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         PubMatic Announces Record Fourth Quarter and Full Year 2020 Financial Results

Fourth Quarter 2020 Financial Highlights
         Revenue in the fourth quarter of 2020 was $56.2 million, an increase of 64% over $34.4 million in the same period of 2019;
         Net income was $18.8 million, or $0.34 per diluted share in the fourth quarter, an increase over net income of $4.1 million, or $0.06 per diluted share in the same period of 2019;
         Adjusted EBITDA was $26.9 million, a 190% increase over Adjusted EBITDA of $9.3 million in the same period of 2019; and
         Total cash, cash equivalents, and marketable securities of $101.0 million.

Full Year 2020 Financial Highlights
         Revenue in the full year of 2020 was $148.7 million, a 31% increase over $113.9 million in 2019;
         Net income was $26.6 million, or $0.46 per diluted share in 2020, an increase over net income of $6.6 million, or $0.04 per diluted share in 2019;
         Net dollar-based retention1 was 122%, an increase from 109% for 2019;
         Adjusted EBITDA was $50.3 million, a 116% increase over Adjusted EBTIDA of $23.3 million in 2019; and
         Net cash provided by operating activities was $24.3 million.



2020 Business Highlights
         Fast-growing advertising formats including mobile, digital video and OTT/CTV grew to 65% of total revenue in Q4 2020;
         Grew Q4 2020 omnichannel video revenues, which include short form video and OTT/CTV, by over 100% year-over-year;



Financial Outlook
         Our guidance assumes that the global economy continues to recover and we do not have any major COVID-19 related setbacks that may cause economic conditions to deteriorate or significantly reduce advertiser demand. Accordingly, we estimate the following:

         For the first quarter 2021, we expect revenue to be in the range of $38.0 million to $40.0 million, representing growth of 34% to 41% over Q1 2020. We expect Adjusted EBITDA to be in the range of $8.0 million to $9.0 million, or 21% to 23% margin.

         For the full year 2021, we expect revenue to be in the range of $180.0 million to $185.0 million representing growth of 21% to 24% over 2020. We expect Adjusted EBITDA to be in the range of $45.0 million to $49.0 million or 25% to 27% margin.



PUBMATIC QUARTERLY RESULTS



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