Delivered revenue and adjusted EBITDA ahead of guidance;
CTV revenue grew over 50% year-over-year excluding political ad spend;
Activate revenue up over 100% year-over-year;
AI-powered platform reduces campaign setup time by 87% and speeds up issue resolution by 70%;
25% increase year-over year in ad spend from mid-market focused DSP partners.
No Headquarters/REDWOOD CITY, Calif.--(BUSINESS WIRE)--November 10, 2025--
PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising's supply chain of the future, today reported financial results for the third quarter ending September 30, 2025.
"We delivered revenue and adjusted EBITDA ahead of guidance and strong cash flow. CTV growth over 50% year-over-year excluding political advertising once again significantly outpaced the market rate of growth. These results demonstrate the power of our platform, the continued diversification of our business and our accelerated pace of innovation," said Rajeev Goel, co-founder and CEO at PubMatic. "As an early adopter of AI, our leadership extends across the infrastructure, application and transaction layers of programmatic advertising, and is a defining competitive advantage for us. In collaboration with NVIDIA, our infrastructure is, we believe, years ahead of peers. We've also deepened our competitive moat and unlocked measurable, incremental revenue opportunities with our newly launched AI platform for buyers and publishers. As the industry rapidly redefines itself, we are actively shaping its future and fueling advertising performance, transparency and automation."
Third Quarter 2025 Financial Highlights
-- Revenue in the third quarter of 2025 was $68.0 million, compared to
$71.8 million in the same period of 2024. Q3 2024 included $5.0 million
in revenue from political advertising;
-- Net dollar-based retention1 was 98% for the trailing twelve-months
ended September 30, 2025, compared to 112% in the comparable trailing
twelve-month period a year ago;
-- GAAP net loss was $(6.5) million with a margin of (9)%, or $(0.14) per
diluted share in the third quarter, compared to GAAP net loss of $(0.9)
million with a margin of (1)%, or $(0.02) per diluted share in the same
period of 2024;
-- Adjusted EBITDA was $11.2 million, or 16% margin, compared to $18.5
million, or a 26% margin, in the same period of 2024;
-- Non-GAAP net income was $1.6 million, or $0.03 per diluted share in the
third quarter, compared to Non-GAAP net income of $6.6 million, or $0.12
per diluted share in the same period of 2024;
-- Net cash provided by operating activities was $32.4 million, an
increase over $19.1 million in the same period of 2024;
-- Total cash and cash equivalents of $136.5 million as of September 30,
2025 with no debt;
-- Through September 30, 2025, used $180.6 million to repurchase 12.4
million shares of Class A common stock, representing 24% of fully diluted
shares as of the program's inception.
The section titled "Non-GAAP Financial Measures" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
(1) Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended September 30, 2024 (Prior Period Revenue). We then calculate the revenue from these same publishers in the trailing twelve months ended September 30, 2025 (Current Period Revenue). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods
Business Highlights
Omnichannel platform drives revenue in key secular growth areas
-- Excluding political advertising, revenue from CTV grew over 50%
year-over-year2. PubMatic recently added and expanded partnerships with a
number of free ad-supported streaming services including, Tubi, Future
Today and LocalNow, which add to a strong roster of over 90% of the top
30 global streamers already on PubMatic.
-- Excluding political advertising, revenue from omnichannel video, which
includes CTV, grew 21% year-over-year.3
Cutting-Edge AI Innovation Drives Performance and Leading Competitive Advantage
-- Deployed next-generation AI models on the world's most advanced GPU
architecture through a multi-year technical collaboration and innovation
cycle with NVIDIA.
-- We believe this collaboration closes the infrastructure advantage of
walled garden platforms. Customers benefit from increased performance and
speed, including:
-- 5X faster in bid response speed, unlocking optimization
strategies previously impossible at standard programmatic rates;
-- 85% reduction in auction timeouts, recovering millions in ad
spend that used to be lost to latency;
-- 3 times more ad requests processed per server, expanding our
impression capacity without proportional cost; and
-- Five data center racks consolidated into one, delivering
measurable margin leverage.
New AI-Powered Platform Fuels Increased Usage, Incremental Revenue and Operational Efficiency
-- Launched AI-powered publisher platform, putting publishers back in
control of their yield, data, and demand. The unified platform combines
three core capabilities that directly impact publisher bottom lines:
automated revenue optimization, first-party data monetization, and direct
access to high-value media budgets. The publisher suite also includes 17
operational AI agents guiding yield, diagnostics and creative set up.
-- Recently launched an AI yield optimization solution for publishers.
This new solution uses adaptive learning models to automate pricing and
improve auction efficiency, driving an average of 10% revenue growth for
publishers.
-- PubMatic's AI-powered, end to end digital advertising platform cuts
campaign setup time by 87%, speeds up issue resolution by 70%, which
translates directly into faster activations, higher productivity and
better outcomes for our customers.
Advancing Leadership in CTV
-- Ad-buying activity from AI-powered Live Sports Marketplace grew
sequentially more than 150% in Q3 2025 over Q2 2025.
-- New premium content drives increased monetization through unique ad
demand accessed only on PubMatic. Fremantle, one of the world's largest
entertainment content creators generated a 78% increase in incremental
programmatic demand across their expanding FAST channel portfolio.
-- Launched Pause Ads for CTV. Advertisers can now serve dynamic,
contextually relevant ads when viewers pause content. This expanded ad
format is a premium, brand-safe moment that boosts engagement and yields
incremental revenue for publishers.
Expanding Reach on the Buy Side
-- Supply Path Optimization represented 55%+ of total activity on our
platform in Q3 2025, up from 50% a year ago, driven by Activate, CTV
Marketplaces, and robust sell-side targeting capabilities.
-- Over the trailing nine months, customer adoption on Activate increased
35%, and the number of active campaigns grew 4x over the trailing nine
months in 2024.
-- Expanded a top three DSP partnership to launch Programmatic Guaranteed
deals that streamline execution for advertisers across premium streaming
content. This integration reduces friction in deal setup, accelerates
time-to-market for campaigns, and unlocks incremental budgets.
-- Partnered with Blis, an omnichannel DSP that brings high-value demand
from leading global brands across automotive, retail, and financial
services that prioritize full-funnel measurement and offline
attribution.
-- Diversified ad buyer mix beyond the legacy DSPs. Ad spend from
performance marketers and mid-market focused DSPs grew 25%+
year-over-year.
Scaling Emerging Revenue Streams
-- Emerging revenues grew 80% year-over-year, and included curation,
commerce media, and other non SSP revenues.
-- New AI-based yield optimization solution for publishers unlocked tens
of millions of dollars in incremental revenue for publishers, in turn
generating a new PubMatic revenue stream.
-- Expanded partnerships with leading data providers around the world,
including Nielsen which named PubMatic as their exclusive sell-side
partner to bring more than 10,000 audience segments to Australian
advertisers and agencies.
Owned and operated infrastructure drives operational efficiencies
-- Infrastructure optimization initiatives combined with limited capex
drove nearly 87 trillion impressions processed in Q3 2025, an increase of
24% over Q3 2024.
-- Cost of revenue per million impressions processed decreased 19% on a
trailing twelve month period, as compared to the prior period.
"We exceeded expectations on both revenue and adjusted EBITDA. This outperformance was driven by CTV, online video and mobile app. We also managed expenses, leveraged AI and delivered healthy margins and strong free cash flow," said Steve Pantelick, CFO at PubMatic. "We continue to execute a robust, multifaceted strategy, adding new revenue streams, expanding our SPO relationships and CTV leadership, and expanding our DSP mix. As revenue growth re-accelerates, we anticipate margin expansion in both gross and adjusted EBITDA, directly benefiting from our efficient and leveraged business model."
(2) Including political advertising, revenue from CTV grew over 10% year-over-year. (3) Including political advertising, revenue from omnichannel video, which includes CTV, grew 5% year-over-year.
Financial Outlook
Our outlook assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.
Accordingly, we estimate the following for the fourth quarter of 2025:
-- Revenue to be between $73 million to $77 million, inclusive of an
impact from one of our top DSP buyers.
-- Adjusted EBITDA to be in the range of $19 million to $21 million,
representing approximately a 27% margin at the midpoint. Adjusted EBITDA
expectation assumes a negative foreign currency exchange impact
predominantly from Euro and Pound Sterling.
Although we provide guidance for adjusted EBITDA, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.
Conference Call and Webcast details
PubMatic will host a conference call to discuss its financial results on Monday, November 10, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic's Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income (loss), net cash provided by operating activities, and net income (loss), we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per diluted share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income (loss) adjusted for stock-based compensation expense, depreciation and amortization, litigation related expenses, interest income, and provision for (benefit from) income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net income (loss) adjusted for stock-based compensation expense, litigation related expenses, and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.
In addition to operating income (loss) and net income (loss), we use adjusted EBITDA, non-GAAP net income, and free cash flow as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
-- Adjusted EBITDA and non-GAAP net income are widely used by investors
and securities analysts to measure a company's operating performance
without regard to items such as stock-based compensation expense,
litigation related expenses, depreciation and amortization, interest
expense, and benefit from income taxes that can vary substantially from
company to company depending upon their financing, capital structures and
the method by which assets were acquired; and,
-- Our management uses adjusted EBITDA, non-GAAP net income, and free cash
flow in conjunction with GAAP financial measures for planning purposes,
including the preparation of our annual operating budget, as a measure of
operating performance or, in the case of free cash flow, as a measure of
liquidity, and the effectiveness of our business strategies and in
communications with our board of directors concerning our financial
performance; and adjusted EBITDA provides consistency and comparability
with our past financial performance, facilitates period-to-period
comparisons of operations, and also facilitates comparisons with other
peer companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results.
Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
-- Adjusted EBITDA does not reflect: (a) changes in, or cash requirements
for, our working capital needs; (b) the potentially dilutive impact of
stock-based compensation; or (c) tax payments that may represent a
reduction in cash available to us;
-- Although depreciation and amortization expense are non-cash charges,
the assets being depreciated and amortized may have to be replaced in the
future, and adjusted EBITDA does not reflect cash capital expenditure
requirements for such replacements or for new capital expenditure
requirements; and
-- Non-GAAP net income does not include: (a) the potentially dilutive
impact of stock-based compensation; and (b) income tax effects for
stock-based compensation
Because of these and other limitations, you should consider adjusted EBITDA, non-GAAP net income, and free cash flow along with other GAAP-based financial measures, including net income (loss) and cash flow from operating activities, and our GAAP financial results.
Forward Looking Statements
This press release contains "forward-looking statements" regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the fourth quarter of 2025 and capex for the full year 2025, our expectations regarding our total addressable market, future market growth, and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; our ongoing litigation against Google LLC; geopolitical conflicts and related measures taken in response by the global community; the impacts of inflation, tariffs and recessionary fears as well as fiscal tightening, changes in the interest rate and currency exchange environments and continuing volatility in global capital markets; global macroeconomic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. All information in this press release is as of November 10, 2025. We 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.
About PubMatic
PubMatic is an independent technology company maximizing customer value by delivering digital advertising's supply chain of the future. PubMatic's sell-side platform empowers the world's leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic's infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
September 30, December 31,
2025 2024
---------------- -----------------
ASSETS
Current assets
Cash and cash equivalents $ 136,548 $ 100,452
Marketable securities -- 40,135
Accounts receivable, net 362,591 424,814
Prepaid expenses and other current
assets 21,307 10,145
----------- ----------
Total current assets 520,446 575,546
Property, equipment and software,
net 51,396 58,522
Operating lease right-of-use assets 39,993 44,402
Acquisition-related intangible
assets, net 3,099 4,284
Goodwill 29,577 29,577
Deferred tax assets 28,269 24,864
Other assets, non-current 3,408 2,324
----------- ----------
TOTAL ASSETS $ 676,188 $ 739,519
=========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable $ 356,469 $ 386,602
Accrued liabilities 25,617 26,365
Operating lease liabilities,
current 6,333 5,843
----------- ----------
Total current liabilities 388,419 418,810
Operating lease liabilities,
non-current 38,255 39,538
Other liabilities, non-current 4,454 3,908
----------- ----------
TOTAL LIABILITIES 431,128 462,256
Stockholders' equity
Common stock 6 6
Treasury stock (193,041) (146,796)
Additional paid-in capital 309,789 275,304
Accumulated other comprehensive
income (loss) 67 (636)
Retained earnings 128,239 149,385
----------- ----------
TOTAL STOCKHOLDERS' EQUITY 245,060 277,263
----------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 676,188 $ 739,519
=========== ==========
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ -------------------------
2025 2024 2025 2024
----------- ----------- ------------ -----------
Revenue $67,960 $71,786 $202,880 $205,754
Cost of revenue(1) 25,403 25,508 77,603 76,092
------ ------ ------- -------
Gross profit 42,557 46,278 125,277 129,662
Operating
expenses:(1)
Technology and
development 9,616 8,813 27,504 25,432
Sales and
marketing 25,732 23,696 77,731 71,606
General and
administrative 15,628 15,134 45,825 43,499
------ ------ ------- -------
Total operating
expenses 50,976 47,643 151,060 140,537
------ ------ ------- -------
Operating loss (8,419) (1,365) (25,783) (10,875)
------ ------ ------- -------
Interest income 1,198 1,969 4,170 6,873
Other income
(expense), net (937) (930) (3,939) 3,356
------ ------ ------- -------
Loss before income
taxes (8,158) (326) (25,552) (646)
Provision for
(benefit from)
income taxes (1,706) 586 (4,406) 749
------ ------ ------- -------
Net loss $(6,452) $ (912) $(21,146) $ (1,395)
====== ====== ======= =======
Basic and diluted
net loss per share
of Class A and
Class B stock $ (0.14) $ (0.02) $ (0.45) $ (0.03)
====== ====== ======= =======
Weighted-average
shares used to
compute net loss
per share
attributable to
common
stockholders -
Basic and diluted 45,933 49,056 47,146 49,623
(1) Stock-based compensation expense includes the following:
STOCK-BASED COMPENSATION EXPENSE
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -------------------------
2025 2024 2025 2024
------ ---------- ------- ----------------
Cost of revenue $ 474 $ 486 $ 1,422 $ 1,417
Technology and
development 1,471 1,603 4,684 4,688
Sales and
marketing 3,423 3,450 10,351 10,160
General and
administrative 4,143 3,918 12,553 12,002
----- --------- ------ ------------
Total
stock-based
compensation
expense $9,511 $ 9,457 $29,010 $ 28,267
===== ========= ====== ============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(unaudited)
Nine Months Ended September 30,
---------------------------------------
2025 2024
-------------------- -----------------
CASH FLOW FROM OPERATING
ACTIVITIES:
Net loss $ (21,146) $ (1,395)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Depreciation and
amortization 33,996 33,931
Stock-based compensation 29,010 28,267
Deferred income taxes (11,772) (10,831)
Accretion of discount on
marketable securities (822) (3,552)
Non-cash operating lease
expense 5,528 5,098
Other (864) (78)
Changes in operating
assets and liabilities:
Accounts receivable 62,223 (1,322)
Prepaid expenses and
other assets (2,221) (1,554)
Accounts payable (29,981) 8,841
Accrued liabilities 429 2,259
Operating lease
liabilities (1,912) (4,741)
Other liabilities,
non-current 432 454
------------ -------------
Net cash provided by operating
activities 62,900 55,377
------------ -------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and
equipment (7,455) (13,268)
Capitalized software
development costs (16,094) (16,068)
Purchases of marketable
securities (26,026) (117,977)
Proceeds from sales of
marketable securities 27,095 --
Proceeds from maturities of
marketable securities 39,859 156,958
------------ -------------
Net cash provided by investing
activities 17,379 9,645
------------ -------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Payment of business
combination indemnification
claims holdback -- (2,148)
Proceeds from issuance of
common stock for employee
stock purchase plan 1,357 1,451
Proceeds from exercise of
stock options 1,495 1,578
Principal payments on
finance lease obligations (105) (98)
Payments to acquire treasury
stock (47,650) (65,400)
------------ -------------
Net cash used in financing
activities (44,903) (64,617)
------------ -------------
NET INCREASE IN CASH AND CASH
EQUIVALENTS 35,376 405
Effect of foreign currency on
cash 720 --
CASH AND CASH EQUIVALENTS -
Beginning of period 100,452 78,509
------------ -------------
CASH AND CASH EQUIVALENTS - End
of period $ 136,548 $ 78,914
============ =============
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------------- -----------------------------
2025 2024 2025 2024
------------- ------------ -------------- -------------
Reconciliation
of net income
(loss):
Net loss $(6,452) $ (912) $(21,146) $ (1,395)
Add back
(deduct):
Stock-based
compensation 9,511 9,457 29,010 28,267
Depreciation and
amortization 10,459 11,384 33,996 33,931
Litigation
related
expenses(2) 538 -- 538 --
Interest income (1,198) (1,969) (4,170) (6,873)
Provision for
(benefit from)
income taxes (1,706) 586 (4,406) 749
------ --- ------ --- ------- --- ------- ---
Adjusted
EBITDA(3) $11,152 $18,546 $ 33,822 $ 54,679
====== ==== ====== === ======= ==== ======= ===
Revenue $67,960 $71,786 $202,880 $205,754
Adjusted EBITDA
margin 16% 26% 17% 27%
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2025 2024 2025 2024
----------- ----------- ------------ ----------
Reconciliation of net
income (loss) per
share:
Net loss $(6,452) $ (912) $(21,146) $(1,395)
Add back (deduct):
Stock-based
compensation 9,511 9,457 29,010 28,267
Litigation related
expenses(2) 538 -- 538 --
Adjustment for income
taxes (2,018) (1,978) (6,141) (5,863)
------ ------ ------- ------
Non-GAAP net income(3) $ 1,579 $ 6,567 $ 2,261 $21,009
====== ====== ======= ======
GAAP diluted EPS $ (0.14) $ (0.02) $ (0.45) $ (0.03)
------ ------ ------- ------
Non-GAAP diluted EPS $ 0.03 $ 0.12 $ 0.04 $ 0.38
====== ====== ======= ======
GAAP weighted average
shares
outstanding--diluted 45,933 49,056 47,146 49,623
Non-GAAP weighted
average shares
outstanding--diluted 49,180 53,986 50,718 54,854
(2) Litigation related expenses represents external legal fees and other
expenses, net of insurance recoveries, associated with pending litigation that
arose outside of the ordinary course of business. These costs related to a
discrete matter, and are not representative of our underlying operating
performance. We do not adjust for legal expenses incurred in our ordinary
course of business.
(3) Net loss, Adjusted EBITDA, and Non-GAAP net income for the nine months
ended September 30, 2024 include other income of $4.0 million related to our
efforts to build and test integrations with the Google Privacy Sandbox.
Reported GAAP diluted loss per share for the three and nine months ended September 30, 2025 and 2024 were calculated using basic share count. Non-GAAP diluted earnings per share for the three and nine months ended September 30, 2025 were calculated using diluted share count which includes approximately 3 million and 4 million shares, respectively, of dilutive securities related to employee stock awards. Non-GAAP diluted earnings per share for the three and nine months ended September 30, 2024 were calculated using diluted share count which includes approximately 5 million shares of dilutive securities related to employee stock awards.
SUPPLEMENTAL CASH FLOW INFORMATION
COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- -------------------------
2025 2024 2025 2024
----------- --------- ------------ -----------
Reconciliation
of cash
provided by
operating
activities:
Net cash
provided by
operating
activities $32,374 $ 19,139 $ 62,900 $ 55,377
Less:
Purchases of
property and
equipment (4,674) (11,731) (7,455) (13,268)
Less:
Capitalized
software
development
costs (4,914) (4,542) (16,094) (16,068)
------ ------- ------- -------
Free cash flow $22,786 $ 2,866 $ 39,351 $ 26,041
====== ======= ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20251109448266/en/
CONTACT: Investors:
The Blueshirt Group for PubMatic
investors@pubmatic.com
Press Contact:
Broadsheet Communications for PubMatic
pubmaticteam@broadsheetcomms.com
(END) Dow Jones Newswires
November 10, 2025 16:05 ET (21:05 GMT)
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