Good afternoon! Well, welcome, everybody. Thank you for joining us, people from all over the world and those that are tuning in via webcast. Before we start, let's take a look at the forward-looking statements of the company. Please regard safe harbor statement, two pages. We're very excited for today's presentation, but let's start with a few housekeeping items. First, the Wi-Fi network is Meet at Ease, and the password is Ease Connect. The deck that we are referencing is available on the Investor Relations website, investors.innovid.com. We'll have a brief 5-minute Q&A following the majority of the sessions. We'll be able to ensure any questions that you may have, and there'll be a longer Q&A session at the end to just wrap it up. We'll have a 10-minute break in the middle. If you need to step out, have a few snacks, some prosciutto, a nice assortment of beverages. Help yourself. Importantly, at the end of the day, we will welcome everyone to cocktails and networking with the full team right out in the other room right there. Now let's talk about the agenda for today. Our first speaker of the day will be the infamous Co-founder and CEO, Zvika Netter, a career-long entrepreneur with over 30 years of enterprise software experience. Zvika will open with Innovid's powerful and solidified vision. Here's the cast of characters. Next, following Zvika, we will go into the future of TV advertising, which will be led by Blair Robertson, CTO of InnovidXP, and Dan Moradi, VP of Client Solutions. To better understand our platform, this section will have a short demonstration on how we are powering the future of TV advertising. We'll have a customer panel featuring representatives from Disney, Publicis, and Verizon, hosted by our very own Krista Panoff, our SVP of Global Enterprise Development. Following our panel, we have a short break before diving into how we are capturing the huge market opportunity, led by David Helmreich, our Chief Commercial Officer. We'll be joined again by Blair and Dan to highlight our innovation and AI capabilities following Dave's section. Before we close, our new CFO, Anthony Callini, who brings over 20 years of financial experience at growth-oriented private and public enterprise software companies, will highlight our growth and profitability initiatives. With no further ado, I will now turn it over to Zvika to commence our presentation today. Oh, hi! Thanks, Brinlea. My favorite sentence. Thanks, Brinlea. That's how I start my earnings calls. Hi, Shweta, how are you? Welcome to you and everybody else. There are a lot of friends, let's say friends and family and partners, and actually, we have customers also, and our investors and analysts. Very, very... I feel very fortunate to have you all here, and we have many, many people calling in. Again, of course, investors, but also many of our employees. So I appreciate you taking the time to kinda, in a way, celebrate with us, 2023 and the progress, and also celebrate the vision and the momentum moving forward, that we're extremely excited. I want to say special thanks. These are still special times around the world, specifically for our team in Israel. We have 3 engineering teams around the world. You may know Buenos Aires and Edinburgh, but definitely we have a significant team in Israel. I just want to say, acknowledge the insanely difficult, heartfelt challenges the team is going through, everybody in the region. But the fact that, you know, I flew in a couple of days ago, and the first time I left, you know, I was in Israel, I left, I came out. So looking at it from the outside, it's impossible to even fathom what's going on if you're on the ground. And this is more of a mental state. I'm not talking about the physical, just mental, to be surrounded by this. At the same time, having almost 100 people show up in the office. Actually, we have more people coming to the Tel Aviv office than the New York office. In a time like this, to show up, to create, to deliver on this vision, to make the world a better place, to build things in AI during, you know, when your morning and nights look pretty different. So it is the magnitude of it is something I felt only just being outside of it, to realize how, you know, really unbeatable the team and brave and resilient. So it's pretty phenomenal. So just wanted to acknowledge that. And, you know, talking about that vision, that at least makes me wake up every day for now 15 years. We've been pretty persistent on this thing of changing the world of television and making sure that it stays open, and free access and not controlled by big tech, but really being the amazing platform it is today, but making sure we keep it that way. And we created a short video to kinda share with you our vision, and then I'm gonna talk about how we're delivering against it. So with that, lights and sound. So, television, open for everyone and controlled by no one. I hope you could see and feel and sense like how this medium that's been with us for most of our life, at least in this group, is so central to our experience and human experience. Like many other experiences, that went digital and became digital, like print and others, we feel like the certain market dynamics can affect it and change it, to something that is, less favorable, to us humans and citizens of the world. Our grand vision, our why, way beyond making money, and that's, and I'm sure that's all important to everybody here, including myself. There is a very long term, and that's kinda what kept us... I've been doing this for 15 years. It wasn't always as easy it is today. And we kept very, very true to that North Star of being independent, agnostic, not buying media, not selling media, not participating in a very complex ecosystem with very powerful enterprises that fight with each other, and really focusing on the infrastructure and making sure that the infrastructure for future television advertising will be open and transparent and independent. And I believe over the next few years, and also in recent years, the importance is that it's something that more and more people, including our customers, mostly first and foremost, our customers, but also analysts and investors and U.S. government, understand the importance of this and how it's critical in our mind to keep television the way it is, advance it forward, but not lock it behind walls. So how do we do it? That's the vision, the North Star. What we actually do is we build a tech platform, an independent, open tech platform, that to empower the creation, delivery, and measurement of TV ad experiences that people love. And we added a new word for this session, about forward, is the optimization, and we'll talk about this. This is a big expansion of our offerings in 2024. The creation, delivery, and measurement of all television, and create something that people will enjoy or at least be balanced in a way that, people will feel comfortable with. So to talk about the opportunity when we talk about television, and to quantify into something that's easier also to understand the model and everything. So according to market estimates and our estimates, there are more than 10 trillion TV ads delivered every year around the world. Talking about television in general, including CTV and linear television. There are billions of, like, I think a little bit less than 2 billion TV sets around the world, and billions of people around the world. TV and CTV, this is not just, you know, Manhattan and Netflix. The world is bigger, and television has a very dramatic role all around the world for information spreading, for culture, for education, for democracy, for a lot of reasons, right? So that is financed through the delivery through 10 trillion TV ads, more than 10 trillion. So that's our focus. Our focus is in that number, and to use it, apply our technology to support the delivery, measurement, creation and optimization of those 10 billion TV ads. That's the end game. That's the total market. If you use our current product mix, right, which is about $0.30 per 1,000 impressions, that alone represents us in the current product mix, in the current way we do business, about $3 billion of revenue opportunity for Innovid, right? So the move from the left to the right, the left is the CTV, Wi-Fi based television to the right, same TV, just connected to broadcast. That move from left to right is driven by consumer behavior. As you'll see today, during this slow economy, the consumer behavior keeps moving fast into the right. Live sports rights, new services going online with ad-supported model, that transition is happening, the money follows, and then more and more of those 10 billion-10 trillion impressions are IP-enabled, which then means we can monetize them for our customers. And we continue to do that. We started many, many years ago, 15 years ago, but CTV, kinda in the last 5 years, really took off, and since then, the momentum never stopped for Innovid. Regardless of the economic situation, every year, including 2023, we see more and more large advertisers joining our platform, moving from other platforms and using us to create, deliver, and measure their TV ads on digital platforms. We have more and more customers using more than one product, and Dave is gonna talk about it. We have more partners that join forces with us to create this vision, to make sure TV is open and not controlled by anybody. In this case, partners like NBCUniversal and Disney use our measurement tools to demonstrate the value on those platforms to their customers, the buyers. We have others like Walmart DSP, who use our creative technology to create interactive ads on their platforms. On top of it, in 2023, we saw, and we're very proud to show you some things today, we constantly continue to invest in a smart way in innovation, where we already have a lot of things that we're very, very proud of. We believe there's so much more that we can do to create a better, more efficient, transparent industry. We'll show you more of that. And lastly, so the left three are Innovid-related. The last one is the macro environment keeps getting better, not the economic environment, you know, specifically this year, but it's clear... You know, a couple of years ago, people will tell us, "Yes, but Netflix and all these, you know, people will go for subscription-based," it was called SVOD, subscription-based services, "and you'll see less and less ads of those 10 trillion, 10- trillion more than 10 trillion will go down." Actually, it's the opposite. And you see that all those who went actually against it are now leaning in, like Netflix and Prime, and adding more ad-supported features, which again, moves the user behavior faster for us, and more and more ads will be delivered on the IP infrastructure. So all of these are really great things, pushing either things that we do or the industry itself that pushes the momentum forward for Innovid. These logos and these customers join really a best-in-class client base of some of the large some of the world's largest advertisers. That we did a calculation for the top 25 customers for Innovid. We have above seven years retention, so their tenure with us is more than seven years. And that's why we started with some of these massive logos, not 3 years ago when CTV started to be cool, but seven years ago when it just started. They trusted us. We were a much smaller company. They trusted the vision, they trusted the neutrality and the promise to really help them through this transition from linear television to CTV, and they're still with us. So that speaks volumes. And if you fast forward to that 10 trillion world, just the current customers represent an upside, you know, within that, assuming that end game, more than $1 billion. So even if we didn't add more customers and add more products, that alone, if we continue to have them until the end of time, where all TVs, that's already more than $1 billion, right? Clearly, we're not leaving it just to what we have now. We want to add more products and more customers, and that requires us really scaling up how we do it, and especially it's less on the product side as much as it's the go-to-market side. We, you know, clearly we're very busy. There was Covid, and then we had an IPO, and then we made an acquisition. I had, like, we have this really very extreme... And then we had the post-merger integration. So I had like very busy four years with a team. Most of my team members have been with us 10 years, 11 years, right? It's clear for us to get this 10-trillion vision and really build a global built-to-last, multi-billion-dollar business, that we there are in certain areas that we need to enhance our leadership team, our C-suite, with executives that kind of been there, done that. Not this specifically, but in their specific areas. And that includes David Helmreich, who's you're gonna see presenting, our Chief Commercial Officer organizing and efficient the entire go-to-market. It's the marketing, the sales, the account management to create a better, scalable, strategic relationship with our customers, these really great brands. Yuval Tamir was promoted to CTO from the head of engineering, now runs all tech for Innovid and Product. Tony Callini, our new CFO, who's gonna speak also today, joined us also, with the B2B enterprise software experience in a public company. Ken Markus has joined us several years ago from Google Services, was promoted COO, and very, very happy to share with you. I literally shared an hour ago with our teams, because some of them are watching this. Okay, they don't know we have a new CMO. It's maybe a good timing. So, Dani, who did not start, but she flew in just to be here with us. So Dani, welcome. Yay! Dani's our new CMO. Every person on this slide have operated at scale in an enterprise software or software organization, at least $500 million and a public company. So the majority of ex-new executive team or promoted executive team, kind of been there, done that in terms of the what it means to run a public organization. But more, more than that, it's about how do you scale a business to the scale that we can, you know, that we aspire to be at and can at and we plan to be at. Slightly touching on the commercial side, because we really think this is the game changer for us. We have, we, we, we have amazing customer. We have a great product with great retention and great, customer market, you know, product-market fit. It's really about how do we mature as an organization and really scale up to build a multi-billion dollar company. And with that, you know, one of the things that they did, and he's gonna talk more about it, is kind of reorganizing the entire go-to-market organization with really phenomenal talent. And the reason I chose to use this slide here, so it's not that, you know, I was personally able to bring together a really phenomenal team to work with me, is that in turn, every person that joins us really brings a really phenomenal team to where needed to bring the right expertise. And these, you know, these are people that are joining us from companies like P&G and Google, and they're delivering the story. We're doing all of this, and we've done all of this, and I think also kinda open a new chapter this year with investors, with shareholders, in terms of our ability to, you know, create a plan, present a plan, deliver against it, over-deliver against it, with massive focus on KPIs. So not in spite, you know, on top of hiring, keeping the sales and marketing momentum, keeping investment in things like AI, others up, we increased our EBITDA margin dramatically from a minus to a plus 18%. We guided for the rest of the year, and that's in line with the I cannot say promise, that you know, what we when we went public, we communicated to investors that we see in the horizon a 30% EBITDA company. I'm not sure how many people thought that we're gonna make that shift in a year like this, where growth is challenging, and we brought it to 18%. At this point, we absolutely plan to continue and invest in expanding our EBITDA margin while pushing to a double-digit growth. So we're definitely envisioning at least a Rule of 40 company. We're not saying exactly at what time, but this is both moving to a double-digit growth for next year. Definitely continue to push on the EBITDA. So if you put those numbers together, we're already in the neighborhood of, and we envision, you know, a classical software, SaaS-based, global software company, at least a Rule of 40. All of this while continuing to invest in innovation, 'cause it's what we love, and we think will, you know, make the world a better place. At that, before I finish, I wanna open up the product section because that's a big part of my passion, and as a CEO, I get to sometimes do what I want. So I wanna talk about the product a little bit, and especially I wanna touch on the strategy for next year and kinda open it up for Dan and Blair to come up and show you things. So, as you all recall, we basically have three components to our product, to our platform. We have a single platform to power the future of TV advertising, has three components: the creative tech, the delivery technology, and the measurement technology, all working together. The creative, this is what the creative. And again, we're gonna talk more about it. The creative technology for agencies, creative agencies to create the TV ads, to deliver and stream this, that's the, this is where the $10 trillion number fits, right? So everything that you create, you then need to deliver to TV sets, right? So the ultimate size of the market is more than $10 trillion for this component, and of course, you wanna process the data and measure it. This is all happening today, and, and we're gonna show the product and talk about cross-selling. The part that's kind of hidden, and we have not talked about. And some people asked us about it, but we never productized it yet, is the dataset. This flywheel spins 1.3 billion times a day today, which is already impressive number. So every day, as we, you know, wake up and sleep all around the world, we deliver... This is more than 300 years of video streamed a day. So it's already in a significant scale. Still tiny compared to the opportunity, right? You can compare, this is like about 400 billion a year, and we're talking 10 trillion a year, potentially, right? So as this thing rotates 1.1 – more than 1 billion times a day, it creates trillions of data points, right? So when we physically stream the TV ad into somebody's household, as it – since it's a computer, the computer talking to each other, not broadcast over the air, there's a lot of information that's being shared through that connection. So which app they're using, they're watching ESPN, they're watching Hulu, they're watching Netflix, which show, on what device. Is it a Samsung TV, a Roku, a Chromecast? We have a sense of household identity, so we can map the entire household in the U.S., and we understand the identity of it. What creative, what ad are we running? Is this the Pampers ad? Is the GM ad? Which version of a car at GM? And overall, have insights like reach, frequency, and outcomes. Like what happened after that? So imagine this, and, and, and Blair and then I'm gonna talk more about it, but imagine this running for at least 10 years now and running massive, massive scale. So the dataset itself is, is mind-blowing, right? Now, until today, we're using it just to report on a campaign, right? You go in, GM, we're in a car, but the data itself is, is close to none... I'm not sure if there's any other entity, maybe except Google, in the industry, that have a dataset that is so comprehensive. So what we plan to do moving forward is to basically productize and then monetize this dataset and figure out how we can better service our customers through this. And this, on a beautiful timing, you know, kinda AI is into the picture because to digest something at this scale and to come up with insights is a very, very complicated... In a way, a big part of the reason of acquiring TVSquared was not just enhancing our measurement product, but it's also, together with TVSquared, there's a very strong team of data scientists and people with AI background that do this for the last 10, 12 years. So that same talent is now looking not at what used to be TVSquared dataset, but the entire legacy, the entire Innovid dataset, and, and looking what can we bring out of this to the market. So, and Blair is gonna demo that, show that, talk about that, and demo that later on today. The last piece is... So in a way, what you're looking at are, like, two major moves that are gonna happen next year. The first one is, and we're gonna demo some of it today, introductions of AI and the dataset combined to answer very, very complicated questions. The second thing, when we started to see this thing becoming, you know, coming, to life, is that how we can help our customers better? We usually, what we do, we push that back to our dataset. That's what we do for our dynamic creative optimization, et cetera. What we realized is, while it's critical for us to stay outside of the media world, right? It's one of the things we always emphasize, that Innovid is, while labeled as an ad tech company, we're truly an infrastructure software company. We're not participating in the media world. Most ad tech company are basically media technology companies. That will be here. So we are separating ourselves from that. So here you'll have the DSPs, the SSPs, the publishers, MVPDs. There are lots of really great companies, many of them are public on this side. Their business model, at the end of the day, is buying and selling media, arbitraging, and, and that's awesome. We're not participating in that. But what we realized, the information that we have, the insights that we can gather for our customers, if you're a large CPG, because we see everything and they all see because they see pieces of the puzzle, we have the entire puzzle, and now we're gonna have a brain that understands the puzzle and can answer and can basically send signals to those platforms saying, "We're not gonna participate in buying and selling media, but there's stuff that we know that you don't know. And there's insights that we have and you don't have, because we have the big picture. How about we send you these signals, you act accordingly, and that's gonna drive more value for our customers?" That's a massive, massive initiative for 2024, and it's all based on the data sets, the acquisition, the insights, the AI engine you will see now, and we're already starting having conversation to create this bridge. We're not gonna participate in this, we're not entering the space, so this area is not, we're not gonna cross the line there, but the insights that we have are absolutely gonna make a difference for our customer. They're gonna spend less and generate more, like, actual business outcome. So in summary, these are the three components you know, adding the data set in AI for optimization, and with that, I will call the phenomenal Dan in there. Whew! I'm on time. Amazing. Thank you. Hello, everybody. I'm Blair Robertson, CTO of InnovidXP, and I picked up my AI degree 20 years ago now, which is kinda scary, and since then I've worked in analytics and technology. Twelve years ago, I was part of the founding team in TVSquared. Obviously, TVSquared was acquired by Innovid, and I've been with Innovid for the last 2 years. Although it feels like I've been in this space for quite a long time, this is undoubtedly the most exciting time to be here. It's the first time we've been able to take data and insight and measurement and then close the loop to do optimization. So I'm super thrilled to be here to talk about our product set. Also, to be here to hear my good pal, Dan. Thank you very much, Blair, and thank you, Zvika. My name is Dan Moradi, and I'm the VP of Global Client Solutions at Innovid. I specialize in all of our advanced products, including dynamic creative, advanced measurement, and ad serving. I'm excited to be here to showcase to you guys some of the, some of the innovation that we have today. Yeah. So we're gonna do some demos. We're coming back later on to talk about AI. In the middle, sorry, at the start, we're gonna focus on the three core parts of our product offering: create, deliver, and measure. Independently, all amazing, together, truly peerless. And when we think about this, we're not just working with one part of the ecosystem. It's a whole variety of teams. It's creative teams at brands and agencies, it's media teams in delivery space, and it's analytics teams as well, on the buyer side, on the sales side, looking to get the best value of all kinds of CTV. We're gonna start with creative. Now, I see an extra bold shift of viewing moves from linear to CTV. The essential thing is we're able to deliver ads in CTV. The most common format we're dealing with here is still 15-second or 30-second regular pre-roll, standard video formats, that we transact, you know, 1.3 billion times a day. Enormous, enormous value and scale. But the technology, the pipes, the whole environment is completely different in CTV as it is to linear, and Innovid have the critical infrastructure to make this happen. So first of all, we're gonna show you what a single, regular 30-second spot looks like. Talk about how... what that feels like if you're using Innovid, and then talk about some of the really exciting creative formats we have available on top of that. Yeah. So what you're gonna see now is really, what the industry or the market refers to as standard pre-roll or standard video creative on IP-delivered television. It's very analogous to what happens in the linear TV world. You're selecting content to watch, either through a streaming service or a connected TV application, and then there's an ad pod that before, middle, after, your content plays. Again, it's really, really analogous to what happens in linear TV, albeit better optimized and much more opportunity is created because of that IP-delivered nature of the delivery. But CTV and Innovid CTV offers an awful lot more. Brands don't just wanna have one message to everybody. They wanna have a personal connection. They want to be able to deliver different video to different people at different times. And Innovid makes that happen. We can vary video based on location, based on the weather, based on the time of day, increasingly based on first-party data, such as your existing catalog or CRM data, or third-party data, such as retail data, who's likely to buy a product. An e-commerce brand might wanna show one product to one person, another product to somebody else, and potentially different pricing. As we go up the value stack and make this happen, of course, things get more complicated. We have now not one video being served or being produced by tens, hundreds, and likely thousands of different creative assets, and we have to make sure those assets are handled properly, which we do. Let's give you an example of what it feels like to do some personalized video with Innovid. ... Yep. So Innovid's technology was recognized by Forrester in the Forrester Wave evaluation for as a leader in creative advertising technology, primarily because of what we can do with dynamic or personalized video. What this means or what personalized video means for an advertiser or a marketer is a couple of things. It means more creative, it means more production, it means more effort to align those versions of creative to the datasets to trigger them. So in Blair's example, we talked about being able to create personalized TV based on a weather condition, or a location, or a time of day, or something that a customer or a household has viewed previously. Innovid solves those challenges first by creatively integrating with the tools that creative professionals use every single day to make the creation of those formats or those templates streamlined natively to the, again, the tools they're using to build these experiences. We also automatically create and render out the data feeds that are connected to those creative frameworks to generate massive versions of creative. And this is all happening in software. It's all happening within the platform itself. It's the single platform. And then from an alignment of choosing which creative, which household, or which user sees, what you're looking at on your screen is a view of our platform. We refer to it as Creative Strategies. That allows you to align those specific creative variations based on any number of data signals. Some of them, by nature of us being an ad server and delivering that impression, we already understand: location, time of day, the weather outside, what audience somebody belongs to. And then some of it can be third-party passed or connected directly to a brand's infrastructure internally to allow us to decision off of content that they know about their consumers. All of this is done in a single platform, and in many cases, when you're talking about a DCO execution for a brand, you're not dealing with 10 pieces of creative. You're dealing with hundreds, if not thousands, of pieces of creative, because each one of those data signals creates a multiplier. If I'm a store and I sell coffee, which we're gonna talk about a little bit later on, I probably do that in many different locations. I probably do that with lots of different product differentiation, and I definitely do that in every single whether or time of day or all of the above. So if I'm building creative for all of those scenarios, you need software that can generate those versions at scale and then choose who sees what, when, again, at scale. But that's not the end of the story. Personalized video is amazing, but the Holy Grail is really for brands to have a one-to-one conversation with the audience, and that's what Innovid's interactive video allows us to do. Interactive video, it's almost like choose your own adventure. You get to, participate in a survey, or choose your content, or engage, or purchase directly off the screen. And, we've found that instead of it being a 15-second or a 30-second pre-roll, on average, when we run interactive video, you get an average of 92 extra seconds of engagement for the brand, which is huge value. Let's show you, first of all, how we create these and also the experience that a viewer will have. Yeah. So we're gonna start with this example here. Again, this is a beautiful example of taking what would be a linear TV spot, and because of the IP-delivered nature of television today, we're able to introduce an interactive element. The user can engage with the creative, it stops the video from playing, and then it enters them into an opportunity, in this case, to explore all the different vehicles within Mazda's lineup. And more, more than just being able to explore, it compresses the conversion funnel by creating an opportunity for them to convert directly within the ad. So you can see here, I can schedule a test drive directly within the creative by selecting the up arrow, scanning a QR code, and then being taken to a landing page where I can complete that action. It's quite interesting, and from a format perspective and from a design perspective, there really is no standardization right now for this. And so that's where Innovid has introduced another asset into the marketplace, which is our CTV Composer tool, which is a platform that allows designers, developers, and motion designers to build these interactive and dynamic creative experiences. You can see some of the workflow here in front of you in terms of how simple it is to drag and drop assets and produce them. There's over 10 different formats, including shoppable formats, and overlays, and end cards, which are analogous to some of the things that happen within linear, but also introducing that interactivity within the creative. This is connected to another asset that we have, which is the Innovid Software Development Kit. That Software Development Kit lives on 25+ different hardware manufacturers, like Roku and Samsung televisions, and it's certified on over 1,000 different CTV consumption apps. So these interactive experiences, enabled by Innovid's Software Development Kit and authored within the CTV Composer, create a unique opportunity to introduce that interactive concept within the CTV landscape. Thanks. There we go. So no matter what kind of Innovid video you're creating, we still have to deliver it, and we're now in the realms of media teams and agencies who deliver our media. They're campaign management people. Yeah. If you're not using Innovid, there's a whole variety of challenges you have to overcome. First of all, CTV is more complicated than linear in terms of distribution. We have different operating systems, different specifications, different kinds of transcoding needs to be done. If you're doing that manually, it's not nice. You don't want to do that manually. It might even be impossible. You also, the bane of anybody in campaign management's life, is rejected videos. All the different publishers have their own specifications that need to be adhered to, otherwise you get a rejection, and you don't want to get a rejection before you're meant to go on air the next day, 'cause then you're in trouble. We take care of all that. We have checking that happens upfront, in place before anything goes on air. So we don't have these issues at all. Asset management, we've talked about a lot. If you have 10,000 creators, you don't mean managing that in a file browser. We take care of it automatically. And again, if you are not using Innovid, you have got this horribly onerous process of campaign data management to be in place, lots of tagging to be done. There's no tagging for data when you use Innovid. It just happens automatically. So to show you how TV commercials turn into data, we're run another demo. So we've asked you to sit in the seats of our customers. We've asked you to sit in the seats of consumers at home, consuming content. Now you're gonna sit in the seat of a campaign manager. This is the first component of our platform that enables some of the streamlined workflows within connected TV. It's an asset validator. Whenever a television commercial is uploaded into Innovid's platform, one single asset is all that's needed. From there, we validate the specs. We make sure it adheres to the specs that we require, and then we automatically encode that asset over 90 x. The encodings that we create are the validation that occurs when we deliver an impression or when we deliver a commercial to a household, whatever publisher, whatever network, whatever app they're using to consume that content, we've stored those specs already. Whatever television it's being viewed on, all of those specs are stored, and the tag is generated and sent. When we deliver that creative, when the customer sees the ad, we're also collecting and generating a massive amount of data. This is the Innovid streaming data that Zvika spoke about at the top. Things like campaign, publisher, placement, creative, creative performance, device, location, time, duration, specific engagements that occur within the ad unit, if it's an interactive ad. All of those are collected with every single delivery. Again, 1.3 billion times a day. It's stored in our platform. The MRC, or Media Rating Council, has certified Innovid's impression delivery for connected TV. Crucially, that data serves as the source of truth for the advertisers who use our services and our platform to deliver their creative and their campaigns. But it's also the backbone of our advanced measurement product, InnovidXP, which Blair's gonna- Yes. talk a little bit about. Thank you. So the third group of customers that we engage with are our media analysts, and, and we get media analysts on the buy side and also on the sell side. They tend to want to do two things: they want to prove the value of the medium. When you buy media, you want to make sure it does what you expect it to do. They also want to improve the value of media, and not just media, it's, it's everything, it's the audiences, the creatives. There's a number of strategies they use. Every brand wants more reach. We can give more reach because we know where the reach is. Every brand wants to be on a frequency. We don't want to advertise too much, but people get bored of it. As you see, 100 adverts in an hour, that's not a good thing. It's also wasteful. We also want to help with media selection, making sure we're working with the best publishers for the best brands, and of course, using information and first-party data to drive the selection of creative. So we have this all in our measurement platform, which we've been investing in very heavily over the last two years, integrating TVSquared technology, integrating linear, changing and revamping the user experience, making data access easy, plugging in APIs. Really, we've re-revamped the whole thing. We're super proud of it, and we're gonna show you what it feels like to use our measurement platform. So what is, what does fully integrated mean? It means it's uniquely fueled by the ad-serving data. Again, all of that delivery data, every single impression we serve is in scope from a measurement perspective, regardless of the publisher, the device the user is viewing it on. If you were an analyst and you were using this tool today, you could look at your campaigns, and you could track the adoption of CTV through the use of the Venn diagram you saw a moment ago. Understanding reach and growth and incrementality from linear television is at the keys of the user when it comes to this platform. We also can dive deeply into each media type. So with CTV here on screen, you can look at every single publisher on your plan. The important thing to note again is this is unique in that it's not pixel-based, it's not cookie-based. We're not reliant on somebody else to get this data. When we deliver the impression, it's in scope. Some of the questions analysts and users can answer with this is: If I wanted to maximize reach, who are the publishers that I would need to invest or divest funds to or from, to get more incrementality because of their ability to reach a unique audience? Can I measure... Measuring and enforcing frequency across multiple publishers, mitigating publisher overlap. We also crucially connect that exposure data to outcomes that matter to the marketer. So in this case, we're looking at response, but it's not just limited to response. It could be campaign landing page, it could be add to carts, it could be specific actions within the creative or on the website or in a mobile app. All of those are in scope from a measurement perspective and an attribution perspective, and we do it for linear too, which is really interesting. The visualizations are beautiful. The platform is very, very easy to use, but also the raw data is there, which is critical. And so what you're viewing now is the Pivot section of the portal, which allows a curious analyst to log in and create custom graphs and charts and do their own analysis. We also, at the beginning, we said, fully integrated. That means something not just on the data in, but on the data outside of things. So Innovid, we deliver a lot of ads. We've talked about the daily ad delivery. What you can see here is I've decided to look at creative and device class. So is there a specific combination that's happening with a piece of creative and a device that we happen to be delivering in? And my primary KPI, in this case, is conversion landing page hits, right? The interesting thing about this is we've now pushed that data back into the ad delivery side of things. So now I'm able to optimize not only on the metrics that are within you know, the delivery system or the platform that's there. But now I can pull in external data from InnovidXP and optimize through the use of a product called Instant Optimization, passing that attributed data back into the delivery, so that if there's a combination that's working really, really well, and in this case, I have, you know, hundreds of creatives aligned to different data signals, and that one piece of creative is driving that campaign landing hit better or worse in any given moment, the next impression will show that better performing creative. Again, creating a virtuous cycle of optimization, powered by InnovidXP and the ability to create, deliver, and measure all in one platform. Yeah, and that's it. We're absolutely stoked to have this technology at our hands. Create, deliver, and measure, and of course, as that runs, generating data. And we're gonna come back very shortly and talk about how that data then feeds our innovation pipeline for 2024 by adding AI on top and really blowing the doors off. So look forward to seeing you all shortly to discuss the next section. Happy to take some questions if there are any. We have a couple minutes, if anyone has anything. Job well done. Oh, nope. Anybody? Go ahead. Can I ask a question? Yeah, absolutely. All right. You're on the spot. Come on. On your long-term targets, I know you're not giving the timeline on 30% margins, Rule of 40, double-digit growth rate. Could you just at a high level talk about what confidence... What gives you most confidence in your ability to deliver back to Rule of 40, outside of macro? Like, what about Innovid's? I think it's best if Tony, like, once, you know, once Tony presents, what we'll do, we'll have, like, a couple of minutes after every presentation, and this one is the product one. And Tony is gonna show kind of the operating leverage with, like, beautiful graphs and everything. So I think after that, it may be easier. If I do my job right, that question will be answered. There's a lot of data points that give us confidence around this, and we'll go through them. At that point, if I missed anything or if there are any gaps, you know, I'm certainly happy to dig into it. That, that's kind of the main purpose of what I wanted to try to talk through, was what are the things that we're seeing that give us confidence in those, in some of those longer term projections. So yeah, this will be more questions on product strategy. They make the decision. Yeah. Uh. All right, let's... There we go. It's on. So Blair and Dan, one of the things you guys talked about was the optimization. Yep. Like, clearly, there was a call to action and certain ads that you guys kind of displayed on screen. Mm-hmm. Just talk about the big hurdles in terms of bringing more performance dollars into CTV and what needs to happen for, you know, again, understood the focus on brands- Yep. But broadly speaking, for CTV to really extend beyond the 200 advertisers -300 advertisers that have traditionally been on linear TV. Yeah, absolutely. So for us, optimization doesn't require you to be a performance marketer. There are lots of different outcomes we can use to create that signal to put back into the machine. Incremental reach is a signal. So you can look across a pairwise combination of all publishers and identify where have you got overlap, where do you not have overlap, and you can optimize on that no matter who you are. If you just want brand awareness, you can optimize on that. You can optimize on frequency as well. Many, many brands are too high or too low in frequency, so getting that correct is an optimization. In terms of using outcomes, though, yes, there's web and there's app. Many non-e-commerce brands require lead generation online, and that's great, but you have other outcomes. So for example, credit card data, debit card data, anybody who transacts, finance, insurance, QSRs, they all have a signal too, and you can use that to tie it back. So don't think of this as something for performance marketers, it's all marketers, and there's different ways to optimize and different ways to create a signal for the whole industry. I'll take one more. Just a question on the data that you have and your plans, how to deploy it or monetize it. Could you do anything similar to what, like, a DoubleVerify or an Integral Ad Science does with the data that you have? Or is that just a totally different lane that you don't want to play in at all? Yeah, so our intention is not to necessarily monetize the data directly. We have data, and we have learnings from the data. Our intention is to learn from that and then build additional products on top. So we're not looking to resell, data in any way. We're custodians of the data. The value we add is through the transformation, the enrichment, the control, the accreditation that we apply on top of the data, and then using that to make better decisions, and that's our strategy. Can you just give an example of some of the complex... Like, I think before it was discussed, you can use your data and AI applied to it to answer complicated questions? We're actually going to have a second part very shortly, and we'll, we'll go over exactly that in that section. Got it. It's probably easier to explain with the material we have in place. I'll come back and answer afterwards. All right. Thank you. Thanks, Brinley. Thank you all. We're gonna take 2 minutes to set up the customer panel, so sit tight. ... It was in the back for everyone. Yes, yes. Hello. Oh. I haven't missed it. That's actually you. Yeah. Hello? Okay, there we go. Hi, everyone. My name is Krista Panoff. I'm the SVP of Global Enterprise Development at Innovid. Thank you for being with us here today. So we've been talking today about the changing TV landscape and, you know, all the opportunity that CTV provides to advertisers, especially when you think about technology innovation, all the data assets that we're sitting on. And we thought, what better way to bring all of that to life than to bring you the perspectives from those sitting in this every day, right at the epicenter of this transformation? And that's what this great panel here represents for you: brands, publishers, and agencies. So I'm thrilled to introduce our panelists today. Matt Barnes, VP of Programmatic Sales at Disney. We've been partnering for quite a while on- Long time. Advanced creative. Yep, and more recently, outcomes measurement for national and local. So welcome. Thank you. Thank you for being here. Thanks for having me. Karen Johnson, VP Digital Media at Verizon, which leverages the full suite of Innovid solutions, ad serving, advanced creative, converged TV measurement. Yes. Thanks for having me. Yeah. Bryan Simpkins, Global SVP of Digital Activation and Technology at Publicis, where Innovid is a preferred DCO and measurement partner. So thank you guys all for being here. I'm gonna start kind of high level. We talked about this transformation that's underway. Viewers are moving to streaming. We all know that. We're all consumers out there. We're watching more and more TV via streaming than ever before. We also know where viewers go, there go the dollars. So I'd love to hear from your perspective, how, how is this transformation changing your strategy? How are you thinking about the future where, you know, all TV eventually will be digitally delivered? How's that changing what you're doing? And, Karen, I'm gonna start with you from a brand. Yeah, sure. So as we think of TV, we're definitely, you know, leaning into the world where more and more is going digitally. But we also know that not every impression, video impression, is created equal. And so how, you know- ... consumers or usage is very fluid. And we like to think about it in terms of, you know, their behaviors, what they're most receptive to, how users go about consuming video each day is very different. And so we think about that when we think about our holistic video strategy and really kind of think about it in three ways. So one is more in that moment, which is more appointment viewing, leaned in experience. So for Verizon, still play a lot in the NFL, that, you know, you'll see more of that emotional connection. We're trying to be more emotional with our creative, in terms of how we're connecting to consumers. Then you have more of your evergreen approach, which is, you know, especially from a creative, what we've been working on from a DCO perspective comes into play. So more of that, getting users, you know, kind of the anytime, getting users involved in terms of being aware of Verizon, considering Verizon, using audiences, and being more contextual, so more of that one-to-few. And then we have the, you know, the me time, which is the very personalized approach in terms of the one-to-one. And that's where we're definitely leaning more into AI and leaning more into technology in terms of how we deliver. So that's really kind of the three pillars that we view everything in and also have very different Creative Strategies for each kind of that and how we're measuring it. Okay, thank you. Bryan, you get to talk to a lot of brands. You sit in a really unique position, kind of in between the buy and the sell side. So from your perspective, how are you guys thinking about the evolution that we're going through right now? Yeah, you know, I think it's happened, right? I don't think we're approaching the mature side of it. Yeah, my role, I'm more on the operations side versus the investment side, so we're probably more of the catchers of the shift in investment strategies. And then recently I moved into a new role where we're more focused on content creation, which is super exciting. And the reason for that is I kind of articulated as the media industry spent the last 10 years building audience and audience infrastructure, and that was kind of a byproduct of the whole programmatic revolution. And we spent a lot of time talking about that, right? And then we looked around at Publicis, and we realized, you know, the creative agencies are somewhat lagging in the content production process to accommodate all the audiences that have been created through media over the past, you know, 5 years -10 years, really, when programmatic began. And so we're really focused now on production automation, and, you know, the standing joke is the media team has 25 audiences, 50 audiences, 100 audiences, and they get one piece of creative from the creative AORs, right? I mean, that, that's the world that we live in. And that's what we're trying to change. So we're spending a lot of time with our vendor partners, thinking about production automation we call dynamic design frameworks. Really what we're trying to close at the group and what we're seeing a lot of our clients interested in is creating the content to accommodate all of that audience sophistication and investment that's been built over the past 5 years -10 years within the industry. It's an exciting time to kind of bolt in the creative side into all the success that the media side has built. Yeah. So I want to get to creative in a minute because you both touched on something really important. I mean, just the capabilities we have today with creative, the scale we can run this at. Karen, you talked about, you know, kind of that emotional side that we can do now. But real quick, though, Matt, I want to get your perspective, you know, from the media owner, the publisher side, of this transformation where we've gone through and are in. Yeah, I think we're definitely—I agree. We're definitely kind of getting to the more mature state of this transition. But at Disney, we sit on both sides of the coin, right? We have a very successful and prominent linear business, and we have an extremely successful and ever-growing streaming business across Disney+ and Hulu and ESPN+. You know, I kind of look at the strategy piece from two sides. One is that we've made an incredible transformation where our whole sales force, under Rita, is responsible of talking to our clients about everything in the portfolio, right? So we can talk to you about linear television, we can talk to you about streaming, we can talk to you about measurement, we can talk to you about automation, right? So one of those big switches was like: We don't want four different people talking to the same client about four different things. How do we have one collective conversation? And that really... You need to put a lot into resources there, into training and making sure that, everybody is able to have that consultative conversation. So that's one piece. The second piece, and this is very much, you know, what you both said, and it kind of resonates with me because the other piece of the sales strategy that has to change is we need to let clients activate in the way that's best for them. This world of automation and my specific world in automation and programmatic has really taken off. But as it relates to how we allow our partners or our clients and agencies to approach Disney, it really comes down, you can buy in whichever way is best for you. Now, that's really starting to lean into the world of automation in a big way. We put a big stake in the ground saying, but by the end of 2024, we expect half of our nonlinear business to be automated. And that's really where giving our partners the ability to buy Disney in whichever way is best for them was definitely a change. It's a big change in our strategy, but it's definitely played heavy in both sides' favor because it's giving everybody sort of the best of both worlds. Yeah, I... That resonates with me just because even our partnership with you, in terms of having that flexibility to be able to activate in terms of what makes sense for us, whether that's programmatically or direct, like, with our fluidity dollars. Yeah, I would say the technology today to be able to offer that kind of choice to your, to your partners and customers, right? And again, serving, at the end of the day, we're all consumers who want things easy as possible. We want things automated, we want them at scale. So I mean, all possible with the changing transformation we're going through.... Go, let's go back to creative for a minute, 'cause I do think that's just a really hugely valuable part of CTV and what we can do from a standpoint of personalization and interactivity with the ads. I mean, consumers want relevant, engaging content, and brands want more direct engagement with a consumer. And I think we're in this place now where we can really do that with the creative capabilities we have. Bryan, I think you're really bullish on dynamic creative optimization and the role it's gonna play in TV. Can you talk more about, like, how you think about specifically DCO? What does that deliver at the end of the day for the advertiser in terms of engagement or increased touch points to this consumer? What do you see? Yeah, part of the challenge is just vernacular, and people say things and mean different things. So if you remember the early days of programmatic, we had to align on a vernacular, right? So I feel like we're entering that space with content creative right now. What we're building is called precision content, right? Is the umbrella term, and then under that is versioning, which is CMPs and creating versions, which really lends itself more to video. Dynamic creative, which is dynamically compiled ads in real time, depending on what the use case is, if you need live data in the ad, or you can just handle versioning. And then we're also increasingly talking about generative AI under that, which is kind of the third piece of the stool. But yeah, I mean, we're... Again, I go back to, you know, I made a bet in my career on it. I mean, I helped build the programmatic world in my career, and I just saw this massive gap in content, and it was like, let's go try to build that side of it. Because clients are coming to us, and they've made such an investment in CDPs and customer infrastructure, and you look at, like, a Disney+, they now have data on their customers that they've never historically had. And so you spend three, four, five years building the customer infrastructure, the addressability and the messaging, it gets that segmentation, is the next logical extension. So that's why we're so focused on—again, I'm not—I don't think everything's DCO, right? As we define it, which is dynamically compiled. I think we're seeing a lot of clients start with versioning, so we're seeing CMPs be really big. It's interesting because DCO started because we didn't have the ability to produce at scale quickly, but now with some of the production technology that has come to market, whether it be generative AI or production automation, we can produce, you know, ads much, much more quickly. Yeah ... At scale, at version. And then you kind of get into the operations side of that, which is, what's the best way to execute it? And what we're seeing there is, again, DCO, which is feed-based, is happening, but really most clients are starting with versioning. And the way we talk to them is, you know, "Listen, if two ads is better than one, you know, you keep building that, you know, versioning and monitor performance until you kind of hit a point of diminishing returns. Yeah, and you can build stories too, right? 100%. Yeah. Yes, that's exactly right. So most people are starting with versioning, and we're seeing platforms like Innovid become the decision engine of those many versions, whether it be videos or, you know, HTML5 ads or whatever, and then they're optimizing that in real time based on campaign metrics, and that's where stuff... But if I always joke and say, "If the content's not there, there's nothing to optimize against," right? Right. The content is the lifeblood of any type of content optimization engine. Absolutely. I mean, you talk about versioning and the stories you're telling. I love that you're, you know, as an advertiser or brand now, you're taking that consumer on a journey with you. Like, you kind of lead them kind of through a story you're trying to tell them into a product, you know, or category, a conversion or a specific KPI you're driving for. Karen, how about for Verizon? You guys have leveraged, you know, dynamic creative for a long time from display, and I think you're leaning into using it within mobile. Can you talk about what's the benefit you're seeing from that for your brand? Sure. Yeah, I mean, we think about it, it's very important to look at it from a modular perspective, so making sure we have assets that are swappable, interchangeable, that we can manipulate, to drive that personalization, you know, right place, right time type of thing, we've all heard. So we're seeing... You know, we've seen just from a productivity perspective, performance perspective from a the display side, but as we look at video, that's something we're really focused and working with you guys on, on growing out right now. It's, it's still been somewhat manual for us as we've been figuring out this process, and a lot of work done with the creative team. So I think that was also really important and a benefit for us, having a lot of our programmatic and digital in-house at Verizon, is it's allowed us to work a lot closer with the creative team in terms of building this forward. But leaning into technology, you know, we're focused on scaling that out and also internally, just in terms of... We talk about GenAI, we just made a change within Verizon. So my team came out of the central marketing org and moved into the business unit within the digital, and this was to be closer to what we're doing from a site side and overall digital experience perspective as we think about AI and how we're connecting the experience across the board. It's been extremely helpful, as we look at these solutions and how we're scaling them across. Amazing. Another area of personalization, let's talk about interactivity. QR codes, shoppable formats, and that's something, Matt, I know, you know, Disney's leaned into. I think, I just think again about- I always think about that journey a brand wants to be on, to get closer to the consumer and drive that consumer down funnel to an actual conversion- Mm-hmm ... which you can do a lot of these shoppable formats. So you guys are looking at interactivity a lot. You've leveraged them a lot with your, the brands and advertisers you work with. Mm-hmm. What do you see that, in terms of performance, what is that delivering for your advertisers at the end of the day, and... Is it something that you're seeing growing in terms of requests from your advertisers out there? Yeah, I think it's delivering two things to me. It's delivering for both the advertiser and the consumer, right? So when we think about it from both sides, the world of programmatic and automation has brought this: how do I bring the right ad to the right user in the right environment, right? So making sure that Verizon, in this case, you know, that Karen's team is being able to deliver her message on Disney's platform to the right potential user at the end of the day. And then on the flip side, how do we make sure that that creative experience is giving that user the positive environment that we're giving them, you know, advertising that's relevant to them? So this, the creative piece has been really important to us as we almost allow consumers now to sort of choose your own adventure with ads, right? Which ad is more relevant to you? And we've seen that the engagement that provides allow us to be more successful in delivering campaigns that are achieving everybody's goals, which are just going to continue to build a partnership on both sides. So, for us, it's been about how do we make sure that we're creating the right user experience on our side while delivering for our partners, ads that are going to the right person with the right experience. You talk about, like, delivering the right, you know, experience for that user, and I think, Bryan, you mentioned it's almost like an extension of there was so much work put into all of us understanding your customer, the consumer, the builder with the CDPs. We just talked about this at lunch. You know, the audiences of old that were, you know, car shopper. That's not that... We're much more sophisticated than that now, right? You can get to that precision of that individual, their interests, their traits, everything about them, and build your strategies around that at scale and quickly, which is just, I think, amazing, what I'm hearing. Even like what you say with, like, the car shopper, right? Yeah. Think about the interactive ad. Think about if you're selling an ad for a minivan or an ad for a pickup truck, right? Like, that user deserves the right creative, and that's sort of the promise that our partnership with Innovid, the advancements in programmatic, right? It allows us to even double-click into what is the right ad for the right person. Understanding the right brand is there, but is the brand delivering the right creative? That's sort of the special sauce. I'll just say, I mean, as a consumer, right, I mean, I know I appreciate that type of engagement with a brand. I also think for all the publishers out there, the experience a consumer has with a publisher platform, including the ads, right, I think is really important. So offering that combination of great content that speaks to me and ads that speak to me together, I just think is really important from a stickiness for, subscribers. I want, I want—I don't want a clunky ad experience, and so having that personalized experience, I enjoy better. I like that. Okay, so let's go to another hot topic of CTV, which is measurement. I'll say at Innovid, you know, we think about measurement not just like metrics and insights, but really about what you do with that data in real-time optimization. Matt, I'll start with you first. You know, we're, like, working with you guys in terms of outcomes. Yep. That's a very important KPI for advertisers. Not the only KPI, but I guess talk to me about what are the KPIs, what are the things your advertisers are measuring, and how are you acting on that data? Are you acting on it in real time? Are you on a journey to get there? Where are you guys? Yeah, I mean, outcomes is such an interesting term because everybody's outcome could be different, right? So depending by brand, by category, it looks different. You could have certain categories that we were talking about this earlier, that, you know, their whole outcome is incremental reach, where another brand's outcome might be engagement with my brand, or did they buy something off of our site through something like a QR code? Like, right, there's so many different outcomes, but the beauty of where we're at today in this world of, I keep calling it automation, but right, the world we're in today is that in real time, we can see the things that are working and not working, and we can Pivot that day into the things that are working and aren't working. I think that's the promise that we've all been trying to get to and live up to. And I'm seeing that on our side because when you see that type of success on our platform, you see it by the partnership grows, it gets bigger, right? And it used to be, "Okay, let's look at the end of the campaign and see how things did, and then how do we pull that in the next planning cycle? Video completion. Yeah, video completion. How do I pull down the next planning cycle that will be affected six months from now, a year from now, versus how do you change that today? We have calls, like daily, weekly calls with our clients that says, "Hey, here's the outcome we all agreed to, that we are looking to accomplish. Here's what we're seeing. We recommend these changes in creative or these changes in targeting." Right? Like, that type... That's the world that we're living in today. Advertisers are leaning into that. They take those recommendations, and you're able to execute on those. Yes. Those advertisers that are very much leaning into a world of programmatic, everything we're talking about today, like, the sophisticated advertisers, are the ones that are doing it, and they're making optimizations in real time. Yeah. Hopefully, they're, you know, setting the stage and letting others kind of see that this does work. Karen, from a brand perspective, like, you know, today with measurement, you can get, you can get those whole campaign views. You can get, you can get the end-of-campaign summary, but you also are getting, like, really granular data throughout the campaign. So how are you leveraging that in your, in your planning or strategy or optimization? ... Sure, yeah. We have what we've coined the Moneyball approach, a bad name, but it might, might change, but that's what we're going with right now. But you know, as Matt talked about, we're looking at being more predictive and understanding what's happening and making decisions off of that and having the data to do so. So we start by having a TV attribution partner that we look at, and then we're combining that with other sets of data, right? With how long does it take us to cumulative reach, how the cost, ratings, demos. And then actually with Innovid, as we were looking at OLV this year, you know, we really partnered and, Nikki and my team were great in terms of looking at how can we develop a product based on our needs, and we were really able to develop InnovidXP together, which helps us answer questions like: Is the creative--is this creative messaging pulling? Do we have... You know, how long does it take for a conversion? Do we have the right frequency? So being able to take these different factors, we put this all into our Moneyball approach to build out these scenarios. We do weighting, so then I can say, you know, like, "Disney's doing, you know, great from this day part perspective, but I'm gonna shift in real time." So it's that mix of art and science of here's what the data is taking me, here's where the inventory is at, here's where my options are. How can, you know, how can I pull? So doing that with our network partners, down to those three tiers of, you know, video I talked about, of constantly optimizing, making sure we're not cannibalizing each other and working across, so. Is that optimization getting easier? I mean, there's a lot of work into that, right? So thinking about how to make that more automated. Yeah. It's funny you ask that because my boss keeps saying: "Why isn't this automated?" And I'm like: "Well, because we wanna learn, right?" So we wanna make sure that we have the right data and that we've learned all these different scenarios before, so we can automate it, but we don't want it to be fully AI-driven, and for another year, because we've kind of just started this, until- Yeah. -it's built out. But that's definitely, you know, where we're headed. So it's gonna become easier. It's still somewhat manual, but I think in a year, the help of Publicis- Yeah. will be in a good place. Yep, that makes sense. Okay, so, so, Bryan, I guess, again, I feel like you sit in such a great position because you get exposure to all sides of the industry. Everything we're talking about here, in terms of all the capabilities with measurement and advanced creative, like, do you feel like advertisers appreciate what is available today, or do you think, like, more education is needed? Do you see... I don't know, where- who do you see is missing and, and needs to be educated more, or are we there? First of all, I want to thank Disney and Verizon, who are great clients of Publicis. That's such a tough question. You know, and again, I'm not a TV measurement expert by any means. We have a lot of people who are really good at that. I think, you know, it's interesting because we're at a time in the industry in which most of the senior leadership grew up with linear television, and that's how they think, and that's what they know. And that's not to say that people can't change and we're like, of course, they are. But again, most of your leadership within advertisers, publishers, and agencies grew up with a linear background, right? Yeah. And that linear was king. So I think we're still in a transitional phase as an industry. And again, not that we need to retire people out, but when people who are mature grew up with digital and connected TV, that's gonna be a different leadership mentality, right? So I guess I think, you know, it's an interesting time, and that those two worlds are still in a convergence. I mean, we all know what's going on with TV currency over the past couple of years. Insanity, right? Insanity. And I think Matt makes a good point in that, depending on what the objectives are of the campaign, you still see some of both, certainly some of the reach, frequency, mentality and brand awareness, and that, you know, GRPs and that world very much still exists. But with CTV, now you're seeing all the digital measurement be injected into that, which is more of the impressions, and clicks, and conversions, and we're building an entire data infrastructure in which we're gonna be able to know that you saw an ad and that you transacted on point of sale. I mean, that's revolutionary- Right. -from a linear television influence impact infrastructure. So that's very exciting. And I think something's gonna emerge out of that, which is gonna be a combination of the two. I think both are important, but I think it's gonna look more digital, probably, in the near future. I don't think linear is ever gonna go away entirely, but I think the measurement infrastructure is gonna probably be dominated by what we historically think of as digital, more than- Yeah -than linear. How long that's gonna take? Hard to speculate, but I do think that will be the prevailing way in which we measure market effectiveness, just because of the data availability that everyone wants to use that didn't historically exist. Exactly. The data availability and what we're able to do with that data, again- That's right. What you guys have talked about. So I guess, yeah, I just want to applaud all you guys. I think everything that you're doing is kind of demonstrating, you know, what can be done with the technology and the data today. And I think the more we all lean into this and we demonstrate for advertisers and consumers, the value it can bring to all of us, everyone's just gonna, you know, be... It'll be, it'll be everywhere soon enough. So thank you, guys. I think that's the end of our time, but thank you very much for being here. I really appreciated chatting with you. Thanks. Thank you. Hey, we're gonna take just 2 minutes to switch the stage, and then we're gonna jump right into Dave talking about the market opportunity. Oh, 10-minute break. 10-minute break. So more time, food, drinks, whatever you need. Yeah, they'll. ... Oh, there now. All right, we're gonna get started again now that everyone is refreshed and rejuvenated. Dave will take us through capturing the market opportunity. Thanks, yeah. There we go. Thanks, Brinlea, appreciate it. And, Zvika, where are you? Thanks for the great introduction earlier this morning and the motivation to kick this off. So, I stood where you are or sat where you were 54 weeks ago as a guest prior to starting. So I started December thirteenth at Innovid, and there's a number of reasons that really brought me to... Can you close that? Thanks. That really brought me to Innovid. One, I was amazed by the company that Zvika and the team and the co-founders built. Not just the resilience, but the unbeatable nature and the innovation that they brought into this really fast-growing, amazing ecosystem. So that was now the first thing. Second, product rich business. So product rich, amazing product market fit. If you combine those things as a product rich company with a lot of technology in an ecosystem with amazing product market fit with tailwinds, it's an amazing place to be. Right? So that was sort of some of my thesis. You know, and third, I'm also a nerd at heart, right? I'm not the smart guy like Blair. But, you know, I have a computer science degree. I love tech, I like data, I like infrastructure, I love software, I love technology, and I love understanding the things behind how to make things work. So I saw here a number of things that made me really, really excited to start and really to dig in, and sort of one of the reasons why I felt very, very fortunate to be given the opportunity to work with Zvika and the team and a number of my colleagues, and friends and new partners in the audience. So that's what brought me here. And as I sort of went through this journey, you know, given this opportunity to sort of leverage my background, my expertise, and my tours through companies around data, measurement, analytics, you know, like you heard from Bryan earlier, I was very, very early in programmatic. So I built one of the first audience targeting platforms for programmatic advertising, understood the concepts of bringing data in and out of the ecosystem for measurement, sort of leveraging tools, techniques, and platforms and data to really drive extraordinary outcomes for brands. All of those things, coupled with sort of my software expertise and thinking about how to operate at scale, is one of the things that really, really excited me about this. And so I'll grab the clicker. In the next section, I'm going to talk about sort of what I have seen about our assets over the past year, 50 weeks now. I was there 54 weeks ago. I've been here 50 weeks. But what I've seen about the assets that we have that have confirmed, double confirmed, triple confirmed my initial, my initial thoughts, and then how we're going to leverage those assets and create some unique opportunities, and how we're going to sharpen the pencil in our go-to-market. How we're going to think about doubling down on the opportunities that we have with our customers, with prospects, and what we're going to do to sort of drive that next phase of growth. So as I think about our business and what I observed 54 weeks ago, what I've confirmed in the past 50 weeks is that we have amazing assets, right? Not just assets in the form of banner customers, right? Customers that companies would die for. Some of the largest brands in the world, not just brands that spend a lot, brands that are innovative, that are great partners, that lean in, that work with us every day, where we help create value for them and create extraordinary value for ultimately their customers, right? So we've created this platform that all of these brands have leveraged, and that gives us a unique opportunity to build on that. The second is, because of that product market fit I talked about, we've become critical infrastructure for these companies. Not just tech, not just a team, not just a solution, not just a partner, critical infrastructure. That means we deliver. You've heard the numbers, so I'll repeat them again. 1.3 billion impressions a day, globally, 474.5 billion, if you do the math, 365 days a year, trillions of of observations, hundreds of years of video served every day to our customers, and the most important thing that they deliver every day is those amazing immersive experiences to their customers. And that, that opportunity to sit with this amazing product market fit that has created the opportunity for us to be critical infrastructure for brands, gives us the ability to think about the next phase of opportunities, right? As we think about what's next for us. I think you heard Matt at Disney talk about, how in Rita's team, they're, they're cross-training all of the sellers across all their products. Guess what? We're doing the same thing. Every seller and every team is, will be and is trained on how to actually think about that, create, deliver, measure, and optimize story so that we can create extraordinary value. I see Nikki in the background. Like, create extraordinary value for customers like Verizon, that you heard the story today. That's where we are not just doing one thing, we're not just helping them scale creative into thousands or tens of thousands of iterations across every device in the world and every household in the US. So then how do you actually take that value and then have a full stack so that we deliver extraordinary value that's stickier, that renews at a higher rate, that creates value for them, makes them easier to come back to us every time we then build and launch the next product. So that's one. Second, we're thinking about our teams and our people, how to build this consultative, very bespoke sales motion that understands what brands and our agency partners want, right? You'll hear me say brands and agencies, because, that is a partnership that's important to us, right? We want to work with the largest brands in the world and those partners who actually manage these platforms on behalf of them, in some cases. Some cases, brands do it on their own. So we need to think about how do we actually take the assets that you see on the left to then drive the opportunities on the right. Multiple product sales, truly an enterprise software, complex motion. We think about how do we land and expand? How do we actually approach different personas? How do we approach different verticals? Is auto different than CPG, which is different than the financial services, which is different than, you know, other verticals that we work with every day? That's an enterprise software sales motion, right? And I've done this in some of the largest companies in the world, where I've managed a lot of people and a lot of money and a lot of revenue and hundreds of millions dollars. These complex sales are not easy, but when they're mastered and you create that value and that trust with the customer, it's a repeatable motion that drives extraordinary value for the future. I was gonna use the keyboard, I have a clicker, though. In order to do that, I'm gonna double-click on one of the slides that Zvika showed earlier. So many of you who know me know I have a military background, hopefully, it's not too obvious, but, like, I handpicked these people to help us go to this next phase of growth, right? This is sort of my SEAL team. And, you know, these, these sort of amazing assets are gonna help us, you know, capitalize on top of what we've already built, right? We already have banner customers. We are already critical infrastructure. We have a team in place that got us to this point where we are able to have these conversations at scale with some of the best customers and the largest prospects in the world. So if you look across the folks here, we've been very, very fortunate that many of them, and some of them, I think, are all watching us today. Very fortunate that they've actually decided to join us, and help us in this next phase of growth. So you see, Sarah, who will join us, is actually here, and she's leading our strategic team. And when we say white glove service, it's this is a bespoke strategic sales motion with our largest customers, and we are deeply integrated into their processes, we understand their goals, we talk to them, in most cases, every day, and we work with them to, in some cases, co-develop solutions that help them achieve their next growth gains and their goals, and we create heroes inside these companies. That's what we're doing in the strategic team. In the enterprise team, which is gonna be focused on growth, is how do you sell multiple products, multiple SKUs, multiple solutions to our largest customers? So Alex has worked at P&G, he's worked at Amazon. All of these people have worked at companies where there are large public companies with hundreds of millions of dollars, and in some cases, billions of dollars of revenue. Alex is gonna help us with that multiple product focus, upsell, motion, and cross-sell motion. I'll talk about that in more detail in a second. I think Dave, who's in the audience, Dave Fahey, has joined us from Google and a number of other companies. Hello, Dave. When Dave was interviewing, I think I received 30 or 35 unsolicited references about how amazing Dave is. We're very fortunate to have Dave in the audience to join us, and he's working with the largest agencies in the world and helping build those partnerships. Lastly, Jeff, one of my partners for a long time, is gonna help us sort of in the revenue operations and how we actually help the business scale so we can do this profitably, persistently, predictably, and run a metrics-driven sales engine. So the setup, where we are, what we have, the opportunities give us the ability to drive these four growth drivers.... I'm not going to belabor the CTV volume growth. We've talked about it a lot, but I have a couple of slides that show that it's not just volume growth that'll give us tailwinds, it'll also what's happening as a result of the rapid adoption of CTV. And Bryan talked about that a little bit earlier, because the pace is changing faster than advertisers are prepared for in some cases, number one. Number two, he brought it up, so I didn't have to bring it up in mine, but there is a change of leadership that's happening inside these agencies and brands that are changing their mindset around moving from linear, which is easy to buy at scale, to CTV, which is also easy to buy and deliver at scale with us from a delivery perspective. But changing that mindset of going from I'm going to go linear first, to now brands are thinking about CTV first, right? And that mindset will continue to change. We'll talk about upsell. The way we define upsell is very simple. It's more volume, commitment, utilization of a product with an existing customer. So this can be a number of ways. I'll talk about that in another slide. Cross-sell is more of our existing products, right? So if someone's just doing creation, then we're going to sell them ad serving and delivery. We'll sell them measurement. We'll actually sell them the ability to optimize that entire loop, right? This is more products to our existing customers, and we have product five and product six and product seven, which will happen. Then we're going to go back to this very programmatic, very scalable, cross-sell motion to drive more value for our customers. And last, new logo. So this has not been something we've talked about in the past, but we'll talk about why a new logo is important and why now. So we talked about CTV growth, so everyone knows the trends. Consumer behavior is changing. All of us are changing our viewership behavior. All of us who have kids, we know what their behavior is like. So CTV viewership will continue to grow. It's going to be double digits. Consumers are changing their behavior. What's really interesting is if you think back to what's happened in almost every new medium in the history of the Internet, in the early phase of adoption, some people say we're past early, but in the early phase of adoption, there's a gap between consumer behavior and advertising spend. Mary Meeker at Kleiner Perkins called... This is called the Meeker Gap. This, which happened in mobile, this happened in digital early, this happened in the Internet. There's still a spending gap compared to the viewership consumption behavior in CTV. That gap will close, and that will actually help us accelerate our growth. Sports is changing rapidly, the dynamic in CTV. So it's happening in the NFL already across a number of large, the largest publisher in the world. It's happening in the MLB. It will happen in the NHL. If you read the trades, we know that it's happening with Premier, with Premier League. We know that it's happening with MLS. We know it's happening with MLB. It's happening with every major sports league in the world as those move from very large long-term license deals to streaming. And that will continue to happen and that will drive viewership, it will drive behavior. It's changed my behavior. So all of that, whether it's going to be through Amazon or Fubo or Paramount, every platform is now doubling down on live sports in CTV. And the viewership models are diversifying, right? If you remember, Reed Hastings said at Netflix, he said, "We made a huge mistake ignoring advertising." So what we're now seeing with companies that said, oh, we're just going to be subscription, we are only going to be subscription-based models. Almost all of them are moving from just SVOD models to now AVOD. So they've all opening up large tiers where there's a delta between the subscription and the advertising-supported business model, and consumers every month are moving from pure subscription to advertising-supported models across all these platforms. And Amazon Prime is—there's 200 million Amazon Prime members globally. So if you add up the number of subscribers that could potentially be available for this service across Amazon, Disney, Apple, and everyone else on here, the numbers get large very, very fast and provides all of us with more choice. It also creates a challenge for advertisers because it creates fragmentation, and that's why companies like us are incredibly important when fragmentation increases, because we have to be the delivery point to all of those fragmented endpoints for every consumer, every day, based on what they want to watch and what advertisers want to deliver to. So that's pillar one. So we are benefiting from these tailwinds and macro trends, plus things that are happening in live sports, as well as this viewership gap, which will continue to close. Is that my ten-minute alarm? I have 9:56. So, second is upsell, which is just very simply our ability to, with this enterprise sales motion, go to our existing customers and say, "Hey, I want you to, based on the value we create, leverage more of our services every week, every month, every year." So we're building this enterprise sales motion machine, sort of building the momentum in this go-to-market engine to go to our current customers. I think Zvika shared the stat earlier. I'm not going to look at the slide, but, you know, top 25 is 7.8 years of tenure. All right, look at the tenure from the top 50. It's almost 7 years.... and, you know, our top 100 customers are 6 years. So you don't have a customer for 6 years, or 7 years, or almost 8 years if they don't trust you, if they don't rely on you, and they haven't embedded you into their daily lives and their workflow and their processes. I mean, this is the, this is the ERP of TV. So critical infrastructure for brands delivering to, the largest platforms in the world, all enabled through it. So we're going back to all of our existing customers and saying, "Hey, work with us. Commit to more volume. Build your platforms on our, on our business, and continue to rely on what we do and what we do well every day." So we will continue to focus on this. This is a great example. So you heard him talk about it earlier when Krista was interviewing Matt. Disney and Hulu and ESPN, we continue to build on top of the relationship we started with them years ago. And it's not just measurement for national and local, but we're doing advanced creative capability. You know, we have an identity-based approach with them. We've talked about that in the press. We've talked about how we can create extraordinary value for Disney and for their advertisers, and ultimately, a great experience for the consumers as a result of making sure that every impression that's delivered as part of Disney's ecosystem is ultimately based on the things that people want to see, right? And that's a strong partnership with Disney. You heard it here on stage, which makes this easier because he said it before I did. Then, you know, we've upsold across their measurement business, so they've committed more to us on an annual basis. They're embedding us into their sales process, their workflow. That gives us the ability to go back to companies like Disney and say, "We are gonna do more with you just in measurement, and we'll continue to focus on other things that we can do with Disney year on year." The third pillar is cross-sell, and it's, you know, very simply sort of increasing our revenue with a cross-sell product. If someone has delivery today, then we can actually sell them creative. If someone just has measurement and a brand works with us on measurement, we can sell them delivery and creative optimization, as a package. So going to our existing customers, several hundreds of existing customers, most of which are the largest brands in the world, across performance and branding, across every vertical, and through this enterprise, bespoke very complex sales motion that we will do at scale, going back to them and making sure that they understand the value of this feedback loop, right? The value of that circle that rotates 1.3 billion times a day. So we can go back and get them to adopt more of our products, they actually - so they ultimately get more value from having that integrated platform and, and leveraging more from us every day. And it's working, right? This motion is already working. It's already in process. Many of you have seen the results, but we're just, we're just in the early stages of getting this to its full potential. So this is the third of those three motions where we're gonna go in to our customers, make sure they understand, one, the value of what else we can do. Two, at our worst, we're still better than anyone else from a measurement perspective, if we're already delivering for you, because we have those insights as part of that asset that Blair talked about, that we can go back and turn those back around into value for you, and then ultimately harmonizing that feedback loop to create that optimization for our customers will create extraordinary value. We have to share that with them. They have to understand it. We have to create that partnership. All of that takes time, but it's a heck of a lot easier when we have several hundreds of customers that already trust you every day for, you know, you can see years, if not, if not longer than that. And a great example, right? Again, you heard it earlier. So we've already done this successfully with companies like Verizon, where, you know, we moved the relationship that originally was with the agency. We didn't take it away from the agency. We just continued to build on the relationship with the brand, and we made sure that the agency was a strategic partner with us at every step of the journey, right? You heard Bryan Simpkins earlier talk about not only just Verizon, but our partnership with Publicis and Verizon. We've done not only just dynamic personalization, but we've done co-development and innovation with them. So, you know, we're there, I don't know if we're there every week, but I know we're there often, and we spend a lot of time with them, and they're great partners, but it's that trust that gives us the ability to sort of help them understand the value of these additional services. And we've cross-sold measurement, and we worked on innovation. Like, they're actually helping us with their most strategic priorities and understanding those strategic priorities, so then we can turn around and make sure that we deliver the assets and the value that they expect from us. And then I can't say the name, but one of the largest CPG brands in the world is that we've done all of this, right? We started with a single product. We've executed the enterprise sales motion in the strategic team because of this very, very focused, strategic enterprise sales motion, and they use us for everything for delivery. They work with us on measurement. They work with us on, you know, innovating across a number of partners, right? They actually have... They're leaning into everything that we do across all of our products and services, and they're a great partner, right? And they will continue to be a great partner, and they'll continue to help us innovate for the next several years. I think I heard someone asking who it was. We're still not gonna say. And then last, as I'm sort of coming to the end of the time here, so the, the fourth important sort of part of this, pillars of growth is new logos. I said, you know, earlier, we hadn't really focused on it before, and we didn't for a number of reasons. One, you know, we had amazing agencies and partners that I think Zvika said it earlier, we did nothing other than continue to grow with those customers. You know, we have a billion-dollar revenue business based on the opportunity in TV across 10 trillion advertising opportunities globally. But things are changing in the market, right? The market has moved in a way where it's now ripe for us to think about new customer acquisition as a strategy. We have agencies and brands that come to us every day and say, "Hey, what's my ABG strategy?" Which means anything but Google, right? How do I diversify my technology to other platforms? How do I think differently about moving, given the current news, the current environment? You can read them as well as I. How do I think about diversifying some of my infrastructure investments into other platforms, right? That's critically important. And the second is, you also read the news. Amazon decided a couple of months ago to sunset their ad server and their Sizmek acquisition by the end of 2024. So we're benefiting from tailwinds in the industry, sharpening the pencil on upsell, focused on this cross-sell motion, and now we have a team that's going to go after the largest prospects in the world that we, you know, that we don't work with to build this motion. And this will fuel, like, the lifeblood of our- of the first three pillars, right? So new logo will actually help us benefit from CTV growth and then upsell, and then cross-sell. So every new business we bring into our ecosystem means that we can then benefit from the growth. We can upsell them from the product that they are using from us. We can then cross-sell across all of our product portfolio and then have this holistic motion across create, deliver, measure, and then optimize for all those new logos. And last example, you saw it earlier. Mazda is a fantastic example of a new logo in the past year that is leveraging us for creative at scale. So not only interactive TV, tailored messaging, advanced creative solutions, but the ability to take signals that are not only endemic, but are external, as part of that process to actually deliver campaigns at scale. Whether it's 7 or 70 or 700, the ability to run, you know, hundreds of iterations in one campaign, delivered to the right audience based on the right signal, at the right time, across a variety of publishers and platforms, will really help, you know, our partners and our agencies and our brands get the maximum, like, sweat equity from every single dollar when they put those dollars to work in the ecosystem. So my timer's beeping here, but I'm... This is my last slide. So going back to the four growth drivers, because of our assets with critical infrastructure, because of the fact that we have these banner brands, we're gonna sharpen the pencil on our go-to-market motion, and these are the four of the pillars we're gonna use to drive double-digit growth in future years on this path of Rule of 40. We are just getting started, and it creates an amazing future and a great opportunity for us, for all of you, and for our teams, because they are the people that got us to this point and will help us accelerate past this. So thanks to all of you. Thanks to, thanks to my team, and thanks for the opportunity. Thank you, Dave. We have time for a couple questions if anyone has anything besides wanting to buy a new car. Only easy ones, please. It took me 15 minutes to take a drink, so. Thank you. A really easy one for you. Can you maybe talk about Amazon Prime Video ads launch next year, and what sort of—what does that mean for your business, and how are you thinking about integration and, sort of how are you... Yeah, how are you thinking about it? Yeah. So whether it's Amazon or Netflix or Apple or any of them, all, all of them are going to receive ads from the largest brands in the world. So what does that mean for us? It means more delivery into more places, to more consumers, and ultimately, more impressions. So you know, what we're doing with Amazon specifically, I'm less concerned about. It's more so Amazon plus everything else that's happening in the ecosystem just creates more opportunity. Because whether it's General Motors, and we had a bunch of auto examples today, but whether it's General Motors or Verizon or Mazda, all of those brands need to reach the consumers on those platforms, and there's one company that delivers those ads for those brands to all those platforms. So that's, it's another opportunity for us. Sure. Let's try again. Yes, sir. Thanks, Dave. I wanted to ask, because one of the key takeaways from your presentation was the go-to-market strategy, right? It seems like you guys now have four different quadrants, if you will- Yep. In terms of how you guys are approaching clients. Just talk to us about what that was before and what are the key updates as you guys do- Yeah Split that out. So it's not just these pillars of growth, it's also the people, and it's also the process, right? So it's not just that we're changing, you know, sort of our pillars. We're modifying some of them, which I'll talk about in a second. We're also amplifying it with some different skills, right? Knowledge and expertise and sort of true software sales and leadership expertise, and we introduced a new motion. So historically, we did focus on upsell, and we did focus on cross-sell, but we're now doing this with very specific motions against very specific lists of customers. Think about it as a sales play. I'm running sales plays across every single one of our customer lists, and if you're a delivery customer, I'm gonna, I'm gonna measure for every delivery customer, have we talked to you about creation? Have we talked to you about measurement? Have we talked to you about optimization? We're gonna run that programmatically as a company, with accountability, with tools, with resources, with knowledge. So I think that that motion hasn't changed as much; now we're really putting a lot of weight behind the arrow. So that's sort of one thing. Second, the upsell motion is a really important motion. It's moving from recurring transactional, non-committed revenue to things like minimums and commitments and transactions, right? So we move from, hey, we'll get what we get based on this brand spend, to now we know what we're gonna get, and we can... That'll help us forecast, that'll help us predict. It'll also help us build better partnerships with those brands. So if you talk to a CFO, no one will say, "I don't want to predict my expenses." We can help them with that. And we'll do that, and we'll do that in partnership with agencies. The third area that is new, and it was always happening, but we didn't have a merciless focus on it, is bringing in new logos into the business. So teams dedicated to going after the largest new logos in the world that are gonna help fuel our future growth. Does that help? Thank you, sir. Yes, ma'am. I'll build on that one, and going back to your slide, where you're at—sorry, I want to build on that one, because the easiest way to drive growth is non-same store sales. So new logos, and by the way, when they went public, they said they were focusing on new logos, just so you know. But anyway, you have this wonderful slide where you put up where the average of your top 25 clients is nearly 8 years, and a hundred, your top 100 clients is 6 years. Yep. Well, that sort of worries me, because if your products are so good, your real competitor is Google. What's the competitive dynamic? Are you just constantly trying to keep up with Google to take their... I don't understand why you're not getting more clients from Google now, giving all the litigation against Google. Is it because they bundle so they can have inferior products and you can't shake them loose? I don't understand why I don't have a slide saying, Here's how many clients we've gotten in the last 90 days, six months, one year, because to me, that's, that's the growth driver, is a new logo, not somebody you're adding 10%, 10% to a year. Well, I don't think it's... We're not gonna focus on one or the other, right? So we have several hundreds of current customers where we can increase our product penetration. In every other company in the world, that's, there's less friction in that sale than there is in a new logo, right? So we will always do that every day because these companies have been with us for years, have lower product penetration than we want. So now we have the people and the motion that we're gonna accelerate some of that into our current customers. Question on new logos is a great one. We're always picking up new logos, but we have not also historically had a merciless focus with dedicated resources going after new logos every day. The difference between a new logo seller and someone who's actually focusing on managing a current customer is it's a very different mindset, it's a very different approach, it's a very different sales methodology. So the reason why we're fortunate to break these out into different growth drivers is because we have people, and the focus, and the process, and the analytics to help us drive that. I'm not gonna say one versus the other, because they're both incredibly important. And to your point on Google, Google is in the press a lot, and Google's also a great partner. But at the same time, there are a lot of companies that say, "I want to do something different because of that." So we need to be there when they're ready to do that, but that takes time. You cannot replace enterprise technology infrastructure overnight for a company. In some cases, it takes a year. So some of those discussions happened and started to happen a long time ago, and so we're seeing the fruits of these discussions, and they will continue to happen as we work with more and more of those customers over time. Hey, um- Yes, sir. The really big opportunity that I feel like wasn't addressed is geographic. Yep. Because, what? 92% of your revenue is in the U.S., and I think 70% of the market's outside of the U.S. So can you just kinda give us the overlay on, on- Probably because I actually wasn't looking at my content, and I forgot to address that in upsell. So one of the ways we're going to grow in upsell is upsell is a number of things. It's not just more utilization in, like, a current product, but that happens, for example, in CPG, when they add new categories. In a large technology company, when they add new countries. It happens when we expand into a new market with a new brand that may be a globally headquartered company, but is launching in a new market. So we have found that our ability to grow globally is with our current customers, because, again, that's effectively lower cost of sale, it's an easier expansion, we already know the business, and we already have teams that can serve those customers globally. So the global growth will actually have... That's a, that's a very specific motion in our upsell, growth driver pillar. Does that help? Yeah. Thanks. Sure. Thank you, Dave. We're gonna bring our dynamic duo, Blair and Dan, back up to talk about AI innovation. All right, let's kill it. Yeah. All right. Great to be back up here again. So far, we've talked about existing products, talked about create, deliver, and measure... And we've talked about how those products generate data. Now, we're gonna talk about the natural next step when you have such an amazing set of data, which is to exploit that data through AI. We're gonna show you a preview of what we're developing right now for 2024. So this is internal use at the moment. These are not live products. We wanted to give you a sneak peek. We know you guys love that kind of thing. And we're gonna talk about how AI helps us optimize, and also Dan is gonna talk about how we use generative AI inside our product set for personalization and creative optimization, too. So first up, without data, AI is nothing. You need data, and we're in a brilliant position because we own one of the best CTV datasets in the world. It's incredibly wide. We've been collecting it for a long time, we've seen over 1 trillion ads. And it's not just the delivery of the TV ad itself, it's also the video content. And of course, with AI now, I'm sure you're aware, you can extract the semantic meaning from video. So that gives us an enormous amount of information. It's also worth pointing out that for us, there is essentially no effort to collect this data. It's not really collected at all. Publishers don't have to enroll it, they don't have to send it to us, there's no transfer of data. Same for brands. It exists because we serve the ad, and as we serve the ad, the data piles up. So we have this incredible, incredible asset in, in our dataset. And of course, we already use the dataset to power measurement, and that works very well. But what we want to do is bring measurement and improvement closer together. We want it to happen automatically. We want automatic improvement. And one of the ways we can do this is by applying AI on top of that dataset and create a variety of optimization strategies, and actually have the AI help us determine optimization strategies, and then execute them back through our ad server again, creating more demand, driving more impressions, creating more volume back into the cycle again. So this year we've been thinking, "Hang on a second, there's an enormous renaissance in AI." There's tens of billions of dollars of investment going into AI. We're not setting out to go and build a new AI. That's not our space. The AI will be commoditized, and if everybody's following the press, I'm sure you can see how much change there is right now in AI. We're going to use the commodity AI technology and apply it to our dataset, and also our execution ability by, because we have an ad server, to do something pretty amazing. So let me give you an example. This is all real, it's real data, real AI, but I'll show you what it looks like to use one of the things we put in place, which is a natural language interface on top of the data that we have in raw and processed form. So what you're seeing here is an intelligent agent and a media analyst posing a question to this agent. Actually, it's multiple agents. We'll get to that in a second. So the first question this analyst is asking is: "Okay, I want to understand the creatives for this brand, Ultratech. Tell me about the creatives. How many are there? How long have they been on the air for? How many times have they been seen?" So it goes away, machine understands naturally what's being asked of it, then it comes back with the answer in data and also an explanation of what is generated. And then we can Pivot to a completely different question. So in this case, which placement group, which audience, is the most effective for a totally different brand, for this brand called Ultratech? And again, we have a think for a little while, and we generate our response. In this case, we can see that placement group 5, and these have been anonymized clearly, but it's based on real data, has a particular response rate. It's the most effective placement group we have. And again, we get an explanation. This has not been written by a person, this has been written by a machine to explain that placement group. The last question we're gonna ask is about publishers for a brand called Gear Gadget, to identify the most effective publisher in terms of cost efficiency. It goes away, it queries the data, generates an answer. So three totally different questions, three totally different brands, three totally different concepts. So for those of you who are looking out and saying: "Hang on a second, what on earth did I just see?" Let me explain what's going on under the hood. First of all, we have a person, a media analyst at the moment, and they have a question, so they're gonna ask the AI, "What should I do?" Now, actually, it's not just one AI behind the scenes, 'cause it turns out that AIs have personalities too, and we want to give them jobs. Okay, so first of all, we have a language AI, and this language AI is specialist at talking to people and it understands our market, understands what a campaign is, understands what a creative is, understands what a publisher is. It understands all these relationships. And it's going to say to another AI, "Turn this into code." So we have a developer AI that then works out how to create some queries and some code to answer the question. Now, we want to make sure we're answering the right question, so it turns to its friend, the tester AI. And these guys, they literally talk to each other in English or whatever language you want. For me, it's English. They talk to each other and they say: "Hey, you can optimize a query, you can make it better, you can change it." And that goes on back and forth, and they come back and say: "Actually, we've got some verified code now." That then goes into our dataset, which is both raw data and model data from measurement platform for reach and frequency, for example, and that then generates a set of results. It goes into our last AI, which is an analyst AI. It turns numbers into meaning, into insight. That then goes back out, and we get a result back to the media analyst. So instead of staring down into a dashboard and scratching your head and figuring things out, you can now just literally ask a question and get an answer. And this is pretty mind-blowing. Honestly, it's, it's pretty incredible what we're doing here, but we're gonna take it a step further. So instead of just talking to media analysts, we also expect to talk directly to media platforms, and that could be in natural language or it could be via an API. We're gonna send a whole variety of signals out to the ecosystem so that others get to improve CTV based on our intelligence. So the loop we have right now is dataset into optimization strategies, back into our ad server. But what we'll be doing shortly is taking those optimization signals, and it could be custom bidding, for example, it could be identifying reach, sending to DSPs, SSPs, and publishers, improving the way they operate, making CTV more attractive, driving viewers and brands from linear into CTV, driving more demand for ad serving, creating this beautiful virtuous cycle. So, just to give you some examples of the strategies, we expect us to come up with more, but at the moment, the very clear ones for us are identifying unique reach, where you can see the entire market as we can. We know where the reach is, the AI can find out where the reach is, making sure we don't have too much frequency or too little frequency, making sure we're appearing the creative in the right way, and using first-party brand data to make sure we match the right creative with the right person. And same for media. Those custom bidding strategies, making sure that DSPs match the right brands with the right media is a win-win for everybody. And of course, delivering in the most direct way possible to reduce any inefficiencies in the market. So the final kicker here is that each of these strategies on their own are super impactful, but when you add them together, they don't just add together, they multiply together. So if you do frequency harmonization and reach harmonization and creative harmonization together, they produce this incredible exponential value. I'm going to pause there. I'm going to stop, and we're going to show you something just as amazing on the creative side. So, Dan, over to you. Yeah. If everything Blair has shown is about improving the left side of the brain, the other groundswell in AI is around generative AI, and we're going to talk about how the right side of the brain can also benefit from this technology. So Innovid's perspective on creative design and authoring, again, goes back to the presentation I gave earlier this afternoon, and, you know, it's we're going to let the creatives use the tools that they know and love to build and develop these. And we don't know the impact or the amount or the size of the role that generative AI will play in the creative development, but we do know it will play a role in creative development at some point. There are a number of platforms today, text-to-image generation, text-to-text generation, text-to-video and audio generation. What we've built here is a prototype that allows us, and we've integrated it into all of these systems, to create an ad from text. So I've got a creative template in here. I'm going to play it just so you guys can see what we've developed and designed, but then I'm going to need some audience participation. Feeling the chill in New York today? Sip our hot latte. Chase the cold away. We're not getting audio. In the room? Room audio? While we're getting room audio, that's okay. Oh, now I need to step away. So I'll do my best to remember what everybody tells me, but I need a city. Anyone can give me any city they'd like. San Francisco. San Francisco. Great. Sorry, y'all. We're gonna do San Francisco. We'll do San Antonio second. All right, so we've got San Francisco. I need a weather condition somebody likes or dislikes. Sunny. Okay, sunny in San Francisco. I don't know if that really works. It's new. But we'll use it. That's okay. And then somebody's favorite art style, stylistic approach to art. Art Deco. Art Deco. We have that there. I'm gonna use it. I love it, too. Say what? Impressionism. Impressionism. For a coffee brand? I love it. I love it. All right, so I'm gonna hit Generate, and again, what we've done here is we've integrated this platform into chat-to-image generation, chat to headline, tagline, wittiness generation, and then we're taking the output from that system, and we're generating a voice-over asset to go along with the creative. In sunny San Fran, feeling the heat? Sip our latte, it's a real treat. But I don't like his voice. And this wouldn't- Yeah. And this wouldn't be a live demo if we didn't inherit some risk into this conversation. So we're gonna change Davis to Aria. Anybody want to give me another city? What did we say? What was the other one? San Antonio. San Antonio. Okay. Anybody... And we're gonna rain in—God, rain in San Antonio, and we'll just go ahead and generate that. Oh. It's gonna remember what we generated before, too. It'll give me that history that you can see at the top. In sunny San Fran, feeling the heat? I have the text locked, so if you like, if you like a specific input, it'll lock the text. There we go. Unlocked. I told you there was a little risk with live demos. It's okay. We got it sorted out. The other reason... Oh, there we go. Rainy day in San Antonio, feeling blue? Sip a hot latte. It's perfect for you. So we've built a couple ads here in a few minutes. It was fun. It was enjoyable experience. When we talk... There's more. When we talk to brands about how they intend on using generative AI platforms, like Karen mentioned earlier, from Verizon, they're investing, and Bryan mentioned from Publicis, they're thinking about how AI tools, if you polled them, I guarantee you, you wouldn't get the same answer in terms of the tools they intend on using. So going back to our perspective, we want to be able to integrate with any platform and any tool. We don't need to develop our own because there's other people out there that are doing that. We just want to make the integration and the streamlined nature of those tools benefiting the creative production environment. The other thing we hear a lot from advertisers and agencies and brands is that they intend on using these tools to prototype creative very quickly, to understand at scale how many pieces of creative can be built. And so we also have a way of creating multiple ads at the same time. And so now here we've created four ads in the time it took us to have that conversation, and we can continue generating more and more. So if I'm this coffee brand, and I sell coffee in every city in America, and I'm selling different coffee products, I've got teas, I've got coffees, I've got lattes, I've got hot beverages, I've got cold beverages. They're all at different price points. I can integrate that first-party data into a DCO or a dynamic creative or a personalization framework that I've designed, and then I can create, using Generative AI tools, other assets for that creative. This is a very, very powerful and beautiful way of executing dynamic, creative, and personalized creative at scale, using new generative tools and platforms, that are in the market. Thank you all again for the opportunity to share that. Which large language model are you building? So again, in text to image, there's integrations in that case with DALL-E or with others that are out there, ChatGPT and their API. Can we answer that, Zvika? that we can use, but essentially, we can use whatever we want. At the moment, yes, but there's a whole- Using DALL-E right now? Yeah. But there's literally- So text to image, text to text, and then also text to audio. Those are different, those are different AI engines that are contributing to that creative and also communicating with each other. Essentially, it's completely flexible. We can change from one to the other, and the AI industry is going through such a transformation. We don't want to tie in to anybody. We want to make sure it's flexible, and you can use whatever you want. If one agency wants to use one engine and another agency wants to use another engine, that's cool. We bring it all together, and we pipe it into the personalization platform. Just to wrap up, we've talked about creating video, delivering video. Question. One more question. Questions. No, go ahead. So- Share mine. I'll repeat it. I'll repeat it. Just talk about why editing those should sit with me, right? Like, why doesn't this sit with Photoshop or whatever other tool is out there? Like, why does it necessarily need to take place on your platform versus just being a pipe where you guys control the other side? Andrew's question was why should the editing of that content live within Innovid's platform and not tools like Photoshop or After Effects? Again, I'll go back to the perspective. The brand designer, developer, the agency creative professional can use any of those tools. We just want to facilitate a more streamlined workflow. So many of our customers today use After Effects and Photoshop, and as Adobe has invested in generative AI capabilities with things like Generative Fill, our clients can use that and still deliver their creative through us, and still use our personalization product to generate even more versions of creative. This generative AI component, if there's a third-party tool that they're using to generate headlines and taglines, or there's a third-party tool that they're using to go from text to images, or there's a partnership with one of these companies where they're training large language models on their brand guidelines so that the copy that's generated within them is brand safe and compliant to their brand, all of that is just, again, a point of integration for us to facilitate more streamlined workflow and the advancement of new, new creative tools and technologies. Can I just build on that for a second, Dan? Please. We also think about this flywheel we have, where we have creation, delivery, and measurement. By us understanding the creative and the various components of that, we can create features from a technical perspective that we then put back into measurement. So we can then run them out and do A/B testing or A/N testing to say, "Okay, you did 1,000 versions. These are the ones that work." Doing it inside our environment means we have that data to put through that flywheel and continually optimize. I can explain the... First of all, when you see this ad was designed in Photoshop. What you see here, the framework, like, think of templates in Word back in the days. Can you open the UI for a second? Mm-hmm. So you basically design the framework of in After Effects, you know, we don't do that, and we're not Adobe, we have plugins into Adobe, so all this stuff, the fonts and all this stuff, and what you do, you define. And that's the same for DCO. It has nothing to do with Gen AI. It's to say the price will go here, this will go here, the asset will go here, and you then- and then once you have the template, you upload that into our system and saying everything that's dynamic needs to come from Innovid, because then we do the data integrations, the APIs, 'cause you're not- you cannot put the price dynamically into Adobe. They don't have that product, right? Again, great partner of ours. So if you look at price, et cetera, you know, first-party data, can you- I can play it again, but there will be audio. Open the editor, editor for a second. Mm-hmm. You can see here, Laura, as you said here, Innovid default, if you click on this. So this is important. It says... And there's no definition, but basically the, the engine. So our strategic approach was always not to build things that are already out there. We're not gonna build AI engines. That's commoditized. We're not gonna build editing tools. The only editing tools you, you saw before was for CTV interactive ads, because that's not HTML. Like, that's proprietary, and we had to build it for every single device, 'cause otherwise there's no way to make it work. So that's the only case. Other cases, we'll leverage any engine that's out there and build something that's very... And then can you show the feed for a sec, example? Yeah. This will help you also understand. So for this, for example, right? So we create thousands of versions. This is connected to a data feed, right? And this is an example in a spreadsheet, but this could be a stream of data stream and feed that comes from a brand that talks about... And that's something. So the architecting this entire thing, then pushing it to an ad server, getting the data from the DSP to make sure what you need to deliver, then putting it in measurement and saying, "Oh, it was that version of creative." There's no other platform that can do that. Going back to what Blair said, that flywheel, the combination of the create, deliver, measure, there's not a single company in the world that has these three components, let alone connected to each other, let alone with optimization. Google does the delivery, some other company is doing creative, and some company is doing measurement. Yeah, so. I just wanted to show you guys it's creating in real time. So I deleted everything from the feed that created multiple versions. I went back to the multi-editor view, hit Generate, hands-off keyboards, the whole thing. And then you could see it generated some new headlines, some new background images, some new taglines. It refreshed the feed itself, and created four new ads just while Zvika was describing that. Yeah. Yeah, so this is live working. We're not selling this stuff yet, just to be clear, it's not in our revenue prediction, but this is real. Big Lots, right, is using the understanding of what the creative is to better understand basically performance off of the creative. Yep. It seems like, Blair, what you're talking about is that you guys are eventually going after publishing more to that effect. It's, it's one optimization strategy. We believe we can create signals from our data across a whole range of optimization strategies, for reach, for frequency, for pulling out features from creatives. Absolutely, we pull out features from creatives and then put it back in here and then run the wheel again. Anything we can do to use data and AI to improve in a whole range of strategies across the whole CTV ecosystem, we're gonna be doing that with the AI we have. Any other questions? I've got one. Great, great. And now we've been highly anticipated closing with Anthony and the financials. All right, let's see if this mic is working yet. Can anybody hear me okay? Does it sound like the mic's on? So this seems like a really cruel joke to put the CFO after that really awesome demonstration. I've only been here six weeks. I feel like there's a punk situation going on here. So thank you all. I'm really delighted to be here today and to meet a lot of people, to see people in person for the full time that I've had the fortune of having some calls with. This is my first Innovid Investor Day. Although I feel like I've seen this movie before and, you know, to kind of come back to Shweta's question about what gives us confidence, I mean, hopefully, as you go through this, it'll... My confidence will come through, and I'll be able to share some of those data points with you all. But I thought it might be helpful to start off kind of why I came here and what attracted me. This wasn't planned today, but as I was walking here, I was listening to a podcast, and it was a business podcast, and they were talking about how executives, when they're looking for their new jobs, often let perfect get in the way of good, and they stay out of the market because they're always looking for the perfect thing, and it never really is out there. And it made me reflect, like, at... The attributes that we have here and the things that were on my list, my personal list of what was really important to me, I was really able to check all those boxes, and that was a really special thing. And so I don't know if this is perfect. I mean, time will tell, but I didn't feel like I had to- Well, that's true. But I felt like I didn't have to settle for good. Yeah, I didn't—I felt like I didn't have to settle for good enough. And so, you know, as I was going through the diligence process, some of the things that jumped out to me that are really hard for any company to get, and I've been doing this a long time, and, you know, a lot of companies will kill for these things, is a great product, a large market that's growing, and maybe most importantly, like, secular tailwinds. Because sometimes it doesn't matter how good you are, if the market's moving in the other direction, it's, you know, you're kind of out of luck. You know, and then the team did a tremendous amount of work on the infrastructure, and it's pretty efficient model. And so, you know, we kicked around this word yesterday, and again, I wasn't planning on using it, but I realized it's so true. There's so much potential energy for all you physicists out there that just feels like it's on the cusp of being released. And then in the six weeks, I thought, you know, here's what I've seen in the six weeks. I've seen a team that is unbelievably focused on execution, and this is a team that, you know, hasn't been a lot together for that long, but the drive and the motivation for execution is there. You know, I think you just saw, you were able to look under the hood a little bit in terms of I knew it was a great product, but just this disruptive technology that could really change the industry. The work that's been done, and Dave highlighted this, and I... Again, I've seen this movie. I cannot stress how important this is. Like, building a world-class go-to-market organization changes things. It really does. And when you give that world-class organization an awesome product and a market with tailwinds behind you, you know, kind of watch out. And then it's the focus on sustained efficiency. And as we continue to invest in things like AI, in things like, you know, bringing our products together, in things like the go-to-market organization, we're very mindful that, you know, we're using shareholders' capital, and we want to make sure we deploy that efficiently and thoughtfully. And we're all--and I can tell you, we are all focused on that. And hopefully, you're starting to see that in the expanded margins. So, you know, I feel like we're really on the cusp of something special and start to turn that potential energy into more kinetic energy... So, you guys have all been doing this a long time, too. It's the classic investment thesis page, which, you know, may be cliché, but it's probably cliché for a reason, because these are the things that really drive value. And you're probably familiar with a lot of these categories because these are not new categories, because they are the things that drive the most value. So, you know, as we think about the market, we've talked a lot about how big it is, about $200 billion in TV ad spend, the 10 trillion ads that are shown out into the world. And then this generational shift to connected television. And it is generational. I mean, we've been through some of these trends before. It's not going back. You know, none of us expect that to happen. And there is that concept of the spend is still on the linear side, and it hasn't come over yet. And maybe we're all saying, well, maybe it never will, but it tends to happen. The dollars follow the eyeballs. And some of us might be getting a little impatient in terms of when that's going to happen, but you know, the dollars do eventually follow the eyeballs. And then if you throw on top of that some of the more recent developments, which is live sports, right? That's coming over. And then thinking about how some of the subscription models that we all use are now moving towards more of an ad-supported view there. I mean, those are all things that again are moving in our direction. So then you think about us as a leader and a leader in this space and the independent platform. And the one thing that I didn't realize, I mean, when I first started this process, but when talking to Zvika, is just like, how valuable that independent platform is. And that, I will tell you, is one of the reasons that I'm here, because this is a way to make a difference and to change things. What I didn't realize is how important it is for our customers as well, that, you know, we have that independence. And it, you know, it matters a lot. And you think about the video that we showed in the very beginning with, you know, TV for everyone. And so we're in a unique position to be able to do that. I come from an enterprise software background. Dave talked about a lot about the motions that you go through of being an enterprise software company, and that's kind of what we are. I mean, we are the infrastructure. We are the key technology partners for our customers, right? And we should think of ourselves that way. And that tends to be very sticky. At the same time, sales cycles are long, and it takes a while, and because it is so sticky. So once we get that momentum, it's very easy to build upon it. And then we have opportunities to add incremental value with the XP measurement solutions. Remember, this acquisition was only done a couple of years ago, and a lot of the hard work has been done on the integration. But, you know, I think the upside is in front of us in terms of really going to market with a more holistic offering. And that, again, could be a pretty big growth driver for us. And then, you know, we just talked about the massive data set. Again, we talked about, like, what our key differentiators are. Having that massive data set, having a tool to provide measurement analytics based on that set is kind of the magic formula. So, you know, a great place to be. But I don't know if it's as good as this next one, which is, you know, I've never been to one of these before, where you have people like Disney and Verizon and Publicis on a stage talking about how critical you are to what they do. I mean, it's pretty amazing, but probably more so humbling. And you know, we feel very proud that these brands trust us with their customers and trust us to make that connection between them and their customers. And we understand how sacred, you know, their our customers are, and they're entrusting us. And so that feels very special. And in fact, that they've, you know, they've been with us for the amount of time that they have, over seven years each, I think is a bit of a testament to that as well. So, you know, we talked about being ready for double-digit growth. You know, we think we should be growing at 20% annually on a sustained basis, and 20% plus on a sustained basis. And if you think about what's behind that, you know, I'll go back to some of the things that Dave was talking about. It's volume, it's upsell, it's cross-sell, it's new logos. And, you know, we've been talking so much about this muted growth because of the overall economy and what's been happening with ad spend. But if you look at the position that we're in, if you do nothing else and just wait for that to kind of shift back to normal times, we'll grow. And then you put on top of that, the benefit from the shift to connected TV. And then you put on top of that, the things we can do with XP and cross-selling and more of a holistic offering, and those things start to compound on each other. So that's why, you know, we think 20% is... 20% plus is where we see this business. And we'll get in a little bit, little details later in terms of, you know, how we're thinking about that. And then finally, a scalable business model, right? This is a leverageable business model. This is not a capital-intensive business at all. The team did a lot of hard work after the TVSquared acquisition to integrate that. They very thoughtfully reworked the cost structure and made a lot of tough decisions there. At the same time, you know, what Blair and Dan showed is testament to this, continue to invest in innovation and think of those things that are gonna have the best return. And again, we know we're investing with shareholders' capital, and so we're very thoughtful about those things. Because of all this, we've been able to improve the profitability profile pretty considerably. So last quarter, it was an 18% margin. which is about 1,000 basis points better than the year before. And so it to me, it's not a stretch that as this business scales with this kind of operating model, you could really see the margins starting to expand pretty nicely. And so the nice thing about all of this, it's either these are things that are either in our control or there's lasting secular trends that are behind it. And again, this is, you know, attributes and traits that a lot of companies are very envious of to be in this position. So, you know, we truly believe that it's not a question of if, but it's a matter of when. So let's get to, you know, the growth, right? I think I skipped one. Oh, I guess I didn't. Let's get to the growth. And so, you know, one of the things that It didn't really occur to me, was if you, if you look at this business on a pro forma basis, going back to 2020, and so this assumes that we did the TVSquared acquisition at the beginning of 2020. Even in an environment where growth has been muted, and, you know, we had 5% growth last quarter, which is, you know, not where we think it should be, but this has performed as a roughly 20% growth business. And the compound growth rate has been almost 19% over this period, even on a pro forma basis. I know we usually talk about things on as reported and that, that kind of skews it, but on a pro forma basis, it's, it's almost 20%, right there. So, you know, so given our history and the things that we have in front of us and the, the work that we've done, we, we don't think that the 20% plus is, is that much of a stretch. You know, then if you think about our, our, our model, one of the, one of the, initiatives that we've, we've been working on, and, and this goes a little bit to one of the things that the TVSquared acquisition brought to us, that we're trying to build on, is thinking about how do we diversify and, and create more contractually recurring revenue? And I want to be clear, like, this, there's always been a recurring nature to the revenue in this business. While it hasn't been contractually recurring, every dollar, we're an integral component of the video advertising ecosystem, and that recurs. That happens day after day, year after year. But because it's been primarily volume-based, right? We enjoy success when our customers spend more, and less so when our customers spend less. And so that measurement business is really more of a subscription-style business, right? Where you have these contracts that are recognized ratably, and there's provisions in there that revenue can be more with volume, but it is contractually recurring. And so as we think about going to our customers with a more holistic offering, not only on the measurement side, but also on the more traditional Innovid business, we think there's an opportunity to fix some of that. And Dave talked about this a little bit as well, and this isn't just good for Innovid; we think it's good for our customers as well. It helps them with predictability. It helps them with visibility of what the cost can be. And again, as you referenced, you know, what CFO wouldn't want that? And I can say, I'm a CFO; I would want that. I know it's nice to be able to predict out, you know, over the coming year, what my costs are going to be for a certain service. So that... You know, we're at 23% now, and that represents our measurement business. And there is a component of our, you know, the Innovid business that's also contractually recurring. And so just to simplify, and we haven't talked about that before, but just to simplify things, just putting it measurement and ad serving. You know, the other interesting thing, if you look at who we're serving, we're on the buy side and the sell side. And so, you know, we feel—I also feel like we're in a pretty enviable position there, where we are serving both the brands and agencies and the publishers and the apps on the other side, and can really deliver value for both of them. All right, so... This is now this revenue is not on a pro forma basis. So just to reorient you, this is on a as reported basis. But you know this is one of the things that really jumped out at me was just how much disruption that there's been and some of it is disruption that we've all lived through. So if you go back to the beginning of this and you think about what's happened not only in the world but also with Innovid you know we had COVID we had the post-COVID recovery there was an IPO that happened in there which you know that's a pretty dramatic change for a company. There was a major acquisition in TVSquared right after that. There was the pullback in the ad industry on spend overall. There was the integration efforts that the company did. There was a cost rationalization and again, some of those tough, but thoughtful decisions that were made. And then, you know, it's pretty clear there's been a tremendous change in management and a new team that's kind of come in, that's figuring out, you know, how to work together and aligning around all the things that are important to all of us. And so, you know, that has had an impact. Where we are now is we've kind of come out of that phase, right? You can see the orange line is the adjusted EBITDA margin, and what a dramatic change that it's been in a relatively short period of time. So if you put it in the context of everything that's happened, you know, specifically the IPO and the acquisition, it's kind of understandable that middle part. Then you think about the work that's been done, and even in a market that hasn't grown that much, to see that increase in profitability, you know, it's a pretty amazing feat. I can say that without taking any credit for this at all. I'm just kind of calling it out to you of what I've seen. So, you know, as we sit here today, you know, we've hit a bunch of our recent financial targets and raised our guidance. We've largely completed the integration activities, with, I would say, the exception of, like, how we go to market with a truly combined offering and take advantage of that part of it. We've increased the adjusted EBITDA margin markedly, reduced operating costs, both on an absolute basis, as a percentage of revenue. And we'll talk about kind of our future thoughts on profitability, but, you know, again, these are the things that I saw as I was doing my diligence and saw a company that was positioned really well to take advantage of, you know, all this work and also some of the tailwinds out there. So, you know, I tried to think of a way to show this in a fairly simple, pictorial way. And what I tried to do here was kind of relate our revenue growth with our adjusted operating expenses. So if you're trying to tie this out at home, this excludes stock-based compensation, just so it's full disclosure, so it's at the same basis as our adjusted EBITDA, right? And so, you know, what you can see here is, again, as we get through the integration process and... Well, I'll start back at the IPO. At the IPO, you can see operating costs went up tremendously, which being a public company is, there's costs that come with that, right? And then going through the integration process, we inherited a bunch of costs that we have worked through and have reduced. But we're now at the point where, you know, the revenue growth line and the amount of expenses as a percentage of revenue have diverged and are widening. And so, you know, this is just a lush if- this is not... You know, there's no hard math behind this, but just extending the lines as they were, you know, you could kind of see where this is headed. And, you know, if you think about a growth model that gets to a 30% margin, our cost of revenues as a percentage of revenues is about 80% or 20% of cost. And then, so that would leave about 50%. And so the line's trending down towards, like, roughly 50% of revenue. So, you know, speaking of guidance, I think these are probably numbers that are familiar with a lot of you. This is not new information, but just kind of a reminder of what we said our Q4 and full year guidance is. We're guiding to $35 million-$37 million for revenue. It's a 4%-10% growth. You know, we typically, at this time of year, would expect Q4 to be, you know, probably the healthiest quarter because of the year-end and the holiday activity. Just as a reminder, we did not see that last year, and we've been very mindful of that as we built our forecasts and our guidance for this year. I can tell you that through 2 months in the quarter, we're very confident in our guidance, and feel good about it. And, you know, there's work to do from now till the end of the quarter, but we feel like we're in a pretty good place there. Once we see an actual true resumption of more normalized spending, you know, we feel a little more confident in actually baking that into the forecast. We are a little more bullish on the adjusted EBITDA side in terms of the growth on a year-over-year basis, where we're guiding to $5.5 million-$7.5 million, which you can see the growth rates there over last year are pretty, you know, pretty significant, of 84% to almost 150% year-over-year growth. The full year guidance is nothing more than the three quarters actual plus Q4. So there's not a lot of magic there, but growing to 7%-9% for the full year, and 12%+ on the EBIT side, EBITDA side, which is 12x better than last year. But I'll just stick on the 7%-9% growth for the full year. And if you think about double digits, and ultimately getting to 20%, we're kind of on the cusp of that now, right? As we closed out the year. And so, you know, as we think about what a long-term model would be, remembering this has been a roughly 20% growing business in the past, we're getting close to double digits this year at a 7%-9% growth rate that we're guiding to. It doesn't seem to be a stretch to get to that revenue, longer term revenue target of 20%. Again, we don't know when, and a little bit of that is based on when more of that traditional industry ad spend comes back. But if you zoom out again and kind of go through, back through some of the investment thesis and think about the 20%, if you take into consideration the industry tailwinds on the shift to connected television, the investments in the go-to-market organization that are happening right now. We've just announced Dani here today. So and that's part of the go-to-market organization. And I can tell you again, coming from the enterprise world, the things that we're able to see in terms of the activity and the progress in how we interact with our customers and how we go to market and the discipline. And I want to highlight this because Dave said it, and it's important. There is such a big difference around an enterprise sales executive than an account manager. And it's just a different kind of engagement, it's a different process. And that has not shown up yet in our financial results, but we're starting to see the wheels turning internally. And again, that's one of the reasons that we have comfort and have confidence in the 20% +. You know, throw in that the measurement products that again, we think there's still a lot of road ahead of us there in terms of going to market with a holistic offering. What's not included in here, and this really is exciting, is the AI impact and what we can do with that. We continue to make these investments. You think about, you know, any good, smart company is doing multi-horizon planning, and that's exactly what you're seeing here, is we're not really baking it into these, you know, medium-term forecasts, but we wanna make sure that we're investing in things that are gonna have an impact down the road. So we think that has an opportunity to really accelerate things, but again, is not part of the 20%, growth. So, you know, it's hard to speculate on when, again, because we don't know when the overall spending pullback is going to happen, but we see a pretty clear path to get to over 20% on a sustained basis, over some period of time. On the revenue, less cost of revenue, you know, this has historically been an 80% business, and we don't really use the term gross margin, so I'll say revenue, less cost of revenue as a percentage of revenue. It's a little clunky, but when we did the TVSquared acquisition, that pulled it down a little bit. But the thing there is that cost of revenue are fairly fixed. They don't scale with the business. So that as that business scales and we scale, we should get back to 80%. So that again does not seem like a stretch. You know, the adjusted EBITDA margin of 30%, we've already talked a bit about that. I mean, we just closed last quarter, 18%. We think for the full year will be 12% +. And with double-digit growth, it's you know... Again, thinking about that model where the revenue is going like this, and the adjusted operating expenses as a percentage of revenue is going like that, getting to 30%, you know, shouldn't be unrealistic in growing it at double-digit numbers. You know, and the thing that I started with, with this team is that we will continue to look for efficiencies in, in the business. I mean, that, that is something that, you know, we are committed to doing, and investing in the business. And so making sure, and I can't say it too many times, that we are mindful with shareholders' capital, and that we are investing in the things that are gonna have the best return on investment, and try and look for areas to, to be more efficient, to use that money, of efficiencies that we've driven down. So, you know, again, we don't expect aggregate expenses to continue to go down, but we do expect as a percentage of revenue, that they, that they will continue to go down. So this is just a little model here, that you can all play with if you want to. It just takes our historical results and expenses as a percentage of revenue. Some of the long-term targets, there's no time frame on this, but you know, thinking about if you've... You know, or take whatever assumptions you want around how we grow over the next couple of years, compounding that along the way, thinking about the cost as a percentage of revenues and you know, to see what kind of value and where we could be from an from an EBITDA basis. I realized I forgot to talk about free cash flow. So free cash flow realization is something. In Q3, we had a free cash flow realization of, I think it was $4.1 million, which is about an 80% increase year-over-year. And that's something that, you know, has been inconsistent, right? As we've gone through this transformation. We think that there's still gonna be some seasonality, but we should be, you know, generating free cash flow as an organization. So we thought that in a long-term model, I'm on a normalized basis of 60% realization. So what that means is that, you know, EBITDA. And the difference between EBITDA and free cash flow for us is things like cash taxes, cash interest, capitalized software, fixed assets, and working capital changes. About 60% of that or overall 18% of revenue would convert to free cash flow in a given period of time. So, you know, kind of brings me back to the investment thesis. Just to kind of wrap this up, you know, we again, I think, are in a pretty enviable place of being in this larger market with some industry tailwinds that haven't completely kicked in yet, and we have been doing a lot of the work internally to position ourselves to that. I know that hasn't always shown up in the numbers, but you know, we, I think, as in the management team and, you know, happy to take some questions shortly on this, you know, feel confident that a lot of that is on the way, even as we have delivered, you know, improved profitability over this time frame. You know, thinking about us as a category leader, thinking about us as an independent platform, and how that positions us in the market compared with others, and the things that we can do as an independent platform that other peoples can't do, and the relationship that we have with our customers, and again, these are the biggest brands in the world that are trusting us with that relationship, are all pretty special things. And so, I've already talked a lot about growth, and we're not gonna say again how scalable the business model is because it, it is, and you're, you're probably tired of hearing about that at this point. But what I can say is, you know, we, we have a tremendous amount of confidence. That's why I came here. That's why if you've, you've, you know, seen some of the Form 4s, you know, I've invested my own money. I know Zvika has, I know David has. This is something that, that we believe in, and we're really excited for 2024. So I think with that, maybe I'll invite Zvika up, and we can take, take questions and, and try to help answer your, your questions as, as much as we can. Hello? Okay, back to the same earlier question. Yes. Um- Ah, now you have a slide. Yes. Of all the growth drivers, when you think about 20% top-line growth, could you perhaps help rank order where you think most growth could be coming from versus, in terms of the most meaningful drivers that get you to the 20% +? You know, I think it's a I would say that I don't know that I'd rank order them, and I don't know that they all would even have to happen at 100%. But I do think that if it was just for ad spend getting back to more traditional levels and growing nicely there, we're. Oh, I didn't do anything. Hands off the mic. So, you know, even if that was getting back to normal level, I think, you know, historically, we've grown at that rate. And even if it kind of stays relatively stagnant, and some of these sales initiatives that we have, as they kick in, you know, that, that'll help us get us there. And then, you know, thinking about really getting more out of the measurement business. You know, I didn't mention our Q3 results, but, you know, we grew 5%, measurement grew 8%, CTV grew 9%. Those are... It's nice that those are both higher than the 5%, but they both should be growing more than that. So I think there's multiple ways that we can get there, and I also think that some of these things are compounding. So the volume, the new logos, the upsell and the cross-sell are all kind of compounding on each other. So I don't know if I would, you know, rank them at all, but I don't... I would also say that I don't need to be, we think we need to be hitting at 100% on all those cylinders to be able to get to that 20%. To me, it doesn't feel like it's that, it's that far, far off. What has been the biggest reason why your expectation for this year? So, so if we just think about this year, it's 8% growth, and now we're, 8%-20% is a huge jump. Yeah, and, and to be clear, we're not going to 20%, we're not talking about going- Understood. I'm not putting it in my model for next year, but- I want to make sure I'm clear to everyone. Help us get there. We are not forecasting for 20% next year. It's over some period of time. But, all I'm asking is, can you help us get there? Okay. I mean, I think it's... Again, if the ad spend comes back and it will, right? And again, when you think about this concept of where the eyeballs are and the amount of people, the amount of time people are spending on connected television versus where the ad dollars are, as that comes back, or as that starts to shift over, or even as the ad levels start to increase back to where they were, you know, that'll be a driver. And again, I think we're gonna start to see more, you know, meaningful realization of growth from the go-to-market organization. That'll help us get there. I don't know that I can break it down for you in terms of, you know, kind of bifurcating things by dollars or percents to help us get there. But, I think what I'm trying to convey is there's multiple paths that we can lever to get to that 20% growth. You know, I'm coming into this relatively new. And again, as I looked at that historical growth chart, it was really striking to me that even as it's been, you know, pretty depressed over the last year in single-digit growth, it still is a business that's grown on a compound basis of, you know, 19%, it was 19.7% over that 3.25-year basis. So, I don't know. I mean, you've been doing this for a long time. Yeah, I can slightly add to that, Shweta, that another input is that... And we're unique when you compare us to other companies, we're unique because it's all volume-based, right? It's, there's no— It is what it is, right? There's no way to play with it, and it's pretty indicative, actually, the most indicative, I would say, in what actually is going on in the market in terms of volume, ads delivered, right? The reason I'm saying it, significant amount of our customers or brands in the US, it's not like have cut down year-over-year. So what the 5%, what percentage you're seeing, there's certain verticals that went down 10%, 20% year-over-year did last. So the growth you're seeing is an outcome of new logos, cross-selling, and some customers doubling down. Like, you had some verticals, but those who pulled back, pulled back for real. And by the way, they pulled back. They don't suit like a CTV, they pulled back television and just brings everything down. That alone, like, if you neutralize that, this year could have been 20%. You know, just if you zero that drop, like those who actually cut budgets. So it's not that, you know, we, we are witnessing a market that's right now, at least this year, that has a significant part of it went shrunk, right? So that's, that's not normal. That's not, you know, these are brands, you know, these things will bounce back. So that's why, at least from a long-term perspective, you know, I, I have very high confidence. That plus the other things, that 20% should be, and more, that's the plus there. Yeah. That was always our plan. It's not like... What happened, I say, the combination of the acquisition and the market condition combined kind of slowed us down. What you're seeing with the executive, but even the whole executive team investment there in a year that we are looking to cut costs, we're heavily investing in that. That give you an indication of how big we feel, you know, this is going to be. Tony, can you help size the sales marketing investment that's needed? It seems like the land strategy is new, and so what do you guys need to put financially behind that? And then going back to the 20% framework, if you want to talk about that. Talk about how mobile and desktop fit into that, right? Today's been all about CTV, but 45% of 3Q impressions were those formats. Help us understand how that fits into the growth profile. Yeah, I mean, on the, on the go-to-market side, you know, and I don't want to speak for Dave, and I'll have him correct me on this, but I feel like we've, you know, we've done a lot of that investment, and that's kind of baked into our, our exit costs structure. I mean, there's certainly gonna be things we'll invest going forward, right? And, you know, but what I said, I believe in terms of this is not a business that needs a significant amount of incremental, large future investment, and that includes the go-to-market team. You know, so I think, you know, we're in a period of transition now. We will continue to invest in that group, but I think for the most part, you know, again, as we exit 2023, you know, the investment that we've made in the go-to-market team is gonna be the one that really helps us to get over that next hump. And then, the nice thing about that I've seen in terms of when this happens is you're able to measure success, and it's just like, you know, it's just like return on ad spend, right? It's like you see something working, it allows you to invest more in it, right? And so that's the approach that we take. As soon as we see something working, we're happy to invest more, and as we're getting a return. And so I think that it would be... You know, it wouldn't be in our best interest to kind of get too much over our skis on this, right? And so that's why I think as we exit 2023, we're kind of at the relatively right place there for that matter. In terms of desktop and mobile, you know, I think we've called out the major growth drivers of what we think they are. I mean, things are shifting. I think that they're becoming a smaller part of the business. But I mean, Zvika, you probably have more experience on the desktop and mobile side, and how you see that. You know, the economy kind of caused things to be more volatile there, which makes sense, 'cause that doesn't have the tailwinds of CTV, of user behavior. User behavior is kind of the same. Budgets go down, so that entire category is kind of... But that's, as Tony, we expect the CTV component to keep going up, you know, and then, so it will make... It has already made, but will continue to make the mobile and desktop less important. Like, if you fast-forward, I don't know how many years, like, it'll be 80, 90% CTV and desktop, mobile will be close to, like, five. Not because it will drop, 'cause so you remember the 10 trillion impressions, right? Again, to repeat the number I said before, if you just take the existing customers and see their footprint, and somebody asked about global, right? P&G, GM, these are— Pfizer, like, these are Apple, like these are massive global players, and they are our customers, and the... And CTV is the most advanced... Sorry, the U.S. is the most advanced market in CTV, but 100% it's gonna be— it is a global phenomenon, with Amazon and Netflix and Disney pushing ad-supported. These are global platforms, so that it will absolutely change the world in terms of CTV. So if we take all that into account based on our customer base, you're already the billion dollar, the current product mix, which averages around, whatever, $0.28-$0.30 CPM, just do the math. So, there, there's... That, in that, in that world, mobile and desktop are, like, just immaterial, not important. I want to answer the questions, just... It's the- what's happening in the company in general. It's not the, you know, it's not quantity, it's I don't want to say quality, it's expertise, right? So we, we invested heavily in sales and marketing the last couple of years. So it's not about, Oh, now let's hire 20 more sellers. You can see where the shift is happening. It's happening at the top, right? You're, you're not seeing, like, not cost reduction on the dollar, not replacing a lot of people. It's, it's, it's on the level of strategic. It's how you go to market. It's, how do you hold accountability? It's how do you use Salesforce, how you use data to bring... You heard all the things that Dave mentioned. That doesn't exist. I mean, it's Innovid stands for innovation in video. You know, we brought the company to a point, you know, the last couple of years have been insane in terms of. So you saw a lot of strategy, a lot of long-term thinking around the platform and optimization, and kind of almost the disconnect you see from that to the commercial success lies within where the focus was. Clearly, once we stabilize all these things, the first thing was to bring Dave on, and then following, but all these other hires, you know, Dani just joined us, or two weeks, he started as a CMO. We didn't even have a CMO for a while because it's like, let's stabilize everything, build the infrastructure, and then go. That's not necessarily more money. It's just investing it in a different, in a more scalable way, right? For that, we need to have people with experience and understand how that looks like. So it's not necessarily, you know, tripling the marketing budget as much as doing it differently than how we used to do it before. So no big bottom line, it's not—there's no big investment in sales and marketing. That is huge change, and we expect great results from it, but not through just brute force, just dump more money on it. That's usually on media. That's how media works. In tech, I don't think it's how we sell, not how many people we have. I think if you look at, we didn't have this on a chart up here, but if you look at the spend in sales and marketing as a percentage of revenue, it has gone down pretty significantly over the last couple of quarters and year, and so we would continue to expect that to happen. Yeah, we plan to increase that as well. Okay, I'll go next. So Zvika, two for you, and they're both hard, 'cause you're vested in hard questions. So the reason that public investors come into the ad space is because of the cyclical bounce. If it's gonna be a downturn, they get the heck out of advertising-driven companies, which is why all these stocks are down 70%. My question to you is, and it is the hardest question I get, covering 12 of these, is: Why would somebody invest in Innovid, which is an ecosystem, like an infrastructure play, if the consensus opinion is we're gonna get an ad bounce, why shouldn't they invest in Trade Desk or Magnite? They get paid on media, and they're gonna get 15% of that at an 80% gross margin. Yeah. Why be in the infrastructure play if there's gonna be a bounce in 2024? Yeah. So a couple of things. A, I cannot tell you. I think they should invest in whatever they feel, you know, they trust. Innovid is definitely a different type of company, right? And that will put us more in the bucket of software, enterprise software companies, and less in ad tech. Again, you, as you said, you cover ad tech, you've seen ad tech go up, we've seen ad tech go down. We've seen ad tech companies go in business and out of business, even in recent years. And you have major, major players like the big tech firms, you know, Google, Amazon, Facebook, playing that space, and they're pretty big. You know, sometimes they sneeze, they cause the industry to shake. So our play is very, very strategic, very, very long term, and in a way, somewhat. I wouldn't say low profile, but low take rate, to your point, because we believe we look at that $10 trillion. And we historically always been ahead of the curve, and but here we are, and we're getting bigger and bigger and stronger and stronger. We definitely expect at some point to be to see this S-curve. But we believe that the opportunity to own the infrastructure for the future of television in a way where, you know, you have customers even now, 7 years with us, and we expect them to be 20 years with us, when... As that rises, that's a very stable, extremely profitable business to own. I think the only company in history, in ad tech history, that did that was DoubleClick, and we saw how it helped Google to kind of get to where it was, or is. Actually, the fact that it's being scrutinized by the government now shows how a unique asset that is and was, and the fact that Amazon and Facebook and Microsoft all failed at their ad server strategies shows, like, how critical and how sticky this is. Most of the people that were on the panel here are not happy about what happened in advertising, you know, 20 years ago, but there's no way to undo it. That's done. We even say open for everybody, controlled by no one. Our strategy, our vision is that what happened in digital media is not gonna happen in digital TV, because that will hurt most of the companies. So it, the... That's, we believe, a very sustainable way to build a massive organization that is stable, right? And it's not typical to ad tech. Like, that's not, that's not a pure like, that's not a media play. So we're patient. You know, we think getting into a Rule of 40 company, at least, in a company that can get to $200 million, $500 million, $800 million, that, that from my perspective, that's, that's a, that's a great company to build. And again, that will be closer, in my view, to an Adobe or Oracle or Salesforce rather than a The Trade Desk or Magnite. I'm not saying what's better, what's worse. I'm saying that that's the world, that's where Dave came from, that's what other AP... That's where Tony came from. He didn't know what a CPM is. So when we look for it... Really, he doesn't. I'm not sure he Yeah, please. Yeah. But so, so Dave came from enterprise B2B software. This is what we are, and he took so when we sold to agencies, it was CPM and volume-based. We're now selling to Verizon directly. It's like, how about a commitment, that this will look like we pay Salesforce a year ahead, and it's, it's a number. It doesn't matter media, right? That's the world we're heading towards. We cannot promise how fast we'll move, but that's where we are, and that's, that's how Innovid should look like. And so that's a whole different type of company, right? So we're, we're not competing with any of those other companies. We're not saying it's good, it's bad. Okay. My second question is, you've been public about 2 years, December of 2021. Yep. It's about round numbers, December- Tomorrow, well, it's like in 2 days, we're gonna celebrate. I don't know if- Sure, 2 years. We got a lot of new managers. Yep. There's a lot of new faces in this room. Yep. You and I are the same, but a lot of guys are new. My question is, what went wrong? Usually, you don't- Nothing. Uh- Well, we got a lot of new faces, so- Yep. They aren't the same faces, so you got to change a lot of guys out. No, no, no. What was wrong that we got new faces to replace? Absolutely. Nothing is wrong. I mean, yesterday we had a party to Tal, who's here, our CTO, and our CFO was there, and our, you know, sales team, et cetera. Everybody was there. We're one big family. As I said, you know, our CFO, Tanya, joined Innovid as a director of collection 11 years ago, right? So what nothing went well, it's actually the opposite. It's because we're building a multi-billion-dollar built-to-last enterprise software company, we understand that the skill set that we need may be... You know, we need type of talent and experience that may not exist in the current talent, right? So, and we understand that because the opportunity is so big and because we've gone through a lot through the IPO and the acquisition and the integration. But in parallel, because I have full conviction in that 20%+, in that building this, so, like, we continue to stretch the executive team that worked their ass off for so many years, but not necessarily with the skill set of how do you build a $500 million-dollar sales organization? Nobody at Innovid has done it before. The ability to be, to bring that C-level type of executive. So you're not seeing a lot of turnaround, you're seeing enhancement. And a lot of time... Dani's here. Dani, Dani? Ah, she's on stage. Dani is a CMO. She worked for two public companies. She built huge businesses. Stacy's here also. The amazing Stacy was our SVP of Marketing. She's been with us for many years. She made this... Thank you, Stacy. And her team. But now, you know, now we have a CMO as a leader, as a caliber to build a multi-billion dollar business. That's why. So I really don't think, you know, you see the... I, I don't-- I'm extremely proud of what we-- where we are, what we achieved this year. We, and the executive team is about not fixing anything. It's about getting us to getting more from sales and marketing, getting more... Just doing things, you know, to, to get us, I think, to where we deserve to be. The potential to, you know, fulfill the potential. Thank you so much. I think we're gonna move this into, happy hour next. Zvika, one last closing remark here? Just huge, you know, as a—and thanks, Laura, for the questions. I mean, I am genuinely extremely proud, first and foremost, you know, for being here. You know, we went through a lot in the last couple of years. I think when COVID started until where we are, and, you know, and as I mentioned before, we have, you know, we have people that are going through nothing short than hell. And some of them, you know, Yuval, our CTO, is here, and somebody from his tiny neighborhood just came back from being captive in Gaza for 50 days. And we have people that lost family. Like, so first of all, so this is real life, right? It's a company, but we are part of, you know, real life. The ability to pull through so many things and get to a point that at least I always saw the potential, but I think sitting here, I can see. I hope I heard clicks, and some people will get it now, maybe some people will get it in a year, but we're really building something huge and extremely successful that has a purpose, right? We're not trying to be a trader, and there's nothing wrong with being a trader. We're not trying to buying and selling media. We really believe that the fact that there will be a neutral platform, infrastructure, never happened in ad tech, because, you know, that will allow this thing to happen. This will help Roku and Magnite and Apple and all these great companies out there to exist in a world where a single Amazon or Google can just take over the entire industry. Every time digital—something was digitized, it was taken over by somebody. So we strongly believe if that happens to television, it will be a tragedy, right? Look to social media, look to commerce. So the ability to have a Peacock and a Disney and this is actually that the data, the infrastructure, that stuff was not gonna sit in the hands of somebody who was selling media, right? So that's a huge purpose for us, and that drives us. If we can have a successful business, a great culture, and do something good for the world, I'm super proud and happy and yeah. Thank you to you, and thanks to our teams. Thanks very much. Bye.