Welcome everyone to Innovid's first Investor Day. Appreciate your time and energy in advance. I'm just gonna run through a few quick items before we jump in here. For those who are curious, here's the forward-looking statements of Innovid. Please note going forward. A lot of disclaimers. All right. Few housekeeping items right now. The investor presentation is also available on the IR website at investors.innovid.com. The Wi-Fi password is right here, as well as on a card in your table. If you have any problems, just find me. We're gonna have a 15-minute break in the middle so we can get some coffee, a nice lineup of vegetables back there. After each presentation, we wanna make this interactive, so we're gonna do a quick five-minute Q&A session. I'll come up here after each presenter. You raise your hand and we'll go from there. Most importantly there's a small cocktail and networking event at the close of the day at 5:00 P.M. Here is our lineup of speakers today from the Innovid team. This is a diversified, well-regarded, and good-looking team that we have here today. I'm gonna run through the agenda really quickly. We're gonna start with Zvika Netter, the founder and CEO of the company. He's gonna talk about his vision and where Innovid's going from here. I'm gonna turn it over to our product gentleman. We've got talking about Innovid's platform. We have Dale Older, who is the Chief Product Officer, and Dan Mouradian, the VP of Global Client Solutions. We're gonna have a quick break in the middle. We're gonna turn it over to Tal Chalozin, who I'm sure most of you know, who's going to talk about the overall industry and the growth of CTV, and then do a fireside chat with a key special speaker that will be a nice surprise for all of you. At the end, we're gonna end with Tanya Andreev-Kaspin to go through the most recent third quarter, some fantastic results, and talk about again, the full year and what's going on. At the very end, we'll have 30 minutes for Q&A and then on to cocktails. Thank you again. Zvika Netter. Whoo. That was amazing. Thank you, Brinlea. Hey, everybody. That's me, Zvika. Hi, I'm the co-founder CEO. Super excited to be here. It's been almost exactly. I think in two weeks it will be exactly a year. It's literally I was getting off of the Uber, and it's been 12 months and what a ride. Before this, you know, I wanna thank first and foremost our employees, all 555 of them all around the world. A lot of them are listening to us. So much of this is about them and what we built in the last 15 years. You can see them, at least the New York team, celebrating the IPO in Times Square. I mean, what a ride, what a year it was. Filled with great things and also obviously challenges, you know, for all of us citizens of the universe. On the Innovid side, it's been very positive and momentum and growth. I don't have my glasses, so the theory was I'd be able to see what I'm talking about without turning my back to you. Let's see how well I remember everything. This year, in the last year, you know, we grew our market share dramatically. We added more customers to our platform, to our ad server, and to our DCO solution, to our Personalization. We had massive brands like General Motors, Verizon, and others embrace our solutions. It's the first time that CTV, connected television, became more than half of, you know, in Q3 of our business. Growing, I believe something around 36% year-over-year. Every month that goes by and every quarter that goes by, CTV becomes a bigger part of our business. We all know that's the fastest growing part of the advertising industry. Overall, we added more customers and more partners in the industry, more partnership with The Trade Desk, with DoubleVerify, with Magnite. As you'll see later on, we are basically friends with the entire advertising industry, the CTV industry, so we have a lot of partnerships and integration that make us more powerful. In spite of the industry economic headwinds that I'm sure all of you and all of us are feeling closely and you know following all the reports. We actually had a pretty good year in terms of the business momentum. Beyond the market share growth and the strategic execution also around Measurement and other things, if you look at Q3, we had 47% growth year-over-year, of which, you know, the CTV business grew 36%. We also achieved 8% EBITDA, which was above our plan. In spite of the headwinds, in spite of this is a year that we integrated 150 people in midyear, the TVSquared acquisition, and everything else, we were also financially disciplined 'cause we saw what's going on around the world. I've been entrepreneur for 30 years, so I've seen the ups and downs. We made the adjustment in a very calm way throughout the year, and we're seeing a good profitability, and we expect to see profitability and profitable growth in the next year. Before I dive in and kinda talk more about the vision, how we get to get a scale of the opportunity, I wanna, you know, give some investment highlights and thesis of what kinda areas you should keep in mind as we go. I'll get back to this at the end as we go through the presentation. Innovid is a critical software infrastructure play. We're a software company. We're not a media company. We'll obviously say that many times and touch. We're in the business of building the foundation and infrastructure for the future of TV advertising. I'm gonna talk a lot about that. What's driving the growth of the company, the real strength is we have different products and offering, but CTV is definitely what's driving the company up and to the right. The more people watch television on connected TV, ad-based CTV, the more our top line or our bottom line grows. The more the CTV grows, the moat that we built in the last 15 years, both the technological moat but also the strategic moat, continues to expand. It's not just that we already have a significant gap from our competitors, it just continues to grow as CTV becomes more and more important. There's also new entrants like Netflix and Disney+ and others are entering the world of advertising by CTV. It just adds more and more partners to our platform. Makes it more and more powerful and neutral. Spoke about profitable growth. The last point, which was gonna be also part of. It's an important part for me. It's almost like the top one and the last one are the most important for me, that people walk away from here understanding how the infrastructure plays. That this is not up here. It's very actually down at the bottom building the building blocks for this industry. How massive this can, and I hope will be within several years as the industry really builds up. To put things in context, I thought about when we talk about the future of television. Nothing better than to talk about the future of print advertising, 'cause that's kind of here, right? The evolution of print to web happened already in the last. It's interesting analogy to think about where print was for, I guess, hundreds and hundreds of years. You see like in the 120 years since. This is The Wall Street Journal homepage in 1889. I brought one this morning with me. This is in the 2000s. If you log in, this is from this morning, and this is also from this morning. You can see there was a text ad back then. There's no cursor here, by the way. Just that's why I'm, like, flying blind here. There's a text ad here, and then there was a picture ad in color. The big jump, which is basically the same thing here. The big jump is when it moved to the web, it became basically everything. When you go to the homepage, it's all connected. It's everything. It's IP-driven. Everything you see, the content and the ads are personalized to you. I know this is table stakes when you talk about print. When you talk about television, it suddenly becomes like science fiction and something of the future. It's personalization. Everything is interactive, shoppable. You can click and engage. The level of Measurement is not based on a panel and saying, like, how many people watch this or that, but actually every click, every mouse over, every drag, every switch of a page is tracked very, very closely, right? You know, for some reason, I'm actually looking to buy the new Google phone. You know, somebody targeted me and I got an iPhone message, and here I got a Salesforce CRM number one, which we're actually a customer. The concept and a lot of the ads was for a jet, which I'm not in this market ready to buy but this is the world. I know this all makes, you know, plain sense. When you think about television for the last 80 years, on the lower left, this is the ad for a razor blade from the 1940s, the 1980s, and the last Super Bowl. Same brand by the way. A guy shaving, a guy shaving, and a guy shaving over 80 years. 30-second spot, we moved from black and white to color, and from color to big screen. That's 80 years of innovation in advertising of television. Basically stayed exactly the same. Even though the last image on the right is on CTV, and maybe even you can see it on Netflix tonight, it's the same thing. There was really no innovation. When we started the company, basically the future we imagined, it is happening. It's exactly like The Wall Street Journal homepage. It's all IP. It's going to be at some point, all IP delivered. It's all gonna be personalized, right? It's a computer talking to a computer. It's all gonna be relevant and personalized to the audience. It's gonna be able. You can click on it, you can ship things, you can buy things. It's gonna be measured in a way more accurate way than the legacy way and the way the currency of TV. It's a $200 billion industry that is going through a massive shift. Basically this is this vision of the future that everything is internet-based, everything is personalized, interactive. You basically take the experience you have on a browser today. It's hard to kinda think about how exactly it's gonna look like. Put it on your TV set and with a remote or a voice control, and imagine what kind of a portal to the world of commerce, of branding, of advertising this is going to be. Today still, 90+% of the ads on and in the U.S. on CTV are playing same thing as TV. Just run it, let me know what happened, and let's move on. The power of the platform is really impressive. This is exactly what we're building. The vision is, in that future world, what do the players in the industry, what type of technology they will need, okay? The concept of being on the platform is almost like building an operating system for a phone like iOS or Android and the failed Microsoft. You really wanna put the underlying infrastructure for the future. From our perspective, to be infrastructure means you need to be the lowest level. Above you, people can build stuff, but you wanna be as low as possible 'cause that means you're as sticky as possible, you know, you're very sticky. People are not gonna replace an operating system every month. They're not gonna work with two of them. They'll have to pick one and stick with it for many years until they're not happy. If it keeps upgrading, they'll stay there. It needs to be super reliable. It cannot break, it cannot fail. It's very important, it needs to be unbiased. That's a big part for our economy and our world. I'm not gonna get into it, but there is a challenge and there is a flaw when you own the platform that everybody's using, but you also play on the platform. Kind of, I don't know why I you know, I have major ADD, so the analogy I have is, like, the house always wins, right? When you go to play somewhere, and it's like the system is geared in a way that you'll always win. If you own the platform, if you own the ad server, and you own the infrastructure that all the ads of the world are run on, I'm talking about display, and you're a big display seller and buyer, you have a way to understand what's going on around them and gear the system towards always winning, right? Our thesis that this cannot and will not happen for television. You know, the industry has gotten very much smarter. They saw it happening in music, in print, in search, in social, in commerce, that for television, there are big enough forces to make sure this doesn't happen again. The future is fragmented by design. We have Netflix and Disney+ and Hulu and Amazon and Roku and Peacock, and you know, there could be like 10, 12 platforms. YouTube, of course. That's what we're building. In order to a lot of time people say, "So but what do you actually do? I don't get it." We've been getting that a lot for a year, and a big part of today is for us to share with you what we'll also do demos, everything, what the platform actually does. 'Cause there is not another company beside DoubleClick and Google, there's not another company out there, definitely not public, that's doing what we're doing. It's hard to place us in a bucket, so we're gonna define what is it that we do. The What I thought about is to use the super dumbed-down analogy of a delivery service, like a FedEx, a delivery company, that basically what we do is we receive a package from a customer, a box with a plan, with an address. Like, I need this to get there, quickly at this time, this hour. Put it on a truck. You ship it. You collect receipt. This person signed. This person got the package at this time, at this hour. Here's a picture of it happening. You bring all this information back, put it in a data warehouse. That's the concept. Very, very simple. I'll go into details also. It's at the core of everything we do, we take these assets from one place, we make sure they get to the other place at the right time and the right. with the right quality, and we collect the data back. The key thing for this to be infrastructure is not to do it one by one, but to do this at scale. The scale we're operating on today is already, think about, above a billion deliveries a day. FedEx, by the way, I checked yesterday, is 3.4 million. If I did the math correctly, and maybe I didn't, it's about a billion plus a year. We're talking about delivering a billion, and this is early days of the industry, a billion deliveries a day. At massive scale, everywhere in the U.S., everywhere around the world. I'll go down a little bit more into now the kind of more into the advertising technology world to give you a better sense of how does this work when it comes to Innovid and not a delivery service, right? The core part of the platform, when we talk about the infrastructure play, is the ad server, right? It's a platform in the cloud that what we receive from customers are two things. One, so let's use Verizon, one of our large customers, that we're very close with and very happy with. Let's say they produce a spot for the next iPhone or something. They deliver the upload into the platform the creative. This is the same, the guy that's shaving, the same old 30-second spot. They upload it into the cloud. They hire and will have, you know, somebody from the agency. Not somebody, a very important somebody from the agency talk later. The media agency then goes in and upload the media plan saying, "This ad needs to go here, and here, and here, and here." Go to Netflix and Disney and YouTube at this time, at this region, programs the system, and then when this guy here on the lower right, watching the NBA, there's a break for advertising. In the world of CTV. In digital, in general, same as display, the ad doesn't sit with the NBA where it was broadcasting. It actually sits on the brand side, and the brand can make a decision in real-time what to do. That's us. We get a call. We need the Verizon ad. We'll actually stream the ad from our servers into that TV. If the Samsung TV, 80-inch screen in New York and it's 8:00 P.M., we'll then stream to the screen and collect all the information. Anything that is available and legal and, you know, we will collect the operating system, the app they were running on, the size of the screen, encoding, volumes, like anything we have access to because of our presence inside the app or the device, we'll then collect and put in a data warehouse. That is the core loop of what we're doing at the ad server. It's building the infrastructure to be able to deliver to every device, every app, everywhere in the world in full HD with good quality and collect the maximum amount of data. That's the core, and this loop happens every day for more than 1 billion times a day. Every day we do this loop 1 billion times, and we stream more than 300 years of video a day, just to give a sense of scale. These servers stream 300 years of content every day. Now, based on this platform, the last three years. This is how we built the business. We built the business around the ad server. We're competing with Google with the acquisition they had a few years ago, many years ago, with DoubleClick. That's kind of the standard ad server for the world right now. They have about 87%, 83% market around display. We built our infrastructure for television, the future of television. That was the major amount of work for the last, you know, for like 15 years, but the last like until four or five years ago when our customers said, "Okay, what's next?" We identified several things that we added on top of the platform. The first thing is Personalization, and we're gonna show some demos. The idea is instead of showing the exact same Verizon ad like you do in broadcast everywhere nationally around the world, we can create 10 versions, 60 versions, 1,000 version, and even a 100,000 versions of that ad daily. Then when we need to deliver the ad into the living room, it will actually be the ad for, in this case, let's say a single person, you know, a single man watching sports in New York at 8:00 P.M. This is the ad this person should receive, right? While everybody's talking about targeting and addressability of the media, the creative today, in most cases, stays the same. It's like, yeah, I found the person, now let's have everybody get the same ad. This allows us to show a TV ad that is created specifically for that audience. That could change every day, as Dan will show you later in real time how things happening. The second major, and this is an outcome also of the acquisition, is measuring, right? We can personalize the creative to the audience, and then based on the data, and Tal will share later, like, we have a massive amount of data. This is like billions of data points every day for the last, you know, for many years. On top of the data that we have, we can do a lot of analysis. With the acquisition of TVSquared, we merge data from CTV, from linear, but we also look at outcome data, offline shopping, online shopping, app downloads, and we're looking for outcomes. I ran the Verizon campaign, what it actually did in New York. At that time, in that video, with this audience, what was the impact? We measure that, and we provide analysis to the customer. The next level on top of that, and that's the third and last point I'll make on the platform in terms of an offering, is optimization. We just launched this. You're seeing if you look at this loop, and basically what you see here is a complete circle, which is kind of nirvana. I'm talking about TV advertising. For display, this has been going on for a while. For TV advertisers to be able to deliver the ad, collect all the data back in real time, and analyze the data and see what it did, what worked, right? If you have 10,000 versions of creatives and you have thousands of people there watching, you can have a machine learning saying, "What's actually working here?" Not because I'm thinking it works, because it actually works. Then instead of sending it back to the customer at the end of the campaign as a report, we tell it to an AI system that learns and then feeds back the Personalization system that says, "Okay, we should do more of this. Let's try this. Let's try that." You have a feedback loop of optimization. This is not science fiction. It's actually happening now, and it's live. We share the quote we got from our partners at Verizon that are kind enough to, you know, to talk about this, them using our system in a very advanced way. This is actually live today and in production. I'll talk about scale in terms of adoption, because obviously we're still in the early days. The technology is real, it's working, and we built it. Who's using our platform? You can see here some of the world's largest brands. I think, again, I'm flying blind here, but you can see just by. Logos are always recognizable, even if there are blinking dots. We have P&G here, and Target, and Verizon, General Motors, and CVS, and many other brands. Some of the world's largest organizations, many of them been around for many years, and many of them, they've been with Innovid for five, six, and seven years. I'm talking about not like, "Yeah, we did something with P&G." Talking about always on the Ad Serving, the stuff I showed you, always there. Every ad you see in the U.S. that is TV ad over internet infrastructure is being streamed from Innovid and being collected through Innovid. All this is happening for these customers. A sense of scale when it comes to Innovid. We already spoke about the billion impressions a day and more. We're currently reaching 95 million household based on our data set. We have 95 million household mapped in the U.S. Almost every house with a TV connected to the internet, we're probably serving ads into that environment for one of the hundreds of customers that we have. And that's kind of the scale we operate today. But again, if you think about this from a global perspective, these are like just early days, right? 'Cause CTV is very advanced in the U.S., but not in the rest of the world. But things like Netflix, ad-based Netflix and Disney+, these are definitely powerful brands. YouTube is everywhere in the world. But beyond that, there's not a lot of platforms that are CTV platform from a content perspective that are ad-based. And I'm sure that Netflix and Disney+ are gonna have bigger penetration around the world, and they will encourage the usage of connected television instead of broadcast. You're gonna see global expansion, more and more TVs connected, more and more ads and content will be personalized, interactive, and measurable. That's the future we're moving towards. When it comes to Innovid in terms of our growth, we're very fortunate to have four growth drivers that are driving the business up and to the right, even in a downturn, you know, with the headwinds, that's a nice word, that we're experiencing, that the industry is experiencing. One thing is the volume growth. Every time somebody connects their television to the internet and watch content that is not subscription-based, that is ad-based, we're basically, because we have such a footprint in the market, we're gonna see the volume going up and to the right. It's probably not gonna stop until every single dollar that used to be invested in linear television, and that's still the majority of the revenue. The media dollars are still old-school linear television. That is pushing the company and upward to the right. As I said, 50% of the company is connected TV, and we talked about 36% growth. That growth is gonna continue, but if you think about it mathematically, you're gonna see, let's say next year, and I'm not giving a forecast, but let's say it's 55% or 60% or 70% over time, it will continue to increase, so that it will be a high growth from a higher part of the business. That alone is a very exciting and guaranteed metric in terms of this is not depending on the advertiser, it does not depend on us, it depends on consumer behavior. I think everybody agrees that ship has sailed, and it's gonna continue to push right. Of course, you have, you know, Amazon with sports. You have other things that push this stuff forward. The second thing is upsell. We charge X amount for the infrastructure, and then if you cross-sell into Personalization, into Measurement, you pay more. Tanya, our CFO, will talk about it later. Global spoke about it also. We operate mostly in the U.S., but almost all the brands, you know, we mentioned are global brands. They run TV ads. You know, you sell diapers and razor blades in Australia, the same way you're doing in Japan, the same way you're doing in the U.S., and cars, TV advertising. It's really everywhere. Once CTV will catch up in those markets, we believe at least some of these partners and clients of ours will use us on all those because. Currently we deliver to all corners of the world. It's more about our clients, you know, enabling the platform or using the platform in those markets. Last but not least, sell more, lose less. More logos, more GMs, more eBay, Diageo, Verizon. There are more brands out there that are large TV advertisers that are still on the old platform. You know, to be clear, most of almost all our customers when they switch from DoubleClick, from Google, now called Google Campaign Manager, and they move to Innovid. As Tanya, I think I don't know if you're sharing that, but from a year ago, the numbers we share is like around 95%, 98% retention rate. We're very, very proud of the fact that we're not just winning them. It's very rare that we lose a client back to Google. All these things compounding together is a massive growth opportunity, because they multiply each other. More volume, more money per impression, more logos, more regions. This could mean, you know, you can do it whether it be 20x, 50x, 100x. We're talking about way bigger opportunity than where the CTV world and Innovid is now right now. So still feels like day one to me, and you can see I'm excited and nervous that. That's as exactly as I was 15 years ago. Maybe on a personal note before we open to Q&A, and I have my co-founder here, Tal. Where are you? Tal became an American citizen this morning. Yes. So that was a live demonstration how ADD works. Like, I'm looking at him, it's like, "Oh, he got the citizenship today," and then nothing else matters. Now I'll be back in the room. But you know, we started this company 15 years ago with this vision in mind, and we're committed to making a change. It's beyond the money. It's really changing the future of how people consume content and making TV, watching television for free a more comfortable and reasonable experience. We're probably gonna do it for many, many more years. With that, I'll open to a few questions. Brinlea? Yes, thank you. Does anyone have a question? Laura, please go ahead. Um. Wait, hold on one second. Sorry. We have a mic coming for you. Here we go. Just to the webcast in here. One of the things you had said on your earnings call was that your Measurement product before buying TVSquared had not gotten a lot of traction. Yes. My question is, since you've bought TVSquared, have you, with the loop you're talking about, have you gotten more traction now that you've added that linear TV piece? 'Cause it feels like you had five other pieces which weren't getting traction. Was linear TV the missing piece? Yeah. In terms of we had an offering in terms of, you know, the ad server obviously caught up. In terms of insights, if you're talking about the last, you know, like we started with insights for CTV about two years ago, built our own product, which is in production, it's selling now. It was just basically provided a similar understanding within the CTV, right? Because that's the future, and we built it, and of course, we thought, "Oh, it'll come," because what's interesting when we talk to these massive customers, they said, "What actually is interesting for us is less about, is Hulu better than Disney+? Is Netflix giving this reach? It's actually CTV versus linear." Which kind of, you know, it's always like, "Oh, duh. Yeah, of course. 'Cause they said, "The big question is how fast we move the money, and if we're buying this, where should we decrease?" You know. 'Cause everybody that's selling CTV will tell you, "Oh, it's gonna give you this reach and this frequency, and you can do it." They wanted really an unbiased partner that will tell them, "What am I actually getting?" It's like, 'cause they're moving money. They're moving money from one pocket to another pocket. It was really the overlap in terms of reach and frequency. Am I really getting to a household I didn't cover in my linear campaign? They're not gonna stop doing television for many years, right? We all agree on that. That's staying for a while, and CTV will continue to grow. They really needed a way to compare Apples to Apples and in terms of ROI and all these things. That's the reason for the acquisition, because we brought the TV data set and we overlapped them together, and that's called InnovidXP, which is cross-platform, and that's really where it's taking off. Yes, that's where we're seeing the success. We're adaptive and agile. We listen to our customers. Takes us two years sometimes, but we eventually listen. Yes. Hi, Shweta. Hey. Sorry. That's Brinlea. That's your job. No, come. Just this once. Hi, Shweta. Thank you, Zvika. Nice to see you, and thanks for having. Ah. I guess my question is, you've clearly stated your four growth drivers, and you've said that many times before. Where are your teams focused most on? How are you allocating your resources today, and has that changed over the past couple of years across the four drivers? Thank you. It's constantly. Thanks for the question. It's a great question. It's constantly changing, right? While we have them, some of them depend on us and some of them less, right? We have the capabilities. Kind of being kinda this innovative company, sometimes we're like five years ahead of the curve. Like, we keep running and building things. The CTV, the growth on the left is really not in our control. This is Amazon doing NFL, this is Disney+, this is Netflix. Anything that will cause people to watch more ad-based CTV, you should expect Innovid top line to grow because more people consume means that our ads get to more people, volume goes up. Product upsell is a huge focus for the last two years. Initially with Personalization that is growing. Was it 24%? Even in Q3, yes. In this environment, we're still seeing, you know, a very nice growth on Personalization. Measurement is also a strategic move. We invested because we understand this is gonna be a very critical component. Huge R&D and integration and acquisition in that. Global is less so. It seems like, you know, we wanna see and we're optimistic about seeing how Netflix and Disney+ and others roll up their global ad-based models and see the adoption there. In the last year, based on the economy and such things, we slowed down the investment. On that side. New logos, I think you're gonna see it from Dale for 2023, we're gonna put more focus on the cross-sell and upsell. We have hundreds of customers. We saw the logos, and most of them don't use, and you'll see the data also. They use the ad server, they don't use Personalization yet, they don't use Measurement yet. Right? In this economic environment, it also makes sense. You know, you expect from us to say, "Okay, we want to see you growing and you need to be profitable." How you do it, you know, it's. If we focus on upselling existing customers and existing volume, we believe we can achieve better short-term financial result while keep investing on the long term. That's an area that we plan to continue to see growing. Yeah, that's how. Upsell, cross-sell 2023, less global, more end. You'll see when Dale present, we're gonna focus from an engineering perspective, less on bringing more products to market and connecting these three products together, 'cause that's the killer app. It's not just. When he did the circle thing, the more the ad server feeds into Measurement, that feeds into creative, that feeds into the ad server again. There's no other company that's doing this at scale, definitely not at television. We believe that will be the killer app, right? From an engineering perspective, that's gonna be a massive investment. Less, more features and bells and whistles around, but putting it all together and it's already all together, but really taking it to a level that is not seen in television. That's the focus. Andrew? Andrew, yeah. This is our last one, and then we're gonna Okay. Andrew Boone from JMP. You talked a little bit about DoubleClick just being a main competitor. Can you talk about the conversations you had with advertisers when you're going after somebody who is a DoubleClick Ad Serving client? How do you guys differentiate when you guys are having that conversation? Like, what are the key points of focus that you highlight with those advertisers? Yeah. First and foremost, you know, there is a massive. I would say that anybody that wants to understand Innovid and the opportunity, and has an hour to spend, if you look at the DOJ, you know, Department of Justice filings against Google, the lawsuits, and just Google the word. It's very funny. Google the word DoubleClick within the lawsuit, in Europe or in the US. Just look for the word DoubleClick. It's amazing how many times it appears. They understood the connection between the platform and the somewhat of a monopoly. It's like they talk about 70%-80% market shares to get a sense. It's almost every customer of Innovid is actually using DoubleClick or used DoubleClick or still using it for display and search, and just move the TV part, right? The pitch is fairly simple. It's like two things. One, we're the best at this. We have the best product. We've been building it for 15 years, and specifically for television from day one with all these components. We're able to win. I think some of our customers, these huge logos, joined seven years ago. When CTV was 3% of the industry, right? The more it goes up, the gap expands. That's one big point, and we're a product-led, engineering-led company with a huge passion for innovation. I believe this gap will continue and expand. The second point, you know, kind of touching on this, you know, the world understands now what it did not understand when it was acquired, how this platform can be used. That data is a very powerful thing, right? Knowing what's going on around the world every day, and Tal will share with you some really interesting insights about the CTV industry because we see it all, right? We'll present some things for you. It's worth waiting for this. The importance of neutrality, the fact that you provide a system, but you don't also sell media. The media is the gold. Everybody's running towards the media dollar. That's $200 billion. Controlling the platform that delivers all this stuff is very, very powerful because you can see what happens, right? Brands, large brands, probably, you know, Marc Pritchard from P&G, you know, you've been talking about for many years about the need for separation, for transparency. Again, we'll have maybe our guests here speak about this. The large advertisers understand, you know, especially where is the, you know, it's 10:00 P.M., where is your data sleep at night. You wanna the data to sleep, you know, like to own your data and make sure it's not being accessed by others that can eventually not necessarily serve your best interest. That combination is definitely what's propelling our growth. That's the pitch. You know, some customer may use it, may decide to stay with Google for another year or two. I think the more CTV grows and the more these issues of neutrality become more understood, I believe we'll gain a very significant market share. At least the opportunity to gain 50, 60, 70% market share is not science fiction. It was done before by DoubleClick, and since then it was owned by a powerhouse that made sure nobody else get close to that. We were able to pull it off in CTV. That was the last question. Thank you so much. Dale. All right. Hi, everyone. Welcome. Thank you for coming today. In this section of our presentation, we're gonna talk about Innovid's product capabilities, the function they serve in the ad industry, and Dan's gonna do a live demo to show you how the products actually work. First, just to set some context, Innovid is a global independent platform connecting the ad ecosystem. You heard about a lot of this from Zvika. We do delivery, we do Personalization, we do Measurement. All these product lines are purpose-built for television advertising. Coupling these capabilities with our market position, Zvika also talked about, we're an independent player. We're unbiased. We don't buy or sell media. Really we believe this combination of capabilities, delivery, Personalization, Measurement, being independent and having all these products purpose-built for television, is a winning combination to go forward. First we're gonna touch on delivery. Just start with a simple example of how delivery works in the ad ecosystem. You're a consumer, you're home watching on your smart TV. You're watching Hulu, and this ad-supported program, so there's an ad break in it. A request is made from Hulu to Innovid's ad servers. GM has previously bought that ad spot, so when that ad request comes to us, we have the creative asset from GM. We deliver that ad back to Hulu, end to end, pretty straightforward process. In addition, as Zvika said, with the data we record, the record of that impression, and then we provide that reporting and that data to GM as proof of delivery and also to later settle the media transaction. Pretty simple. From here, it starts to get a little more complicated. The first type of complexity or fragmentation is device fragmentation. Think about all the remotes that you probably have in your household. If you're like me, I have three kids. I have a television with a Roku, another one with a Fire Stick. My daughter's on her laptop watching something, my son's on his bed watching on his smartphone, and my youngest daughter is on her iPad mini watching YouTube, most likely, right? So a lot of different device types. Every one of them has different screen resolutions, different screen sizes. There really are no standards in the devices. The next type of fragmentation is content. Think about all the different ways that you can consume content, whether it's through Hulu or Tubi or all the emerging CTV streaming platforms that are coming. Every one of these publishers or these streaming platforms has their own quality standards and their own video encoding specifications. One of the ways that we deal with that at Innovid is we get a creative asset from a brand. We encode that asset 80 different ways, and then we have the intelligence to know that this impression is coming from this type of device, from this publisher, and we deliver the right creative asset with the right encoding specifications for that specific experience. This last point is really critical. If you think about the media side of the business, the streaming platforms, they care a lot about their consumer experience, right? They're trying to protect their consumer experience. By letting Innovid do buy side Ad Serving into that environment, they're really trusting us also to protect that consumer experience. We have one of the highest acceptance rates, called tag acceptance rates, in the industry. This is why, again, we're trusted for, you know, Super Bowl, Olympics, Thursday Night Football, all these big streaming live events and other type of streaming content. Innovid is trusted to deliver quality ads into that environment, those environments. Think about the buy side, the advertisers, the big brands. They don't really wanna have to think about the devices and the different ways that you can consume content. They put a lot of energy into developing a creative asset, a great creative asset. They care about getting that asset in front of consumers, right? They don't wanna have to think about all the mechanics of ad tech and how it works. As Zvika said earlier, this is where the brands trust us to get that message in front of consumers in a quality environment and deal with all of this complexity and fragmentation. Some of the biggest brands in the world have trusted Innovid to do this for several years. Shifting from the device side, the media side, of the industry, now more into the ad tech ecosystem, I wanted to talk through a few of the phrases that we hear a lot in our industry and what they mean and how they're relevant to Innovid. The first is open internet versus walled gardens. I think we've all heard this a lot, right? Just want to define those and kind of, you know, talk about how we look at it. First, open internet, define this as publishers or streaming platforms that focus mostly on building audiences on the content, on the distribution, and are more willing to partner with third parties to monetize that inventory, right? They might own some tech, but they're largely oriented to and willing to partner with third parties. Walled gardens are exactly the opposite. They wanna own the distribution, the data, the technology, and then they put a lot of specific rules and restrictions around how that inventory is monetized. YouTube is the best example of this, right? That's on the sell side of the market, open internet, and then walled gardens, rough categorizations of the media sellers and platforms. On the buy side, there's a couple things that we hear a lot. One is direct buying, and the other one is programmatic, right? First to define direct buying, this is when you have a buyer, an advertiser or agency buying media from a publisher. As the name implies, it's a direct transaction. You're negotiating a price, you're buying media, and again, there's technology involved, but as the name implies, it's pretty direct. There's not a lot of intermediaries. The other buying tactic or mechanism is programmatic. In this case, these are all names we've heard of. In this case, you have a buyer, advertiser or agency. Working through a buy-side platform or demand-side platform, The Trade Desk is the most well-known probably. And then The Trade Desk is buying into a sell-side platform or exchange, Magnite or Google. And on the other side of that exchange exists the inventory and the distribution. So more intermediaries and programmatic sitting between the buyer and the seller, and it can operate more like an open marketplace. I hope this makes sense. The reason I go through these is if you think about Innovid's position, we're oriented toward the big brands. We just showed the logos on the slide. Those big brands don't just buy open Internet, they don't just buy walled gardens, they buy all the inventory. They buy YouTube. They buy all the open Internet publishers. They also transact in different ways. They transact on a direct basis sometimes, they transact on a programmatic basis other times. Really when you look at the ad tech space, I think sometimes you try to, you know, put the companies in different boxes. Is this a programmatic play? Is this a walled garden play? Is this an open Internet play? I think a unique thing about Innovid with our orientation toward the buy side is that we really span all of it. When we think about the market, and Zvika talked about the market growing in CTV, we're really spanning all of it, regardless of whether, again, walled garden, open Internet, programmatic buying, direct buying. For us, it's all creative assets, complete distribution, and then layering capabilities on top of that. That's just some context on delivery. Next, we'll get into Personalization. Being the company that is providing the infrastructure, this core infrastructure, puts us in a great position to be able to innovate on top of it. One of the ways that we innovate is around Personalization. We do this because advertising is not only about infrastructure and data and technology, it's obviously a huge part of it, but it's also about storytelling. The job of a marketer is to influence, to try to drive consumer behavior, and personalized messages are known to drive better outcomes, to drive better behavior. Think of an auto ad that's not just a generic one, but shows a lease offer at your local dealer. There's countless examples of this, that personalized advertising does perform better. Frankly, the best way to explain Personalization is to show it. I'm gonna hand it over to Dan Mouradian, who's gonna do a quick demo. Thanks, Dan. Thank you. I thought we could just start with that. Let's do that. Take a look at this piece of creative really quickly. I want a TV. The question you should ask yourself is, what if I don't like nature documentaries? I don't know who these people are. What if you're into sports? What if you're into the latest blockbuster release, the latest streaming show on the latest streaming platform? What if you're a gamer? Dynamic creative technology or Personalization allows you to make an ad more relevant to the consumer when you deliver that impression. These are just six examples from this campaign that had over 380 different combinations of creative. Here you can see a few of those in our platform today, all rendered high definition, ready for CTV delivery. The shows are customized, the messaging, the why buys, the reasons why, the devices, the rooms, the people watching television, all of these things are dynamic components within this creative example. That's after the fact. How we get to this point, dynamic creative is really three things. It's data, it's content, and strategy. Data is what you know about the user. It's where they live, it's the weather outside, it's the time of day. It's what they're interested in. That data lives in a couple different places. We'll talk about where that lives. It's also the content. This is the ad, the framework, everything in it, anything can be made dynamic. It can be, like in this example, the imagery that shows up on the television, the super copy that overlays the bedroom that we're in or the living room that we're in. It can be the language of the voiceover to personalize against the viewer in what language they natively speak. To show you how this is made, I'm gonna show you After Effects. This is the industry-standard tool for motion design. It's the Photoshop of video. For those of you familiar, they're both owned by the same company. This is that video. This is how it was created. This is what was produced. You can see here there's a timeline across the bottom. There's different various layers of content within this. The supers are their own layers, so you have control over each one of them. You can control very finely how things animate within the creative itself. Innovid has an extension into After Effects that allows us to label and identify dynamic objects by just selecting them directly within the work. So we'll go into the television screen really quickly just to show you. Here you can see we can key this to a data feed. That feed will allow us to then control that content without ever going back into this piece of software. Once we export from our extension, it creates all the component pieces that are necessary for our platform to create new iterations of this video. It's pretty cool stuff. Let me just go ahead and show you the output really quickly. Our extension generates these five or six files over here. Exports all the fonts so that the next version we create has the right brand font in it, exports all the assets within there, but most critically, it generates this feed file. Now, what you're seeing here is one single version of that creative. Everything that the designer or the creative professional designated as a dynamic element within this is now a column in this data feed. A row is a finished piece of creative. When we go from one version to 380, what it actually looks like within our platform. Is this. Now we're in the advertiser's view. When an advertiser uses our software suite, this is what they get. This is the campaigns for that advertiser. You can see here also stored at the advertiser level are data feeds. These data feeds can be anything. They can be Google spreadsheets in the example I'm gonna show you in this case. It could also be a JSON file, it can be an XML file. It can be an API that we tap directly into to get real-time content like item inventory and price, which we see commonly used for a lot of our retail clients. This data feed is in our platform. Again, a row in this thing. This is fully populated now. You can see what a real one looks like. A row is a dynamic element to the creative framework that it's tied to. A column is a dynamic element. A row is a finished piece of creative. Laura, I'm sorry, you're closest to me. I'm gonna pick on you today. We're just gonna go ahead and create a personalized ad for Laura. I like Nate. You like Nate? Well, I'm gonna change the video to something more appropriate to the New York Stock Exchange, if that's okay. We'll go ahead and make a change. All I did was edit the text within that column. We're gonna go ahead and save that. We'll go back to our data feeds really quickly. We'll refresh that data feed. You'll give me a thumbs up when the data's been refreshed. Okay, great. We'll go over to our creative really quickly. Click on our Dynamic Video tab, open up the dynamic video. We'll validate that data feed really quickly to make sure all the expected properties are present within it. We'll go ahead and play it. Now, that's rendering. Dale and Zvika spoke about the infrastructure that underlies our platform today. I thought it was worth noting that any time we create a new video or receive a new video asset from an advertiser, we've talked about all those different devices and all those different screen resolutions and all the different profiles that are necessary. When an asset is generated on our platform using DCO or Dynamic Creative Optimization, or an advertiser provides us that file, what you can see on the right-hand side are all 80 different encodings that we create as a result of receiving that asset. It's worth noting they only need to give us one asset. They don't need to give us a whole lot. We take the creative very seriously, so every publisher that is certified for delivery, we store their specs at the highest quality that we can deliver it to that publisher on the user's device on their internet connection. Every publisher has a varied level of encodings. We don't go the other way. We don't take a lowest common denominator approach when it comes to compromising the quality of our advertisers' content. Sorry, I missed this. We'll just go ahead and play it really quickly in full screen. I said we'd do something a little more appropriate for the New York Stock Exchange. Also, welcome, Laura. Thank you. That quickly we can create a personalized ad. With all of these ads, how the heck do they get in front of consumers? Where does the data live that tells us how we get an ad in front of the right person at the right time on the right device? Which, if you were gonna ask an advertising professor, he would tell you that's the formula. Well, it comes also in the form of our platform. What you're seeing now is an example of what we call creative strategies. This automates the choice of all of those assets. What's in here right now is an example of something that we might have with a partner like The Trade Desk, where The Trade Desk, as a DSP, as Dale was explaining, they have a lot of data about who is seeing what ads. They have a lot of data about what those people are interested in. Maybe there's an interest-based media segment that's been created for people who are really into interior design because of past search behavior, because of things that they've looked at, because of articles that they've read, and maybe there's somebody who's really into gaming, and maybe there's somebody who's really into style, or who's investigating competitive products. The media side will bundle these users together and sell them as an audience. Maybe it's an interest audience, maybe it's something else. They can tell us that bit of information and say, "Hey, this impression you're about to deliver, it's being delivered to somebody who's investigating competitive products for this particular advertiser." That's called a macro. I know it's a weird term, but you can see here we've got a publisher-based macro strategy that tells us exactly the audience bucket that somebody belongs to. They give us that bit of information. Then we can assign the creative template, all 380 ads, and we can choose which ones specifically to show that user. We can also automate all of that if we look at some of the other data signals. Innovid, by nature of being an advertiser, also has data. When we deliver an impression, there's things that we know just by, again, nature of that delivery mechanism. We know the IP address. We know where that user lives by a reverse IP lookup. We know the date and time that we're delivering that. We know the language that the user is browsing in, and we also know the weather. If you talk about Personalization strategies, location and weather are probably the two most common data signals that we see, because they're the things that make us human at the end of the day. Where we live and how it feels outside to us, those are really good signals to use. They're very good reliable signals to use, and we see them quite commonly. Adding new data or layering data on top of existing data is very simple within our platform. You can choose the location that you wanna use or we'll use date and time. Today, we'll say it's, let's just go for today, and we'll add that rule really quickly. From here, we can assign a creative. We can either assign multiple creatives, or we can assign creative in rotation with one another. We'll choose that dynamic template. We'll choose the version that we just created for Laura, and quite simply, we save this, we traffic the tag. Now, I talked a little bit about strategies that we see commonly being used in DCO. The Samsung example is a wonderful example of Personalization at a very strategic level, audience-based targeting, very customized, creative. This stuff is used very tactically too in market. So here's an example of some creative for GM that was leveraging a user's location and the current gas prices in that market. Because some of the concerns around delivering, you know, impressions or raising awareness around electric vehicles is certainly range and also gas prices and cost savings that are associated. We pull in every single day the dummy creative or dummy gas prices within here, so it's not $4.10 right now. Every single day in the live campaign, we pull in a live feed of the current gas prices. We change the creative. If there's a change, we render new creative. When that impression gets delivered in Alaska or Alabama or California or New York or New Jersey, the current gas price for those states is reflected. In another campaign for their EV awareness, we showed how many charging stations were nearby to a consumer. Again, working to kind of understand the concerns of consumers around EV ownership. For other verticals like Verizon, who have very complex messaging constructs with offers and time frames and strict legal copy, and also brand guidelines from some of their suppliers, you know, DCO is used, and then creative optimization gets used, which is the understanding of how a consumer sees an ad, what they do with that ad, and then choosing. In a situation where we're testing multiple offers against each other, we can automatically change the rotation weights that are associated with those creatives based on the performance of which one's getting the best KPI. Again, Zvika Netter was quoted earlier today, as you can see how quickly and easily it is to activate within the platform, by just selecting the auto optimization modal here, choosing your KPI, and then selecting the parameters by which you're choosing to optimize your campaign against. Other use cases we see across other verticals, automotive certainly, location, offers and incentive-based messaging. The price of a Chevy Volt in New York is very different than one in Chicago, and that changes with a high frequency based on the offers and incentives that are available through local dealer groups. We see that a very common DCO strategy being used, and certainly within retail as well, where you can have tens of thousands of versions of creative. Back to Dale Older. Thank you for your time today. Thank you, Dan. That was fantastic. We've gone through so far delivery, the infrastructure. You understand that. Personalization, those two products are really tightly integrated, the data coming out of delivery, feeding Personalization, as well as providing the infrastructure for it to ride on top. We're now gonna shift to Measurement. I'm just gonna set it up and give you some context around Measurement, what we've been up to. I think Laura's good question, you know, what were you doing previously to the TVSquared acquisition and how has it evolved? It's true that over the last couple of years, Innovid has been building out organically Measurement capabilities, largely on the data that comes out of our CTV Ad Serving. We've gotten a lot of great market feedback around helping brands be more efficient, giving more visibility into CTV. It's been a little bit black box in general. So they can understand things like reach frequency when they're buying across different publishers, understand the overlap, and again, just become more efficient with their media dollars. But we heard a lot of positive feedback, but there are three key points of feedback that caused us to evolve from what we were doing. One is, CTV is not bought in a silo, right? They don't just go allocate CTV budget on its own. It's generally bought as part of a bigger package. The second is that they're still spending a lot of money on linear TV. This is a migration that's undeniable, that's happening from linear to CTV, but it's gonna play out over a long period of time. Today, they're still spending a lot of money on linear advertising. Third was, given these two things, they need help managing that migration over time and trying to understand the difference between see how CTV is performing, what kind of households they're reaching, how linear is performing independently, and then be able to look at them together. That led us to TVSquared, with the TVSquared acquisition. We were thrilled to be able to partner with TVSquared, ultimately do the acquisition. TVSquared has had several years of building out a Measurement platform, a long history around linear performance Measurement. We've been hard at work since this acquisition, combining the two companies, the organizations, the technology, the data, with TVSquared bringing linear and Innovid bringing the CTV data and expertise and technology, ultimately to the launch of InnovidXP. The purpose of InnovidXP is convergent television. It's understanding linear, it's understanding CTV, and understanding those two things in context, and what type of ROI and outcome and return on investment that you're getting from your media spend. That's the context around what we're doing in Measurement. Now Dan's gonna demo that as well. Thank you. Okay. This is what you see when you first log into the InnovidXP portal. It's a fairly ubiquitous screen in terms of cross-channel Measurement. I see a couple of people squinting, so I'll go ahead and make it bigger for you all. It's a fairly ubiquitous screen in terms of cross-channel Measurement. It's worth noting a couple of advantages here. We've talked about the infrastructure that underlies the Ad Serving infrastructure that underlies all of our products today. Most people who put graphs like this together do so in a way that requires an ad server to do something. It requires a pixel to be trafficked along with that campaign. A Measurement company might create a pixel. That pixel needs to be associated with the campaign that's done by what they call wrapping a tag. We've already talked about the fact that Innovid's an ad server. What that means for our agency partners and our brand partners is they're not subject to the operational deficiencies of having to wrap tags. That takes time. It takes days in some cases, and that can delay a launch. The other thing that's challenging with pixels is pixels also have to be certified, or tags also have to be certified by publishers. Sometimes publishers don't want their inventory measured, so they don't certify the tag. If you send a wrapped tag to a publisher that doesn't support that particular provider, they won't run the tag. They don't do that to ad servers because that's the record that gets them paid at the end of the day. There's a couple of advantages on the CTV side of things. Linear data, I'll tell you where we get our linear data from. It comes from the VIZIO Inscape firehose. It's about 18 million households. What that dataset contains is the IP address of the television. It contains where that television is tuned to, what channel that television is tuned to, how long, timestamps. We take that core of ingredients, and there's a few others that are involved in the firehose data. We get it once a week. We take that, and then we take what they call an as-run log or a post log, which is from an advertiser that tells us, "Hey, I ran a spot on NBC at 3:16 P.M.," and that television, which comes from the Inscape logs, was on NBC at 3:16 P.M. We resolve that to what we call an impression. We then take that impression, and we model it up based on the population of a DMA that we've delivered the impression into, as well as the number of televisions that are within that marketplace. It gives us unparalleled scale in terms of the ability to model our data against the actual US population rather than getting other ingredients that are more national in scope. That's how we get here. This gives a common view of impressions against OTT or CTV and linear. It tells us what the overlaps are. Dale mentioned his house. I've got five kids, and I've got laptops, I've got televisions, I've got mobile phones, streaming, all of those, all of those different devices and things are happening within my home. There's overlap in there. There's people who are viewing linear television in my house as well as people who are streaming CTV content in my house. Giving a marketer an understanding of what that overlap looks like is really important. As we move into the OTT side of things, it's really important we don't just end there. We go really deep into both of these things, and we tie them back to outcomes. What you'll see here is, from a performance perspective, the first thing, the hero metrics that we surface to an advertiser. We've got our total reach. We have our unique publisher reach. These are homes that were reached by only one publisher on the plan. We have our average frequency, how many times we are delivering that same message to a household. We have our measured number of impressions. We give marketers the opportunity to evaluate the publishers on their plan against all the data that lives within our system. Again, I'll make this a little bit bigger so you can see it. In this case, we're viewing publishers against the impressions that we've delivered and the total reach. If we wanted to get something a little bit more specific, we could look at total reach and unique reach as an example. This tells me which publishers are driving incrementality for me. Where am I finding a unique audience? Again, for disclosure purposes, this is all dummy data in the platform. We wouldn't say anything negatively based on the data, or don't make any decisions based on the data that you're seeing here. From here, we expand this table out, and we can include metrics like CPM, and this gives us the ability to calculate cost per reach and cost per unique reach. Calculating how much it costs on that publisher to reach a unique household, if it's that marketer's objective to increase unique reach, you can see how valuable that might be for them and how quickly they can make decisions with that dataset. From here, we can give you a deterministic view of where those impressions and where that reach is occurring at both a state and DMA. Most critically, we can tell you where the overlaps are occurring. Again, if your primary KPI as an agency or as a marketer is to reduce overlap or to mitigate as much overlap as possible, you can see exactly where the overlaps are occurring within this view. We can go publisher by publisher and do that. Innovid's ability also within programmatic to understand the end inventory source that we're delivering into. Dale mentioned programmatic. There's a lot of ways of getting in front of a consumer, direct buy and programmatic, and marketers have both of those in play and both of those tactics at play all the time. If you're buying Hulu directly, and you're getting Hulu through The Trade Desk, which one's more efficient? If you knew that, could you move money one place or another and make optimization decisions? You certainly could, and again, this is the data that we surface within this platform. We can switch over to linear. You can see much of the same insights within linear. We can tell you your total reach, your unique reach. Takes a second. You can see your average frequency within the UI itself. That's why. I wasn't logged in. Log demo. It's real. There's another Dan, we'll call him afterwards. There we are. All right. Now we'll go into linear. You'll see the data that lives within linear is much the same. Total impressions that we're delivering, households that we've reached, the impressions per household, the number of airings. We can see that by day of week and by day part. We can see that by network and by program that we're delivering into. This is Measurement. We also start to introduce the concept of outcomes, and this is where we can model effective frequency. This tells an advertiser, how many times do I need to show this message to get the desired result from households? The type of outcomes that we can measure against this are varied. They can be website visitation, they can be qualified site actions, they can be mobile app activity, mobile app downloads. We can view this data on a daily basis. We can accumulate it over time, and we can dimensionalize it for our clients. Giving them an understanding of which creative is performing best, which network is performing best. This obviously helps inform upfront negotiations that they have. Here you can see the different types of metrics that are available. Immediate response is something that's happened within 10-15 minutes of somebody seeing a television commercial, 24 hours, and then through a seven-day attribution window. We do that by both media types, OTT, CTV, and linear television with our data set. Back to Dale. Thank you guys for your time today. All right. Thank you everyone for your attention. Just a quick close here. Zvika showed some of these logos earlier. These are the big brand clients that drive Innovid's investments. They're the reason that we evolved from the delivery infrastructure to also build out Personalization and also build out Measurement. It's these brands and their needs as the TV advertising ecosystem evolves, and they'll continue to drive us in new and interesting directions. Just a quick close on why we win. Zvika touched on it, but when you look at our ability to do Ad Serving or delivery, Measurement, Personalization, all of these products purpose-built for television. We have competitors in each of these boxes. Some of them are part of big media companies, which we don't think the industry wants that to happen around television like it did in display. When you couple the assets that we have, the capabilities, and then our position as unbiased and independent, we think all those together will be a winning formula going forward. Again, thank you for your time. I think now we'll do a little Q&A. All right. We're running a little bit behind, so we're just gonna kinda whiz through the Q&A, and we're gonna hold questions at the end of the day, and we're gonna have a five-minute break now versus 15 minutes. Hustle, get your coffee, cookies. No more breaks. Come on back. We're gonna get back on schedule. Thank you. Testing one, two. Oh, we're good. All right, we're ready to get started again. You'll take your seats. All right, Jim. With no further ado, Tal Chalozin is going to talk about the CTV industry. Drum roll. Everyone sit back down. The show, what you all been waiting for. Up next. Hello, hello. Hello everyone. Is this thing on? Yes. Thank you very much for coming. I am Tal Chalozin. I'm CTO and co-founder of Innovid. Partnered with Zvika for the past 15 years or so. Very excited to be here at this pretty awesome milestone. Okay, we talked a lot about our product, about the vision. I'm here to talk a little more about the industry. I'm gonna keep it short, and then we're gonna move into a fireside chat later. We talked a lot about CTV. I felt like maybe the starting point would be zooming into the world of CTV. A lot of people talk about connected television, but some people think that connected television is analogous with streaming. However, it's actually connected television is a device, and as we talked about it earlier, we are in the kind of a business of delivering or creating an infrastructure. Every time that we deliver an ad, we know exactly what is the device that consumed that and received that. What I'm gonna show you here is when people talk about connected television, there are two ways that you can access the Internet on a television. In a smart TV with apps on that device or with an adjacent device that is connected to it. As I'm sure you all know and I'm sure your house is packed with them, there are many, many ways to access that type of content through different pucks or devices connected to that television, through gaming consoles, through dongles, and even through different TVs in many different rooms. With that, it clearly makes that the world of connected television a very fragmented and somewhat honestly convoluted type of a market. What I wanted to do for the next couple of minutes is we have the benefit of having some type of a bird's-eye view of the industry. I wanted to use data that comes in from our platform to highlight a little bit about what do we see in the industry. As we talked about fragmentation, I felt like the first step would be just to look at what are the different devices that you can consume television. This is a breakdown of different devices coming in from the last third quarter of this year as we deliver different ads throughout the quarter. This is the breakdown of ads based on the devices consuming that. Important point, this is not. You can see the numbers associated with that. Important point is that this is the device, meaning that it doesn't mean that you watch media sold by that device, right? This means that you have Roku, Fire TV, Samsung or other devices. As you can see here, obviously Roku and Fire TV, as you can see, dominate the market with over 60% total combined. Still, the market is very fragmented with other services. That pie chart changes quite a lot throughout time. I'm sure you know many of those companies. Many of them do not really make money through selling the device or at least that's not the core of their business. What I wanted to do is to unpack their strategy a little bit because I think it's really indicative to what's going on in the world of connected television. When you look at a company like Roku, obviously making tremendous devices that brings internet to our living room. One of the core assets that they own and offer is the operating system inside that that is delivered in that devices. That operating system is in charge of the app store, the user data, and many other things. The real way to make money through that is to have your own channel, and deliver media and sell advertising against that Roku in the shape of a Roku channel. In order to take it one step further to actually winning this market is beefing it up with ad tech capability. Roku, in the case of OneView, which is the DSP, the demand side platform capability that is paired with Roku. This strategy, Roku doesn't have exclusivity on that idea. If you look at Amazon is not so different. Amazon has a device, has an operating system called Fire TV, has multiple channels. The ad-supported one is named Freevee, and obviously have big investment in ad tech, Amazon DSP. Honestly, the company that actually wrote the playbook on this idea is Google, 'cause Google obviously have a lot of different devices in your home, have an operating system, Android TV or now renamed as Google TV, have many different apps, obviously YouTube being the leading one, and they obviously wrote the playbook of ad tech and available out there. The plot thickens. It's not only those companies because all smart TV manufacturers realize that this is really the way to make money in this world, so everyone is building the exact same strategy. I'm taking Samsung as an example. You can say that about many others. Something important about that slide that you should see is that each and every one of them realize that in order to really expand their capability and expand their dominance and importance, they're investing more and more in ad tech that is tightly coupled with their media. Now, one other name that is actually not talked a lot in this market but in our opinion, my opinion, I would say is one that maybe we'll hear a bit more is Apple. Because if you just kinda read the tea leaves and look at If you think that history can tell us something about the future, Apple has very similar things with Apple TV, tvOS, and Apple TV+, the apps and all of those components. The one bucket or the one area that they don't check, obviously, is they're investing in ad tech, which, who knows, may or may not happen in the future. Something very important about all those five rows, and you can add a couple more in that. There's a term that we use in ad tech or in media that frankly define all of those companies. The term is a walled garden. People like to call Google or Facebook as walled garden, but frankly, in the world of television, every one of those companies that I just mentioned earlier is a walled garden. The world is made out of a bunch of walled gardens. What does a walled garden mean in that case? I'm kinda dumbing it down a little bit. A walled garden set the rules of how do you play in that garden. Mainly, and that's maybe the most important thing, they control the access. Access to that media only done through their tool, through their portals or other ways. A very key component is you keep data inside. If you wanna use any of that unique data, you need to work with their services and their own capabilities. Dale talked about it earlier. There's a lot of talk in the industry about walled garden versus the open internet. Those are two, kinda call it two camps. Wanted to put numbers against it and say, what does that look like in numbers? If I'm zooming into the garden, looking at the numbers. What we did is that we looked at walled garden versus open internet. Again, leveraging what I said earlier, I'm gonna just a shameless plug. We have a bird's-eye view of the industry, so we can look at everywhere as we serve ads in all of those places, not really limiting to one camp or the other. We have that visibility. What I'm showing here, this is Q3 data. Again, same timeframe. In the third quarter of this year, 46% of ads delivered in the connected television world was delivered in what is called a walled garden, right? 54% was delivered in the open internet. There's a little bit of a big debate about what side is larger. I would say that again, the walled garden side is definitely not a not too shabby one. Specifically, if you wanna look historically or into the trends, just taking one year ago, third quarter of 2021, this is what the numbers look like. Third quarter of 2021, only 39% of traffic in that quarter was in a walled garden. Walled garden territory, call it, is growing much faster than, call it, the open internet in the world of connected television. It's not applicable everywhere, but in connected television, this is what it looks like. Just one point to bear in mind is that this is pre-Netflix and pre-Disney+, which are clearly important. Netflix specifically is playing, at least as reported so far, on the walled garden side of things. That will expedite that, kinda call it the green camp. We talked about, I'm using again data to tell- U.S. only? Yes, it is U.S. data. In tiny font. Correct, in tiny font. In our disclaimer. Yes, this is U.S. connected television data. Again, I'm trying to use data to tell the story. We talked a lot about it, and there is a lot of talk in the world of marketing about programmatic advertising. I wanted again to shine a light a little bit about what is the world of programmatic looks like in connected television. Programmatic is massively successful and enormously large in digital altogether. In the world of connected television, again, same idea. What I did is looking at Q3 2022, Q3 2021, and compare the share of programmatic of the overall ads delivered in connected television. What you can see here is that obviously programmatic growing in share. The market, the pie itself is growing as well, so it is compounding obviously. Something important, the share is significantly smaller than overall in digital. I wanna highlight here something that is very important, and we get it from investors, quite a lot, is that the term programmatic in digital, specifically in the banner world, display world, is very different than what programmatic is being utilized in the connected television world. A lot of the deals in connected television are pre-negotiated, and we can get a sneak peek into that, a little bit later. Many of the deals are pre--negotiated, and the rate is not defined in real time. It is still using data, using technology, using a software in order to access the media, in order to optimize that, and in order to choose the right impression. A component about pricing within it is a little bit different than in other markets. Okay, I talked about all of that. I wanna try and bring it home, a little bit. What's next for us? We talked about again Q3 and some of the data that we've seen. Where do we go from here? Again, this is our point of view. I try to highlight a few points that I think would be very interesting to watch in the future or at least some dynamics that matter for the market. First of all, the shift for streaming will continue. It's pretty obvious. We get this question also a lot about the impact of overall economy on that shift. We mentioned that Zvika mentioned that earlier. The shift from linear TV to streaming is not really created by viewers. Oh, I'm sorry. It's not really created by marketer. It's not really created by media company. It's mostly accelerated and pushed by users, viewers choosing with their fingers to buy a device and install apps and be a user of streaming. That definitely will continue. There is absolutely no doubt it's a better product and widely available. Second one, which is a very important about the dynamic in the market, we believe connected television and streaming altogether will not be a winner-takes-all market. If you look at search and social, both markets were mainly a winner-takes-all market dominated by Google and Facebook back in the good old days. In the streaming world, as attested by everything I shared earlier, there is a lot of players, very large, that are not going anywhere. It's not gonna be a one player. Again, this is why we invest a lot in infrastructure, and we think that having a connected tissue between everything is an enormously important asset. Most of television will be data-driven. I mentioned earlier that programmatic takes roughly 35% of free TV traffic. That does not mean that this is where it stops in terms of the use of data. We showed earlier about how you can use data for Personalization, how you can use data for better Measurement and for many other things. Every impression in television, the future of television will utilize data in one way, shape, or form. My two last points. One, fragmentation is here to stay. There's one may say that there could be consolidation with within several parts of the market. As you can see, there's massive players. Each one of them benefit from this market. This fragmentation is not really going anywhere, and it's on so many different layers. On apps, on devices, on technologies. The fragmentation is very deep and it's here to stay. My last point here is that technologies really can make this fragmentation a friend and not a foe, 'cause marketer benefit from competition. Marketer benefit from access to a lot of different media, and obviously viewers benefit from a lot of options and advancement in innovation. Technology, and specifically in ad tech, really can make that fragmentation a friend and not a foe. Maybe before I close this, I'm sorry. I wanted to take a quick slide of a LUMAscape. I'm sure you all know, all credit to Terry Kawaja, #Terry, taking a lot of time. I promise to give credit. There's many big new boxes within the television space. Think about it almost like as a maze. For a marketer to reach a viewer, you need to check many different places, obviously working with a media agency, creative agency, DSPs, brand safety, and I obviously just picked a few. Something very important about what we do and what we see as our role, Innovid's role, in the future and currently is not creating another box, but just creating the infrastructure layer that connects everything. We repeated the same message the whole day, and that's frankly the most important point of everything here, is that the market will be fragmented. There will be a lot of technologies out there. Our job is to connect them all together. You shouldn't take it from me. I have a good friend that I have the joy of inviting here to join. Please welcome Mike Law, the CEO of Carat North America. Thank you very much. I can breathe now. It's on. Hello. Is this on? What? What do you want to do? Oh, no, no. All right. Yeah, working. Yeah. You're good. Hello, Mike. Hi. Thank you so much for coming. Maybe I'll start with an easy one. You've been in your job of running one of the world's largest agency representing massive customers. I think you're celebrating a year just right now. Yep. You got an easy start 'cause this year was a pretty easy. Yeah. in the markets. Simple. How was that year for you? Yes. I oversaw all of our investment and partnerships for about the first 20 years of my career on the buying side. I came into this role as a TV buyer. We started this journey into connected TV in 2011, just kind of reshaping our group and saying, "There's a future out there." Most of our clients looked at me like I was crazy. I went around with this crazy diagram on my back about how video was gonna change, and they just said, "Yeah, yeah, but we love TV. I remember that. That was. Yeah. We love TV, and how can you take me out of the NFL and all these things. I moved into this role about a year ago to run the agency. A lot more face time with our clients. It's been an interesting year. I mean, obviously, coming out of pandemic. A lot of headwinds from an economic standpoint, and a lot of changes in the business. I think some of the complexity that's been shown on the screens today and the things that Innovid's trying to simplify help. The way that agencies are built, the way that client organizations are built, create a tremendous amount of headwinds you wouldn't imagine. You couldn't imagine the amount of phone calls we make into clients, and they say, "Well, that's not really my job. That sits over there. That's digital. That's Measurement. That's a different department. I'm a brand. I'm a central team. Just creating infrastructures on the relationship side that match what viewers are seeing is part of the complexity as well. Maybe I'll touch on that point. I think you guys at Carat, you've been kind of leading the charge of connecting those two sides of the house. Everyone talks, as you said, about the broadcast side and digital that behaves and manage themselves in a very different way. I think you guys from your investment days and until now made a lot of change. Like what technologies in the market are really helping you with that kind of connecting the two sides of the house? Yeah. I think, you know, being a big agency, first off, we pretty much talk to everybody. I think given that we've got a vast set of clients, we're not really in a position to say, "Oh, we're not gonna talk to somebody in particular." One of the things we've had to do is build a lot of the technology in-house ourselves, build a lot of our own tools, but that takes Measurement companies, whether it be Comscore, Nielsen, VideoAmp, whoever it might be, TVSquared, and then build a lot of these same roadmaps that Tal kind of just showed in his presentation. We've spent a lot of time connecting all those in the background and then trying to create a single user interface that our clients can use on their side. One of the reasons we had to do that is there really just wasn't the tools in the market that bring all that together. That's a lot of kind of Tal's last slide, I've never seen that before, but I might steal it. It is, it's a lot of disparate, different technologies that you need to bring together, and the more complex you bring to a client, the faster they are to lean back in their chair and say, "Whoa, I'm not. You got me on that one." I think our job as an agency is to simplify that roadmap for them, and just try to put it through the lens of think about what I always say, buy TV like you watch TV, right? Like, talk to the client exactly how they go home when they say, "How can you take me out of the NFL?" Or, "How can you take me out of Grey's Anatomy on ABC on Thursday night?" I go, "What did you do when you went home last night?" "Oh, I watched Netflix." "Oh, okay. So you don't even watch TV, but yet you're yelling at me about taking your TV ads away." I think we try to put it through that lens and then build kind of technology that supports that. I'll continue with your point. You advise and you manage investment for massive brands like Procter & Gamble, General Motors, Pfizer and many others that are clearly leading the charge and making a big impact in the industry. As I remember that chart that you mentioned from your investment days. Trying to remember when was it then we met, maybe 2012 or 2015. It was around 2012. I was actually gonna tell the story that I remember hearing you present at an IAB meeting, and I said, "I wanna be friends with that guy." Like, "I need to talk to him." There was a lot of noise in that room, and Tal just came in and kind of blew the doors off, and I was like. Wow. Yeah, I'm gonna call that guy up. It's unplanned by the way. Yeah, that was totally unsolicited, I promise. Maybe speak on the allocation. There's many ways of buying video in an upfront and on a spot buying and programmatic, more digital, more social, more other ways. How do you decide or best ways to allocate that? Also, how do you change it over time? The change is slow, I'd say, first of all. There's a lot of testing and learning and a lot of, you know. I think the noise in the market around Measurement and who's good at Measurement has caused a lot of friction. I think what we've tried to do is help clients along this journey from audience or from demographics and just broad GRP-based buying and you know, kind of spray it and pray it and see what happens to we can identify exactly who these audiences are, and we can prove that it drove business results. As we think about the future of currency, it should really be the cost to drive business growth, not the cost to reach any single viewer. It's really about who drove growth for us. It is a slow journey. I think you just have to kind of rinse and repeat with what worked, what didn't work, and then adjust and get clients into that kind of agenda, which is very hard, because I think a lot of brand managers and media teams, you know, there's a lot of short-term goals about I have to maintain where I'm at, and this feels like you're very threatening, especially with the legacy channel. I was just saying to somebody before, too, the other factor in all this in a lot of categories, if it's auto, if it's QSR, you start talking to dealers and you start talking to franchisees. They control a lot of that money sometimes, and they feel very frustrated, again, when you take it away from the things that have worked for them for years and years and years and say, "We've got a new way of doing it. It's data-driven." Data? They're like, "Ooh, man, that's a scary word to them." So I think the more we can simplify it, the more we can put it through the lens of how do your consumers think and then show them that it's driving business results, then they get super comfortable with it. I'm gonna script a little bit, but just listening to. We're scripted? Yeah. That's a good point. I just wanted to make it more official. Okay. Kidding. Yeah, just listening to what you said and about people, it's 2022 and people are shocked about data or just choosing technologies. Where, I don't know, where do you think we are in this journey? How do we get it to the next level? I'm sure many people ask you that question, but how can it be that we're in 2022, I don't know, doing many other amazing things in the industry and. Yeah In technology and still we're in places we're debating that part? Yeah, I think it's new, right? Like, Everybody in this room spends a lot of time talking about this, but for the majority, this is very new technology. I think it's come upon us very quickly. One thing is that the old thing, it doesn't not work. That still works pretty well. There's just a way to make it work even better. Pulling away from something that you're like, "I feel comfortable with that. Why do I need to change?" Now, if it completely fell apart and broke down, then you'd say, "Okay, now I've forced change." There's no forced change. This is just about incrementality of better, and I think that's one thing that's hurt us. I was actually surprised by the percent of programmatic that it's not higher. I told our group two years ago, I thought we should be 100% programmatic by 2025 on CTV. I don't know that we'll get there, but the reason for that is because this is the holy grail space of what we want. We've got this ability to know exactly who the customer is, to deliver a video message in real time, create for... boom, boom, all the things you talked about. Yet we still just go buy it on an 18- to 49-year-olds. Like, it just feels so backwards and lazy and boring. Why don't we challenge ourselves to get there? I think you're gonna see that number rise very quickly. Now, the challenge is those walled gardens. The challenge becomes there's one thing that Tal didn't show there is a lot of those DSPs sell all the same inventory. So as customers, when we go home and see the same State Farm ad seven times in a row, it's likely it was bought from seven different DSPs, and that's super frustrating. So that slows it down, too, because once a client has that user experience as a viewer, they say, "Connected TV doesn't work. I'm not buying it." It's like, "No, no, there's ways to fix that." I think we have to get better as an industry, making a better consumer experience before we can help accelerate the growth. Shifting a little bit to call it macroeconomy. I'm sure we have a lot of investors listening and many people wanna ask the question is on how do you advise your customer of massive brands on spend in kind of uncertain- Yeah. In uncertain times? How do you look at 2023? How do you run your business at this time? Yeah. I think, well, number one, we're trying to talk about the fact that media is a positive. It's an investment into growth, and it shouldn't be seen as an expense line. I think we learned some really good lessons in the short window of COVID, although the ad market rebounded relatively quickly, was that the brands that stayed strong and kind of advertised through that, the cost to get back to where they were was far less, and they came out ahead of their competition. I think a lot of our CMOs are using that data to go to their CFOs now and say, "Hey, in the short term, this is better 'cause we can get ahead. In the long term, it will cost us less to get back to where we were." This movement towards audiences, the movement towards more efficient media is actually helping to accelerate that. We've got better ways to buy media today, coupled with if brands stay where they are, the cost to kind of grow business is far less than both the short term and the long term. Every CMO is kind of saying to us, "Help me convince my board, my CFO, my CEO, that I should keep spending," because forever the first thing to get cut was media spends or sponsorships, right? I think that recent history, that recent PTSD is giving us a little bit of momentum. What I would say is, to date, we've seen paper cuts, like, lots of little things. Now there's the wounds are starting to get a little bit harsher. You've seen that in a lot of the results that people are reporting, and I would say that's real and consistent with what we've seen as well. Yeah, it's a lot of paper cuts versus some really deep gashes right now. Related to that, I heard you speak a lot about the streaming will become a performance-based or more performance-based media versus just a branding. We showed it earlier in a lot of our focus in Innovid XP is bringing outcome-based Measurement, not just input- Mm-hmm. based metric and leveraging and bringing more performance capability. Where do you think we are on that journey, again, in convincing that, or giving ammunition to that CMO, of talking on output metrics and the value that you're getting? Yeah. There's a lot of little nuances that I think there's danger in saying it's only performance 'cause then they say, "I can't reach a lot of people." We're trying to say that it's a little, it's the best of both worlds. It can deliver you a massive amount of reach, but the cliché would be all media is performance media, right? Now I can deliver you all the reach that you need, and I can measure it in a much more accountable way than I could linear television. I think we're trying to combine those two conversations together. You and us both hardest work on combining that. Yeah. I'll be remiss not touching on creativity. That's a key part, Personalization and creativity is a key part of what we do and what we believe the future would be. Feel like marketing started or originated with Don Draper and creativity, and now all that we talk about is three-letter acronyms and different type of technologies. Where do you think? How can we move it back and be more focused on creativity? Yeah. How does that play in your day to day? Yeah. I think a couple things. I think, number one, we've seen the success of contextual alignment. As we think about a post-cookie world and IDs and all that, contextual alignment's gonna become really important. In order to make that work successfully, personalized advertising matched with the content can be really powerful. From a true creative standpoint, that's still what everybody loves about advertising, and that's when consumers say, "Oh, this doesn't feel disruptive. This feels additive, this feels entertaining." I think, you know, I was just at the ANA last week and watching these brands stand up there. Nobody was showing their flowcharts about media GRPs. They were showing the creative work because that's what's exciting. You know, as a TV buyer growing up, one of the things that frustrated me, looking back on my career, is for the first 10 years, I was just transactional. They just gave me some money, I went and bought some stuff. I didn't really know what it was. Maybe if it was a Super Bowl ad, maybe I knew that I bought something. Other than that, I never saw it. When I went to the client side for a couple years and got closer to marketers, I said, "You guys do amazing work. I've never seen any of this." We really tried to move investment up further and start to say, "Hey, tell me what the ad is. Tell me what the product is. Tell me what the goal is, 'cause there's better connections that I can make. Now, technology's helped us do that a lot easier than just trying to pick a show and pick a TV ad. But, yeah, I think creativity is at the front of the line in terms of how do we just get that messaging out? It's what most of our clients spend most of their time doing, is trying to create amazing creative assets. I think we need to close. Just my last point. What technologies or other innovation coming up that you think we all should be excited about? I thought you were gonna say, when should they be excited? I'm like, be excited every day. I mean, this isn't the worst job to have. I mean, I think the commerce thing is certainly probably. You know, it's not new, but I think there's a massive acceleration around that, and just the ease at which people can kind of move from screen to screen. I think that people are being forced to kind of interact with their screens more. So I would put commerce kind of at the front of that. Then, content is the other thing. I think brands as content as we try to move, you know. What we all complain about is the clutter in TV advertising. This isn't a perfect example, but if you look at what Netflix did to create this F1 series, and then all of a sudden they created all this excitement around F1. Then they had to kind of hand over all those viewers to ESPN, 'cause that's where F1 was. If you think about brands as content, being involved in the creation of the excitement of a sport and then say, "I'm just gonna live through that all the way through the creation of building up the sport," I think there's a lot of opportunity there. Content and commerce. Nice. Double C. Yeah. I didn't even plan that. Yeah. Let's open it up to questions. Like, if you were to name two companies that you think advertisers think are leading in Measurement in connected TV, who would you name? Oh, that's really putting me on the spot, Shraddha. One of them is easy, so you only need to pick one. That's a tough one for me to answer. I think that the field's pretty open right now, to be honest with you. I think certainly the work that Innovid's doing. I think when you think about the progress that Nielsen's made over the past few years to try to rechange their game. I don't know that anybody's so clearly in the front that I could say, "These are the two, and that's where I would go." I think there's things that people default to very quickly. I don't know that I could name two specifically, to be honest. Sorry. Top three. What's that? Top three. Top 20 maybe. Yeah, either one. You guys down here. Thanks a lot. It's Tim Nollen from Macquarie. I wanted to pick up on the programmatic component of CTV discussion. You're saying 35% of CTV is programmatic. Just to be clear, does that include? I guess, is that largely PMP deals, or is it? You know, and how much of that would be actual programmatic versus just sort of delivering the ads? And when you say you want that 35% to get to 100%, I know that's probably aggressive in three years' time. But even if it were to get toward whatever percentage that would be, how much would be, you know, true programmatic versus just kind of a simplified version, if you know what I mean? I don't. It's your stat. Yeah. I don't know if you know the breakdown of PMP versus I don't, but the lion's share of connected television is done through PMPs of that volume. One important distinction that I did mention earlier is that of that 35%, that's excluding YouTube. The reason is that YouTube is. It's hard to define because all of YouTube is accessed through some type of UI. That study, 35% ex-YouTube. Maybe just a tiny point about how we get to that number. Programmatic is defined as using a demand-side platform to access the media. It's done using automation or using data. That's the definition of that. To answer your question, the lion's share is PMP deals. Yeah, I would say to get to the number, if I'm just thinking about the track to that, it's gonna remain largely PMP, but we'll have to switch to open in order to get there. 'Cause the kind of cost of doing PMPs and just even the sweat equity of doing PMPs starts to change the dynamic of the speed at which you can move. I think you'll see that as that total number grows, the balance would become a little more 50/50. That was my follow-up, was actually how much of a real-time bid, you know, real open exchange might that grow into? Yeah. I'd just say it would start to move towards equality, the higher that number gets. Thanks. Yeah. Just to be clear, the numbers that we're sharing are based on our numbers, so we serve more than one-third of the industry based on our numbers. At the same time, it's a very specific third. It comes from the top, right? You can have, like, local advertisers or people who are not Innovid customers because they don't need the stack. Who can just go to a DSP and buy $100,000 worth of media? It's not necessarily. This is very significant, massive amount of data, but it's skewed towards the large TV spenders, right? It's more the top rather than, you know. Some like YouTube and others may cater to smaller advertisers that are less, you know, our type of customers at this point. Thanks for doing this. Rich Greenfield from LightShed. If I walk into my kid's bedroom, at, you know, 7:00 P.M o n a Wednesday night, let's say tonight at 7:00 P.M, there's 0% chance they're watching linear TV, and I'm sure I'm not alone in the room. Go back to the quote that I think you, I'm gonna butcher it, but to paraphrase you, "Advertise like you watch TV. Yeah. I think that is incredible. I'm gonna use that and quote you repeatedly. Thank you. Other people use it, don't quote me, so Why doesn't anyone listen to you? I guess is my question for you. Yeah. You know, I get sports, which we all watch live. Like, I watch the Giants game finally. They're playing well this season, so I'm enjoying it. Yeah. Outside of sports, what you just said is actually not being done by your clients. Yeah. You know, sure, I can look at sort of the shift is happening. It's still happening every year. What's, you know, I guess where I'm sort of thinking of seismic events. Yep Have historically changed industries. Is the recession that we're facing, Target this morning, is that the type of, you know, watershed event that breaks this dam and gets people to fundamentally listen to what you just said to Tal earlier? Yeah, a few things. Number one, if I walked into my kid's room, 50% chance they're watching TikTok and 100% chance whatever TV they're watching, it's on their phone. My daughter watched 22 seasons of Grey's Anatomy like this with a TV sitting on her wall. Mine's at season 12 right now. Right. Yeah. Like, it just doesn't make any sense. Yes. Why did I even buy that thing? I don't understand. I think the reason why- There's still $65 billion. Yeah. There's still a lot of people watching television at the end of the day. I think some of it is the confusion around Measurement. Some of it is that tools are built looking backwards. The other thing I joke about is when our media planners walk in the doors in the morning, they forget what they were doing before they walked in. They're like, "Let me go in the tool, and the tool told me to do this." The tools are built backward looking, like this is what the historical data said. Investment people are seeing the trend long before the tools are. I think we need to get in front of that and start to say, "Let me think about how this is actually playing out versus how it played out even six months ago." Your question about will this accelerate or will it break the dam? I think COVID chipped away at it because people were home. They started experiencing TV different. Another example I always use is when we tried to get clients to buy FX in the early 2000s. It wasn't available in New York, so every client was like, "Ah, FX, that seems I've never heard of it." Then they put it on the New York cable systems, and all of a sudden every client's like, "I love FX. I got" 'Cause they saw it, and they felt it. Once they started using connected TV in their everyday households and lives, post-COVID, they said, "Hey, I need to be there." That started it, and now they've seen that it works, and that will help accelerate it. Thanks. I think and hope. Think and hope. Yeah. One more question. Go ahead. It's really a follow-up on that exact question. Jeff Green has talked about CPMs for linear TV, you know, increasing kind of 10%. Yeah ...every year over time. Is there just a breaking point on price where you start to see the push towards CTV? What are you hearing from clients on- Yeah ...the pricing component of that? Absolutely. I mean, the rinse and repeat of every year just. If you look at a 20-year chart of CPMs and then compare it to ratings and the gap and the delta that that has created, it's just absolutely wild. I think if we keep saying in this conversation about how much does it cost to reach 18- 49-year-olds, that will keep happening, and advertisers are creating that dynamic by not changing to audience-based buying, to not changing to outcome-based buying. I think we have to change the dynamic. The reason for that is it will revalue the value of that impression. The way that we value it today, that storyline plays out. Supply and demand say the cost should go up even though I think the value of that impression isn't what it once was. When Friends delivered 30 million people, that was worth something. When The Voice delivers 800,000 people, it's a different dynamic in what that should cost. I think we have to revalue the impression, and I think the best way to do that is move more towards audie nces. Advertise like you watch TV. Buy TV like you watch TV. Buy it. Buy it like you watch TV. Insert media channel. I want that on a shirt. Yeah. I want a shirt. Buy print like you read print, whatever. Put it all in there. Um. Tal makes a lot of stickers. Maybe he'll make you a sticker out of that. I guess this is it. Thank you very much. Yeah. Thank you. Thanks, Mike. Yeah. Thanks. Thank you, everyone. Thank you. Before we go into the main Q&A, we have our final, Tanya to go over the CFO. The grand finale. I'm actually going to explain to you how we make money out of all of this. I feel that on the product side, that can increase the audience. You all know what we do and how it works. First, let me walk you down a short memory lane. Promise it will be short. We approached 2020 as a well-established delivery platform built for CTV. In 2020, and as mentioned, pandemic, we realized that when everything else is going down, CTV continued growing. With the continuous growth of CTV and acceleration in Personalization adoption in 2021, we created a solid base for us to IPO exactly almost a year ago on December 1st, 2021. Since then, we acquired TVSquared, a Measurement platform, and we launched InnovidXP, a new global Measurement platform built for converging TV. Our business has multiple growth drivers. We mentioned volume growth, we mentioned upsell, we talked about expansion into different products, global expansion and new logo acquisition. We have three major product offerings. Ad Serving, standard Ad Serving, Personalization and Measurement. Each of those revenue generating lines have different stage of maturity. In Q3 of 2022, just this quarter, Measurement contributed 23% of our revenue. While a year ago it was 1%, almost 100% of our revenue was driven by Ad Serving and Personalization. Measurement added diversity not only to our product suite and client base, it also diversified our revenue model. Ad Serving and Personalization revenue are volume-driven. It closely correlates with the ad impressions served through Innovid platform. The revenue model is quite simple. Simply volume of the impressions served multiplied by the CPM, and CPM being a flat fee. A standard Ad Serving has a stable, resilient pricing that averaged for the last couple of years between $0.25-$0.23. Personalization is also volume-driven but has a slightly different pricing range. The pricing range for Personalization varies based on the creative format and the scope of work that is provided. Measurement, however, has classic subscription model. For Measurement, we charge flat fee. Usually, it's an annual or a multi-annual contract. Traditionally annual right now. That's how we monetize those three different revenue streams. Let's zoom in on Ad Serving and Personalization. In 2022, Ad Serving and Personalization year-to-date for nine-month period generated 80% of the total revenue. Ad Serving is our staple product. It is extremely sticky and scalable. Our target accounts, target clients are top TV advertisers. That is specifically targeting top 200 U.S. TV advertisers, simply because we believe that this group has the most potential in the most scalable transition from linear to CTV. Personalization is a complementary adjacent product for the same target group of clients, and the most typical way for us to grow this revenue is to upsell our Personalization to our existing Ad Serving clients, or sometimes we also have Personalization first clients, which also happens. The right side, actually. You are seeing here how Personalization adoption, how Personalization revenue is growing as a percentage of the standard Ad Serving revenue year-over-year. Here is another view of the acceleration in adoption on quarterly basis. The whole revenue grows as a whole and Personalization portion of it growing as well. Now let's talk about CTV and you heard about CTV volume splits a couple of times during this presentation, and you heard that that is the major growth driver. Here you can see how CTV impression volume became a dominant force. It grew from 40% of all video impressions served in 2020 to more than 50% in Q3, 54% specifically in Q3 of 2022. CTV growth is consistently and substantially higher than the growth of mobile and desktop. Now let's talk about our client base. We are mainly focused on our core clients. It is our internal definition that we define a core client as an advertiser that generates at least $100,000 a year or for a trailing twelve months period. There is significant overlap between our Innovid core clients and top 200 TV advertisers. The core client group are consistently generating approximately 90% of our Ads and Personalization revenue for us. You could see here on the slide that the number of core clients growing consistently year-over-year. We have high revenue retention rate with the positive net revenue retention for the. We measure it on the annual basis, so you don't see here our net revenue retention for 2022. For 2020 and 2021, net revenue retention for our core clients exceeded 120%. Let's move on. Speaking about global expansion. Even Innovid is a predominantly U.S.-focused company, that's where we invest the most, that's where we generate the most revenues from. 90% of our revenue year to date for nine months of 2022 was generated by the U.S. clients. The U.S. is the world leader in CTV adoption and innovation, while international markets remain a significant growth opportunity and upsell opportunity for us. Finally, let's talk about Measurement revenue. After TVSquared acquisition earlier this year, particularly closed the deal on February 28th of 2022, Measurement became a significant revenue driver for us. It generated 23% of our Q3 revenue. We also launched InnovidXP, as we already mentioned, a new global Measurement platform for converging TV. We believe that InnovidXP will become our main revenue driver for Measurement moving forward, and a significant upsell or cross-sell opportunity for our core clients, top TV advertisers. Moving to our performance. We had a great 2022. As you could see, revenue grew quite substantially year-over-year. We delivered strong growth for nine months period, 45% year-over-year growth on as reported basis. Those numbers inclusive of TVSquared revenue since the acquisition. We also improved significantly our bottom line results. In general, we have a very strong, profitable core business. We were profitable on the adjusted EBITDA basis in 2020, in 2021. In 2022, we already on the path of profitability as well. In Q3, we activated post-merger synergies. It drove savings in operating expenses, and it benefited our bottom line. We ultimately focused on the profitable growth moving forward. Another look at our Q3 results. We were very pleased with our Q3 results. We grew 47% in the top line, and we almost doubled our bottom line. Adjusted EBITDA grew from $1.5 million last year to almost $3 million this year, reaching 8% adjusted EBITDA. When speaking about guidance that we gave a week ago, I mentioned in the script that traditionally the holiday season and the fourth quarter is the strongest for the whole industry. However, this year we believe that macroeconomic uncertainty, inflationary pressure, and also still lingering supply chain issue may create headwinds to offset the standard seasonal increase in advertising spend. However, we still expect quite substantial growth. For the fourth quarter of 2022, we expect revenue in the range of $34 million-$36 million. It represents 31%-39% year-over-year growth on as reported basis. We also expect positive adjusted EBITDA from $1 million-$3 million. For the full year, we expect revenue to be between $127 million-$129 million, and we expect bottom line results for the full year adjusted EBITDA to be around break even or even positive. Now, to summarize our main KPIs. What you are seeing in front of you are selected Q3 KPIs. What is important to know about us at the end of this presentation, that we are well-capitalized company with scalable business model that has a significant operating leverage, diversified product suite, diverse, stable and growing client base, proven profitability record, and we target, in the long term, adjusted EBITDA margin target to exceed 30%. We exist in expanding addressable markets. All that with the massive revenue growth opportunities through all four of our revenue drivers, we believe will create a compounding, highly profitable growth in the long run. That's it. I shouldn't do that. I think there's questions there. Yeah. We can have We do questionnaire for, I think, yes, that's for all of us. Just make it pretty. So. All right. Who starts? I do. All right. We stand. We're sitting here. Oh, great. Hello. Okay, Zvika. This big hole in the middle wasn't here last week. We got in this morning, so. What happened? Put it in. Okay. All right. Zvika, I'm gonna push. When we bought TVSquared, it was- I thought you were gonna start. Oh my God, this is amazing. It's amazing. Okay. And now I'm- Congrats on the quarter. Now push. When we bought TVSquared, my recollection is TVSquared was losing money, which makes sense because they had to negotiate with the biggest category leader, linear TV. You've now adopted that business model. Yep. While I love, sort of, love the revenue diversification, it feels to me like your old revenue model, which was a percent of media spend, is a much sneakier way to get more upside participation than walking in and negotiating annual contracts with the biggest guys that are always gonna, 'cause you're smaller than them, really hammer you. Aren't you actually setting yourself up for margin compression as you add what I call DCO, what you call Personalization? Yes Measurement? It's to your point, we acquired a business that's already existing and growing. We're constantly, as all of us I think share, Dave, myself, Dale, so that our focus for this year, for 2023, it's not gonna be just the product themselves as you see them on the sheet. Like, you know, Tanya said, "This will be priced like this. This will be priced like that, and Measurement is being sold like this." This is as of today. We're constantly looking from a product innovation perspective is how to connect and better connect to each other. 'Cause the real magic happens where Measurement feeds Personalization that feeds ad server that feeds data. That's the secret sauce. That's the real power that we have when we compete with Google or a Measurement company or a Personalization company. That is the secret sauce. We'll focus on that, and you can expect that once that is out there in the market, it may have a business model that makes more sense and have more upside and makes more sense to these type of customers. We're not married to this. I think also, you know, both from a street perspective and our customer perspective, you know, keep it simple, you know. It needs to be simple and make sense. Definitely, we didn't wanna disrupt the momentum, but we're constantly thinking how to package everything together, both from a product and commercial go-to-market perspective. Thank you. I can add on that because that's. Of course. It's TVSquared were near break-even or losing money. It's a. It's not your fault. Whatever. It's a much smaller company, and it's all about scale. Once we started already folding them into a much larger company with access to much larger clients, we expect the profitability profile, if not fully aligned, to get much closer to our Ad Serving and Personalization. Yes. Are you making this? Okay. You. I'll just go. There you go. There we go. With the Israeli maneuver. Just go. I wanna touch on international. Operationally, what do you guys need to put in place to take advantage of the international opportunity, and where are you guys today within that journey? Okay. We're everywhere except China. Basically it's a straightforward. We serve ads in every corner of the world. Where you see the 90/10, you know, ratio is where the revenue, the ads are actually served. Technically, it's every corner of the world, every market, every language. We've been building this infrastructure for the last five years. By the way, we started investing heavily in China and slowed down because of the economy, and we don't expect it quite so. 'Cause that requires a whole different set of infrastructure. That's the reason. Besides China, we can stream and collect data from every corner of the world at this point. We're not. There's no further investment that's needed. Why is it bigger than you said? It's because it's the client base. If you think, you know, we looked at the reason we're focusing, we keep saying top 200, 'cause you heard Mike, you know, like, these guys are saying the big dollars are the big TV dollars, the same people that sound like why they're not moving. When they move, you know, when they sneeze, it rains. Like, they move massive amounts. The large 200 are responsible for 75% of in television. It's massive. As much as, you know, have a Peloton and a GoDaddy and, like, all these new entrants, it was exciting maybe, you know, also for like DSPs. Like, they go in and they buy media now in CTV. The real dollars, the massive tectonic seismic shift is when a P&G or, you know, a large bank say, like, "Okay, we'll move a piece," and then you really feel it. Since we're volume-based and we're very infrastructure sticky, we really focus on those guys because we know once we locked them in, we have them for the next ideally 10, 15 years. That, that's where we lock the growth, and that's where profitability comes from. We go where they go, and we provide what they need. From their perspective, going all in on CTV all over the world, you see the numbers. By the way, similar to, I think, The Trade Desk numbers and other. We really focus on one of them. I think for other, you know, ad tech players maybe selling to smaller, you know, competing with Google on local markets and smaller. CTV is an opportunity. For us, if it's not big and massive, it's less interesting. We are sure, pretty sure that, to your point, when a large advertiser sees the success and CTV really takes off in India or in Japan, or they say, "Can we do this there?" It's like, yeah. You don't even need to talk to us. Just do it. The pricing is set, the MSA is set. You just need to go. It's more of they need to decide when they're gonna deploy big dollars. They experiment in the U.S., and then if it works, they'll do it everywhere. Again, I think Netflix will really start changing 'cause until now, the real global player in CTV is YouTube and not, you know, not like high-end premium television. Netflix, I think, is gonna be the first large platform that, you know, they know what they're getting, they know its quality, and by a flip of a button, it's now everywhere in the world. I think that's gonna make the needle move on them adopting, and I believe you'll see Innovid, you know, doing more globally, not because we're investing there. It's because the clients are. We already invested in global. Go ahead. We talk about Netflix and perhaps Disney. You don't care about price as much 'cause it's volume based. Right. What would be the upside to volume as more supply comes in? Do you want to take that, Tal? Sure. The upside, everything is upside, again, in the case of both of those apps. As you said, we monetize volume. So as more eyeballs watching that content, ad-supported content and more ads are being delivered, that's a pure upside for us. So as Zvika mentioned, we're absolutely bullish and looking forward to do more with those two services. I will add another point. I think what's nice about this, and I think Mike mentioned the pandemic. Like, it's like what will cause money to move faster? Like, so it's less linear, it's more tectonic, you know, so like sports. So Netflix, I'm super excited about. It may take time, but it's about how do you get people that are not connected to connected TV or ad-based connected TV to do? It's like, you know, once you make the switch, you don't go like, "Oh, let me try this." It's usually, "Oh, that's. Linear TV is so much better." It's not. I'm sure you know when Netflix is pushing and Disney is pushing, they're gonna push this lower tier ad-based, right? To get more subscribers or get more people on the platform. When they get them on the platform, it's like, "Oh, I can also watch ABC and NBC and I can put HBO like or ad-based." So it gets people to. It's like moving to a smartphone. It was at times like, "Oh, let me see. How does it work?" So they'll push people over the TV to the good side, the CTV side. I think that will be more than just Netflix. It'll be the Netflix effect, especially on global markets. I think that's an education process that can help us. I want to make another point. Yeah, you could take the bite. It was just one point because we see. Mm-hmm. We keep saying percentage of, right? You talked about linear, right? Netflix mentioned $60 or whatever, and then you have $7. We charge the same, right? Even a mobile ad goes like for $3, and we charge the same for that. Tanya mentioned $0.24, whatever. It sounds very odd. It is critical because of the role of the platform. Maybe Innovid is naive, but we believe our ability to build this infrastructure and lock everything down really depends on our neutrality. The reason we're not taking more money by, as if, as you know, oh, it's Netflix. You can argue there's less impressions on Netflix because it goes for so much money that, you know, let's say, at Verizon, you know, they can buy more on YouTube and for less and reach audiences, you know, et cetera. So for us, we'll make way less than we'll get on a DSP serving, right? It's very tempting 'cause you can make a lot of money in the short term. We believe the reason we're everywhere, Tal showed like the LUMAscape, and the reason we're talking to all these people and the reason we exist and are able to compete with freaking Google is because of the neutrality, because we're not a threat to Netflix, and we're not a threat to Roku, and we're not a threat to The Trade Desk. They are, I believe, embracing us in love. The reason we're not a threat, we're not taking a cut of their money. 'Cause the second you're doing percentage, it's a take rate. It's like 5%, 3%. Now they're gonna start fighting us. You know, direct versus programmatic. If I can sell directly and bypass Innovid, I'll make more money. The way all these names are actually fighting each other, sometimes frenemies, sometimes very like enemies. They go all the logos on the screen fight each other all day, the streaming wars. We're staying quiet and saying, "Okay, we'll just plug this, plug this, plug this." At some point, the industry will wake up and they'll understand, "Oh my God, these guys are everywhere with on the client side. If you do the massive scale, it's gonna be a very, very large business, extremely profitable and very sticky. It's just like if somebody wants to see how that might look like, go see what DoubleClick is today. It's a monster. Like DoubleClick, it owns 80% of every ad you see every corner of the world. When you go to The Wall Street Journal, almost everything you see on screen is served by them, both on the client side and the buy side, everything. They know everything about everything. It's like Amazon on e-commerce. That is an insanely powerful place to be, and it's worth the patience and the investment and not being super greedy and then going down. Hey, guys, this is Dan Day with B. Riley Securities. You've obviously, you're going after this big ten that's about to get a lot bigger with Netflix and Disney. You're also, you know, EBITDA breakeven about burning a little bit of free cash flow in a rising cost of capital environment. I'm sure you'd love to add, you know, incremental sales people to go after, you know, things out there, the R&D spend, all that. Can you just talk about balancing that, you know, investing through the business versus, you know, managing for profitability over the next 12 to 24 months? Absolutely. I'll start, and Tanya, if you have anything to add. I mean, I mentioned, like, I started my first company in 1993. Yes. It's been 30 years almost, right? I've seen the dot-com bust and, you know, I had five companies and three of them crashed and burned. I've seen, "Oh, shoot. There's no money. There's no money." I believe we have good sense to a couple of things. A, build a profitable business, I think was 2017, 2018, where we started being profitable. It's not from yesterday. Like, we've been profitable for a while, and then we, like, will raise money and go into a deep investment and then go back to being profitable. It's exactly what you see in these charts. We were profitable. It's not like, "Oh, now if profitable is in fashion, back in fashion, let's go." We always had a very good, solid unit economics. The ad servers, and I think we said it publicly, is like 30%-35% EBITDA today. We strip out all these other products, we have a business that's growing 30+%, you know, the CTV growth with a great EBITDA. The reason we're investing this money, because we wanna make sure we own and dominate the market in innovation. We keep making investments. It's relatively easy for us to slow down hiring and slow down innovation because we're so far ahead in so many things, and we're quickly bouncing back. You saw the numbers, it's above. The environment is the environment. It's, I don't want to say easy, but it's relatively easy. We just need to slow down hiring and take more caution and we're good. I think I said it earlier, our focus this year will be more about upselling, cross-selling, 'cause it's both something that we have the product for it and it's more efficient. It's easier to do. To go to an existing client, hunting a new logo that has been on Google for 15 years and is insisting not to move to Innovid, you know, we can wait another six months, I believe. I don't wanna be arrogant, but I believe once CTV will grow, it's like, "Okay, we need to move." From a 2023 perspective, integrating the product and upselling to existing customers is the strategy we're going with. That's a very efficient strategy. It fits the time. It'll generate profits also. Yeah? Can you double-click on that last point? 'Cause one of my key takeaways from today is building the full optimization cycle. Right. Right? As I do think about the need to teach or educate clients on that. Yeah. Like, how intense is that? How ready are clients to be able to go to a full optimization cycle versus a push versus a pull? Just talk about where clients are within that kind of factor. It's a great point. We heard Mike and I loved, you know, I think it's the most amount of hours he ever watched. I told Tal it's amazing maneuver. Like, we can do an investor, they just invite customers 'cause they'll watch the entire pitch. He watched for three hours. At the same time, I heard him speaking about his points, and usually it's not that deep. He said, you know, it's fragmented and declining. These guys does this. These guys like it. Like, everything to us makes sense. It's like a no-brainer. Of course, Personalization, optimization, you know, sign. Where do I sign? Because it produces better results. It's actually pretty straightforward. In reality, you heard him. We need to, you know, herd cats and determine who's responsible for this, and Measurement is here, and television is over there. Oh, this is digital, so it's over there. It's my creative agency. You know, these brands work with 30 creative agencies, several media stores, DSPs. It's a pretty complex situation. That's the environment we operate in. You can have a killer product. It's not a B2C environment. You know, you need. It's still an enterprise sale no matter what. In politics, and there's always Google around, and they have their maneuver. It takes 12 months, 18 months sometimes. It takes time regardless, even if you have the best mousetrap in the world, right? Do you feel like it's more intensive, though? Is it a more complex sale now that you guys are- I think actually over time it gets easier and easier because that's what I'm gonna say. Actually, a recession environment may be a great opportunity to say, "Okay, let's all, you know. Let's see what you're actually getting." Like, you remember he said the CEO, CFO, CMO conversation, right? In time of prosperity, everybody gets, you know. I know it, right? Tanya's the boss now at Innovid, like, not me. Because the environment is, like, every cent matters, so Tanya signs off. In a hype market, it's like, "I'm a product person. Let's go into China. Let's do Measurement." Like, now it's like, let's cool down a little bit. Similar things. Actually, they look at every cent. If somebody like Innovid comes in and say, "Look, I can get you more for what you're paying." Reducing your investment from $100 million in linear TV to $80 million, you know, invest another half a million and we'll get you more performance, like, if it was a hundred. That's the promise of Personalization. It's less waste, more targeted, outcome Measurements. Like, oh, this actually works. Let's do more of it. I believe that narrative actually can make. I hope people will listen more and adapt more, and at least experiment more in 2023 than they have, you know, last year. Yeah, it's more getting time and getting them to act on the idea. Everybody gets this. There's not a single person, not a single TV advertiser, "Oh, yeah, yeah, we know Innovid." Why are we not doing it? Well. It's about getting them to move faster. Any other questions? Are we good? All right. Turn it back to you. I mean, I might. I'm not gonna do a lot of slides. It's just this. I hope, you know. First of all, huge thanks. I'm very flattered and honored to have so many people stay with us. I mean, this is pretty. Hopefully it was fun for the most part, but this is pretty heavy stuff. Especially with Dan Salmon started teaching us about reach extension and reach curves. At least that you saw there's real product and real depth behind all these lovely slides here. I really hope that we were able to convey, you know. I have to say, like, since we went public, even before when we were raising money, there's some. That's on us. There's some gap between what we're building, what's going on, and how big and huge the vision is and how patient we are in terms of maybe too patient sometimes, as you alluded on the pricing side. The real play is to build something that's very big. That's why, you know, I hope you got the sense of how deep the infrastructure go, how critical, how long-term the play here, how CTV growth is directly tied to our top line and bottom line, and how massive the opportunity is. Like, I really feel this is early days in terms of, like, everything. Even the stuff you saw, like how long it takes them to buy, to make decision while the audiences keep shifting. Like, that disconnect between what Mike said between how people watch and how they buy, right? That disconnect is where the money is. That gap will eventually close, maybe not in 2023, 2024, 2025, but at some point it will suddenly spike, right, and will jump. I think it's a massive, huge business and a huge TAM. I can promise you that, you know, we'll be there to monetize. Oh, I now understand what they did, I hope. You know, the key point was to get all of you as, you know, friends and partners with us to better understand what we do and where we're heading and how big it is and how passionate we are on this. A huge thank you for everybody here on and at home, I guess. It's still work from home environment-ish, unfortunately. Cocktails? What am I supposed to say now? What's the Alcohol. Alcohol for everybody. Like, that's the way. That's how they taught me to sell. Thank you very much. Thank you. Thank you, Brinlea, for everything, and Tal and Tanya and Dan and Dale. Yes, sir. Everybody.