PubMatic Q4 revenue up 34% at $75.6 million
Adjusted EBITDA was $38.9 million, or 51% margin, compared to adjusted EBITDA of $26.9 million in the same period of 2020
PubMatic, an independent technology company delivering digital advertising’s supply chain of the future, has reported a 34% increase in Q4 revenue at $75.6 million compared to $56.2 million in the same period of 2020.
GAAP net income was $28.2 million, an increase over net income of $18.8 million. Net dollar-based retention was 149% for the trailing twelve months ended December 31, 2021, an increase from 122% in the comparable trailing twelve-month period a year ago.
Adjusted EBITDA was $38.9 million, or 51% margin, compared to adjusted EBITDA of $26.9 million in the same period of 2020. Net cash provided by operating activities was $28.5 million, an increase of 230%, compared to $8.6 million in the same period of 2020.
Revenue in the full year 2021 was $226.9 million, an increase of 53% over $148.7 million in 2020. GAAP net income was $56.6 million, an increase over net income of $26.6 million.
Adjusted EBITDA was $96.3 million, or 42% margin, compared to adjusted EBITDA of $50.3 million, or 34% margin, in 2020. Net cash provided by operating activities in 2021 was $88.7 million, an increase of 264%, compared to $24.3 million in the full year 2020.
Ended 2021 with total cash, cash equivalents, and marketable securities of $159.6 million with no debt, an increase of 58% over the full year of 2021.
“For the second consecutive year, we delivered an incredible combination of revenue growth and profitability. Organic revenue growth in 2021 was 53% over last year, reflecting significant market share gains in a large and rapidly growing market,” said Rajeev Goel, co-founder, and CEO at PubMatic.
“PubMatic delivers the digital advertising supply chain of the future where both publishers and buyers can maximize value. Our infrastructure-driven approach, combined with our usage-based software model, strengthens our competitive advantages and funds continuous innovation and investment in future growth. This flywheel underpins our strong position in the market and I couldn’t be more excited about the number and magnitude of growth opportunities in front of us."
For the full year 2021, the company processed 92.2 trillion impressions, an increase of 96% over 2020. Since the first quarter of 2020, the cost of revenue per million impressions processed declined by nearly 50%.
Revenue from fast-growing advertising formats mobile and omnichannel video, which includes CTV, grew 41% year-over-year and represented 67% of total revenue in the fourth quarter. Revenue from CTV in the fourth quarter of 2021 grew by more than six times over the fourth quarter of 2020.
As of the end of 2021, PubMatic programmatically monetized CTV inventory from 167 publishers, up from 154 publishers in the third quarter of 2021.
