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PubMatic PubMatic Announces Third Quarter 2021 Financial Results November 9 , 2021 Delivered record revenue of $ 58.1 million , generated $ 13.5 million in GAAP net income and $ 24.3 million in adjusted EBITDA ; Fourth consecutive quarter of best - in - class organic revenue growth over 50 % , net margin over 10 % and adjusted EBITDA margin over 30 % ; Raising full year 2021 financial outlook NO - HEADQUARTERS / REDWOOD CITY , Calif . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) PubMatic , Inc. ( Nasdaq : PUBM ) , a sell - side platform that delivers superior outcomes for digital advertising , today reported financial results for the third quarter ending September 30 , 2021 . -- " We delivered record revenue in the third quarter , well ahead of our expectations . This quarter marks our fourth consecutive quarter of organic revenue growth above 50 % and adjusted EBITDA margin over 30 % , " said Rajeev Goel , co - founder and CEO at PubMatic . " We use a land and expand approach , coupled with a usage - based revenue model . When we deliver incremental value to our customers , we participate in their upside which further accelerates our profitable business model and enables us to invest for future growth . This flywheel positions us well for sustained and profitable growth and market share gains . " Third Quarter 2021 Financial Highlights • Revenue in the third quarter of 2021 was $ 58.1 million , an increase of 54 % over $ 37.8 million in the same period of 2020 ; • GAAP net income was $ 13.5 million , or $ 0.24 per diluted share in the third quarter , an increase over net income of $ 6.2 million , or $ 0.10 per diluted share in the same period of 2020 ; • Net dollar - based retention¹ was 157 % for the trailing twelve months ended September 30 , 2021 , an increase from 110 % in the comparable trailing twelve month period a year ago ; • Adjusted EBITDA was $ 24.3 million , or 42 % margin , compared to adjusted EBITDA of $ 13.4 million , or 35 % margin , in the same period of 2020 ; • Net cash provided by operating activities was $ 26.4 million , an increase of 617 % , compared to $ 3.7 million in the same period of 2020 ; and • Total cash , cash equivalents , and marketable securities of $ 136.7 million with no debt , an increase of 12 % from the second quarter of 2021 . 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 . Third Quarter 2021 Business Highlights • Processed 23.9 trillion impressions in the third quarter , a 103 % increase over a year ago as publishers continued to expand their inventory on the PubMatic platform ; • Revenue from fast - growing advertising formats mobile and omnichannel video , which includes CTV , 2 grew 64 % year - over - year and represented 65 % of total revenue in the third quarter ; • Revenue from CTV² grew by more than seven times over the third quarter of 2020. As of the end of the third quarter of 2021 , we programmatically monetized CTV inventory from 154 publishers , up from 114 publishers in the second quarter of 2021 ; • We are well diversified across more than 20 verticals and primarily associated with brand advertising spend . The top 10 ad verticals , in aggregate , grew over 70 % year over year . Excluding political ads , spending across every vertical was up at least double digits over the third quarter of 2020 ; • In the third quarter , we entered into a record number of supply path optimization deals with advertisers ; • Adoption of new products , including Identity Hub and Audience Encore , led to expanded use of our platform . Over