Aug. 6 at 12:14 PM
$TBLA And ChatGPT's analysis of the 2 tabs vs my scripts... Things line up the same. Follows: Taboola’s Q2-25 model shows a clean story of profitable expansion that’s being funneled straight into shareholder returns. On the P&L tab, revenue reached
$465 m (+9 % QoQ, +9 % YoY) while traffic-acquisition costs fell about 115 bps as a share of sales, lifting ex-TAC gross margin to 36.9 %. Operating expenses grew roughly in line with revenue, so Adjusted EBITDA jumped 21 % YoY to
$45 m, pushing the EBITDA-to-ex-TAC-GP ratio up to 26 %. Free cash flow was
$34 m—about 75 % of EBITDA—confirming the model’s cash-conversion assumptions.
The Balance-Sheet tab traces where that cash went: the treasury-share line swelled by
$101 m (aggressive buy-backs) and the term-loan balance dropped
$38 m, together pulling cash-and-equivalents down to
$115 m. Even after those moves Taboola sits in a net-cash position (~
$27 m) with gross leverage below 0.5× LTM EBITDA and a current ratio just over 1×—tight but still comfortable. Intangible amortization (mainly the Yahoo commercial agreement and legacy Connexity assets) continues to run at about
$28 m per quarter, explaining why GAAP net income is flat despite stronger operating performance. Net-net, the two tabs line up: earnings strength is real, cash is being redeployed to buy-backs and debt reduction, and the balance sheet retains enough liquidity to keep that strategy going.
