buyer platform
- This end-to-end platform combines proprietary supply-side intelligence with AI-powered buying tools. It delivers efficiency gains and superior outcomes for advertisers, agencies and curators, while streamlining every stage of the media buying process—from audience and inventory discovery and forecasting to curation, activation, and performance optimization.
- Offers ad buyers direct access to nearly the entire open internet - approximately 1,950 premium publishers, privacy-safe audience data from 190 data partners, and over 829 billion daily ad impressions.
Owned and operated infrastructure drives operational efficiencies
- Infrastructure optimization initiatives combined with limited capex drove nearly 75 trillion impressions processed in Q1 2025, an increase of
29% over Q1 2024. - Cost of revenue per million impressions processed decreased
20% on a trailing twelve month period, as compared to the prior period.
“We delivered a strong first quarter and our 36th consecutive quarter of adjusted EBITDA profitability. Looking to the second half of the year, based on the strong momentum we are seeing in our underlying business, combined with our go-to-market and innovation investments, we expect our underlying revenues to continue growing
Financial Outlook
Our outlook assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.
Accordingly, we estimate the following for the second quarter of 2025:
- Revenue to be between
$66 million to$70 million , inclusive of the impact from one of our top DSP buyers that revised its auction approach in mid 2024. - Adjusted EBITDA to be in the range of
$9 million to$12 million , representing approximately a17% margin at the midpoint. Adjusted EBITDA expectation assumes a negative foreign currency exchange impact predominantly from Euro and Pound Sterling expenses.
Although we provide guidance for adjusted EBITDA, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.
Conference Call and Webcast details
PubMatic will host a conference call to discuss its financial results on Tuesday, May 8, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income (loss), net cash provided by operating activities, and net income (loss), we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income (loss) adjusted for stock-based compensation expense, depreciation and amortization, interest income, and benefit from income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income (loss) as net income (loss) adjusted for stock-based compensation expense and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.
In addition to operating income (loss) and net income (loss), we use adjusted EBITDA, non-GAAP net income (loss), and free cash flow as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
- Adjusted EBITDA and non-GAAP net income (loss) are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, interest expense, and benefit from income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and,
- Our management uses adjusted EBITDA, non-GAAP net income (loss), and free cash flow in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance or, in the case of free cash flow, as a measure of liquidity, and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
- Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us;
- Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
- Non-GAAP net income (loss) does not include: (a) the potentially dilutive impact of stock-based compensation; and (b) income tax effects for stock-based compensation
Because of these and other limitations, you should consider adjusted EBITDA, non-GAAP net income, and free cash flow along with other GAAP-based financial measures, including net income (loss) and cash flow from operating activities, and our GAAP financial results.
Forward Looking Statements
This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the second quarter of 2025 and capex for the full year 2025, our expectations regarding our total addressable market, future market growth, and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the ongoing conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation, tariffs and recessionary fears as well as fiscal tightening, changes in the interest rate environment and continuing volatility in global capital markets; global macroeconomic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. All information in this press release is as of May 8, 2025. We 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.
About PubMatic
PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.
| CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 101,811 | $ | 100,452 | |||
| Marketable securities | 42,315 | 40,135 | |||||
| Accounts receivable, net | 349,123 | 424,814 | |||||
| Prepaid expenses and other current assets | 12,018 | 10,145 | |||||
| Total current assets | 505,267 | 575,546 | |||||
| Property, equipment and software, net | 54,386 | 58,522 | |||||
| Operating lease right-of-use assets | 42,575 | 44,402 | |||||
| Acquisition-related intangible assets, net | 3,889 | 4,284 | |||||
| Goodwill | 29,577 | 29,577 | |||||
| Deferred tax assets | 29,619 | 24,864 | |||||
| Other assets, non-current | 3,289 | 2,324 | |||||
| TOTAL ASSETS | $ | 668,602 | $ | 739,519 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 323,611 | $ | 386,602 | |||
| Accrued liabilities | 20,309 | 26,365 | |||||
| Operating lease liabilities, current | 6,241 | 5,843 | |||||
| Total current liabilities | 350,161 | 418,810 | |||||
| Operating lease liabilities, non-current | 38,649 | 39,538 | |||||
| Other liabilities, non-current | 4,191 | 3,908 | |||||
| TOTAL LIABILITIES | 393,001 | 462,256 | |||||
| Stockholders' equity | |||||||
| Common stock | 6 | 6 | |||||
| Treasury stock | (150,409 | ) | (146,796 | ) | |||
| Additional paid-in capital | 286,471 | 275,304 | |||||
| Accumulated other comprehensive loss | (366 | ) | (636 | ) | |||
| Retained earnings | 139,899 | 149,385 | |||||
| TOTAL STOCKHOLDERS’ EQUITY | 275,601 | 277,263 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 668,602 | $ | 739,519 | |||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Revenue | $ | 63,825 | $ | 66,701 | |||
| Cost of revenue(1) | 25,588 | 25,424 | |||||
| Gross profit | 38,237 | 41,277 | |||||
| Operating expenses:(1) | |||||||
| Technology and development | 8,772 | 7,960 | |||||
| Sales and marketing | 26,799 | 24,815 | |||||
| General and administrative | 14,569 | 14,027 | |||||
| Total operating expenses | 50,140 | 46,802 | |||||
| Operating loss | (11,903 | ) | (5,525 | ) | |||
| Interest income | 1,593 | 2,564 | |||||
| Other income (expense), net | (1,014 | ) | 258 | ||||
| Loss before income taxes | (11,324 | ) | (2,703 | ) | |||
| Benefit from income taxes | (1,838 | ) | (249 | ) | |||
| Net loss | $ | (9,486 | ) | $ | (2,454 | ) | |
| Basic and diluted net loss per share of Class A and Class B stock | $ | (0.20 | ) | $ | (0.05 | ) | |
| Weighted-average shares used to compute net loss per share attributable to common stockholders: | |||||||
| Basic | 48,346 | 50,039 | |||||
| Diluted | 48,346 | 50,039 | |||||
(1)Stock-based compensation expense includes the following:
| STOCK-BASED COMPENSATION EXPENSE (In thousands) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Cost of revenue | $ | 474 | $ | 437 | |||
| Technology and development | 1,585 | 1,441 | |||||
| Sales and marketing | 3,463 | 3,238 | |||||
| General and administrative | 4,176 | 3,995 | |||||
| Total stock-based compensation expense | $ | 9,698 | $ | 9,111 | |||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| CASH FLOW FROM OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (9,486 | ) | $ | (2,454 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 11,676 | 11,212 | |||||
| Stock-based compensation | 9,698 | 9,111 | |||||
| Deferred income taxes | (4,754 | ) | (4,667 | ) | |||
| Accretion of discount on marketable securities | (454 | ) | (1,234 | ) | |||
| Non-cash operating lease expense | 1,928 | 1,690 | |||||
| Other | (223 | ) | (1 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 75,691 | 72,184 | |||||
| Prepaid expenses and other assets | 5,681 | (196 | ) | ||||
| Accounts payable | (62,578 | ) | (58,444 | ) | |||
| Accrued liabilities | (11,287 | ) | (1,784 | ) | |||
| Operating lease liabilities | (590 | ) | (1,380 | ) | |||
| Other liabilities, non-current | 319 | 257 | |||||
| Net cash provided by operating activities | 15,621 | 24,294 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (1,441 | ) | (801 | ) | |||
| Capitalized software development costs | (6,880 | ) | (7,231 | ) | |||
| Purchases of marketable securities | (15,307 | ) | (34,336 | ) | |||
| Proceeds from maturities of marketable securities | 13,559 | 38,500 | |||||
| Net cash used in investing activities | (10,069 | ) | (3,868 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Payment of business combination indemnification claims holdback | — | (2,148 | ) | ||||
| Proceeds from exercise of stock options | 563 | 939 | |||||
| Principal payments on finance lease obligations | (35 | ) | (32 | ) | |||
| Payments to acquire treasury stock | (5,000 | ) | (17,500 | ) | |||
| Net cash used in financing activities | (4,472 | ) | (18,741 | ) | |||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,080 | 1,685 | |||||
| Effect of foreign currency on cash | 279 | — | |||||
| CASH AND CASH EQUIVALENTS - Beginning of period | 100,452 | 78,509 | |||||
| CASH AND CASH EQUIVALENTS - End of period | $ | 101,811 | $ | 80,194 | |||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Reconciliation of net loss: | |||||||
| Net loss | $ | (9,486 | ) | $ | (2,454 | ) | |
| Add back (deduct): | |||||||
| Stock-based compensation | 9,698 | 9,111 | |||||
| Depreciation and amortization | 11,676 | 11,212 | |||||
| Interest income | (1,593 | ) | (2,564 | ) | |||
| Benefit from income taxes | (1,838 | ) | (249 | ) | |||
| Adjusted EBITDA | $ | 8,457 | $ | 15,056 | |||
| Revenue | $ | 63,825 | $ | 66,701 | |||
| Adjusted EBITDA margin | 13 | % | 23 | % | |||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Reconciliation of net loss per share: | |||||||
| Net loss | $ | (9,486 | ) | $ | (2,454 | ) | |
| Add back (deduct): | |||||||
| Stock-based compensation | 9,698 | 9,111 | |||||
| Adjustment for income taxes | (2,055 | ) | (1,886 | ) | |||
| Non-GAAP net income (loss) | $ | (1,843 | ) | $ | 4,771 | ||
| GAAP diluted EPS | $ | (0.20 | ) | $ | (0.05 | ) | |
| Non-GAAP diluted EPS | $ | (0.04 | ) | $ | 0.09 | ||
| GAAP weighted average shares outstanding—diluted | 48,346 | 50,039 | |||||
| Non-GAAP weighted average shares outstanding—diluted | 48,346 | 55,006 | |||||
Reported GAAP diluted loss and Non-GAAP diluted loss per share for the three months ended March 31, 2025, and reported GAAP diluted loss per share for the three months ended March 31, 2024 were calculated using basic share count. Non-GAAP diluted earnings per share for the three months ended March 31, 2024 was calculated using diluted share count which includes approximately 5 million shares of dilutive securities related to employee stock awards.
| SUPPLEMENTAL CASH FLOW INFORMATION COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE (In thousands) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Reconciliation of cash provided by operating activities: | |||||||
| Net cash provided by operating activities | $ | 15,621 | $ | 24,294 | |||
| Less: Purchases of property and equipment | (1,441 | ) | (801 | ) | |||
| Less: Capitalized software development costs | (6,880 | ) | (7,231 | ) | |||
| Free cash flow | $ | 7,300 | $ | 16,262 | |||
1 Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended March 31, 2024 (Prior Period Revenue). We then calculate the revenue from these same publishers in the trailing twelve months ended March 31, 2025 (Current Period Revenue). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods
Investors: The Blueshirt Group for PubMatic investors@pubmatic.com Press Contact: Broadsheet Communications for PubMatic pubmaticteam@broadsheetcomms.com
FAQ
What was PubMatic's (PUBM) revenue and net loss in Q1 2025?
How much did PubMatic's (PUBM) CTV revenue grow in Q1 2025?
What is PubMatic's (PUBM) Q2 2025 revenue guidance?
How much did PubMatic (PUBM) expand its share repurchase program?
What percentage of PubMatic's (PUBM) total revenue came from omnichannel video in Q1 2025?
