This meeting is being recorded. The second quarter of 2023. The financial statements at MD&A have been filed, and they can be accessed through the SEDAR website. My name is Aideen McDermott, Investor Relations Associate at Sabio, and joining us on today's call, we have Aziz Rahimtoola, Founder and CEO, and Sajid Premji, Chief Financial Officer. Sorry. We will start today's call with Aziz and Sajid discussing our Q2 results, and we will then follow that up with a Q&A session. Before we begin today's call, I would like to remind everyone that certain statements made today may contain forward-looking information that is subject to known and unknown risks, uncertainties, and other factors. For a complete description of risks and uncertainties facing the company, please refer to the company's MD&A and other continuous disclosure filings that are also available on the SEDAR website. Please note that all figures discussed today are in US dollars unless stated otherwise. With that, I will turn it over to Aziz. Good morning, everyone. How are you doing? Glad, happy to have you on our 2Q call. one sec, my internet just paused for a second. I'm gonna jump back on. I'm based in L.A., we've been having a lot of issues with internet. All right, here we go. We are able to deliver double-digit growth despite an increasingly difficult environment, as peers in the industry have all pointed out. Our strength is driven by unique value proposition that CTV advertising, powered by our 55 million cross-screen household graph, brings. This, combined by the fact that we have one of the most complete end-to-end tech stacks in the space, allows us to touch multiple parts of the CTV/OTT ecosystem while delivering price leverage at good margins. Some key highlights from this quarter include strong renewal business numbers, average deal size increases, and a host of accolades and recognitions, including being added to the LUMAscape, a prestigious list of top and growing players in the CTV/OTT space. We are in the final stages of the renewal and increases of our credit facility, providing us operating flexibility. Lastly, the capital raise. We also, as noted, we did a recent capital raise, which Sajid will get into, which adds additional leverage for inventory maximization. Finally, we're in a growing sector. Couple of slides I wanted to use to highlight this aspect. Next slide. We are continuing... Now, non- paid TV households have outnumbered U.S. paid TV households, this number is just continuing to increase at an ever-increasing rate. As you can see, Sabio has 55 million households. Within the next year, we potentially have the opportunity to actually have more US households, and these are validated CTV homes, than cable has in terms of total subscribers in the U.S. We're heading in the right direction. Unfortunately, cable continues to see the challenges, and we see a huge opportunity along those lines as well. In addition to that, this is leading to more time spent on streaming, which also benefits us from more advertising spend moving to this platform. Finally, it is more diverse viewership-wise, relative to general market, linear TV, traditional TV, which also is where Sabio has positioned early on and well in that space. The combination of all these elements certainly bodes well for us in a long-term perspective and really is contributing to our growth this quarter. Then, as you can see, we're set for long-term growth. talking about some of the key elements of this quarter, I'm gonna hand it over to Sajid to talk about Q2 specifics. Sajid? Thanks, Aziz. Despite a challenging economic environment, we are pleased to report another quarter of record sales with continued double-digit revenue growth. This came on the back of significant top-line gains in connected TV and OTT streaming. For the three months ended June thirtieth, 2023, Sabio generated $8 million in sales, up 11% from $7.2 million in the prior year. Evidencing the stability of our sales model, 74% of sales in the first half of 2023 were generated from repeat customers. The increase was led once again by a CTV and OTT business that continues to grow significantly above the competitive growth rates of our peers and the 21% growth rate for the US CTV industry at large. CTV and OTT sales organically grew 57% to $5 million, compared to $3.2 million in the prior year's quarter. For the fourth straight quarter, CTV and OTT streaming was our dominant sales category, accounting for 62% of our overall sales mix versus 44% in the prior year. Meanwhile, the unique analytics and insights provided by our AppScience business continues to differentiate us from the pack. Approximately 38% of Sabio's consolidated revenue during the first half of the year had an AppScience component, compared to 25% in the prior year's comparable period. Second quarter mobile display sales were $2.9 million, down 24% from $3.9 million in the prior year's period. Aligned with our sales strategy, our legal... our legacy mobile display customers continued to shift their spend with Sabio from mobile display to higher-margin mobile OTT streaming, recognized under our CTV and OTT streaming category. On a trailing 12-month basis, the shift from mobile display to CTV OTT has contributed to a 50% increase in average deal sizes, with CTV OTT as a category representing 64% of our overall sales mix. As our closest peer group continues to experience a sharp deterioration in gross margins, we continue to leverage our end-to-end CTV OTT technology stack to protect ours. Gross margins for the quarter increased to 60% from 59% in the prior year's quarter. Once again, Sabio's use of Vidillion supply and our continued ability to shift legacy mobile display customers into CTV OTT benefited gross margins. Our quarterly adjusted EBITDA loss of $1.7 million, was primarily driven by overhead added during and subsequent to the second quarter of 2022, which included the continued expansion of our sales and marketing apparatus. Sequentially, second quarter operating expenses, normalized for commissions, were flat in comparison to the first quarter of 2023. Cost efficiencies implemented by management offset incremental headcount additions to our sales force to position ourselves for the 2024 U.S. election. We expect further cost efficiencies to take hold in the quarters ahead as cost reductions implemented during the second quarter are fully realized and additional reductions by management are implemented. Our ability to maintain strong gross margins, combined with improving efficiencies in our cost structure, positions Sabio well for adjusted EBITDA gains in the second half of the year and into 2024. Echoing the thoughts of our closest peer group, rising interest rates have created a more deliberate ad market. Meanwhile, the political and advocacy demand that accelerated in the second half of 2022 may create difficult comps for the rest of 2023, before the material benefits of the 2024 election cycle take hold. We ended the quarter with 1.7 million U.S. in cash on our balance sheet, and subsequent to quarter end, we strengthened our cash position with the closure of a non-brokered 1.7 million convertible note offering. Finally, the renewal of our loan facility with Avidbank continues to progress well. Amendments under a negotiated term sheet include a potential $3 million US increase to the facility, subject to approval from the bank's loan committee. At year-end, we had 46.9 million shares outstanding, 4.2 million warrants outstanding, and 3.9 million options and RSU outstanding, with insiders owning 64% of the company. Now, we'll, we'll turn things back to Aziz. I think you may be on mute, Aziz. Sorry about that. Thank you, Sajid. As Sajid, as we mentioned, we are positioned well with our end-to-end offering. Having said that, we are dealing with, as our peer group has mentioned, we are dealing with uncertainty in the macro environment. This is having an effect with major advertisers that we work with, with their level of uncertainty across the board. This is limiting our visibility as it relates to Q3 revenue relative to the same time last year. The good news is we continue to retain logos and add additional logos, providing us an opportunity to accelerate out of the downturn the ad ecosystem is currently experiencing. In order to be prudent in these uncertain times, we will be undergoing additional cost reduction initiatives, with the objective of returning to positive adjusted EBITDA in 2023. Just as have we delivered since 2020, and we've dealt with during COVID, we understand what it takes to use the levers on our, on our, we have at hand to maximize revenue and to return back to profitability, while continuing to position ourselves in the CTV/OTT growth story ahead, and that we still believe is in the early innings. With that, I'll hand it over to Aideen to take questions. Thank you. Thanks, Aziz and Sajid. We will now open up the call for Q&A. Analysts have been given speakers permission, so please raise your virtual hand and we will take questions. First up, we have Daniel Rosenberg from Paradigm. Daniel, go ahead. Hi, good morning, everybody. My first question was around the balance sheet. There were a few announcements, about, you know, subsequent to the quarter. I just was wondering if you could walk through how we should think about how you'll be allocating capital, especially given, you know, in the Q4 timeframe, when, you know, the cash flow comes in, in that seasonally strong quarter. Thanks. Yeah. Thanks, Daniel. That's a good question, and you touched on a good point. We did raise CAD 1.7 million after quarter end through a convertible note offering, and that was really to prepare ourselves for next year in the 2024 election cycle and a higher demand period. Our Vidillion business continues to grow. We saw considerable increases in our supply and demand integrations that were noted in our MD&A press release. And as part of that traction, we are continuing to add more higher tier publishers onto the platform. And as we get those higher tier publishers onto our platform, you know, there are certain expectations that the company that they partner with has sufficient working capital levels. That's really, and that was really the focus of that offering, was really just to raise for cash reserves, to put ourselves in the best position to compete. Daniel, to add to that, we feel like we, we have what we need in terms of to continue growing the company. In fact, if anything, we're gonna look at some additional cost-cutting measures. We don't believe there's a need to, you know, we think we're gonna In Q4, in that key period, we're gonna be able to, to keep cash on board, on hand, and not allocate it to other things. So maybe a follow-up to that, to that point right there. In terms of allocating to other things, would that be, you know, is there a target debt level that you wanna be at? Are there growth opportunities that you'd really be looking to just maximize? You know, what, what's that balance of, you know, where you see investment versus, you know, balance sheet, shoring up the balance sheet, let's say? Yeah, I think we're gonna be more focused on shoring up the balance sheet. I don't think we really have a desire to look for growth opportunities at this point. I think there is a level, as I mentioned, in terms of visibility in the marketplace, it's limited. We just wanna position ourselves, you know, as we come out of this currently challenging environment, to be ready for, you know, what, what entails. We think there's gonna be opportunities early part of next year to potentially pick up some companies who won't have as strong a balance sheet. Really, that's our focus in Q4, is to shore up our balance sheet and really, you know, once again, watch costs all across the board. Yeah, and, and to that end, you know, when we talk about growth opportunities, we actually feel that we're very well positioned for the growth opportunity ahead in 2024 in that U.S. election cycle. I think that, as Aziz touched upon, right now, as you know, our focus will be on becoming a more efficient company, noting that we have made the investments to prepare ourselves to really maximize the opportunity ahead. Understood. Appreciate all that context. My next question is just around the shift in legacy mobile to CTV. I was wondering if there's been a change in, you know, the pace of that shift from the customer front? Maybe do you anticipate that shift to kind of persist? You know, how, how should we be thinking about that as we model the business? I think if you compare the first quarter and the second quarter of 2023, that, that rate was, was, was pretty, was pretty consistent, around a 23%-24% decline. What we would expect going forward is a probably, is, as Aziz touched upon the uncertainty in the overall economy, particularly as it pertains to Q3, is that that shift will be more pronounced, probably in the third quarter, going back to more normal levels in the fourth quarter and beyond. Okay, I'll leave it there and pass the line. Thank you very much. Thanks, Daniel. Thanks, Daniel. Up next with questions, we have Kiran Sridharan from Eight Capital. Go ahead, Kiran. Morning, guys. Thanks for taking my questions here. Well, to start, can you comment on some of the new logo activity in the quarter? Like, is there any, verticals that you call out in, that, that are, that have seen some strength here? Just some commentary on that would be helpful. Yeah, in 2Q, we did see a return in automotive in Q2. Having said that, we are concerned about some of the overhanging clouds as it relates to the UAW strike. There's an automotive workers strike that's potentially around the corner that could have some potential effects. We saw growth in travel. We did see gains in CPG. We saw Q2, we saw some level of normalization. Having said that, you know, some of these headwinds that we're experiencing currently in Q3 are, you know, not consistent with initially what we saw in Q2. It's been this really interesting kind of time. Having said that, we feel like we're seeing more traction now in Q4. The visibility in Q3 is limited. There's some things that are still obviously in flux, and some advertisers are really looking to kind of potentially punt to Q4, move that, move those dollars in Q4. You know, overall, we, we saw a solidification in Q2. Having said that, it's been this. You know, we do believe that interest rates are finally really taking hold, especially as it relates to marketing budgets, and that's having some effect in Q3. We believe that some of these advertisers are just waiting and also negotiating upfront deals. We're having, you know, a lot of good conversations about upfront deals now. Some of our peers, including Roku, came out and said their upfront deals are, you know, smaller than they were. They have less upfront deals than they did previous year. We're relatively new to the game for with our front deals, so we believe we have some upside opportunity as it relates to Q4 and going into next year. Right now, Q3 is just, it is all over the place. That's helpful, Aziz. Now moving on, looking at your margins for the rest of the year, how do you see the supply side costs evolving? Would it be fair to assume that you might see better pricing given the environment on the cost as well? Yeah, it, it is possible, we, you know, we do believe that there's. Part of this capital raise that Sajid alluded to, is to give us, you know, some additional leverage to do that. We do think there's an opportunity, certainly in Q4. Having said that, keep in mind that there will be some election spending taking place at the end of this year. You got the Republican primary portion, which should start kicking in towards the end of this year, which will affect inventory prices. You know, and, and part of-- usually what you see is advertisers get out of the way of political, and they don't wanna really be around political. What I believe is happening is some of these advertisers say: "Okay, let's, you know. Yes, there's gonna be some political spend. Let's negotiate our Q4 and going into the 2024 cycle, and then we might take some pauses in between the key periods of that political spend. Which, which should happen. If you think about the primaries, they're early January. They start off early January, so they will be starting to have some spend in December. That, combined with retail season, is gonna be a little bit challenging. Yeah, we, we think there's some opportunities for supply, but quite honestly, what we're seeing more than price opportunities, is we are seeing the opportunity to integrate directly with some big partners. To us, that has more value than just simply price, because these are major players in the space who are integrating directly with us, some of which we hope to announce in the coming weeks. That is, that we believe is a bigger opportunity. They see us as an, you know, as a demand source that can help push additional revenue to them. These are big players, which is strategically important for us. Understood, Aziz. I'll ask one final here. With the new programmatic platform you guys announced, what are your early thoughts on the go-to-market there? Do you see it being available to both your current and new customers? Also some commentary on the margin impacts there would be pretty helpful. Thanks. I'll have Sajid talk about the margin impact, but as it relates to how we wanna go to the market, you know, look, what we're known for is our insights, our cross-screen capability, our service, and then also our creative. You know, the programmatic offering, we believe, is an alternative for some people who don't need any of those additional capabilities. It's not a zero sum in our minds, we're just gonna make it available because some of our key clients have asked us to consider, having programmatic in addition to what we're offering with managed service. It's not a zero sum in, in our minds. We will just simply offer that out, as an opportunity, because we've had a client tell us: "We're leaving money on the table. We could actually give you even more than what we're giving you today." It's a major client, and we would love to do that if you can have programmatic, because some of the spend is only allocated to programmatic. Sajid, anything you want to add on the margin side? Yeah, I think that, you know, speaking of margins, you know, I think that on a, on a net income EBITDA kind of basis, the margin will be kind of neutral. On a gross margin basis, you might see a bit of deterioration on a, as part of just for the programmatic business. That business takes less OpEx to run, right? You sort of more of it going to your very bottom line. You, you may see a bit of pressure on the top class of sales margin, but those benefits will still be there in the bottom line. Keep in mind, even though we have not been talking about programmatic, when we purchased Vidillion in April of last year, this is what we had in mind. We knew that at some point, the space is gonna continue moving to programmatic. We are playing in the programmatic space through, through Vidillion, because we're actually providing supply to programmatic players in the space today, and we believe... We are technically playing in programmatic today. As it relates to our offering, this just helps us, that Vidillion acquisition and the additional direct supply we have in there. We have one of the most highest percentage of direct suppliers as a DSP in the CTV OT space today, and that Vidillion acquisition helped us do that. You know, we're excited about the opportunity that programmatic plays, and, and the key to that is you've got to have good quantity of quality supply to make, to make that all work. That's helpful color, guys. I'll pass along. Thank you. Thanks, Kiran. Next up, we have Nihal Upadhyaya from IA Capital Markets. Nihal, go ahead. Hey, guys. Thanks for taking my questions. Maybe I was just wondering if you could provide some additional color on the cost initiatives that were implemented last quarter and continue to be implemented? Yeah. I think that, you know, it was really twofold, right? We have, you know, cost efficiencies on the operational side and technology infrastructure, that's, that's in place. You know, some of them were, were identified from our acquisition of Vidillion. There were certain cloud computing synergies that we enacted, and otherwise. There's also headcount reductions as well. We reduced about $1 million of headcount, you know, some of that occurring during the, during the second quarter. That's not going to be fully felt until the third quarter and beyond of 2023. You know, I think, I think a lot of these efficiencies that we've been talking about, we've, we've been talking about efficiencies since the third quarter of 2022, right? We basically said at that time that at the end of this Q2, we ended the heavy investment in our infrastructure. If you're a casual investor looking at our other statements, you may see, you know, double-digit OpEx growth, right, in 2022. When you think about that, you know, 2022's was, again, a 2021 comparable when we were still a private company. 2023, the first half of the year, we saw some moderation in that. Not comparable with, again, the heavy investment period in 2022 after we got our RTO money. I think it's where you're gonna see, you know, the really, the benefits of the cost initiatives in Q3 and beyond. If you look at our OpEx in Q2, it's, it's very similar to our OpEx rate in Q3 of last year, normalized for commissions. What we're telling you today is that we're expecting sequential declines going forward. I think you're gonna see a lot more stability in our structure and efficiencies going forward. Perfect. Thanks, thanks for that color. That helps. I guess, I was just wondering, if you, if you could provide additional color on the App Science deal that was signed with the media agency that represents the global automobile manufacturer. Any details around deal size and how the agency chose the App Science offering would be helpful? Yeah, and it was, you know, deal size is, was relatively small. Well, you know, it, we, we haven't said any specifics out publicly yet, but, it, what it was is an opportunity to help us fine-tune our product. What excites them about what we're doing on App Science is we're the only insights platform that is focused in on the diverse market space. If you think about it, you got Nielsen, who... and, and, you know, I, I haven't looked at the recent numbers, so, you know, but Nielsen, from what we've seen in the past, roughly has about 20,000-40,000 households that account for Asian audiences, for example. In our case, we have 55 million households across the U.S. Of that 55 million households, we actually have Asians split up into different categories of Asian: Indian, Filipino, Chinese. So we could start really kind of starting to separate that out, and that's not just for, you know, Asian, that's obviously Hispanic and African American. So where they see the opportunity and is an additional understanding of that audience marketplace, not only for the major auto maker brand, but for other clients they have. That's just the first portion of that agency, and we're literally... What's great about that relationship that we built is we are working closely with them to make our platform. In fact, we announced that, you know, we have now put in some AI capabilities in App Science, natural language AI capabilities that we're just testing out today. We're getting an opportunity to really kind of push some of this technology capability out to the marketplace. All the while, we are now getting a increase in actual publishers who are integrating App Science. Part of our challenge in App Science is, unless you're fully integrated with enough publishers, you know, you can't provide enough insights across the ecosystem. That problem is being dealt with. In fact, we had a record number of integrations this last quarter. The way to think about it is we're literally laying the pipes for App Science, and that's what these next couple of quarters are, laying the pipes, getting the integrations, and then going to the marketplace, along with this major automotive brand, who has said to us, they are excited about what we're doing. We're working closely. We're looking at a discussions of a renewal and adding some additional components to that and, and, you know, and in other categories, including CPG and political. We, we're really excited now that we're having this scale-up of our publishers who are integrated with App Science. It's, it's still... I, I know it sounds like we've been talking about App Science and, you know, we are now making some great traction, but it takes a little time from a building person. The good part is, it doesn't cost us a whole lot to continue integrating these publishers. We have the, the capability, and so we don't have to add a lot of OpEx or anything in to that. We're just gonna continue integrating publishers and become one of the, the, the, you know, in terms of the diverse space, become a leader, by being integrated with more diverse publishers than any other platform. That's really what we're attempting to do. Perfect. No, no, that helps. Maybe, maybe one last one for me. In terms of, you know, the broad market, Aziz would, with Disney now offering ad-based subscriptions and most others likely to follow suit at some point, I was wondering if you were in either touch with any of those platforms, as I'd imagine the App Science piece would be fairly compelling to them at some point. If not, do you view that as an opportunity? Yes, absolutely. We've had some conversation. Imagine right now, a lot of these major entertainment companies are dealing with a lot of challenge with the SAG strike going on overall. They're really kind of in this challenging time where they're doing a lot of layoffs, heavy layoffs. We've had some conversations. There's a lot of changes going on in that, in that world today. We do see an opportunity. If you can imagine, everyone who has a streaming, ad-supported streaming platform needs better insights. They need more demand for that inventory. We're in a unique position where we're an independent player. We can basically provide that capability to both. Yeah, we will have some further conversations, but, you know, as we continue to grow, you could see, as Sajid mentioned, we once again grew market share in the CTV OTT space. We're gonna continue growing market share in the CTV. Even in a bad environment, right? Yes, we are seeding mobile. We believe CTV OTT, as we've said numerous times, is our opportunity, and that is where we continue gaining market share. If we continue gaining market share, we integrate with, you know, all of these publishers on the App Science side, that creates a big opportunity for everyone who has an ad-supported vehicle. Perfect. Thanks, guys. Thanks for answering my questions. I'll pass the line. Thanks, Nihal. Thanks, Nihal. Up next, we have Gabriel Leung from Beacon Securities. Go ahead, Gabe. Morning, thanks for taking my questions. A couple of things. First, just to confirm on the cost-saving side of things, you mentioned you're expecting about $1 million of, you know, cost to come out. Was that $1 million annualized, or is that $1 million per quarter? Yeah, that was $1 million annualized that we've already enacted on the headcount side of the coin. We are expecting some further synergies to be enacted as quarters progress, as we become a more efficient company overall. Yeah, we've identified. Okay. We've identified more cost-cutting opportunities, and we're gonna do that in, in the coming weeks. Yeah, I mean- How should we think about that from a CAD perspective, then, beyond the CAD 1 million you've already announced? Yeah, I think, you know, we're, we're still doing an analysis around that front, and there'll be, and there'll be more news to share shortly. I think, you know, what we'll tell you is that you're gonna see sequential declines from a current operating infrastructure. You know, again, touching upon the comparison to last year, right? We're already at close to Q2 2022 OpEx rates, right? We're expecting to come under that, you know, in as the quarter progress. Gotcha. Is there any particular areas you guys have focused on, on trying to drive some of those synergies? Yeah. I think that, you know, it's... We're looking across the organization. There are, there are opportunities across the spectrum. You know, we, we, we, we-- I mean, we're, we're not gonna cut to the bone. We're still a growth company. We still see a big opportunity ahead. This is, this is basically just becoming a more efficient company, as we position ourselves ahead of next year and the years afterwards. You know, as, as far as individual departments, I would expect all the departments to be touched in some form or another. Yeah, we. Go ahead, sir. We, you know, to Sajid's point, we are still very much in growth mode. Having said that, we do believe there's an efficiencies to take place, so we wanna kind of balance the two worlds out carefully overall. We will see, as Sajid mentioned, sequential quarter-to-quarter declines in OpEx. Gotcha. Just looking at growth for the second half of this year, obviously, there's a lot of variables in play. You know, what's happening obviously on the mobile side, you know, the, the macro overall. I'm curious, when you sort of look at and given the visibility you have right now in the Q3 and in the early Q4, do, do you anticipate you'll be able to show overall revenue growth in the second half of this year versus last year? Well, it's... Go ahead, please. You know, it's still... I'll tell you, Gabe, this is probably, you know, limited level of visibility we have has never been this limited. At this point, we're still doing some assessments on our end, as it relates to Q3 and Q4. What we're feeling, I mean, overall, we do believe there could be some additional opportunities coming in from political. As it relates to the macro environment, specifically with brand spending, you know, we are- we're fortunate that we work with some major brands. Having said that, a couple of brands of ours that we work with are dealing with some macro environments in their own cost restructuring, including in tech and in the automotive space. You know, we're still a fairly small company working with some major brands that, you know, obviously are, are giving a, a decent, some portion of their revenue to us. That is having a disproportionate effect, as it relates to, you know, what we're seeing, the visibility we're seeing for Q3. We believe, and we've been told by them, that some of this visibility will come to an end potentially towards the end of Q3, and then we'll see some, some real kind of, you know, clearing of the clouds in Q4. Until we see it, this all happening, you know, we really are kind of in this spot where we're just. You know, we're fortunate to work with these big brands. Having said that, you know, when you're a small company and you work with some major brands, and two or three, last year especially, were dealing with some really challenging comps, 'cause two or three of those brands really came in beyond our expectations last year. We're dealing with some challenging comps in that respect, and specifically in the automotive and in the advocacy space. You know, overall, obviously, that is our aim and our objective. Having said that, we don't have enough visibility yet, especially as it relates to Q3 and going to Q4, where things stand. And it's- As you know. If we, if we take a more prudent approach as we kind of manage through this uncertainty, that the, the overall narrative hasn't changed. You know, we're still in a, in a fast-growing industry, CTV, OTT. We're not only, you know, riding the, the tide of a rising industry, but we're outpacing the industry as well, right? We're not gonna do anything to impair our future growth, and we see a big opportunity ahead. That said, you know, there definitely are rooms for more efficiencies. Yeah, unfortunately, not all growth is linear. It's like it's a sometimes it's a jagged situation where it's like, yeah, we see this growth, then we're seeing this, you know, overall macro environment pullback, which affects everyone. Some others, as I think, one of the analysts are kind of pointing to, the mobile pullback is more severe in general, in the marketplace. If you look at that and what's happening in the mobile marketplace, there's a big pullback in mobile in general, across the board, in desktop and then, of course, traditional TV. Of those categories, CTV has the biggest opportunity. Having said that, when the broader categories, you know, sneeze, the new and upcoming categories of CTV, which is still a small percentage of overall spend, gets a cold. There's some challenges on that overall. Gotcha. Then, Z, just to, just hoping to give, if you could give us some, sort of big picture commentary on what, what you're seeing in the space. And I'm talking specifically about maybe on the, on your traditional DSP side, you know, whether you've seen any change in behavior from your big agency customers in terms of, especially in this kind of market, consolidation of buying, with certain DSPs, and how that might impact pricing or, or demand for you guys going forward. Then on the supply side, whether you're seeing any, same thing, any changes in behavior on publishers, you know, maybe some of the large publishers going direct, and, you know, how that might impact, your supply business, going forward as well. On the DSP side, we're not seeing a whole lot of change. I mean, it's been pretty consistent. The only change we're seeing on the DSP and despite, you know, the talk about a lot of consolidation happening, we don't believe it's taking place in CTV OTT right now. We believe that what we're dealing with on the DSP side is more of a macro environment situation, and certainly there, there are, you know, one or two advertisers of ours who've asked us to now make sure we have a programmatic offering that they could then also leverage. And so that's the change we are seeing. There's a, there's a, you know, request for us to provide programmatic, in addition to what we're providing today. And that is being necessitated by a lot of last-minute deals. you know, going back to kind of the behavior, a lot of last-minute deals are happening within, you know, two weeks. You know, "Hey, listen, we've decided to allocate this budget. Here we go." We're seeing this, and we're not the only ones seeing this. We're across the board, the industry is a just-in-time kind of situation where the, the planning cycles are compressed, which leads, you know, which obviously benefits programmatic in some capacity, 'cause the ability to switch on and off quickly, is in play. As it relates to the SSP side, we see a continued opportunity there. In fact, if anything, we have been speaking with some major studios and providers of content distribution about, you know, for us to obviously tap into the inventory that they have. These are big players in the CTV/OTT space and, you know, not other DSPs. We're talking about actual, like, end, you know, companies who have it, and they, they are very open to us integrating with them. That provides us an additional opportunity in supply for Vidillion. If you could, if you could imagine, you know, Vidillion today, as we've talked about, is really used as a tool for us to, to manage our margins, to get the most cost efficiency to pass on to our clients on the DSP side. That's really what it's being used for. The other opportunity that is, is coming up even more so, more as other, as other SSPs say, "Oh, we're not gonna sell to ad networks, and we're not gonna provide to third parties." We're gonna provide to third parties. We are getting a record number, as Sajid mentioned, we have a record number of DSPs that have integrated with us, and they're... You know, the, the dollars are not huge yet, but they're, they're gonna start scaling up as we get into this election cycle next year. We're set up, you know, we are set up well from the DSP side, both from a, you know, managed service and, you know, and then eventually a programmatic offering by the time election cycle comes around next year. I'm talking about the general election, obviously, not the primaries. Separately from that, we're set up in the, to provide supply to people when they need it, going into the, the general election next year. You know, we've set all the things, and it's not all about political, quite honestly. We believe that the consumer is fairly healthy. We think that the challenges we're seeing in Q3 are more of a delay than it is a cancellation. Our advertisers are still with us. We haven't, as you saw by our renewal rate, we continue having great conversations. We have not lost any, you know, we're not losing any major brands. We have not lost any major nameplates in the last couple of quarters. It's like, nothing like that is happening. It's not like, "Oh, we're gonna be using The Trade Desk. We're not using you guys anymore." In fact, we are getting a record number of nameplates that want to test this. I think people want to have additional options. They do not want to just use The Trade Desk and have another Google on their hands. They don't wanna do that. They want to have a diversity of, of DSPs and supply partners that they, that they have. Sorry, I know that's a big kind of digression I provided you, but that's really what we're hearing across the board. Not only just in the U.S., by the way, you know, we talked about. We recently, you know, had someone join us in, in the U.K., and we're seeing the same thing out in the U.K. and European markets. A lot of interest in what we are offering as an alternative to the key players that they see over and over again. No, that's great. That's, that's super helpful. Just one last question for Sajid. When do you expect that the final approval for the term loan extension to materialize? Yeah, I would expect between 30 to 45 days, closer to the latter You know, the bank is doing their best as part of the process for us. You know, they are very keen to renew as well. You know, we are an outlier in their book. You know, as we talked about before, the advertising in general is dealing with a very uncertain market at this time, and we are actually faring a lot better than some of the other portfolio companies in their portfolio. So I think that, you know, we did sign a term sheet with them, so that's good news, and looking forward to wrapping this up in the days to come. We did have all, you know, and Sajid being the amazing CFO he is, we did look at alternate options. We have other options that are available at our disposal, but, you know, we really liked what, and the relationship we have with Avidbank, and they really have been very responsive to our needs. Because of that, you know, Sajid is very close to finalizing some details there. We did have alternative lenders who were very interested in, you know, kind of playing with us on this. I'm really. Which is, which is a great spot to be in. I mean, in this environment, to have multiple options, and it just speaks to the work Sajid and his team are doing. I mean, we have built some great relationships across the board. Gotcha. No, thanks for all the feedback. Great. Thank you, Gabe. Thanks, Gabe. That's it for all the questions today, so I will just hand it back to Aziz for his closing remarks. Aziz? Thank you, Aideen. As we mentioned, we are in a growing industry. We're set up well, both with, you know, our end-to-end technology across the board, touching every aspect of CTV, OTT. Having said that, we are dealing with headwinds as it relates to the macro environment, and we are seeing the challenges of that macro environment in Q3, but we do believe there's a clearing of clouds that are happening in the Q4 timeline. Overall, we are optimistic of our long-term growth, and we're excited about the technology and the capabilities we have to get there. On that basis, thank you for joining us for the call, and look forward to chatting with you again in the next couple-