2024-05-07 21:37:08 ET
PubMatic, Inc. (PUBM)
Q1 2024 Earnings Conference Call
May 07, 2024 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
Matt Swanson – RBC
Ian Peterson – Evercore
James Heaney – Jefferies
Mark Hagen – Lake Street
Zach Cummins – B. Riley
Jason Helfstein – Oppenheimer
Mauricio Munoz – Raymond James
Justin Patterson – KeyBanc
Presentation
Stacie Clements
[Call Starts Abruptly] 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. We've built an integrated platform that is flexible and efficient so we can meet the needs of a growing customer base as we expand our total addressable market. We see continued momentum in the business evidenced by adoption of new solutions and growth in customer count as clients across the ecosystem choose to build their ad businesses on PubMatic technology. With these strong results continuing into April, we are raising our full year guidance.
Adding to our confidence is the increasing importance of being positioned on the sell-side as the advertising ecosystem evolves. The need for deep and specialized technology to monetize ad inventory and audiences is increasing at a rapid pace. New opportunities, including changing privacy regulations, the onslaught of new ad inventory from CTV and commerce media, and the increasing need for buyers to control how their ad budgets are deployed, are best addressed on the sell-side, which sits closest to the consumer.
PubMatic is unique. Our focus on our owned and operated infrastructure and strength in organic innovation results in robust technology that efficiently connects buyers and sellers. We've spent 17 years building differentiated solutions and our competitive moat continues to widen even as our logo list continues to grow. These advantages attract both advertisers and publishers to PubMatic, adding scale to the platform and fueling continued growth. Let me explain....
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PubMatic, Inc. (PUBM) Q1 2024 Earnings Call Transcript