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What does Taboola.com do and what are its main business segments?

Did Taboola.com beat or miss consensus estimates last quarter?

- **Revenue Momentum**: Q3 revenue up 15% YoY to $497M, ex-TAC gross profit +6% YoY to $177M.
- **Advertiser Growth**: Scaled advertisers +4%, avg spend +11%, with a travel brand achieving 67% lower CPCs.
- **Share Buybacks**: 14% of shares repurchased YTD ($184M), signaling confidence in long-term strategy.
- **App Traffic Surge**: App-based traffic now 1/3 of total, growing double-digit Q/Q.
- **Financial Health**: 27.3% EBITDA margin, $46M free cash flow, and $270M credit facility for flexibility.
- **2025 Guidance**: Full-year revenue raised to $1.91B-$1.93B, ex-TAC to $700M-$710M.
- **AI & Growth**: LLM tools boost advertiser success, with focus on scaled advertisers as growth driver.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue reached $497 million, up 15% YoY, driven by Realize platform adoption. Ex-TAC gross profit grew 6% YoY to $177 million.
- **Scaled Advertisers Expansion**: Number of scaled advertisers increased by 4% to 2,064, with average revenue per scaled advertiser rising 11%.
- **Share Buybacks**: Repurchased 14% of shares year-to-date, totaling $184 million, reflecting confidence in future growth.
- **App Traffic Growth**: App-based traffic now accounts for ~1/3 of total supply, with double-digit growth in Q3.
- **Realize Success**: A major travel advertiser achieved 67% lower CPCs and 48% traffic growth, leading to a 10x budget increase.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA of $48 million (27.3% margin) and free cash flow of $46 million, with 96% conversion from EBITDA.
- **Guidance Update**: Full-year 2025 revenue raised to $1.91-$1.93 billion, ex-TAC gross profit to $700-$710 million.
- **FX Impact**: Q4 expects $5 million operating expense headwind, partially offset by ex-TAC tailwinds.
- **Liquidity**: $115 million cash, $74 million debt, and $270 million revolving credit facility for flexibility.

**【Q&A Highlights】**
- **AI Implementation**: LLM-based tools (e.g., Abby) improve advertiser onboarding and campaign optimization, with internal productivity gains.
- **Traffic Quality**: No material decline in human traffic; focus on high-quality supply via app partnerships (Apple, Samsung).
- **Marketing Spend**: Increased Q3 marketing to $3 million, targeting high-ROI segments like finance, auto, and DTC.
- **2026 Outlook**: Maintain 30%+ EBITDA margin while investing in Realize, with scaled advertiser growth as key metric.
- **CTV Expansion**: Early-stage partnership with Paramount to integrate TV and performance advertising, tracking conversions and ROAS.

Taboola.com Ltd. (TBLA) Q3 2025 Earnings Call Transcript

- **Q2 Strong Performance**: $465M revenue (+8.7% YoY), ex-TAC gross profit up 15%, EBITDA up 21%, with $34M free cash flow.
- **Realize Momentum**: 650 advertisers testing new platform, driving 34%+ performance gains; targeting $55B performance ad market.
- **Share Buybacks**: $100M repurchased in Q2, $200M additional authorization; 12% shares retired YTD.
- **Guidance Raised**: Full-year revenue $1.86-1.89B (3-5% growth), targeting double-digit growth via Realize expansion.
- **Minimal LLM Risk**: <5% revenue from search, stable OpenWeb traffic; investing in AI-driven OpenWeb solutions.

**【CEO Summary Section】**
- Q2 2025 revenue reached $465 million, up 8.7% YoY, with ex-TAC gross profit of $172 million (+15%) and adjusted EBITDA of $45 million (+21%).
- Launched Realize, a new performance ad platform, with 650 advertisers testing display/social capabilities since Q2, driving 34%+ performance improvement for clients.
- Repurchased ~12% of shares in H1, including $100M in Q2, and authorized an additional $200M for buybacks.
- Full-year guidance raised to $1.86-1.89B revenue, 3-5% growth (excluding Yahoo impact), targeting double-digit growth via Realize expansion.

**【CFO Financial Commentary】**
- Q2 gross profit $135.6M, +15% YoY, driven by ex-TAC growth and cost reductions (server costs down $1.2M). Free cash flow $34.2M (+31% YoY), with 70%+ EBITDA conversion.
- Balance sheet: $115M cash, $88M debt, and $270M revolving credit facility. Q2 net loss $4.3M, non-GAAP net income $30.2M.
- FY25 guidance: $1.86-1.89B revenue, $689-703M ex-TAC, $208-214M EBITDA. 3-5% core growth, 50-60% EBITDA-to-cash conversion.

**【Q&A Key Highlights】**
- **Growth Strategy**: Realize aims to capture $55B performance ad market outside search/social. Early wins: 650 advertisers testing, 65%+ budget growth for existing clients.
- **LLM Impact**: <5% revenue from search, minimal impact (mid-single-digit decline). Focus on OpenWeb LLM opportunities (e.g., Taboola News AI recommendations).
- **Capital Allocation**: Prioritize buybacks (12% share reduction YTD) over debt repayment, using revolver for liquidity flexibility.
- **Geographic Mix**: ~50% U.S., 5% China (stable post-tariff concerns), diversified global reach.

Taboola.com Ltd. (TBLA) Q2 2025 Earnings Call Transcript

- **Q1 Strong Execution**: Beat high end of guidance with 3% rev growth, 53% EBITDA margin expansion. 
- **Realize Momentum**: 9% scaled advertiser growth, early CPC display wins. LINE partnership opens utility app inventory. 
- **Resilient Cash Flow**: $36M free cash flow, $92M+ buybacks YTD. 
- **$55B Opportunity**: Focused on incremental budgets via performance formats, predictive targeting. 
- **Macro Resilience**: 1% China impact, core business unaffected. 
- **Share Buybacks**: Aggressive $200M program reducing shares 4% YoY.

**【CEO Summary Section】**
- **Q1 2025 Financial Highlights**: Revenue of $427M (+3% YoY), ex-TAC gross profit $152M (+9% YoY), adjusted EBITDA $36M (+53% YoY), free cash flow $36M (+35% YoY). 
- **Market Opportunity**: $55B performance advertising opportunity outside search/social. Taboola's Realize platform targets incremental budgets via CPC display, vertical videos, and predictive audience targeting. 
- **Realize Progress**: 1,996 scaled advertisers (+9% QoQ), 1% macro impact from China tariffs. LINE partnership expands into utility app inventory. 
- **Execution Focus**: Verticalizing sales teams, ideal customer profiles (ICP), and new supply partnerships like Microsoft and Gannett. 

**【CFO Financial Commentary】**
- **Revenue Drivers**: 9% growth in scaled advertisers offset by 3% decline in ARPA. Core native business yield improved 105% YoY. 
- **Profitability**: Adjusted EBITDA margin 24% (vs. 17% Q1 2024), free cash flow conversion >70%. 
- **Balance Sheet**: $89.7M net cash, $270M revolving credit facility. $49M share buybacks in Q1, $43M post-Q1. 
- **Guidance**: Full year 2025 revenue $1.84-1.89B, ex-TAC $674-690M, adjusted EBITDA $201-209M. Q2 2025 revenue $438-458M. 

**【Q&A Key Themes】**
- **Realize Adoption**: Early signs of incremental budgets, 100+ advertisers testing CPC display. Sales team energy "infectious". 
- **Macro Impact**: 1% China export spend decline, no material impact to core business. 
- **Employee Growth**: 700 salespeople, 650 engineers. Hiring focused on R&D for Realize, cautious on costs. 
- **Competitive Position**: Performance advertising resilience vs. branding spend. First-party data advantage over walled gardens.

Taboola.com (TBLA)-7 May 25-2025 Q1 Earnings call transcript

- **Record Financials**: 2024 ex-TAC gross profit +25%, EBITDA +104%, free cash flow $149M (vs. $100M target)
- **$200M Buyback Expansion**: Total $240M authorization to reduce shares
- **Realize Platform**: $55B TAM expansion beyond native ads, using existing advertiser creatives
- **2025 Guidance**: 2% growth, 30%+ EBITDA margin
- **Competitive Edge**: First-party data/AI, 600M daily users, 11,000+ publishers
- **Strategic Shift**: From native niche to full-funnel performance advertising

**【CEO Summary Section】**
- **Record Year Performance**: 2024 ex-TAC gross profit reached $667 million (+25% YoY), adjusted EBITDA $201 million (+104% YoY), and free cash flow $149 million (vs. $100M target). 
- **$200M Buyback Expansion**: Added to existing $40M authorization, total $240M to reduce shares while maintaining Yahoo's 25% ownership cap.
- **2025 Guidance**: 2% ex-TAC gross profit and EBITDA growth, targeting 30%+ EBITDA margin. 
- **Realize Platform Launch**: New performance ad platform to expand beyond native, targeting $55B TAM. Advertisers can now use existing display/social creatives on 600M daily users across 11,000+ publishers.
- **Strategic Shift**: Moving from niche native ads to full-funnel performance, driven by first-party data/AI and unmatched scale (650 engineers, 700 salespeople).

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenues $491M, ex-TAC GP $213M (+26% YoY), adj. EBITDA $92M (+84% YoY)
  - Full year free cash flow $149M (74% EBITDA conversion)
  - Net loss $3.8M vs. $82M in 2023
- **New Metrics**: 
  - Scaled advertisers (> $100K/yr spend) make up 85% of revenue
  - Avg. rev per scaled advertiser
- **Balance Sheet**: $103.9M net cash, $226.6M cash equiv., $122.7M long-term debt
- **2025 Outlook**: 
  - Revenues $1.84-1.89B, ex-TAC GP $674-690M, adj. EBITDA $201-209M
  - Free cash flow conversion 50-60% of EBITDA

**【Q&A Highlights】**
- **Amazon Threat**: Taboola focuses on open web commerce, not walled gardens. Connexity sees growth in social commerce influencers driving traffic to retailers.
- **CTV Growth**: CTV is top-of-funnel, not core for performance. Taboola focuses on display/DSP fragmentation and social's diminishing returns.
- **Realize Timeline**: Launched Q1 2025, tracking retention and spend growth. Early beta feedback positive on transparency/control vs. Google/The Trade Desk.
- **Yahoo Integration**: Advertiser spend on non-Yahoo supply underperformed expectations ($15M vs. expectations). Realize aims to unlock this demand.
- **Buyback Prioritization**: Share buybacks > debt repayment due to undervalued stock. May explore debt refinancing later.

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