(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||
Not applicable | Not applicable | ||||
(Address of principal executive offices) | (Zip Code) | ||||
Not applicable | |||||
(Registrant’s telephone number, including area code) | |||||
Not applicable | |||||
(Former name, former address and former fiscal year, if changed since last report) | |||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | o | |||||||||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||||||||
Emerging growth company |
TABLE OF CONTENTS | ||||||||
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities | |||||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, equipment and software, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Acquisition-related intangible assets, net | |||||||||||
Goodwill | |||||||||||
Deferred tax assets | |||||||||||
Other assets, non-current | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Operating lease liabilities, current | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other liabilities, non-current | |||||||||||
TOTAL LIABILITIES | |||||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
TOTAL STOCKHOLDERS’ EQUITY | $ | $ | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of revenue | |||||||||||
Gross profit | |||||||||||
Operating expenses: | |||||||||||
Technology and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total operating expenses | |||||||||||
Operating loss | ( | ( | |||||||||
Interest income | |||||||||||
Other income (expense), net | ( | ||||||||||
Loss before income taxes | ( | ( | |||||||||
Benefit from income taxes | ( | ( | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Basic net loss per share of Class A and Class B stock | $ | ( | $ | ( | |||||||
Diluted net loss per share of Class A and Class B stock | $ | ( | $ | ( | |||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on marketable securities, net of tax | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Repurchase of shares | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock related to RSU vesting | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Repurchase of shares | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock related to RSU vesting | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Accretion of discount on marketable securities | ( | ( | |||||||||
Non-cash operating lease expense | |||||||||||
Other | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities | ( | ( | |||||||||
Operating lease liabilities | ( | ( | |||||||||
Other liabilities, non-current | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Capitalized software development costs | ( | ( | |||||||||
Purchases of marketable securities | ( | ( | |||||||||
Proceeds from maturities of marketable securities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payment of business combination indemnification claims holdback | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Payments to acquire treasury stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ||||||||||
CASH AND CASH EQUIVALENTS - Beginning of period | |||||||||||
CASH AND CASH EQUIVALENTS - End of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
Income taxes paid | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||||||||||
Stock-based compensation capitalized as internal-use software costs | $ | $ | |||||||||
Property and equipment included in accounts payable and accrued liabilities | $ | $ | |||||||||
Capitalized software costs included in accounts payable and accrued liabilities | $ | $ | |||||||||
Business combination purchase consideration - indemnification claims holdback | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Allowance for credit losses, beginning balance | $ | $ | |||||||||
Increase in provision for expected credit losses | |||||||||||
Write-offs | |||||||||||
Allowance for credit losses, ending balance | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. Treasury and government debt securities | |||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Agency debt securities | |||||||||||||||||||||||
U.S. Treasury and government debt securities | |||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. Treasury and government debt securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
Agency debt securities | ( | ||||||||||||||||||||||
U.S. Treasury and government debt securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Internal-use software | $ | $ | |||||||||
Network hardware, computer equipment and software | |||||||||||
Leasehold improvements | |||||||||||
Furniture and fixtures | |||||||||||
Property, equipment and software, gross | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Total property, equipment and software, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Payable to publishers | $ | $ | |||||||||
Trade and other payables | |||||||||||
Total accounts payable | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued compensation | $ | $ | |||||||||
Accrued and other current liabilities | |||||||||||
Total accrued liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Finance lease cost | |||||||||||
Total lease cost | $ | $ |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of 2024 | $ | $ | $ | ||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 | |||||||||||||||||
Total minimum lease payments | |||||||||||||||||
Less: imputed interest | ( | ( | ( | ||||||||||||||
Total present value of lease liabilities | $ | $ | $ |
March 31, 2024 | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Developed technology | $ | $ | $ | ||||||||||||||
Total acquisition-related intangible assets | $ | $ | $ | ||||||||||||||
December 31, 2023 | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
Developed technology | $ | $ | $ | ||||||||||||||
Customer relationships | |||||||||||||||||
Total acquisition-related intangible assets | $ | $ | $ |
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
Total estimated future amortization expense for acquisition-related intangible assets | $ |
Stock Options | |||||||||||||||||||||||
Number of Shares Underlying Outstanding Options (in thousands) | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | $ | |||||||||||||||||||||
Options granted | |||||||||||||||||||||||
Options exercised | ( | ||||||||||||||||||||||
Options canceled | ( | ||||||||||||||||||||||
Outstanding as of March 31, 2024 | $ | $ | |||||||||||||||||||||
Vested and exercisable as of March 31, 2024 | $ | $ |
RSUs | |||||||||||
Number of Shares (in thousands) | Weighted-Average Grant Date Fair Value per Share | ||||||||||
Unvested as of December 31, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Canceled or forfeited | ( | ||||||||||
Unvested as of March 31, 2024 | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cost of revenue | $ | $ | |||||||||
Technology and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total stock-based compensation expense | |||||||||||
Tax benefit from stock-based compensation | ( | ( | |||||||||
Total stock-based compensation expense, net of tax effect | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Numerator: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Denominator: | |||||||||||
Weighted average shares outstanding – basic and diluted | |||||||||||
Net loss per share – basic and diluted | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Options to purchase common stock | |||||||||||
Unvested restricted stock units | |||||||||||
ESPP | |||||||||||
Total common stock equivalents excluded from net loss per share – diluted |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
United States | $ | $ | |||||||||
EMEA | |||||||||||
APAC | |||||||||||
Rest of the world | |||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
United States | $ | $ | |||||||||
Rest of the world | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Revenue | $ | 66,701 | $ | 55,407 | |||||||
Operating loss | $ | (5,525) | $ | (10,672) | |||||||
Net loss | $ | (2,454) | $ | (5,871) | |||||||
Adjusted EBITDA(1) | $ | 15,056 | $ | 7,354 | |||||||
Net cash provided by operating activities | $ | 24,294 | $ | 12,754 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Revenue | $ | 66,701 | $ | 55,407 | |||||||
Cost of revenue(1) | 25,424 | 23,863 | |||||||||
Gross profit | 41,277 | 31,544 | |||||||||
Operating expenses(1): | |||||||||||
Technology and development | 7,960 | 6,517 | |||||||||
Sales and marketing | 24,815 | 23,127 | |||||||||
General and administrative | 14,027 | 12,572 | |||||||||
Total operating expenses | 46,802 | 42,216 | |||||||||
Operating loss | (5,525) | (10,672) | |||||||||
Interest income | 2,564 | 1,891 | |||||||||
Other income (expense), net | 258 | (465) | |||||||||
Loss before income taxes | (2,703) | (9,246) | |||||||||
Benefit from income taxes | (249) | (3,375) | |||||||||
Net loss | $ | (2,454) | $ | (5,871) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Cost of revenue | $ | 437 | $ | 316 | |||||||
Technology and development | 1,441 | 1,008 | |||||||||
Sales and marketing | 3,238 | 2,709 | |||||||||
General and administrative | 3,995 | 3,026 | |||||||||
Total stock-based compensation expense | $ | 9,111 | $ | 7,059 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(as percentage of revenue) | |||||||||||
Revenue | 100 | % | 100 | % | |||||||
Cost of revenue | 38 | 43 | |||||||||
Gross profit | 62 | 57 | |||||||||
Operating expenses: | |||||||||||
Technology and development | 12 | 12 | |||||||||
Sales and marketing | 37 | 42 | |||||||||
General and administrative | 21 | 23 | |||||||||
Total operating expenses | 70 | 77 | |||||||||
Operating loss | (8) | (20) | |||||||||
Interest income | 4 | 3 | |||||||||
Other income (expense), net | — | — | |||||||||
Loss before income taxes | (4) | (17) | |||||||||
Provision for (benefit from) income taxes | — | (6) | |||||||||
Net loss | (4) | % | (11) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue | $ | 66,701 | $ | 55,407 | $ | 11,294 | 20 | % | |||||||||||||||
Cost of revenue | 25,424 | 23,863 | 1,561 | 7 | % | ||||||||||||||||||
Gross profit | $ | 41,277 | $ | 31,544 | $ | 9,733 | 31 | % | |||||||||||||||
Gross profit margin | 62 | % | 57 | % | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Technology and development | $ | 7,960 | $ | 6,517 | $ | 1,443 | 22 | % | |||||||||||||||
Percent of revenue | 12 | % | 12 | % | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Sales and marketing | $ | 24,815 | $ | 23,127 | $ | 1,688 | 7 | % | |||||||||||||||
Percent of revenue | 37 | % | 42 | % | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
General and administrative | $ | 14,027 | $ | 12,572 | $ | 1,455 | 12 | % | |||||||||||||||
Percent of revenue | 21 | % | 23 | % | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest income | $ | 2,564 | $ | 1,891 | $ | 673 | 36 | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Other income (expense), net | $ | 258 | $ | (465) | $ | 723 | (155) | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Benefit from income taxes | $ | (249) | $ | (3,375) | $ | 3,126 | (93) | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net loss | $ | (2,454) | $ | (5,871) | |||||||
Add back (deduct): | |||||||||||
Stock-based compensation | 9,111 | 7,059 | |||||||||
Depreciation and amortization | 11,212 | 11,432 | |||||||||
Interest income | (2,564) | (1,891) | |||||||||
Acquisition-related and other expenses (1) | — | — | |||||||||
Benefit from income taxes | (249) | (3,375) | |||||||||
Adjusted EBITDA | $ | 15,056 | $ | 7,354 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | $ | 24,294 | $ | 12,754 | |||||||
Net cash used in investing activities | (3,868) | (18,261) | |||||||||
Net cash used in financing activities | (18,741) | (7,615) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 1,685 | $ | (13,122) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
January 1, 2024 – January 31, 2024 | 348,251 | $ | 14.98 | 348,251 | $ | 110,516,733 | ||||||||||||||||||||
February 1, 2024 – February 29, 2024 | 148,400 | $ | 15.38 | 148,400 | $ | 108,234,110 | ||||||||||||||||||||
March 1, 2024 – March 31, 2024 | 398,000 | $ | 20.59 | 398,000 | $ | 100,038,201 | ||||||||||||||||||||
Total | 894,651 | 894,651 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Description of Document | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1* | X | |||||||||||||||||||||||||||||||||||||
32.2* | X | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X |
PUBMATIC, INC. | |||||
By: | /s/ Steven Pantelick | ||||
Steven Pantelick | |||||
Chief Financial Officer (Principal Financial Officer) |
Dated: May 7, 2024 | By: /s/ Rajeev K. Goel | ||||
Rajeev K. Goel | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
Dated: May 7, 2024 | By: /s/ Steven Pantelick | ||||
Steven Pantelick | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Dated: May 7, 2024 | By: /s/ Rajeev K. Goel | ||||
Rajeev K. Goel | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
Dated: May 7, 2024 | By: /s/ Steven Pantelick | ||||
Steven Pantelick | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Preferred stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000 | 10,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Treasury stock shares | 8,074 | 7,180 |
Common Class A | ||
Common stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 1,000,000 | 1,000,000 |
Common stock shares issued | 46,327 | 45,542 |
Common stock shares outstanding | 41,393 | 41,502 |
Common Class B | ||
Common stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 1,000,000 | 1,000,000 |
Common stock shares issued | 11,626 | 11,884 |
Common stock shares outstanding | 8,486 | 8,744 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Statement of Other Comprehensive Income [Abstract] | ||
Net loss | $ (2,454) | $ (5,871) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities, net of tax | (21) | 17 |
Comprehensive loss | $ (2,475) | $ (5,854) |
Organization and Description of Business |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business PubMatic, Inc. (together with its subsidiaries, the “Company” or “PubMatic”) was founded in 2006. The Company has offices worldwide. The Company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The purpose-built technology and infrastructure provides superior outcomes for both publishers and advertisers leveraging an efficient design, machine learning, and data processing capabilities, with customer alignment and global omnichannel reach.
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Basis of Presentation and Summary of Significant Accounting Policies |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, September 30, and December 31. References to fiscal year 2024, for example, refer to the fiscal year ending December 31, 2024. Unaudited Interim Condensed Consolidated Financial Information The unaudited condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 28, 2024 (the “Annual Report”). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after March 31, 2024, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates. Concentration of Revenue and Accounts Receivable The Company defines its revenue concentration based on revenue recognized from individual publishers. For the three months ended March 31, 2024 and 2023, no publisher represented more than 10% and one publisher represented 11% of the Company’s revenue, respectively. As of March 31, 2024, three buyers accounted for 33%, 22%, and 11% respectively, of accounts receivable. As of December 31, 2023, three buyers accounted for 30%, 21%, and 14%, respectively, of accounts receivable. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for credit losses is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for credit losses is determined based on historical collection experience and the review in each period of the status of the then outstanding accounts receivable, while taking into consideration current customer information, collection history, and other relevant data. Account balances are written off against the allowance when the Company believes it is probable the receivable will not be recovered. The following table presents the changes in the allowance for credit losses (in thousands):
Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
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Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):
The Company’s financial assets consist of Level 1 and 2 assets. The Company had no Level 3 assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.
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Balance Sheet Components |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Marketable Securities The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):
The remaining contractual maturity of all marketable securities was within one year as of March 31, 2024 and December 31, 2023. Realized gains and losses were not material for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and 2023, there were no securities that were in an unrealized loss position for more than twelve months. Property, Equipment and Software, Net Property, equipment and software, net consisted of the following (in thousands):
Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal-use software) was $6.6 million and $7.3 million for the three months ended March 31, 2024 and 2023, respectively. The Company capitalized $5.9 million and $5.4 million in software development costs during the three months ended March 31, 2024 and 2023, respectively. Amortization expense of internal-use software was $4.2 million and $2.8 million during the three months ended March 31, 2024 and 2023, respectively. These costs are included within cost of revenue in the condensed consolidated statements of operations. The Company did not recognize any impairment charges on its long-lived assets during the three months ended March 31, 2024 and 2023, respectively. Accounts Payable Accounts payable consisted of the following (in thousands):
Accrued Liabilities Accrued liabilities consisted of the following (in thousands):
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Senior Secured Credit Facilities Agreement |
3 Months Ended |
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Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Senior Secured Credit Facilities Agreement | Senior Secured Credit Facilities Agreement On October 17, 2022, the Company entered into a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) with the several lenders parties thereto (the “Lenders”), and Silicon Valley Bank (“SVB”), as administrative agent, lead arranger, issuing lender, and swingline lender. The Credit Agreement matures on October 17, 2027. The Credit Agreement provides a revolving credit facility in an aggregate principal amount of $110 million (“the Revolving Credit Facility”), including a $25 million letter of credit sub-facility and a $25 million swingline sub-facility. The Company’s obligations under the Revolving Credit Facility and the letter of credit sub-facility (described in Note 8) with SVB are secured by substantially all of its assets excluding its intellectual property. The Company may, subject to certain customary conditions, on one or more occasions increase commitments under the Revolving Credit Facility in an amount not to exceed $90 million in the aggregate (the “Incremental Facility”). Each Lender will have discretion to determine whether it will participate in any Incremental Facility. Borrowings under the Revolving Credit Facility will accrue interest at rates equal, at the Company’s election, to (i) the applicable secured overnight financing rate (“SOFR”), plus the applicable margin for such loans, or (ii) the alternate base rate (“ABR”), which is defined as the highest of (a) the prime rate in effect from time to time, (b) the federal funds effective rate in effect from time to time plus 0.50%, and (c) the adjusted term SOFR for a one (1) month tenor in effect from time to time plus 1.00%, plus the applicable margin for such loans. The applicable margin for borrowings bearing interest on the SOFR ranges from 2.00% to 2.75%, and the applicable margin for borrowings bearing interest based on the ABR ranges from 1.00% to 1.75%. As of March 31, 2024, the applicable interest rate under the revolving credit facility was 9.50%. The Company will pay a quarterly commitment fee during the term of the Credit Agreement for the non-use of available funds ranging from 0.25% to 0.35%. In addition, the Credit Agreement provides a mechanism to determine a successor reference rate to the applicable reference rate if, among other things, the applicable reference rate becomes unavailable or is generally replaced as a benchmark interest rate. The Credit Agreement contains customary representations and warranties as well as customary affirmative and negative covenants. Negative covenants include, among others, limitations on incurrence of indebtedness, liens, disposition of property and investments by the Company and its subsidiaries. In addition, the Credit Agreement requires the Company to maintain certain interest coverage, leverage and senior leverage ratios. To date, the Company is in compliance with the affirmative and negative covenants. The Credit Agreement contains customary events of default. Upon the occurrence and during the continuance of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. The Company may use amounts borrowed under the Credit Agreement for general corporate purposes or working capital financing. The Company may borrow additional amounts under the Credit Agreement from time to time as opportunities and needs arise. As of March 31, 2024, the Company has not drawn down on the credit facility. Following the SVB closure by the California Department of Financial Protection and Innovation on March 10, 2023, and its subsequent receivership by the Federal Deposit Insurance Corporation (“FDIC”), the FDIC announced that all of SVB’s deposits and substantially all of its assets had been transferred to a newly created, full-service FDIC-operated bridge bank, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 27, 2023, First Citizens Bank & Trust Company (“First Citizens”) acquired substantially all of the loans and certain other assets of the former SVB, and assumed all customer deposits and certain other liabilities of the former SVB. As such, First Citizen assumed SVB’s obligations under the Credit Agreement.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements. During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million. The components of lease cost were as follows (in thousands):
As of March 31, 2024, a weighted average discount rate of 3.15% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024. As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
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Leases | Leases Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements. During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million. The components of lease cost were as follows (in thousands):
As of March 31, 2024, a weighted average discount rate of 3.15% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024. As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
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Acquisition-related Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related Intangible Assets, Net | Acquisition-related Intangible Assets, Net Acquisition-related Intangible Assets, Net Acquisition-related intangible assets, net consisted of the following (in thousands):
The weighted average remaining useful life of developed technology was 3.5 years as of March 31, 2024. Amortization expense related to acquisition-related intangibles was $0.4 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands):
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations The Company’s purchase obligations primarily relate to minimum contractual payments due to data center providers. During the three months ended March 31, 2024, there were no material changes to the Company’s non-cancelable purchase obligations disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Letters of Credit As of March 31, 2024 and December 31, 2023, the Company had two irrevocable letters of credit outstanding related to non-cancelable facilities leases in the amounts of $3.5 million and $0.5 million, with annual automatic renewal and final expiration dates in July 2028 and April 2025, respectively. Legal Matters From time to time, the Company is or may be involved in various claims and other legal matters arising in the normal course of business. The Company records an accrual for a liability relating to claims and other legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Any such accruals are reviewed at least quarterly and adjusted for the impacts of negotiations, rulings, settlements, and other information or events pertaining to a particular matter, or on the advice of legal counsel. To date, the Company has not incurred a material loss, or a material loss in excess of a recorded accrual, with respect to any claims and other legal matters arising in the normal course of business. However, the outcomes of claims and other legal matters are inherently unpredictable and subject to significant uncertainties. If the Company subsequently concludes that there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred, and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any material claims or been required to defend any actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In addition, the Company has indemnification agreements with certain of its directors and executive officers that require it, among other things, to indemnify them against certain liabilities that may arise due to their status or service as directors or officers of the Company. The terms of such obligations may vary
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Stockholders’ Equity and Stock Option Plans |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity and Equity Incentive Plans | Stockholders’ Equity and Equity Incentive Plans Share Repurchases In February 2023, the Company’s board of directors authorized the Company to repurchase up to $75 million of its Class A common stock (“2023 Repurchase Program”). In February 2024, the Company’s board of directors authorized the Company to repurchase up to an additional $100 million of its Class A common stock (“2024 Repurchase Program”) in addition to the $75 million previously authorized under the 2023 Repurchase Program. As of March 31, 2024, $100.0 million remains available for repurchases. Shares are repurchased in a manner deemed in the best interest of the Company and its stockholders, dependent upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. During the three months ended March 31, 2024, the Company repurchased 894,651 aggregate shares of Class A common stock for $15.7 million. Repurchases are executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Exchange Act. The 2023 Repurchase Program is scheduled to terminate on December 31, 2024, while the 2024 Repurchase Program is scheduled to terminate on December 31, 2025. Equity Incentive Plans The Company maintains the 2020 Equity Incentive Plan (“2020 Plan”), pursuant to which the Company may grant stock options, restricted stock awards, stock appreciation rights, restricted stock units (“RSUs”), deferred stock units (“DSUs”) performance awards, and stock bonus awards. As of March 31, 2024, the Company has reserved 3,025,245 shares of Class A common stock for the issuance of awards under the 2020 Plan. These available shares will increase automatically on January 1 for each of the first ten calendar years during the term of the 2020 Plan by the number of shares equal to the lesser of five percent (5%) of the aggregate number of outstanding shares of all classes of the Company’s common stock outstanding as of the immediately preceding December 31, or a number as may be determined by the Company’s board of directors or compensation committee. No new awards were issued under the Company’s prior 2006 Plan or 2017 Plan (“Prior Plans”) after the effective date of the 2020 Plan. To the extent outstanding awards under the 2006 Plan and the 2017 Plan are forfeited, expire unexercised, or would otherwise have been returned to the share reserve under the Prior Plans, the shares of Class B common stock subject to such awards instead will be available for future issuance as Class A common stock under the 2020 Plan. Stock Options The following table summarizes stock option activity and related information under the Company’s equity incentive plans:
As of March 31, 2024, unrecognized stock-based compensation of $25.5 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 2.92 years. Restricted Stock Units The following table summarizes RSU activity and related information under the Company’s 2020 Plan:
As of March 31, 2024, unrecognized stock-based compensation of $75.2 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 3.00 years. 2020 Employee Stock Purchase Plan In November 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (“ESPP”). The aggregate number of shares reserved for issuance under the ESPP increases automatically on January 1st of each of the first ten calendar years during the term of the ESPP by the number of shares equal to the lesser of (a) 1% of the total outstanding shares of all classes of the Company’s common stock as of the immediately preceding December 31, and (b) such number of shares of common stock as determined by the Company’s board of directors. The aggregate number of shares issued over the term of the ESPP may not exceed 7,500,000 shares of Class A common stock. As of March 31, 2024, the Company had reserved 401,599 shares of its Class A common stock for issuance under the ESPP. Under the ESPP, Class A common stock will be purchased for the accounts of employees participating in the ESPP on each purchase date at a price per share equal to 85% of the lesser of: (a) the fair market value on the offering date or (b) the fair market value on the purchase date. The ESPP provides for, at maximum, 27 month offering periods and each offering period may consist of one or more six-month purchase periods, whereby the latest offering period commenced on June 1, 2022, and the offering periods thereafter consist of two six-month purchase periods ending May 31, 2023. As of March 31, 2024, $1.1 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions and is included in accrued liabilities. For the three months ended March 31, 2024 and 2023, no shares of our Class A common stock were purchased under the ESPP. As of March 31, 2024, unrecognized stock-based compensation expense related to the ESPP was $0.2 million, which is expected to be recognized over a weighted-average period of 0.17 years. Stock-Based Compensation Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):
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Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Net Loss Per Share The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share (“EPS”) attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights. The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate ("AETR") for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The discrete effective tax rate method has been used to calculate taxes for the fiscal three months ended March 31, 2024. The Company has determined that since small changes in estimated “ordinary” income would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the fiscal three months ended March 31, 2024. The Company recorded a benefit from income taxes of $0.2 million and $3.4 million for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was 9% and 37% for the three months ended March 31, 2024 and 2023, respectively. The benefit from income taxes for the three months ended March 31, 2024 is related to tax benefits from foreign-derived intangible income (FDII), research tax credits, and deductions for equity awards, offset by nondeductible stock-based compensation and Section 162(m) limitation on the tax deductibility of officers’ compensation. Realization of the Company’s deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance, the Company considers its historical, as well as future projected, taxable income along with other objectively verifiable evidence. Objectively verifiable evidence includes the Company’s realization of tax attributes, assessment of tax credits, and utilization of net operating loss carryforwards during the year.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands):
The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands):
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401(k) Plan |
3 Months Ended |
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Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) PlanThe Company has a 401(k) Savings Plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer matching contribution. The Company made $0.5 million and $0.4 million in matching contributions to the 401(k) Plan for the three months ended March 31, 2024 and 2023 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (2,454) | $ (5,871) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation.
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Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after March 31, 2024, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
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Concentration of Revenue and Accounts Receivable | Concentration of Revenue and Accounts Receivable The Company defines its revenue concentration based on revenue recognized from individual publishers
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Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | The following table presents the changes in the allowance for credit losses (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):
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Balance Sheet Components (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale | The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):
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Property, Plant and Equipment | Property, equipment and software, net consisted of the following (in thousands):
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Schedule of Accounts Payable and Accrued Liabilities | Accounts payable consisted of the following (in thousands):
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Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands):
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease cost were as follows (in thousands):
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Lessee, Operating Lease, Liability, Maturity | As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
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Finance Lease, Liability, Fiscal Year Maturity | As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
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Acquisition-related Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class | Acquisition-related intangible assets, net consisted of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2024, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands):
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Stockholders’ Equity and Stock Option Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes stock option activity and related information under the Company’s equity incentive plans:
The following table summarizes RSU activity and related information under the Company’s 2020 Plan:
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Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):
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Net Loss Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share, Basic, by Common Class, Including Two Class Method | The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):
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Schedule of Earnings per Share, Diluted, by Common Class, Including Two Class Method | The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands):
The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands):
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Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk Percentage (Details) - Customer Concentration Risk |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
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Revenue Benchmark | One Publisher | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Accounts Receivable | Buyer One | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 33.00% | 30.00% |
Accounts Receivable | Buyer Two | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22.00% | 21.00% |
Accounts Receivable | Buyer Three | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 14.00% |
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ 770 | $ 1,765 |
Increase in provision for expected credit losses | 0 | 0 |
Write-offs | 163 | 0 |
Allowance for credit losses, ending balance | $ 933 | $ 1,765 |
Balance Sheet Components - Summary of Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 93,908 | $ 96,839 |
Unrealized Gain | 1 | 15 |
Unrealized Loss | (22) | (19) |
Marketable securities | 93,887 | 96,835 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 47,856 | 50,975 |
Unrealized Gain | 0 | 3 |
Unrealized Loss | (21) | (16) |
Marketable securities | 47,835 | 50,962 |
Agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,997 | |
Unrealized Gain | 0 | |
Unrealized Loss | (2) | |
Marketable securities | 2,995 | |
U.S. Treasury and government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,052 | 42,867 |
Unrealized Gain | 1 | 12 |
Unrealized Loss | (1) | (1) |
Marketable securities | $ 46,052 | $ 42,878 |
Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 207,537 | $ 201,443 |
Less: accumulated depreciation and amortization | (150,987) | (140,714) |
Property, equipment and software, net | 56,550 | 60,729 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 62,149 | 56,257 |
Network hardware, computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 137,757 | 137,709 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 5,328 | 5,173 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 2,303 | $ 2,304 |
Balance Sheet Components - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Property, Plant and Equipment [Line Items] | ||
Depreciation, depletion and amortization | $ 6,600,000 | $ 7,300,000 |
Capitalized computer software additions | 5,900,000 | 5,400,000 |
Capitalized Computer Software, Impairments | 0 | 0 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Amortization | $ 4,200,000 | $ 2,800,000 |
Balance Sheet Components - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Payable to publishers | $ 275,925 | $ 335,061 |
Trade and other payables | 13,251 | 12,612 |
Total accounts payable | $ 289,176 | $ 347,673 |
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 11,350 | $ 18,784 |
Accrued and other current liabilities | 8,413 | 6,900 |
Accrued liabilities | $ 19,763 | $ 25,684 |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 2,019 | $ 1,834 |
Finance lease cost | 47 | 47 |
Total lease cost | $ 2,066 | $ 1,881 |
Leases - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Leases [Abstract] | |
Operating lease right-of-use assets obtained in exchange for new lease obligations | $ 4.0 |
Operating leases | 3.15% |
Finance leases | 2.24% |
Operating lease term | 3 years 8 months 12 days |
Finance lease term | 4 years |
Leases - Lease Maturity (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Operating Leases | |
Remainder of 2024 | $ 5,924 |
2025 | 6,348 |
2026 | 6,557 |
2027 | 5,211 |
2028 | 1,813 |
Total minimum lease payments | 25,853 |
Less: imputed interest | (1,399) |
Total present value of lease liabilities | 24,454 |
Finance Leases | |
Remainder of 2024 | 109 |
2025 | 149 |
2026 | 153 |
2027 | 158 |
2028 | 40 |
Total minimum lease payments | 609 |
Less: imputed interest | (26) |
Total present value of lease liabilities | 583 |
Total | |
Remainder of 2024 | 6,033 |
2025 | 6,497 |
2026 | 6,710 |
2027 | 5,369 |
2028 | 1,853 |
Total minimum lease payments | 26,462 |
Less: imputed interest | (1,425) |
Total present value of lease liabilities | $ 25,037 |
Acquisition-related Intangible Assets, Net - Acquisition-Related Intangible Assets, Net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,900 | $ 8,900 |
Accumulated Amortization | 2,431 | 3,036 |
Net Carrying Amount | 5,469 | 5,864 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,900 | 7,900 |
Accumulated Amortization | 2,431 | 2,036 |
Net Carrying Amount | $ 5,469 | 5,864 |
Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,000 | |
Accumulated Amortization | 1,000 | |
Net Carrying Amount | $ 0 |
Acquisition-related Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 0.4 | $ 1.3 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 6 months |
Acquisition-related Intangible Assets, Net - Estimated Future Amortization (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 1,185 | |
2025 | 1,580 | |
2026 | 1,580 | |
2027 | 1,124 | |
Net Carrying Amount | $ 5,469 | $ 5,864 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
Mar. 31, 2024
USD ($)
instrument
|
Dec. 31, 2023
USD ($)
instrument
|
---|---|---|
Other Commitments [Line Items] | ||
Number of letters of credit | instrument | 2 | 2 |
Irrevocable Letters of Credit due July 2028 | ||
Other Commitments [Line Items] | ||
Letters of credit outstanding, amount | $ 3.5 | |
Irrevocable Letters of Credit due April 2025 | ||
Other Commitments [Line Items] | ||
Letters of credit outstanding, amount | $ 0.5 |
Stockholders’ Equity and Stock Option Plans - Summary of Restricted Stock Units and Related Information (Details) - Unvested restricted stock units shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Number of Shares Underlying Outstanding Options (in thousands) | |
Unvested beginning balance (in shares) | shares | 2,934 |
Granted (in shares) | shares | 2,038 |
Vested (in shares) | shares | (230) |
Canceled/Forfeited (in shares) | shares | (118) |
Unvested ending balance (in shares) | shares | 4,624 |
Weighted-Average Exercise Price | |
Unvested beginning balance (in usd per share) | $ / shares | $ 19.49 |
Granted (in usd per share) | $ / shares | 15.95 |
Vested (in usd per share) | $ / shares | 20.92 |
Canceled/Forfeited (in usd per share) | $ / shares | 17.22 |
Unvested ending balance (in usd per share) | $ / shares | $ 17.92 |
Net Loss Per Share - Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Numerator: | ||
Net loss | $ (2,454) | $ (5,871) |
Denominator: | ||
Weighted average common shares outstanding – basic (in shares) | 50,039 | 52,740 |
Weighted average common shares outstanding – diluted (in shares) | 50,039 | 52,740 |
Net loss per share – diluted (in usd per share) | $ (0.05) | $ (0.11) |
Net loss per share – diluted (in usd per share) | $ (0.05) | $ (0.11) |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Benefit from income taxes | $ (249) | $ (3,375) |
Effective income tax rate reconciliation, percent | 9.00% | 37.00% |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 66,701 | $ 55,407 | |
Total | 80,023 | $ 81,831 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 40,507 | 32,640 | |
Total | 63,354 | 68,299 | |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 20,144 | 17,844 | |
APAC | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 4,967 | 3,978 | |
Rest of the world | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,083 | $ 945 | |
Total | $ 16,669 | $ 13,532 |
401(k) Plan - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Retirement Benefits [Abstract] | ||
Defined contribution plan, maximum annual contributions per employee, percent | 100.00% | |
Defined contribution plan, employer discretionary contribution amount | $ 0.5 | $ 0.4 |
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