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Taboola Dear Shareholder , I am excited to share the progress we've made in our third quarter , which marks our second earnings since going public in June . We beat our Q3 guidance , we're raising Q4 , and as a result , are positioned to deliver a very strong 2021 . In Q3 , we delivered strong performance on all measures , while also closing our acquisition of Connexity , our largest acquisition to date . As a reminder , our Q3 guidance included one month of Connexity performance , and I'm happy to share that we beat those expectations . Our growth in Q3 was strong . We grew Revenues 17 % versus the same quarter last year . Gross Profit grew 20 % , ex - TAC Gross Profit grew 22 % , and Adjusted EBITDA was $ 40 million . At the same time , we are delivering solid cash conversion , and for 2020 and 2021 combined , our average is expected to be 60 % conversion from Adjusted EBITDA to free cash flow . Looking at the remainder of 2021 , we are raising our guidance for Q4 as we expect our business to continue its strong performance . As a result , we are increasing our full year 2021 guidance , and now expect revenues to grow approximately 15 % year - over - year , ex - TAC Gross Profit to increase 34 to 35 % year over year to $ 512 to $ 515 million for the full year , and Adjusted EBITDA to increase 64 to 66 % to $ 174 to $ 177 million . I'm also encouraged by our business momentum . We announced partnerships such as NBC Sports , who launched our High Impact Placements , which means we're expanding our presence to mid - article , homepage and other highly visible placements which brands and agencies love . These High Impact Placements are key drivers for our video initiatives , which help grow our yield and become a bigger revenue driver for publishers . Another exciting partnership is an exclusive content recommendation partnership in Hong Kong with Line Today , the WhatsApp of APAC . We also announced a partnership with Xiaomi as part of Taboola News . Xiaomi is one of the largest Android OEM manufacturers in the world , and they are integrating a feed of news on their devices . Taboola News is our version of Apple News , but only for Android devices . This is where we take our publisher partners to other canvases where users spend their time . This is also open web - friendly . When people click on Taboola News , we send them to the publisher site , versus Apple News , which keeps them within Apple's walled garden . This quarter , there was a lot of discussion in the market on privacy , iOS changes and IDFA . We did not see an impact from these changes on our business . Taboola's yield keeps growing through our ability to leverage contextual signals due to our hard - coded integrations with 9,000 publishers , through which we reach 500M active users a day . This is important now , and will become even more important over time , as advertisers look for alternatives to the walled gardens . 1