Taboola.com Ltd. · NASDAQ:TBLA
Taboola.com — Investor Day (March 2025)
123 slides from Taboola.com's investor day presentation, Mar 26, 2025
Slide 1: Investor Day
Investor Day March 26, 2025 Taboola Investor Relations Jessica Kourakos & Aadam Anwar investors@taboola.com
Slide 2: Forward-Looking Statements - Disclaimer
Forward-Looking Statements - Disclaimer Certain statements in this presentation are forward-looking statements, including our Q1 2025 and full-year 2025 guidance and our expectations for Realize, our new performance advertising platform. Forward-looking statements generally relate to future events i
Slide 3: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 4: Vision & Strategy
Vision & Strategy Adam Singolda Founder & CEO
Slide 5: Advertising is only expensive when it doesn't work
“Advertising is only expensive when it doesn’t work."
Slide 6: Our "Amazon moment"
Our “Amazon moment” Presented to 700 sellers
Slide 7: amazon DOOKS
amazon DOOKS
Slide 8: 2025 Investor Day
2025 Investor Day Tabla
Slide 9: Agenda
Agenda 1 What a Ride 2 No more limits 3 Why We Win
Slide 10: Our very first Native Ad
Our very first Native Ad
Slide 11: We are the go-to for Open-web Native
We are the go-to for Open-web Native Outbrain TripleLift MGID Nativo RevContent Dianomi
Slide 12: Curiosity graph: Meta vs. Taboola
“Curiosity graph” Meta vs. Taboola SOCIAL
Slide 13: Our Revenue is direct. And we deliver for our advertisers
Our Revenue is direct. And We deliver for our advertisers
Slide 14: Apple News & Stocks chose Taboola
Apple News & Stocks I TBLA Chose Taboola Chose Taboola for for 30 years Apple News/Finance
Slide 15: We built a ~$1.8B business
We built a 2024 ~$1.8B business $1,766M 2021 less than 0.0001% of $1,378M companies ever get there 2018 $909M Gross Revenue ($,m) 2014 $200M
Slide 16: Execution = Innovation
Execution = Innovation You Can Copy Anything. Not Culture
Slide 17: Agenda
Agenda 1 What a Ride 2 No more limits 3 Why We Win
Slide 18: Beyond Native
Beyond Native Do more for Advertisers & Publishers Advertisers Native is a small portion of ad budgets Publishers ~20% of revenue is native, rest is display
Slide 19: Introducing Realize
Introducing realize Performance Advertising Beyond Search & Social New Demand new formats New Supply new display placements Performance pricing on all formats (CPC for display/vertical video) Predictive Audience conversions “look alike” New streamlined UX + integration of Abby
Slide 20: Winning Strategy
Winning Strategy Publishers/ Advertisers OEM
Slide 21: Our Market Through the Advertiser's Lens
Our Market Through the Advertiser's Lens * Table cells’ size are not proportionate to spend Supply “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 22: ~$55B opportunity
~$55B opportunity * Table cells’ size are not proportionate to spend Supply “Branding” Top-of-funnel ~$30B Diminishing Demand returns ~$25B “Performance” Performance Low-mid funnel Display & Video ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 23: How we 2x-3x Taboola
How we 2x-3x Taboola * Table cells’ size are not proportionate to spend Supply “Branding” Top-of-funnel $10B Adtech (SSP, DSP, ..) ~$30B Demand Diminishing returns ~$25B Performance “Performance” Display & Video Low-mid funnel $10B ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 24: Publishers LOVE our new strategy
Publishers LOVE our new strategy
Slide 25: Making Performance Ads Great Again
Making Performance Ads Great Again
Slide 26: Open Web Market is Evolving & Expanding
Open Web Market is Evolving & Expanding Publishers extend to every utility app, OEM source of unique, premium supply for our advertisers. Any site, app, or OEM outside of “walled garden” is a Taboola Publisher OEMs Music apps Messaging apps Ride share
Slide 27: Agenda
Agenda 1 What a Ride 2 No more limits 3 Why We Win
Slide 28: Why should Taboola win this $55B market?
Display has been around for 30 years Why should Taboola win this $55B market? Unique supply 1st party data 600M+ daily users AI trained on 500M+ conversions a year Reputation for performance Culture drives execution
Slide 29: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 30: Market Opportunity
Market Opportunity Tom Inbal SVP Corporate Strategy & Marketing
Slide 31: Digital marketing
Digital marketing ~$700b 12-14% YoY >$450b Performance ~$2 Trillion Business
Slide 32: Not everybody is a winner…
Not everybody is a winner… ~$700b 12-14% YoY X6 X3 X 0.8 X 10 >$450b Performance X 2.5 ROAS ~$2 Trillion X4 Business X1 X8 X 0.5
Slide 33: Go to platforms aren't making things easier
Go to platforms aren’t making things easier Intensifying Fatigue and competition saturation CPC CPM
Slide 34: Where are digital dollars being spent?
Where are digital dollars being spent? *Table cells’ size are not proportionate to spend Supply “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 35: Where are digital dollars being spent?
Where are digital dollars being spent? *Table cells’ size are not proportionate to spend Supply 1 2 “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 36: Other display & video
Other display & video *Table cells’ size are not proportionate to spend Supply 1 2 “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 37: Other display & video
Other display & video *Table cells’ size are not proportionate to spend Supply 1 = $80B 2 “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 38: Other display & video
Other display & video *Table cells’ size are not proportionate to spend Supply 1 = $80B 2 “Branding” Top-of-funnel Demand “Performance” $25B Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 39: 1990's 1996 2000's
1 1990’s 1996 2000’s
Slide 40: 1990's 1996 2000's
1 1990’s 1996 2000’s
Slide 41: Tabla
Tabla
Slide 42: 1
1
Slide 43: Tech and data behind it
1 Display’s ability to perform hinges on having Tech and data behind it ..But not when applied like much Display works and is growing.. of non-social programmatic Social Limited use of 1P data Insufficient personalization Lack performance models YouTube Retail Media
Slide 44: Tech and data behind it
1 Display’s ability to perform hinges on having Tech and data behind it ..But not when applied like much Display works and is growing.. of non-social programmatic Social Limited use of 1P data Insufficient personalization Lack performance models YouTube Retail Media
Slide 45: Realize makes Display perform on the open web
1 Realize makes Display perform on the open web Open Web Display Today: Limited use of 1P data Insufficient personalization Lack performance models
Slide 46: Digging into that $10b immediate opportunity
1 Digging into that $10b immediate opportunity ~$4-5B ~$6-7B DSPs Ad-tech Performance specialist • Generalist tools • Don’t move the focused on upper Scale of direct quality supply needle funnel for large • Lack unique data or Unique data brands and agencies tech • Rely on indirect supply Unbiased •
Slide 47: Digging into that $10b immediate opportunity
1 Digging into that $10b immediate opportunity ~$4-5B ~$6-7B DSPs Ad-tech Performance specialist • Generalist tools • Don’t move the focused on upper Scale of direct quality supply needle funnel for large • Lack unique data or Unique data brands and agencies tech • Rely on indirect supply Unbiased •
Slide 48: Other display & video - summary
1 Other display & video - summary Supply 1 = $80B 2 “Branding” Top-of-funnel Demand “Performance” $25B Low-mid funnel $10B ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 49: Social
2 Social *Table cells’ size are not proportionate to spend Supply 1 2 “Branding” Top-of-funnel Demand “Performance” Low-mid funnel ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 50: Social performance spending
Social Bloom into Beauty: Experience performance Flowersforbeauty Nature's Essence in Every Drop! spending Sponsored Regulation Brand Safety 211 likes Discover now Diminishing returns Advertisers happy to diversify Bloom into Beauty: Experience Nature's Essence in Every Drop! Flowersforbeauty | Spon
Slide 51: What Diminishing Returns means here…
2 What Diminishing Returns means here… CPA Incremental Conversions Average CPA First $10k Next $10k Next $10k Next $10k Last $10k Incremental Spend
Slide 52: 75% of respondents notice diminishing return on social media
2 75% of respondents mentioned they notice diminishing return on social media Have you noticed diminishing returns on your social media advertising budgets? No 21.8% Not sure 3.6% Yes 74.7% Total n=307
Slide 53: Nearly 80% began noticing diminishing returns before 70% of budget depleted
2 Nearly 80% of respondents began noticing diminishing returns before 70% of their budget was depleted Of the budget you spend on social Between 85-100% media, at what percentage do you 2.5% typically start to see diminishing returns? Lower than 50% 32.8% Between 70-85% 19.9% ~$30b of budgets being
Slide 54: Advertisers attribute this to fatigue and saturation
2 Advertisers attribute this to fatigue and saturation Why do you believe this is happening? Rising ad costs 47% User fatigue 59% Saturation in target audience 66% Algorithm inefficiencies 47% Weaker targeting due to privacy restrictions 36% Ad creative fatigue 49% 0% 20% 40% 60% 80%
Slide 55: The opportunity
2 Social The opportunity Safe First party user data platform, Reach users and advanced offer a fresh at scale algorithmic capabilities approach to fresh users Realize is the closest thing to social outside social
Slide 56: Taboola is a great choice for $7B-$10B of $30B social spending
2 Taboola is a great choice for $7B-$10B of the $30B of social spending experiencing diminishing returns ~$30B ~$10B ~20-25% of social Verticals where Realize excels / performance budgets Advertisers experiencing more pain from diminishing returns
Slide 57: TAM and immediate opportunities - summary
TAM and immediate opportunities - summary Supply 1 = $80B 2 “Branding” Top-of-funnel Demand $25B “Performance” Low-mid funnel $30B $10B $10B ~$200B ~$200B ~$280B Other Display & Video Social Search
Slide 58: Summary
Summary Search and Social We specialize on performance By adding Taboola to their mix are great, but simply where our assets create Advertisers will achieve better results not enough competitive advantage with their performance budgets The opportunity is huge in segments where we have the advantage
Slide 59: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 60: Publisher Panel
Publisher Panel Tim Wolfe Grant Whitmore Felix Zeng SVP Revenue Operations VP Ad Tech & Revenue SVP Programmatic Gannett Advance Local The Weather Company
Slide 61: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 62: Product Strategy
Product Strategy Eyal Pincu VP Advertiser Products Hannah Luckie Head of Advertiser Product Marketing
Slide 63: Our Foundation, Our Future
Our Foundation Our Future Driving Performance A Comprehensive through Native Performance Advertising Advertising Platform Unique Supply, 1st Party Data, AI Technology
Slide 64: Our Foundation, Our Future
Our Foundation Our Future Driving Performance A Comprehensive through Native Performance Advertising Advertising Platform Unique Supply, 1st Party Data, AI Technology
Slide 65: Performance Engine
Performance Engine Direct Publisher Tech Unique 1st party data Sophisticated Matchmaking AI that powers organic and paid signals from our deep built over 17 years, trained on recommendations publisher integration unique data Engaging audiences with highly-targeted, relevant ads
Slide 66: Indirect Path Via Ad Tech
Indirect Path Via Ad Tech Publisher Publisher Publisher Publisher Publisher Inventory Source: mostly Publisher SSPs & Exchanges with SSP Publisher multiple auctions & hops Publisher Exclusivity: Limited/none Advertisers DSP SSP Publisher User Interaction Signals: SSP Limited Publisher DMP SSP Publis
Slide 67: Direct Path Via Realize
Direct Path Via Realize Yahoo Apple News Inventory Source: all from NBC News direct relationships with code on page integration CBS News Advertisers Weatherbug Exclusivity: high percentage Reach Line User Interaction Signals: Full across paid and Stroer organic activity +11K publishers
Slide 68: Signal Visibility
Signal Visibility Ad Tech Code on Page Integration • Partial context data • Full Context Data • No data on organic content interactions • Data on all organic and paid integrations • Full placement data only on winning bids* • Data is not dependent on the auction *Average Header Bidding win rate typi
Slide 69: 1st Party Data: Signal Type
1st Party Data: Signal Type Adtech Device, Location & Context Non-personally identifiable info like device type, OS, approximate location, Page context Conversions Advertisers can share post-click actions (purchases, sign-ups, etc.) Ad Placement User Behavior Interactions with ads and widgets (click
Slide 70: Bidded Supply Advantage
Bidded Supply Advantage Bidded Display Supply Unique Data Code on page, on all pages
Slide 71: Value Prediction AI
Value Prediction AI 1st party Continuous optimizations and calibrations of the models user data Taboola’s Proprietary Accurate CTR and Conversions Context Advanced Algorithms CVR predictions data Advertiser data LLM extracted dense Multi layered Neural feature Networks, matching Trained on unique re
Slide 72: At Massive Scale
At Massive Scale 600M 50B DAU Daily Recommendations 2B 800K Daily ad Requests Per impressions Second 150 TB 9K Daily Data Servers to handle serving globally
Slide 73: Why does this matter? Better Performance
Why does this matter? Better Performance • 2.45x lower CPL than • CPA 16% lower than benchmark campaign target • 14% lower CPA than other • Outperformed other campaigns channels • >30% registrations • Exceeded their Lead to converted to paying users Booking ratio by 85% • Decreased costs by 40%>
Slide 74: Our Foundation, Our Future
Our Foundation Our Future Driving Performance A Comprehensive through Native Performance Advertising Advertising Platform Unique Supply, 1st Party Data, AI Technology
Slide 75: Realize Toolkit
New! Realize Toolkit Performance AI Audience Targeting Ad Experience Campaign Management Fully-Automated Taboola 1P Audiences: Creative Formats: Set-up • Maximize Conversions • Tracking • Broad Targeting • Native • Without Pixel • Advertiser pixel • Interest & Demo • App Promotions • With tCPA • GTM
Slide 76: Display & Vertical Formats in New Supply
Display & Vertical Formats in New Supply Use Existing Display & Social Assets High Visibility Placements Direct Premium inventory, at scale in every market Unique Data Advantage from direct supply integration Performance pricing (CPC)
Slide 77: Social Importer Tool
Ad on Taboola Social Importer Tool Facebook Ad Social Importer allows advertisers to seamlessly re-use existing Meta creative Import creative with a click of a button
Slide 78: Predictive Audiences
Predictive Audiences Intent-based audience targeting Uses advertiser 1st party data Allows advertisers to find incremental, high-intent audiences at scale Beta Results 23% increase in CVR 13% improvement in CPA Opportunity New budgets from advertisers targeting incremental audiences
Slide 79: Performance Simulator
Performance Simulator Analyzes past campaign data to predict performance changes Predictives changes in CPA and Conversion based on Budgets and tCPA Give a clear picture of potential increase in scale and performance Adds predictability and stability into campaign management Opportunity Targeted rec
Slide 80: In-platform performance expert
In-platform performance expert Provides personalized insights, guidance, and recommendations Makes it easy for advertisers of all shapes and sizes to set up and optimise campaigns Enables advertisers to grow and scale via specific, customized , Opportunity actionable recommendations and troubleshoot
Slide 81: Roadmap
Roadmap Coming up Future • Performance Simulator Eligibility • Maximize Value + tROAS Performance AI • Predictive Audiences Eligibility • LTV optimization & Audience • Privacy Sandbox full integration • Extensive Audience Insights • Scale up Display & Vertical activity • 3x Header bidding supply Ad
Slide 82: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 83: Advertiser Panel
Advertiser Panel Julie Hansen Tim Stevens Justin Chase Jeff Ratner CRO & US CEO COO EVP Media President Babbel QuinStreet Eversana Quigley-Simpson
Slide 84: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 85: Execution & Go-To-Market
Execution & Go-To- Market Eldad Maniv President & COO 90
Slide 86: Operational Snapshot
Operational Snapshot ~2,000 35 10 Employees Global Offices Data Centers ~650 $0.9M 100+ Tech Talent Revenue/Employee Operating Markets ~700 Sales Talent
Slide 87: Customer-centric execution machine
Customer-centric execution machine Sales Support Finance Corporate People & Marketing Culture Product Product Marketing and R&D
Slide 88: Our Sales Structure
Our Sales Structure A journey to specialization Product Marketing Growth (SMB) Enterprise Strategic Taboola News Partnerships Advertisers Advertisers Global Clients Publishers Publishers Publishers Agencies Advertisers Tech Partnerships
Slide 89: Verticalizing Sales Organization
Financial Services Home & Garden Pharma & Healthcare Media & Entertainment Travel & Leisure Retail & eCommerce Verticalizing Sales Organization Automotive Continue to Evolve & Optimize B2B Telco Government Education
Slide 90: Targeting Ideal Customer Profiles
Targeting Ideal Customer Profiles ICPs vs Non-ICPs +10%-40% +10%-50% Retention NDR
Slide 91: Challenge, Solution, Results
Challenge Improve Babbel’s acquisition efficiency while maintaining strong engagement by testing Realize’s expanded ad inventory and new audience strategies. Julie Hansen, CRO & US CEO at Babbel says, “Taboola’s new technology platform, Realize, expands Solution the potential for success with our pe
Slide 92: What We've Changed: Targeted Approach to supply and data
What We’ve Changed: Targeted Approach to supply and data Focused on differentiated access to high performing supply enabled through: ● User intent signals / Relevant user context ● Significant incremental reach and scale ● Within marquee brands environment ● Profitable
Slide 93: Important Timelines for Realize
Important Timelines for Realize Onboarding unique supply & data - ONGOING US salesforce Realize Cannes DMexco AdWeek Possible OMR CES reorg; new salesforce Lions sales people activation Festival onboarded GTM timeline Beta test Realize Ongoing Scale up Scale up Scale up Maximize 2H 2024 launch testi
Slide 94: How We Measure Success
HOW WE MEASURE SUCCESS KPIs to Drive Incremental Ad Spend Early Indicators Outcomes 1. New business 2. Retention Growth in Advertisers 3. NDR + 4. Scaled Advertisers Growth in Ad Spend 5. # of strategic deals 6. RPM’s = Growth in Revenue for Taboola
Slide 95: Execution drives top line growth
Execution drives top line growth Unified KPIs for success Clear timelines and GTM plan Verticalization and focus on ICP Targeted supply and data strategy Specialized Sales Org supported by all department New Offering: realize
Slide 96: Agenda
Agenda 1 Vision & Strategy Adam Singolda 5 Product Strategy Eyal Pincu & Hannah Luckie Founder & CEO VP Advertiser Products & Head of Advertiser Product Marketing 2 Market Opportunity Tom Inbal 6 Advertiser Panel Nadav Perry SVP Corporate Strategy & Marketing VP of Brands and Agencies 3 Publisher Pa
Slide 97: Financial Overview
Financial Overview Steve Walker CFO
Slide 98: Financial Overview
Financial Overview Strong, Cash Generating Existing Business Potential To Accelerate Growth With Realize Significant Financial Leverage From Incremental Growth
Slide 99: Strong, Cash Generating Existing Business
Strong, Cash Generating Existing Business
Slide 100: Taboola Focuses on Profitable Growth
Taboola Focuses on Profitable Growth ex-TAC Gross Profit1 Adjusted EBITDA1 ($ in millions) ($ in millions) CAGR ‘19A - ‘24A: 17.6% CAGR ‘19A - ‘24A: 42.7% YoY 5.1% 29.2% 35.7% 9.8% -5.9% 24.6% Ratio* 11.5% 27.8% 34.5% 27.5% 18.4% 30.0% Growth 1. Non-GAAP measure, see appendix for reconciliation to G
Slide 101: Existing Business Highly Profitable and Generating Significant Cash
Existing Business Highly Profitable and Generating Significant Cash Actual Guidance* ($ in millions) FY 2024 FY 2025 Revenues $1,766 $1,863 ex-TAC Gross Profit1 $667 $682 Margin %1 38% 37% Adjusted EBITDA1 $201 $205 Margin % 30% 30% Free Cash Flow $148 No Guide Conversion % 74% 50-60% 1. Non-GAAP me
Slide 102: Strong Cash Flow Has Allowed Aggressive Share Buybacks
Strong Cash Flow Has Allowed Us To Be Aggressive In Buying Back Shares Avg Daily Share Repurchases Period 1: Initial Buybacks June 2023 - May 2024 516,635 Period 2: Limited by Yahoo Ownership Cap ~5x June 2024 - February 2025 increase 111,613 Period 3: Since Q4 Earnings March 2025 - Present Day 48,2
Slide 103: We Continue to Maintain a Strong Balance Sheet and Fundamentals
We Continue to Maintain a Strong Balance Sheet and Fundamentals 12/31/2023 12/31/2024 Q1 2025 Activity Cash & S-T Investments* $182M ● Retired L-T debt and $230M replaced with lower Long Term Debt $142M interest revolver on $116M March 18 Net Cash $40M $114M ● ~$47M used for share repurchases 1.47x
Slide 104: Potential To Accelerate Growth With Realize
Potential To Accelerate Growth With Realize
Slide 105: Revenue Growth Driven by Advertisers & Spend
Revenue Growth Driven by Advertisers & Spend 1 Growing # of Scaled Advertisers # of Scaled Advertisers* ● Scaled means > $100k / year spend ● Strong growth – 60%+ since 2021 ● Growing further requires us to: ○ Get more new advertisers 1 ○ Show new advertisers success ○ Grow ad budgets over time Reve
Slide 106: Realize Offers A Path To Double Digit Top Line Growth
Realize Offers A Path To Double Digit Top Line Growth NEW OFFERINGS OPTIMIZED ACCESS TO UNIQUE 1 2 GO-TO-MARKET 3 SUPPLY & DATA Realize performance platform With the release of Realize, our Onboarding supply that offers expands our capabilities sales focus is on verticalization new ad formats and bi
Slide 107: New Offerings Significantly Expand TAM & Will Drive Higher Ad Spend
1 Expanded TAM & New Offerings New Offerings Significantly Expand TAM & Will Drive Higher Ad Spend New Set Of More New More Scaled Customers To Sell To Customers Advertisers Expanded Product Offering New Upsell Higher Average Opportunities For Higher Spend (Net Revenue per Existing Customers Dollar
Slide 108: Focus On Ideal Customer Profiles Leads To Higher Success Rates
2 Optimized Go-To-Market Focus On Ideal Customer Profiles Leads To Higher Success Rates and Higher Ad Spend Higher Initial More New Customers That More Scaled Success Rate For Stay With Us Advertisers New Advertisers Focus On Ideal Customer Profiles Better Overall Higher Average Performance Versus H
Slide 109: Realize + Bidding Capabilities Enables Access To Unique Supply & Data
3 Access To Unique Supply & Data Realize + Bidding Capabilities Enables Access To Unique Supply & Data That Will Attract Advertisers Attractive To More New More Scaled Performance Advertisers Customers Advertisers That Can’t Access Today Addition of Unique, Attractive Supply Incremental Upsell Highe
Slide 110: Significant Financial Leverage From Incremental Growth
Significant Financial Leverage From Incremental Growth
Slide 111: Incremental Revenue Flows Through To Adj. EBITDA at a Very High Rate
Incremental Revenue Flows Through To Adj. EBITDA at a Very High Rate Improvement to top line growth from Realize converts to Free Cash Flow at a very high rate Low High Incremental Revenue 100 100 30 60 Incremental ex-TAC Gross Profit 3 7 Incremental Opex 27 53 Incremental Adj. EBITDA Adj. EBITDA In
Slide 112: Capital Deployment Framework
Capital Deployment Framework Organic Investments Operating Cash Flow Capital Expenditures ~2.0% of Revenue Free Cash Flow 50% to 60% of Adj. EBITDA Shareholder Returns Share Repurchases ~$200M total share repurchase authorization Acquisitions Strategic tuck-in acquisitions Debt Optimization $270M re
Slide 113: Financial Overview
Financial Overview Strong, Cash ● Profitable business Generating ● Generates strong free cash flow Existing Business ● Able to repurchase shares aggressively New product significantly expands TAM Potential To Accelerate ● Expanded TAM will drive incremental growth Growth With Realize ● ● Significant
Slide 114: Closing Remarks
Closing Remarks Adam Singolda
Slide 115: Why Taboola
Why Taboola Unique supply ARTICLE 1st party data 600M+ daily users DISPLAY AD AI trained on 500M+ NATIVE AD conversions a year Reputation for performance Culture drives execution * Based on Company estimates outside of search and social
Slide 116: Appendix
Appendix Tab@la
Slide 117: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income (loss) ($2.7) $2.8 $10.7 ($28.0) $8.5 ($24.9) ($12.0) ($82.0) ($3.8) Adjustments Financial expenses (income), net 0.8 (0.3) 1.3 3.4 2.7 (11.3) (9.2) 12.8 12.0 Tax expenses 4.3 5.1 5.3 5.0 14.9 23.0
Slide 118: Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation
Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation ($ in millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gross Profit $101 $179 $234 $232 $319 $441 $464 $426 $534 Net Income (loss) (3) 3 11 (28) 8 (25) (12) (82) (3.8) Ratio of Net income (loss) to Gross profit -3% 2% 5% -12% 3% -6
Slide 119: ex-TAC Gross Profit Margin Reconciliation
ex-TAC Gross Profit Margin Reconciliation ($ in millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenues $552 $578 $909 $1,094 $1,189 $1,378 $1,401 $1,440 $1,766 Gross Profit 101 179 234 232 319 440 464 426 534 Gross Profit Margin 18% 24% 26% 21% 27% 32% 33% 30% 30% Revenues $552 $578 $909 $1
Slide 120: Historical Free Cash Flow Reconciliation
Historical Free Cash Flow Reconciliation ($ in millions) 2020 2021 2022 2023 2024 Net cash from Operating activities 1 $139 $64 $53 $84 $184 Net cash used in the following investing activities ($18) ($39) ($35) ($32) ($35) Other Cost of Revenues (9) (14) (13) (12) (13) Purchase of IT equipment & Lea
Slide 121: Supplemental Cash Flow Information
Supplemental Cash Flow Information 2020 2021 2022 2023 2024 Free Cash Flow $121.3 $24.5 $18.6 $52.2 $149.2 Add Back: Cash Investment in Publisher prepayments (net) 1 (4.5) 7.3 15.3 (19.6) (22.5) Cash interest expense for money borrowed 0.0 1.1 20.7 18.5 14.3 Total – Cash generated before cash intere
Slide 122: Q1 2025 and 2025 Full Year Guidance: ex-TAC Gross Profit Reconciliation
Q1 2025 and 2025 Full Year Guidance: ex-TAC Gross Profit Reconciliation Guidance Guidance ($ in millions) Q1-25 FY 2025 Revenues $407 to $427 $1,838 to $1,888 Traffic Acquisition Cost (TAC) ($265 to $279) ($1,164 to $1,198) Other Cost of Revenues ($33 to $33) ($138 to $138) Gross Profit $109 to $115
Slide 123: Thank you
Thank you