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Taboola Taboola Announces First Quarter 2021 Financial Results May 17 , 2021 Delivers strong Q1 results and increases Q2 and Full Year 2021 expectations New York , NY , May 17 , 2021 - Taboola , a global leader in powering recommendations for the open web , helping people discover things they may like , today announced its results for the quarter ended March 31 , 2021 . Adam Singolda , Taboola's Founder and CEO , commented , " Our Q1 results demonstrated momentum across the business and the positive network effect of our scale , proprietary Al technology and expanding base of digital property and advertiser partners . The world's biggest publishers continue to place their trust in Taboola as their key recommendation partner . This , coupled with our recent product innovations that push the boundaries of what's possible for advertisers , have driven our success . As we prepare to go public in the second quarter through our pending merger with ION Acquisition Corp 1 Ltd. ( NYSE : IACA ) ( " ION " ) , we look forward to entering the next phase of our journey . " For more commentary on the quarter , please refer to Taboola's Q1 2021 Shareholder Letter , which was filed separately with the SEC and posted on Taboola's website today at https://www.taboola.com/documents/taboola-Q1-21-shareholder-letter.pdf . First Quarter 2021 Results Summary ( dollars in thousands ) Revenues Gross Profit Net Income ( loss ) Three Months Ended March 31 , 2021 2020 ( unaudited ) $ 302,950 $ 279,346 $ 89,499 $ 18,587 6.14 % $ 52,776 $ ( 23,853 ) ( 8.54 ) % $ 11,008 Net Income ( loss ) Margin Cash Flow from Operations $ ( 9,103 ) Cash , cash equivalents and short - term deposits $ 229,287 $ 118,644 Non - GAAP Financial Data * ex - TAC Gross Profit $ 105,914 $ 68,968 Adjusted EBITDA $ 33,543 Ratio of Adjusted EBITDA to ex - TAC Gross Profit 31.67 % $ ( 1,720 ) ( 2.49 ) % Free Cash Flow $ ( 14,640 ) $ 4,031 Financial Highlights • Exceeded our original projections on key metrics : o Revenues of $ 303 million versus original projections of $ 286 million • Gross Profit of $ 89 million versus original projections of $ 78 million