TBLAW - Taboola.com Ltd. (TBLA) Q1 2024 Earnings Call Transcript
2024-05-08 14:56:09 ET
Taboola.com Ltd. (TBLA)
Q1 2024 Earnings Conference Call
May 08, 2024, 08:30 AM ET
Company Participants
Jessica Kourakos - Head of IR
Adam Singolda - Founder and CEO
Stephen Walker - CFO
Conference Call Participants
Laura Martin - Needham
Matt Condon - Citizens JMP
Zach Cummins - B. Riley Securities
James Kopelman - TD Cowen
Jason Helfstein - Oppenheimer
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Taboola First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Jessica Kourakos. Please go ahead.
Jessica Kourakos
Thank you, and good morning, everyone, and welcome to Taboola's first quarter fiscal 2024 earnings conference call. I'm here with Adam Singolda, Taboola's Founder and CEO; and Steve Walker, Taboola's CFO. The company issued earnings materials today before the market and they are available in the Investors section of Taboola's website.
Now, I'll quickly cover the Safe Harbor, certain statements today, including our expectations for future periods, are forward-looking statements. They are not facts and are subject to material risks and uncertainties described in our SEC filings. These statements are based on currently available information and we undertake no duty to update them except as required by law.
Today's discussion is also subject to the forward-looking statement limitations in the earnings press release. Future events could differ materially and adversely from those anticipated. During this call, we will use terms defined in the earnings release and refer to non-GAAP financial measures. For definitions and reconciliations to GAAP, please refer to the non-GAAP tables in the earnings release posted on our website.
With that, I'll turn the call over to Adam.
Adam Singolda
Thanks, Jessica. Good morning, everyone, and thank you all for joining us.
We had a strong start with Q1 results above the high end of our guidance range across all metrics. ex-TAC of $139 million grew 20% versus last year. Adjusted EBITDA of $23 million grew more than 100%. Free cash flow was nearly $27 million in Q1 and also more than doubled last year. All metrics beat the high end of our guidance range and are on track to meet our full-year 2024 guidance.
I'm also encouraged to see that our growth rates are accelerating compared to last year. Looking at our use of cash, over 100% of free cash flow in Q1 was spent on share buybacks, demonstrating our strong commitment to shareholder returns and confidence in our long-term strategy and ability to execute....
Taboola.com Ltd. (TBLA) Q1 2024 Earnings Call Transcript