Taboola.com Ltd. (NASDAQ:TBLA) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET

Company Participants

Adam Singolda - Founder and Chief Executive Officer

Stephen Walker - Chief Financial Officer

Conference Call Participants

Andrew Boone - JMP Securities

James Kopelman - TD Cowen

Laura Martin - Needham & Company

Daniel Day - B. Riley Securities

Stephen Jue - Credit Susie

Operator

Good day and thank you for standing by. Welcome to the Taboola Q2 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I will now like to turn the conference over to Brinlea Johnson [ph], Investor Relations. Please go ahead.

Unidentified Company Representative

Thank you, and good morning, everyone. And welcome to Taboola's second quarter 2023 earnings conference call. I'm here with Adam Singolda, Taboola's Founder and CEO; and Steve Walker, Taboola's CFO. The company issued earnings materials today before the market and they are available in the Investors section of Taboola's website.

Now, I'll quickly cover the Safe Harbor. Certain statements today, including our expectations for future periods are forward-looking statements. They are not facts and are subject to material risks and uncertainties described in our SEC filings. These statements are based on currently available information and we undertake no duty to update them, except as required by law. Today's discussion is also subject to the forward-looking statement limitations in the earnings press release. Future events could differ materially and adversely from those anticipated.

During this call, we will use terms defined in the earnings release and refer to non-GAAP financial measures. For definitions and reconciliations to GAAP, please refer to the non-GAAP tables in the earnings release posted on our website.

And with that, I'll turn the call over to Adam.

Adam Singolda

Thanks, Brinlea. Good morning everyone and thank you all for joining us for our second quarter call. We had a strong performance in Q2, beating the high-end of our guidance across all metrics. We achieved $123 million in ex-TAC gross profit, $16 million in adjusted EBITDA and $8 million in free cash flow.

We are also excited to raise the midpoint of our full year 2023 guidance. As we are getting closer to 2024, we are bullish on our future, we expect a step change in our financial performance, and we are reiterating our guidance for 2024 of over $200 million in adjusted EBITDA and over $100 million in free cash flow.