Greetings. Welcome to Innovid's Third Quarter 2022 Earnings Call. At this time, all participants are in listen only mode. A Q&A session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to Brinlea Johnson with Investor Relations. Brinlea, you may now begin. Thank you, operator, and everyone for joining us today. Welcome to Innovid's third quarter 2022 conference call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements. The safe harbor statement contained in today's earnings release also pertains to this call. If you've not received a copy of the release, please direct yourself to the investor relations section of the company's website. Changes in our business, competitive landscape, technological or regulatory environment, and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP results. We use these non-GAAP measures in managing the business and believe they provide useful information to our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website, as well as our earnings release and our filings with the SEC. Today, we are joined by Zvika Netter, Innovid's Co-founder and CEO, who will begin the call with a business update. He will turn the call over to Tanya Andreev-Kaspin, Innovid's CFO, who will discuss the financials of the company. During the Q&A session, Tal Chalozin, Co-founder and CTO, will also be joining. Lastly, I would like to highlight that we are planning to host our first Investor Day on Wednesday, November 16th, 2022 in New York City. Please look for the details at the investor relations section of the company's website. With that, I'd like to pass the call over to Zvika Netter. Zvika, please go ahead. Thank you, Brinlea. Let me start by thanking all military veterans and, of course, their families for their service. Happy Veterans Day. Innovid produced strong results in the third quarter of 2022, delivering revenue at the high end of our guidance and exceeding EBITDA expectations. Revenue increased by 47% year-over-year to $34.5 million on an as reported basis. CTV continues to break records for the business, accounting for 50% of the revenue excluding TVSquared in the third quarter. We also generated a net loss of $11.8 million and a positive adjusted EBITDA of $2.9 million. This exceeded our expected range of -$2 million to break even. A testament to the proactive measures we have taken to improve margins through the post-merger synergies. We are pleased with our ability to deliver top-line growth despite ongoing economic uncertainty. We feel confident our business will continue to thrive due to our leadership position in the CTV and broader converged TV industry. During the third quarter, we strengthened our position through focus on expanding the scale of the Innovid platform across the full gamut of delivery, personalization, and measurement by strengthening the existing partnership as well as introducing net new partnerships to drive incremental reach and impact. In particular, we see the plan to launch ad-supported offerings from leading streamers such as Disney+, Netflix, and Warner Bros. Discovery as fuel to drive the next wave of growth for our business. Innovid has been trusted time and time again to power tech automation for some of the biggest properties in TV advertising. This includes NBCU for ad delivery during the past and upcoming Olympic Games, CBS to power interactive ads during the Super Bowl, and Peacock, who relied on Innovid to implement creative compliance tools to achieve what we believe to be among the highest quality levels in the industry. I'm pleased to share that Innovid is working to be one of the few technology providers empowered to deliver ads on December 8 when Disney+ launches its ad-supported tier. This expansion of our long-standing partnership with the Disney family dating back to our initial integration with Hulu over a decade ago and is symbolic of their confidence in our platform's quality controls and the ability to keep pace with the demands of concurrent live streaming. In support of Netflix's recent Basic with Ads launch, we have also updated our asset validator tool to adhere to Netflix's new creative specifications. This allows our advertiser clients to continue leveraging Innovid for streamlined validation of TV ads and consistent workflow delivery across all major streaming publishers, including Netflix. According to Innovid's own recently commissioned study, one of advertisers' biggest pain points for converged TV advertising is fragmentation. We believe the market needs unification across platforms and inventory types, the open internet and walled gardens alike, to deliver against the promise of the new TV landscape. We believe Innovid is uniquely suited to rise to this call due to our independent stance and the depth and the coverage of our software infrastructure across converged TV and digital. I'd now like to build on the update we provided in the past earnings call and share more details on the current and future state of our business. Per usual, I will provide these updates within the context of our four key growth drivers, which are volume growth, product upsell, geographic coverage, and client base retention and expansion. First, volume growth. Once again, CTV had a record-breaking quarter for Innovid, accounting for 54% of total video impressions volume, excluding TVSquared. Reinforcing that the shift from traditional to streaming is growing and persistent. Our overall CTV volume grew 36% year-over-year, outpacing U.S. CTV ad spend according to eMarketer, which is projected to grow 23% year-over-year in 2022. The consensus is that linear TV advertising has passed its peak, which presents new opportunities for advertisers to adopt traditionally digital-centric strategies on the big screen in the home. We believe the demands for automated technology to help unify converged TV advertising will expand as viewership increasingly pivots to the streaming space, and Innovid will continue to deliver volume growth. Let's now move to our second growth engine, product upsell. We believe the power of our platform to unify delivery, personalization and measurement in one place is a huge value add to marketers, and we are succeeding in upselling our products. In the third quarter, advanced creative revenue grew 24% year-over-year, and measurement revenue grew 23% year-over-year. We're not including our TVSquared acquisition on a pro forma basis. Last quarter, we discussed the launch of our expanded global cross-platform measurement offering, InnovidXP. We launched InnovidXP, the first global unified cross-platform measurement solution directly integrated with ad serving data and creative personalization to solve advertisers' need for simple, scalable, independent and actionable view of their investment across all forms of television. Since then, InnovidXP has gained significant traction in the market and has been adopted in the past quarter by leading advertisers such as AstraZeneca, Diageo, eBay, Universal Parks and more. In the third quarter, we onboarded several new large advertising clients, including American Family Insurance to our personalization module. We also expanded our partnership with Verizon, a long-standing ad serving client and one of the largest TV advertisers in the U.S. We chose to consolidate both delivery and personalization with Innovid, moving away from siloed tech partners. Since growing their Innovid partnerships into personalization, Verizon has been an early adopter of our recently debuted advanced auto optimization capabilities. These recent upgrades of our personalization offering allow advertisers to intelligently adjust what ads consumers are seeing based on statistically significant understanding of which combination of elements drive peak performance. In a recent announcement, Steve Murray, Director of Performance Marketing, MarTech and Analytics at Verizon, said, and I quote, "Innovid auto optimization enables algorithmic decisioning to constantly iterate for the KPIs you care most about. Simply activated but highly customizable, Innovid is providing the technology needed to make everyday enhancements a reality." End quote. Our personalization capabilities were also expanded in the third quarter to support dynamic creative optimization via unique purchase data through the partnership with NCSolutions. Through this collaboration, Innovid advertisers can now leverage real time NCSolutions data to shift dynamic creative delivery based on in-store sales, a revolutionary way to enable always on intelligence for data driven DCO campaigns. Another key and highly differentiated component of the Innovid platform is the CTV SDK. That enables advanced creative features such as personalization, commerce and more in connected TV environment. This quarter, we are proud to share that we extended our deployment of the Innovid SDK to Paramount+ extending years of partnerships. We expect to continue to upsell and bring innovative new products to our impressive list of customers. Let's move on to our third growth engine, geographic expansion. We successfully introduced new capabilities beyond the U.S. with global entities in the third quarter. Notably, we were selected by leading demand-side platform, The Trade Desk, to enable always-on incremental reach analysis across CTV campaigns in the U.K. and Germany. Powered by the InnovidXP measurement platform, selected users of The Trade Desk now have access to our suite of cross-platform incremental reach analysis insights for advertisers running campaigns on CTV. These insights allow advertisers to surface the incrementality of streaming beyond linear TV, as well as unique reach by publishers, including publisher by publisher analysis. By uncovering the overlap, these advertisers can maximize the household level reach for their programmatic CTV strategies in a highly fragmented market. In the announcement of this integration, Steve Martin, Vice President of Data Partnership, EMEA and APAC at The Trade Desk said, quote, "As CTV adoption steadily increases across the globe, we are making incremental reach analysis available to advertisers that have audiences fragmented across channels and screens directly within our platform. Selected advertisers can now activate Innovid always on automated measurement platform to ensure they reach the right audiences on the channels where they are actually watching their favorite TV content. End quote. Expansion into other European countries and Australia is expected in 2023. Now let's move to our final growth pillar, expanding our client base. This past quarter, we onboarded over a dozen new advertising clients, many referenced throughout this call to various models of our platform spanning ad delivery, personalization and of course measurement. We have also diversified our client base and have significantly grown our pipeline of mid-market advertiser opportunities. Before closing, I'd like to address the economy. Despite ongoing concerns about macroeconomic conditions, Innovid business has continued to grow. A testament to the strength of our market position and underlying product offerings. CTV continues to surge, boosted by the combination of new platforms and inventory such as Amazon Thursday Night Football moving into the streaming space. While we expect to continue to see positive growth overall, we remain mindful of the economic uncertainties that are impacting the advertising industry and are taking proactive measures to monitor and manage costs relative to the top-line growth. As we head into the last quarter of 2022, we remain committed to our core 2022 strategies, and we'll continue to make investments we believe are important to capitalize on the growing converged TV space. As always, we remain pragmatic in our investment approach, and we'll continue to focus on driving efficiencies to boost both overall profitability of the business while we focus on continuing to grow top-line revenue. I now pass the call to Tanya, who will go into greater detail regarding financial performance and guidance. Tanya? Thank you, Zvika, and good morning, everyone. We're pleased with our third quarter results. We delivered substantial profitable growth on an adjusted EBITDA basis. Our revenue increased by 47% year-over-year to $34.5 million. The growth was driven by a number of factors. First, revenue from measurement, which following the acquisition of TVSquared became a significant revenue driver for Innovid, generated 23% of the total quarterly revenue. That's up from 1% of the revenue in Q3 of 2021, and it grew 23% on the pro forma basis. Second, revenue from ad serving and personalization services contributed 77% of total quarterly revenue and grew 15% year-over-year in aggregate. Personalization grew at the higher rate of 24%. Our ad serving and personalization revenue closely correlates with the ad impressions volume served through Innovid platform. In the third quarter, CTV impression volume accounted for 54% of all video impressions, up from 46% last year, and it grew 36% year-over-year. Mobile impression volume decreased by 1% and accounted for 33% of all video impressions. Desktop impressions increased by 6% and accounted for 13% of all video impressions. We expect CTV ad serving, personalization, and measurement offerings to continue to drive our growth. Turning now to geographic breakdown. The U.S. is the main contributor to our revenue, accounting for 92% of total revenue and growing 48% year-over-year on as-reported basis. The U.S. is the global leader in CTV adoption and innovation and our main focus for deployment of investments. Our total international revenue grew 38% year-over-year on as-reported basis, contributing 8% of the quarterly revenue. International revenue were impacted by the headwinds from strengthening of the U.S. dollar, which also is expected to continue through the fourth quarter of the year. Moving to costs now. Total operating expenses for the third quarter, excluding depreciation, amortization, and impairment costs, were $38.6 million and grew 31% on as-reported basis. Nearly 90% of that increase in the quarterly operating expenses is attributed to the inclusion of TVSquared in our financials, an increase in stock-based compensation. In the third quarter, we activated post-merger synergies. It drove savings in operating expenses and benefited our bottom line. Focusing on operating efficiencies and resource optimization is critical while navigating uncertain macroeconomic conditions. In addition to driving post-merger synergies, we will continue with measured headcount and operating expense growth while investing in innovation that further advances our leadership position in CTV space. Net loss in this third quarter was $11.8 million on an EPS of negative $0.09. It was impacted by finance expenses of $5 million, primarily derived from our warrants being revalued due to market volatility affecting the company's share price. Adjusted EBITDA for the third quarter was $2.9 million, representing 8% adjusted EBITDA margin. An increase in adjusted EBITDA from $1.5 million in the third quarter of 2021 was a result of revenue growth, improvement in overall operational efficiencies, and synergies realized following the TVSquared acquisition. The impact of those operational efficiencies and synergies is not temporary. These actions will have a long-lasting effect as a company we're laser-focused on long-term profitability and margin growth. Moving to our balance sheet. Our cash and cash equivalents ending balance was $46.5 million. Given our margin profile, we believe that we are well capitalized at this time. The total common stock outstanding as of September 30, 2022 was 133.5 million. Finally, I would like to go over our overall guidance. Traditionally, the holiday season and the fourth quarter are the strongest for our industry. However, this year, macroeconomic uncertainty, inflationary pressure, and still lingering supply chain issues may create strong enough headwinds to offset the standard seasonal increase in advertising spend. Considering the current macroeconomic environment, we are tightening our previously stated revenue range for the full year of 2022. We expect revenue to be in the range of $127 million-$129 million. This guide reflects 41%-43% year-over-year growth on as reported basis, and 17%-19% year-over-year growth on a pro forma basis. We are also pleased to share that we expect near breakeven or positive adjusted EBITDA for the full year of 2022, an improvement from our previously shared guide of negative $6 or better. Consequently, for the fourth quarter of 2022, we expect revenue to be in the range of $34 milion-$36 million, reflecting 31%-39% year-over-year growth on as reported basis, and 6%-12% year-over-year growth on a pro forma basis. We expect positive adjusted EBITDA in the range of $1 million-$3 million. With that, I would like to hand the call back over to Zvika to take your questions. Thank you. Thank you, Tanya, and thank you all for joining us on this call. We'll now open the line for questions. Operator, please go ahead. Thank you. At this time, we'll be conducting a Q&A session. If you'd like to ask a question today, please press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants that are using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Thank you. Thank you. Our first question is from the line of Andrew Boone with JMP Securities. Please proceed with your questions. Good morning, and thanks for taking my questions. I'm trying to back into organic growth for Q3, and it assumes kind of on my numbers a mid-teens level that feels like it's slower than CTV to me. Just help me understand what's going on with share. Is Google taking share? Is CTV growth being driven by smaller advertisers that you guys aren't addressing? Is the CTV market overall just slowed down to some level that's below that? Anything on share would be helpful. As we start to think about next year, you guys highlighted the post-merger synergies that you enacted in 3Q. Help us understand how you're thinking about OpEx and cost for 2023. Thanks so much. Andrew, good morning. Thanks for the question. Tanya, I'll say a few words, and then I'll move to you. Actually, in terms of share, we're the contrary. We're not seeing shrinking share. We're maintaining our very high core customer retention rate. That's, you know, something was between 95%-98% earlier in the year when we reported it. We actually closed more and more customers and logos as we shared. We definitely by far win more customers than lose, and our share continues to increase. I would also say that CTV in general, as a percentage, continues to grow. As we mentioned, I believe it will continue over every year we'll break records with how much of our business is driven through CTV. Actually, while CTV continues to grow in spite of the headwinds, where you see a flat or a decline, you see it around mobile and desktop. By the way, I believe some other companies report in Q3. CTV is actually growing 36% year-over-year in third quarter, which is higher than what eMarketer suggests for this year in spite of the headwinds. Actually, CTV, we believe, is more immune to overall pressure than desktop, mobile display and other formats. I don't know, Tanya, if you have anything to add to that or we can move to the next question. Absolutely. Thank you, Zvika. CTV, as Zvika mentioned, is remaining our strongest growing category, if you compare it to desktop and mobile, and we believe it continue this way. On the operating expenses are absolutely, we are very proud, as we mentioned, delivering great results, really, profitable, sustainable, growth in Q3. That's actually due to the actions that we are taking and synergies, improving our operating efficiencies, and we expect that the effect to be felt also in the following quarters. Yes. Please go ahead. Yeah. Yes. On post-merger efficiencies, obviously we, you know, given the headwinds that we started seeing earlier in the year, we accelerated the integration of TVSquared from both cost efficiencies and process and organizational structure efficiencies, and we're already seeing the fruit of this labor. As we obviously are very attuned to what's going on in the market. We have a very good perspective of the different verticals, the different publishers, walled gardens, our programmatic, different devices. We see all the trends 'cause we, you know, cover a massive part of the industry. We're definitely seeing the pockets of softness, and it's more volatility than softness. What we're gonna do is balance between the constant growth, and we believe that we'll absolutely continue to see growth in CTV advertising because of the switch from linear to CTV. The eyeballs are moving, time spent is moving on ad-based model. Especially with Netflix pushing forward, Disney+ pushing forward. We're definitely expecting to see that as a tailwind. At the same time, as we all know, there's some softness in overall spending on advertising, so we'll constantly need to monitor that. We have plenty of levers that we can pull because, you know, Innovid, invest massively in innovation, sometimes two, three or four years ahead. As we demonstrated in Q3, it's relatively easy for us to change some levers in terms of how we invest to make sure we stay, you know, with EBITDA positive at minimum. Thank you. Sure. Our next question is from the line of Shyam Patil with Susquehanna. Please proceed with your question. Hey, guys. Nice job on the execution. I had a few questions. The first one regarding kind of your comments on Netflix. How do you guys think about the size of that opportunity? Two, I guess somewhat related. You know, with the launch of all of the new large AVOD services that we've either seen or are going to see and the increase in available inventory, is that all positive for you guys? Given how you are more you know, you're more attached to kind of volume trends for CTV, or are there any, you know, risks that we should be aware of? Last question. Do you think that CTV advertising could be countercyclical in the sense that weakening macro could lead to more cord-cutting and, you know, accelerated shift towards CTV? Thank you, guys. Thanks so much, Shyam. Definitely, you know, Netflix is a very exciting topic for us. We feel it's a huge win when Netflix for many years was, you know, opposed to ad-based model and was actually leading that the anti-ad-based model, for them to make this change. This was kind of a headwind from us, since, you know, our A round. We always said, and it's now clear that AVOD won, that the people want to have the options and definitely ad-based, you know, lower cost to free cost, a way to consume content at scale has always been part of the, you know, $200 billion of TV advertising in the TV industry. Absolutely, this is a very positive signal. There are several benefits of Netflix doing ad-based. To your point, the media prices, whether they go, you know, lowering CPM because of additional inventory, not that I'm saying it necessarily will happen, but it actually doesn't really affect us. In theory, you know, it actually allows more brands to participate and increase volume. It's a classical supply and demand situation. Prices go down. If the budgets are set, which by the way, they're not necessarily set right now, but if the budget is set, let's say $100 million, you can reach a broader audience, you can better target. That actually means more volume. Since we're volume-based and not media percentage-based, there is no pressure on our pricing. Actually, you can and should see volume going up. It's basically you can see it as Netflix and Disney+ and others pushing more and more people from linear television to connected television. Another benefit of both Disney+ and Netflix is the global aspect. I believe Netflix started with 12 countries. A lot of people consume Netflix around the world. Until now, YouTube was the only kinda real mega power. You know, now Netflix will push CTV all over the world, and we have a global footprint. Then your last point in terms of downside, there are actually a third positive about this. It proves the point that the future of television is not about one or two major platform, like Google for search, Facebook for social, Amazon for commerce, what we refer to big tech. Where we believe that the future of television, it's at least, you know, several major powers that are not gonna be limited just to a couple. So while you may see some of them building kind of what's referred to as walled gardens, their own analytics, their own creative, et cetera, large brands, the type of our customers, will always need a platform that is neutral, that will be able to deliver to all these platforms. You know, Netflix just released their own spec for creative and will be able to aggregate all the data, back from all these platforms. So if you are Procter & Gamble or Apple or Verizon, you have to have a platform which is a single point of contact for delivery, creative optimization and measurement. This is exactly what we do. The other alternative is Google. You can assume that if it's up to a Netflix or a Disney or a Roku or The Trade Desk, they would rather open their gates and have better workflow and efficiency with somebody who's not competing with them. That is the nature of neutrality. The bottom line of this is we're extremely excited about this. Tal, do you wanna take the counter-cyclical question? Sure. To your question, if we think CTV advertising is countercyclical and we definitely agree with your point of view is that with current economic state it pushes more people to disconnect the cord. I think as many other people attest to sports is probably the biggest driver for that. As you've seen with Thursday Night Football launching on Amazon Prime, driving a lot of Prime subscription and Amazon hitting all-time highs of number of people watching streaming concurrently. All of those events are drivers of viewers into the streaming platform. For us, this is all great tailwind. You mentioned in your question, we're a volume-based business, so we really don't care who wins. That's a very important point about our businesses that, Zvika mentioned as well. We're not leaning towards specifically a walled garden or an open internet. We monetize everything, and as long as volume goes up, it's positive for us. We definitely think that, the CTV could be a winner even in a downturn. Just one point. We care who wins. We care about our customers, the brands who we believe can achieve more via CTV. You know, kind of actually a fragmented, non-monopolistic environment is good for everybody. Of course, the end consumer, which we care a lot about, we believe the experience of watching television is gonna get more, you know, better and better, less disruptive, more relevant, with a better ROI for both the user for the time, the viewers and the marketers, for their media dollars. That will be better targeted, personalized and better measurement in terms of effectiveness. It's a win-win for all. Great. Thank you, guys. Thank you. Our next question is from the line of Shweta Khajuria with Evercore, please proceed with your question. Okay. Thank you. Zvika, could you please remind us how differentiated InnovidXP is? I mean, there are a lot of other emerging and competitive options for measurement and attribution in connected TV. I understand that you have the scale and data advantage because you cover a lot of households. But remind us, please, how the measurement capability is different and why you would win in measurement. Second is, how long does it take when new supply comes on in the market? So Disney+, it could be integrated with Disney+ so that you can serve Netflix, et cetera. What is the process like? Thank you. Thank you so much, Shweta, for the questions. In terms of Innovid XP, just to remind us, everybody, that Innovid XP is the outcome of the combination between our own CTV analytics product that's been available for more than two years now that did not get a lot of traction because the feedback we got from our customers was, you know, CTV is great, it's the future, it's digital. But what's really interesting is to see linear versus CTV. If you want to see like reach and frequency overlaps, attribution, efficiencies, all these things, you have to include both. This is what led to the acquisition of TVSquared immediately right after our IPO and for the fast integration. Innovid XP was launched in June as the first version of those two worlds combined, the CTV world and the linear world, to a joint product. We're already seeing great adoption for this product. As you mentioned, Shweta, there are several kind of, I'll call it unfair advantages when we go to market. First of all, we have a very strong client base that already use us. You know, hundreds of advertisers getting close to half of the top 200. These are large advertisers been working with us for four, five, seven years. We have all their CTV data, not just the future. We also have backwards all their CTV impression by impression data. From a data perspective, workflow perspective, efficiency perspective, those system are already integrated. We believe in 2023 we're gonna release further features that rely on this integration. The reason I'm saying this is an unfair advantage, because the chances that either even the largest measurement provider, the legacy one or some of these kind of early challengers that you mentioned will have a very hard time to almost no chance to build the CTV, like an ad serving CTV infrastructure like we've been building for 15 years and winning share from Google. That combination, we believe is very, very powerful and we're already seeing early adopters for that. I'm not fooling myself that to your point, there are other platforms in the market and definitely it's not gonna be an overnight, we're gonna crush the market, but we prove that we are very persistent and very focused. Between the combination of the ad serving, the measurement and also the creative, we just mentioned the creative optimization with Verizon. We launched the feature. The optimization can actually get signals also from measurement. If you look at the future that we're constantly delivering personalized creative, measuring the outcomes across CTV and linear and optimizing, and this is something that is extremely unique and we don't believe there's any other company in the world right now that is doing the delivery, the creative optimization measurement without the media component, like a neutral. From that perspective, we feel very comfortable and that's why we made the acquisition. As we said, you said many. I would say there are actually not that many. I believe the headwinds that are now in the industry that's impacting everybody will also impact the ability for smaller companies to raise additional funds, challenge those who are not profitable like we are. I think there's also in this type of economy, there will be the very significant headwinds to somebody who tries to enter either ad serving or measurement. Tal, do you want to talk about the process of onboarding platforms like Disney+ and others? Of course. Thank you very much, Shweta, for the question. For us, a very core component of Innovid and the value that we give our customers is the ability to deliver ads everywhere. There's north of 8,000 different apps and services and devices that we're integrated with and we're constantly making sure that we're aligned with. Disney+ is one of them. We're ahead of the launch. We're working with the team on aligning the quality of the ad, any other data access in terms of a device ID or any type of other component that we can get access to and any other workflow tools that is needed. All of that is encapsulated in our UI that any of Innovid customers want to deliver an ad across anywhere on the internet, as we said earlier, on an open internet. Platform, a walled garden, or any other place, it all encapsulated in a very simple workflow, and they don't care that, under the hood there's very distinct integration. By the way, just a shameless plug. Next week we're doing our investor day, and we're gonna showcase what I'm describing right now as part of our demo. Okay. Thanks, Tal. Thanks, Zvika. Thanks, Shweta. Just to complete the answer, I believe you asked about how long it takes. Yeah. What Tal described, you know, the incentive. It's, you know, the 80-90% of the answer, which is the incentive, of those large platforms, is because I'll just give you an example based on the data that Netflix released in their press release, that they named, nine advertisers that are launch partners. Of those nine, seven of them are Innovid ad serving customers. The picture from that perspective is clear to them that we are definitely a significant force in the industry, and we pose no threat to them. You can imagine it's in their best interest, Disney+, Netflix, to partner with us to make it seamless for their customers to deliver ads into those environments from a workflow perspective, from a measurement perspective. Usually these conversations, to your question on timing, take place sometimes six months or earlier. We both, I believe, the destination platforms and definitely us, there is benefit to partnering as close as possible to the launch of a platform or at least the post-beta launch, like the more scaled launch of a platform. We believe we should. You know, it makes sense to everybody that we will be part of that workflow because it's, it doesn't cost the platform any additional dollars. It doesn't pose any threat. We don't do anything with their data and actually makes their work and their life much easier from a streamlined workflow perspective. Bottom line, we're talking six months to three months timeframe, but the more important part is their incentive to do it and disincentive potentially to do it with others. Okay, that makes sense. Thanks, Zvika. Thank you. Thank you. As a reminder, you can press star one to ask a question at this time. Our next question is from the line of Laura Martin with Needham & Company. Please proceed with your question. Hi there. My first question is, I want to follow up on Shweta's question and ask the other side, what are the top three reasons people do not adopt XP when you run into conflict of why they're not taking it? What are the top three negatives they give you? Okay. Of course, I need to think. First of all, hi, Laura. I need to think harder on that because it's hard to imagine why would somebody not choose to. You know, joke aside, I mean, look, it is a new offering, right? If you remember, you know, TVSquared came from, which is a great benefit to us, mid-market. You know, their classical, you know, legacy clients will be more performance TV advertisers like Peloton or GoDaddy, which is a great place to be because I think you asked us in the previous calls, like, you know, kind of the future of CTV in terms of you're gonna see more and more new entrants that are smaller that are more gonna be driving towards performance. That's why TVSquared built a really phenomenal product to track, you know, performance, reach, and frequency. What XP does is takes this and our go-to-market takes it to the large customers, right? In the enterprise sales, it's always anywhere between six to 12 to 14 months to begin with. You come to a large organization with a new solution, even if it's from an existing vendor, you have the relationship, but the actual adoption can take three to six to nine months easily. We have that, you know, from the time of release, and I would say it's time. Also, some of them already use, obviously almost everybody's using Nielsen, so somebody's already using something. It's about delivering a new platform, making clear what the benefits are from this new platform. I would say that's another incumbent that takes time, like a classic enterprise sale and a relatively new combined offering is very unique but also relatively new. There's the classic graph of early adopters, you know, late adopters and all that stuff. The benefit is a very hot subject right now. It's something that everybody wants to talk about. In terms of taking meetings, we're, you know, we have hundreds of meetings since the launch of XP, so there's a lot of interest in it. There is engagement, there is interest, and then you get the classic sales cycle of enterprise sales. I believe we're gonna see more adoption and more growth throughout 2023. Great. Then you guys, my second question is, you guys are in a really great position to look at what's happening with different vertical delivery. We're hearing some sort of mixed things about retail. Have you seen ad campaigns get pushed off and canceled in Q4? I would love your insight into when you're looking at your actual deliveries, what's going on with autos versus retail versus CPG. Could you give us what's going on with the vertical mix of your deliveries these days? Yes. I would say it's more, maybe even call it, tactical than strategic, and I'll explain what I mean. I mean, the last time we saw something very significant on a vertical basis, and that's probably you remember, all of us remember, if we have scars from that, it's at the auto, which was this, you know, supply challenge issue with the microchips, and it was this, like, industry-wide and everybody cut. Since then, we haven't seen a very dramatic, you know, shift, you know, in the entertainment, kind of post-COVID entertainment and the movies, like. We're not seeing that type of volatility on a vertical basis. What we are seeing is specific brands, right? Like we did like all other our colleagues in the industry did, when we look at our marketing budget, our efficiencies, we all wanna be profitable. So does the, you know, the large organizations. You see much more attention to ROI. You see much more attention to return on ad spend, to performance, to measurement, and they're much quicker. If sometimes, you know, it will be enough for us to see the spending in January, February with a brand and know how exactly the rest of the year is gonna look like because they planned it a year ahead. Absolutely nothing. If you get stuck without a product, you have supply chain issues, you have economic headwinds, even if you're a large brand, you make very quick adjustments, right? I think what we will see on a brand by brand. You can be in the same vertical, and one brand will decide to cut budgets, and maybe another brand will decide to make use this opportunity and be more aggressive. We're seeing more volatility by large brands. I would not say I've seen it with other companies, but like reports from other companies, we don't see a very significant trend on a very specific like we saw in a year ago. I think it's gonna be more tactical on a brand-by-brand basis. Just in general, you know, auto's back. All the verticals that were very hurt, they're all back, but they're all, you know, it's the economy situation. It's more generic thing. It's just softness overall. Super interesting. Thanks so much for answering my question. Thank you. Sure. Sure. Thank you. At this time, we've reached the end of our Q&A session. I'll now turn the floor back to management for closing remarks. Okay. Just a second. I was writing another answer here. I just wanna take the opportunity to. While these are, you know, economically interesting times and volatile, as you can hear, we're extremely confident about the future of CTV, the future of Innovid. We're capitalizing on investments we've done for the last five and 10 years. We feel actually very excited about the future of what we can bring to market, the market in an efficient and profitable way, throughout the next year and serve our clients. I wanna thank you all for taking the time to join us today. You know, Innovid is on the front lines of CTV, and we're preparing ourselves to continue to capitalize on the future of television, and by no means at no point falling behind. Our job is to lead the innovation for the benefit, as we discussed today, the advertisers, the publishers and of course, the consumers, for a better experience. We hope to see you all on the upcoming Investor Day next week in the New York Stock Exchange. I hear it's gonna be exciting and interesting. We're gonna discuss our vision, but we're also gonna bring a live product demo on stage. So show the actual products in action, which is always exciting. We're gonna unpack the CTV, how we see it, kinda back to Laura's questions and ethics. We're gonna talk more about how we see the future of CTV, across the, you know, this very exciting and complex landscape. As always, I wanna like to thank our talented and dedicated employees during this period, loyal customer base, and of course, the shareholders who are trusting us, as we continue in our mission to reimagine TV advertising. Thank you all and have a great Happy Veterans Day. Bye-bye. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.