Taboola Lifts Q3, FY21 Outlook To Reflect Connexity Synergies

by Anusuya Lahiri, Benzinga Editor
September 28, 2021 11:49 AM | 2 min read |
  • Taboola.com Ltd TBLA provides updated 2021 and initial 2022 guidance that incorporates recently closed Connexity acquisition.
  • Related Content: Taboola.com To Acquire e-Commerce platform Connexity For $800M In Cash And Stock
  • Taboola closed its acquisition of Connexity on September 1, 2021, adding Connexity's 6,000 publishers and 1,600 direct merchant relationships.
  • Q3 Outlook: It increased the Q3 revenue guidance from $325 million - $328 million to $338 million - $342 million.
  • Taboola expanded the Q3 Gross Profit outlook from $95 million - $98 million to $101 million - $103 million.
  • The company raised the Q3 ex-TAC Gross Profit guidance from $115 million - $117 million to $122 million - $124 million.
  • It raised the Q3 Adjusted EBITDA outlook of $33 million - $34 million to $36 million - $37 million.
  • FY21 Outlook: The company raised the FY21 revenue outlook from the previous $1.316 billion - $1.323 billion to $1.392 billion - $1.40 billion.
  • It bumped the FY21 Gross Profit guidance from $390 million - $396 million to $418 million - $424 million.
  • Taboola lifted the FY21 ex-TAC Gross Profit outlook from ​$468 million - $472 million to $503 million - $509 million.
  • The company increased the FY21 Adjusted EBITDA guidance from ​$150 million - $153 million to $168 million - $171 million.
  • FY22 Outlook: Taboola.com expects Revenues of $1.698 billion - $1.748 billion, Gross Profit of $530 million - $550 million, ex-TAC Gross Profit of $645 million - $665 million, and Adjusted EBITDA of $193 million - $213 million.
  • Taboola estimates its total addressable market, when accounting for the Connexity acquisition, to be $124 billion, including $64 billion in the Open Web and $60 billion of e-commerce ad spend in walled gardens.
  • Price Action: TBLA shares traded lower by 2.75% at $8.83 on the last check Tuesday.
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