CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$ (21,146)	$ (1,395)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	33,996	33,931
Stock-based compensation	29,010	28,267
Deferred income taxes	(11,772)	(10,831)
Accretion of discount on marketable securities	(822)	(3,552)
Non-cash operating lease expense	5,528	5,098
Other	(864)	(78)
Changes in operating assets and liabilities:
Accounts receivable	62,223	(1,322)
Prepaid expenses and other assets	(2,221)	(1,554)
Accounts payable	(29,981)	8,841
Accrued liabilities	429	2,259
Operating lease liabilities	(1,912)	(4,741)
Other liabilities, non-current	432	454
Net cash provided by operating activities	62,900	55,377
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(7,455)	(13,268)
Capitalized software development costs	(16,094)	(16,068)
Purchases of marketable securities	(26,026)	(117,977)
Proceeds from sales of marketable securities	27,095	0
Proceeds from maturities of marketable securities	39,859	156,958
Net cash provided by investing activities	17,379	9,645
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of business combination indemnification claims holdback	0	(2,148)
Proceeds from issuance of common stock for the 2020 Employee Stock Purchase Plan	1,357	1,451
Proceeds from exercise of stock options	1,495	1,578
Principal payments on finance lease obligations	(105)	(98)
Payments to acquire treasury stock	(47,650)	(65,400)
Net cash used in financing activities	(44,903)	(64,617)
NET INCREASE IN CASH AND CASH EQUIVALENTS	35,376	405
Effect of foreign exchange rates on cash and cash equivalents	720	0
CASH AND CASH EQUIVALENTS - Beginning of period	100,452	78,509
CASH AND CASH EQUIVALENTS - End of period	136,548	78,914
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	8,285	10,332
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal-use software costs	2,623	2,298
Property and equipment included in accounts payable and accrued liabilities	436	4,270
Capitalized software costs included in accounts payable and accrued liabilities	$ 1,757	$ 2,530

PubMatic, Inc. 10-Q