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PubMatic(PUBM) - 2024 Q4 - Annual Results
PUBMPubMatic(PUBM)2025-02-27 21:06

Revenue and Growth - Fiscal Year 2024 revenue was 291.3million,a9291.3 million, a 9% increase from 267.0 million in 2023[5] - Revenue from CTV in Q4 2024 more than doubled year-over-year, accounting for 20% of total revenue[2] - Revenue from omnichannel video grew 37% year-over-year in 2024[11] - Total revenue for Q4 2024 was 85,502,aslightincreasefrom85,502, a slight increase from 84,600 in Q4 2023, while total revenue for the year reached 291,256,upfrom291,256, up from 267,014 in 2023, representing a year-over-year growth of 9%[30] - The company expects underlying business growth of over 15% in 2025, excluding revenue from a specific DSP buyer[8] Profitability and Income - Adjusted EBITDA for FY 2024 was 92.3million,representinga3292.3 million, representing a 32% margin, up from 75.3 million and 28% margin in 2023[5] - GAAP net income for FY 2024 was 12.5million,or12.5 million, or 0.23 per diluted share, compared to 8.9million,or8.9 million, or 0.16 per diluted share in 2023[5] - Net income for Q4 2024 was 13,899,downfrom13,899, down from 18,702 in Q4 2023, with annual net income increasing to 12,504from12,504 from 8,881, reflecting a growth of 41% year-over-year[30] - Adjusted EBITDA for Q4 2024 was 37,646,comparedto37,646, compared to 38,906 in Q4 2023, with an adjusted EBITDA margin of 44% for Q4 2024, down from 46% in Q4 2023[35] - Non-GAAP net income for Q4 2024 was 21,443,downfrom21,443, down from 24,449 in Q4 2023, with non-GAAP diluted EPS at 0.41comparedto0.41 compared to 0.45 in the prior year[35] Cash Flow and Liquidity - Free cash flow in 2024 was 34.9million,adecreaseof3434.9 million, a decrease of 34% compared to 2023[10] - Cash and cash equivalents increased to 100,452 as of December 31, 2024, from 78,509attheendof2023,indicatingasignificantimprovementinliquidity[28]−TotalcashflowfromoperatingactivitiesfortheyearendedDecember31,2024,was78,509 at the end of 2023, indicating a significant improvement in liquidity[28] - Total cash flow from operating activities for the year ended December 31, 2024, was 73.425 million, compared to 81.121millionin2023[37]−Thecompanyreportedadecreaseinfreecashflowfortheyear,totaling81.121 million in 2023[37] - The company reported a decrease in free cash flow for the year, totaling 34.897 million compared to 52.833millionin2023[37]AssetsandLiabilities−Totalcash,cashequivalents,andmarketablesecuritiesattheendof2024were52.833 million in 2023[37] Assets and Liabilities - Total cash, cash equivalents, and marketable securities at the end of 2024 were 140.6 million, down 20% from 2023[10] - Total assets rose to 739,519in2024from739,519 in 2024 from 695,243 in 2023, while total liabilities increased to 462,256from462,256 from 399,044, resulting in a decrease in stockholders' equity from 296,199to296,199 to 277,263[28] Operational Efficiency - Supply Path Optimization represented 53% of total activity in 2024, an increase from 45% in 2023[16] - The company recorded a bad debt expense of 5.7millionduetoaChapter11bankruptcyfilingbyaDemandSidePlatformbuyer,impactingbothGAAPnetincomeandadjustedEBITDAresultsfortheyear[32]−Stock−basedcompensationexpensefortheyearwas5.7 million due to a Chapter 11 bankruptcy filing by a Demand Side Platform buyer, impacting both GAAP net income and adjusted EBITDA results for the year[32] - Stock-based compensation expense for the year was 37,676, up from 28,862in2023,reflectingincreasedcompensationcostsassociatedwithemployeestockoptions[32]−Theoverallfinancialperformanceindicatesastrategicshifttowardsoptimizingoperationalcostsandimprovingcashflowmanagement[37]−Thecompanyisfocusingonenhancingitsintegrationcapabilitieswithmajorplatformstodrivefuturegrowth[37]CapitalExpenditures−PurchasesofpropertyandequipmentinQ42024were28,862 in 2023, reflecting increased compensation costs associated with employee stock options[32] - The overall financial performance indicates a strategic shift towards optimizing operational costs and improving cash flow management[37] - The company is focusing on enhancing its integration capabilities with major platforms to drive future growth[37] Capital Expenditures - Purchases of property and equipment in Q4 2024 were 4.324 million, compared to 5.177millioninQ42023[37]−CapitalizedsoftwaredevelopmentcostsfortheyearendedDecember31,2024,were5.177 million in Q4 2023[37] - Capitalized software development costs for the year ended December 31, 2024, were 20.936 million, up from $17.687 million in 2023[37]