PubMatic, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PubMatic, Inc. has filed its 2023 10-K, detailing financial performance and corporate structure.</b>

AI Summary

PubMatic, Inc. (PUBM) filed a Annual Report (10-K) with the SEC on February 28, 2024. PubMatic, Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as common stock, treasury stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are detailed for the periods ending December 31, 2020, 2021, 2022, and 2023. The company's principal executive offices are located at 601 Marshall Street, Redwood City, CA 94063. PubMatic, Inc. was incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking PubMatic, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of PubMatic's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of equity accounts and historical financial data allows for year-over-year comparisons, enabling analysts to identify trends and evaluate the company's growth trajectory and financial stability.

Risk Assessment

Risk Level: low — PubMatic, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and equity changes within the 10-K to understand PubMatic's financial position and performance trends over the past three fiscal years.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 105 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• PubMatic, Inc. (company) — Filer name
• PUBM (company) — Ticker symbol
• 601 Marshall Street, Redwood City, CA 94063 (company) — Business address
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• Delaware (location) — State of incorporation

FAQ

Industry Context

PubMatic operates in the digital advertising technology industry, providing a cloud-based platform for publishers to manage and monetize their advertising inventory.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the detailed financial statements for fiscal years 2023, 2022, and 2021.
2. Examine the breakdown of equity accounts (common stock, retained earnings, etc.) for trends.
3. Note the company's principal business address and state of incorporation.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date PubMatic, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparisons to prior filings will be made as more detailed financial data becomes available.

Key Financial Figures

• $0.0001 — Which Registered Class A common stock, $0.0001 par value per share PUBM The Nasdaq Glo

Filing Documents

• pubm-20231231.htm (10-K) — 1895KB
• a2024executivebonusplan.htm (EX-10.10) — 56KB
• exhibit211.htm (EX-21.1) — 4KB
• ex231consentofdeloitte.htm (EX-23.1) — 2KB
• q42023exhibit311.htm (EX-31.1) — 12KB
• q42023exhibit312.htm (EX-31.2) — 12KB
• q42023exhibit321.htm (EX-32.1) — 6KB
• q42023exhibit322.htm (EX-32.2) — 6KB
• pubmatic-clawbackpolicy.htm (EX-97.1) — 63KB
• image_0.jpg (GRAPHIC) — 46KB
• pubm-20231231_g1.jpg (GRAPHIC) — 159KB
• 0001422930-24-000012.txt (&nbsp;) — 9936KB
• pubm-20231231.xsd (EX-101.SCH) — 56KB
• pubm-20231231_cal.xml (EX-101.CAL) — 121KB
• pubm-20231231_def.xml (EX-101.DEF) — 227KB
• pubm-20231231_lab.xml (EX-101.LAB) — 842KB
• pubm-20231231_pre.xml (EX-101.PRE) — 531KB
• pubm-20231231_htm.xml (XML) — 1400KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurit y 40

Properties

Item 2. Properties 42

Legal Proceedings

Item 3. Legal Proceedings 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43

Reserved

Item 6. Reserved 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreement with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreement with Accountants on Accounting and Financial Disclosure 89

Controls and Procedures

Item 9A. Controls and Procedures 89

Other Information

Item 9B. Other Information 90

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 91

Executive Compensation

Item 11. Executive Compensation 91

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 91

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 91 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 92

Form 10-K Summary

Item 16. Form 10-K Summary 95

Signatures

Signatures 96 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect," and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements.

Forward-looking statements include, but are not limited to, statements about

Forward-looking statements include, but are not limited to, statements about: our future financial and operating results; our ability to maintain our growth and profitability; our ability to attract and retain publishers and expand the utilization of our buyers; our ability to maintain a consistent supply of quality advertising inventory; our ability to maintain our competitive technological advantages against competitors in our industry; our expectations concerning the advertising industry, including the impact of macroeconomic conditions, inflation and rising interest rates; our ability to introduce new offerings and bring them to market in a timely manner; our ability to maintain, protect, and enhance our brand and intellectual property; our ability to continue to expand internationally; our expectations concerning relationships with third parties; future acquisitions of or investments in complementary companies or technologies; and our ability to comply with evolving legal and industry standards and regulations, particularly concerning data protection and consumer privacy. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in "Risk Factors" and elsewhere in this Annual Report on Form 10-K. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Annual Report on Form 10-K may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely

BUSINESS

ITEM 1. BUSINESS Overview PubMatic, Inc. ("we", or "us) is an independent technology company seeking to maximize customer value by delivering digital advertising's supply chain of the future. Our mission is to fuel the endless potential of Internet content creators. Our integrated technology platform empowers the world's leading digital content creators (which we collectively refer to as "publishers") across the open internet to maximize monetization of their advertising inventory. Our platform also provides control and transparency to buyers, which includes advertisers, agencies, agency trading desks, and demand side platforms ("DSPs") (which we collectively refer to as "buyers") and enables both publishers and buyers to drive better business outcomes. Our Industry As the digital advertising ecosystem continues to evolve, some key industry trends include: Continued Growth of Digital Media Across Multiple Platforms: Consumers have dramatically increased the amount of time they spend online, on mobile devices, or watching content through connected television. Numerous activities that historically occurred offline continue to shift online. To better reach consumers, every major media format has transitioned or is in the process of transitioning content from traditional or analog means of delivery to digital across every media channel and device. In addition, digital advertising continues to evolve into new areas such as commerce media, which creates new opportunities for growth. Automation and Data Processing: The challenges of scale and the complexity of the digital advertising ecosystem require an automated, fast, and efficient approach to purchasing ads online, known as programmatic advertising. Programmatic advertising, on an automated basis, enables buyers to purchase ad impressions on publisher supplied inventory within milliseconds in a sophisticated, technology-driven marketplace. With header bidding, which enables a single parallel auction by a publis