Taboola.com Ltd. (NASDAQ:TBLA) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET

Corporate Participants

Jessica Kourakos - Head-Investor Relations
Adam Singolda - Founder and Chief Executive Officer
Steve Walker - Chief Financial Officer

Conference Call Participants

Ethan Widell - B. Riley Securities
Laura Martin - Needham & Company
Andrew Boone - JMP Securities
James Kopelman - TD Cowen
Mark Mijatovic - The Benchmark Company

Operator

Good day and thank you for standing by. Welcome to the Taboola Third Quarter 2024 Earnings Conference Call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Jessica Kourakos, Head of Investor Relations.

Jessica Kourakos

Thank you, and good morning, everyone, and welcome to Taboola's third quarter 2024 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 Investor 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 statements, limitations, and 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 and the earnings press release posted on our website.

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

Adam Singolda

Good morning, everyone, and thank you all for joining us.

Q3 was another strong quarter, beating our guidance midpoint for revenues, extra gross profits, and adjusted EBITDA. With this strong quarter and the momentum we've seen for our run rate heading into Q4, we are reiterating our 2024 guidance for all metrics and raising our free cash flow target to more than $105 million, which represents more than 2x level what we generated in 2023.

2024 continues to be a big year for us. As you can see in our financial performance and our return to positive yield growth in Q3. As we look towards the future, our aim is to continue executing and building out our offerings to delight both our advertiser and publisher partners.