Thank you, everyone, for coming to the conference. My name is Matt Condon. I work in equity research here. I'm here with Tony and g uy of Innovid. And maybe just to kick things off, guys, maybe just for people who are new to this story, can you just level set for maybe where you guys fall in the ecosystem, and just what exactly does Innovid do? Great. Great. Okay, Zvika. Yeah, happy to take it. So we provide enterprise software mostly for the top TV advertisers to the brands. And maybe I'll start with an example: Toyota, for example, which is a client, they shoot an ad, a 30-second TV ad of a car running over the mountain. Again, this is just as an example. And what they'll do in the old linear TV place is they will give it to the broadcaster, and the broadcaster will put it in the stream, and that will be aired. And that's a very simple execution. When you are advertising on connected television, you actually have a very sophisticated infrastructure. It's all IP-based, it's all on the internet, it's a two-way communication. You can do a lot more with that. When they are actually advertising on connected television, what they do is they give us, Innovid, our platform, the actual ad, the 30-second spot. We make sure that this 30-second video can run across the connected television universe. We host it, we do hosting as well. And then when the ad is being bought, we actually deliver and stream the ad into the audience living rooms, because we have the actual creative. When we stream it, we collect some data, and this data goes back to our client, to Toyota, as an example, so they can look at the broad view of what it is that their ad is doing. This cycle is being run 1.3 billion times a day today. Our platform is very, it's in high scale. We support more than 50% of the top TV advertisers here in the U.S. That's kind of the basic of our enterprise software offering. I want to call out what we're not. As you ask about what do we do in the ecosystem, we are not a demand-side platform. We do not buy ads, we do not sell ads. We are not participating in what is more normal ad tech universe, where people are executing against media. On top of this platform that we have, we have additional offerings. One is in the creative technology space. We allow different types of creative technology tools for our brands to make the ad better, more personalized, shoppable, interactive. And we're also investing a lot in measurement, in the measurement of the future of television. So we provide measurement tools that help our brands to understand how their connected television campaign is performing. So this is us, an enterprise software play within the connected television universe. And maybe just to follow up on that, because I think it's important strategically, just can you talk about a little bit of the competitive dynamic? Who are the other ad servers, I guess, in that market? And then specifically on the neutrality point, can you just talk about how that differentiates you guys? Sure. So our key competitor on the ad serving side is Google. Google acquired a company way back called DoubleClick. Today, it's Google's Campaign Manager. And they're offering this offering, including other offerings. So they also have the SSP, they have an SSP, they have the full stack. They also have YouTube. So they also have the media. Our position as an independent player, which is not tied to any media or does not participate in the media, is very important to our client. As they manage their data with us, as they're managing and they're trusting their creative with us, us being an independent platform is a crucial piece of our offering, and it's a key reason why we win. So we have a very our product is built for connected television, and as such, we have a lot of technological investments in the connected television universe. But our position as an independent player is also a key part of our offering. You guys reported a pretty strong quarter last week. Can you maybe just talk about the demand trends that you guys are seeing maybe throughout the quarter and so far into Q1? Yeah. We're really encouraged by how the market's bounced back a bit. It's been an evolution over the course of the year, and I think what we saw was a number of verticals or industries that had a lot of pressure on them. And really what that ended up was pulling back on the volume of the ad spend. And some of those have come back. Some of them haven't quite made it back, things like CPG, pharma. Auto is another one where we're seeing a lot more demand. Others are a little bit stickier and haven't quite bounced back, like financial services, technology. But Q4 was we were kind of waiting with bated breath to see how the market would do, and it was stabilized. I don't know that we're back at kind of peak times yet. We have seen that continue into Q1 so far. The nice thing about doing our release last week was we're two-thirds of the way through the quarter, so we have a fair amount of visibility and feel fairly confident in terms of the amount of volume that we're seeing coming through the numbers. There's obviously been a lot of news in the CTV ecosystem over the past couple of weeks, couple of months, just with Walmart buying VIZIO, and then also the JV between ESPN- FOX - Warner Bros. being announced for a sports package. Can you maybe just talk about the CTV ecosystem at large and just how you see that's evolving? Sure. So very exciting days ahead, or at least from where we are sitting. What has happened, and you're absolutely spot on in terms of different entities are getting into market. So there are several trends we're seeing. One, there are more CTV platforms. Amazon announced that on Amazon Prime Video, they will now add ads. Netflix announced that they will add; they are already in the ads game. And to your point, Walmart is making bigger bets within the streaming universe, which is fantastic. But the point that you made about sports is actually even more exciting. So sports currently, a lot of people have access to sports only through linear, the old ways of watching television through subscription to cables and such. When sports and it's when, not if at this point, but when sports will move from the old way of broadcasting to streaming, then there will be less and less reasons for people to pay for their subscription for broadcast and to continue to watch linear. That will create an influx not only in the actual content of sports that will move from cable or linear to streaming, but it could actually make people watch CTV or streaming devices in a far faster pace than we ever seen before. We don't have the crystal ball. We don't know what when it will happen. Some of those announcements are facing some challenges. But definitely, to us, it constantly feels like day one. We haven't seen the real large influx of CTV coming yet. There is still a lot of money that is going to linear that we don't have much doubt, but it's all, or the vast majority of that, will move to CTV. It's pretty clear it's going in one direction only. And I think this is, you've seen this in a number of industries that have gone through these generational transformational shifts, where things are just stubbornly stuck in the old paradigm for some period of time, and then they eventually move over. And so that's where we're kind of right at that point now. I guess, you know, and he, probably I mean, really ultimately kind of answered this question already, but I think all of us here realize that our streaming behaviors, our watching behaviors, are moving to streaming. But what do you think has been the bottleneck as far as moving those budgets from linear to CTV? I heard someone said it's not me, but someone else said, "Better the devil you know." I would say that the large advertisers are enterprises. These are large organizations. They behave the same way when it comes to television for the last 70 years or so, from the '50s in the U.S. So changing systems, changing processes just takes time. But again, there is no doubt in our mind we shared it in our Investor Day that there is a big gap between the time spent on CTV versus linear versus the amount of ad spend that is spent on CTV versus linear. So people are watching more CTV, and the amount of spend that is going is lower if you look at respective terms. This gap is going to close. Brands have to be where the viewers are. It will take just a bit longer, but it will happen, and it will happen at scale. I don't think we can talk to an advertising company without talking about cookie deprecation the back half of this year. Can you maybe just talk about how that's changing the advertising ecosystem at large? I mean, obviously, it doesn't impact directly CTV quite as much, but maybe in a second derivative way, it does, almost maybe in a beneficial way. Maybe you can just talk about how that. Could be, yeah. So overall, cookies and the ability to identify personal rights and to do targeting is going away from the open internet. It's important for the audience to know there are no cookies in connected television. There have never been. So there's nothing going away, which is a great plus. So when brands spend, it's not that there is something that is changing in this dynamic. I would say several things. One, in general, identifiers and PIIs are a topic that we all need to address, and the care for privacy versus what it is that you can do. We have internally, because we have the ad server and we have the breadth and the wide data set that I talked about before, we have a very robust internal, what we call, household graph. It's not a product we sell, but this is a technology that powers our measurement capabilities, our creative capabilities. So we feel that we are in a very good spot when it comes to that. But again, cookie deprecation is far less relevant for CTV branding dollars. Can I explore those lines? Where do you fit in with The Trade Desk ecosystem? Where is the relationship there versus Google? How does that all play together? Where does it lie? Yeah, thank you for the question from the audience. It's about where are we compared to The Trade Desk? So, The Trade Desk is a demand-side platform. It's a DSP. Their key functionality, and I won't speak on their behalf, is the ability to help brands to buy the media. We are not in this game. We are not helping anyone to buy the media. We are the execution layer. You could almost envision it as the execution layer below that. And we provide the measurement as well. So, because we're not in the media game, we are this neutral party that provides a measurement of the effectiveness of the actual ad. The Trade Desk is a partner of ours, and they do work with somewhat of a similar clientele. So some of our clients are using The Trade Desk as a DSP, and they will use us as the ad serving and measurement capability. So they're a close and dear partner of ours. Our business model is just based on it's volume-based, and it's a flat fee per 1,000 impressions, regardless of the amount of spend on it. So there's a little bit of difference in terms of how we're compensated. Right. I'll continue with that. So if you see other DSPs or SSPs, sometimes they have gross revenue and net revenue and post-tax and pre-tax and take rate and all of that. All of that is not relevant for Innovid. Again, we are pure software play, not involved in the media space. You recently reorganized your sales force and brought in CEO Dave Helmreich. Can you just, I think that was a big takeaway, honestly, from your Investor Day last year. But can you just talk about the changes that were made and how you expect that to impact the business going forward? Yeah. It's been about a year since Dave joined us as Chief Commercial Officer. And really, what we've done is evolved kind of that go-to-market organization to be focused on a couple of different areas. I think traditionally we had been partners with the agencies, did some brand work, but really it was maybe more vertical-focused. And so now it's really kind of evolved into focusing on what are the growth opportunities within our client? So folks just focused on cross-selling and upselling our existing customers, and how do we deliver more value to them? Then there's a group of folks that we've brought in, and some had been with Innovid before that are more enterprise sales and going after new logos. So how do we expand our part of the market? And so that's one of the bigger changes: some folks that are focused on the agency relationships, maybe on the sell side. And so when we think about our growth verticals, there's certainly the volume piece of it; it is just there's more volume coming for all the reasons that we talked about before. Then there's the opportunities for we have a few different products. How do we cross-sell those? How do we make the connection between our products more obvious to our customers so they see the value? How do we get new logos? And so those are all different parts of that same growth story. And so we've tried to reorganize around that in a little bit more of a deliberate way. Maybe that goes directly right into the next question here, and that's talking about those other products. Maybe on the measurement piece, that accelerated nicely in Q4. Can you just talk about what's happening there and then how we should think about that in 2024? Yeah. I mean, I think it's important to start with the measurement piece. The business model is a little bit different than the ad serving side, where the ad serving is usage-based. The measurement business is a true SaaS business, and it's a subscription business. And we've seen that growing nicely on a sequential basis. We'll expect it to continue to do so. Again, as I think we do a better, it's kind of a better job connecting all the products together, going to market with one platform. We'll have a lot of opportunities for cross-selling and delivering that more comprehensive value to the customers. Then maybe on the other side, too, on the last call, you talked about launching a number of data-driven optimization tools. You launched instant optimizations not too long ago. Can you just talk about maybe advertiser adoption of those? Maybe what should we expect from those new product initiatives here? Sure. Maybe I would start with what is it? So as Matt said, we launched and we are launching, and we intend to do more on what we call optimization. Again, the ad server, you can imagine it as a type of a pipe that is running the actual ads. We have creative technology that could modify the ad, the advertisement, in real time. And we have the measurement piece. We have a brain telling us how did the audience perform and how did the ad perform, and so on and so forth. What we're doing more and more is tying those three together to actually help brands to optimize the advertisement they're doing. And we did launch creative optimization. This means that we can now, based on real-time measurement in television, affect the ad itself, the creative, in real time, and to make sure that the right creative is being aired and a better creative for the brand. We launched it in, I think, in October. Actually, Disney, in January at CES, just a month and a bit ago, announced that they are in beta with us for this product as well. This is Disney as the brand, and they are now allowing creative optimization that is supported by our measurement and by our advanced creative. In terms of adoption, these are early days. We started with this optimization offering just this past year. But you are going to see more and more from us when it comes to optimizing CTV. Can you just give a little more detail on how it modifies the creative? Yes. So there is different type of execution. On the creative side, maybe I'll take a step backward. The television advertisement market is not very sophisticated yet. It's very brand-focused, again, like simple videos and such. What we allow to do is take those videos and, through data, insert different elements in the ads, change stuff in the ad. It could be pricing. It could be the product. It could be whatever things that could be textual stuff that are on the ad. So that's one thing. And then in addition to that, there are brands that might be taking several videos. And maybe they have like 10 different creatives for the campaign, and they don't know which one will prefer better. So, what you can do now, based on this real-time measurement, is you could either select the right ads between the 10 and say that I'd rather focus on those three and not on the overall 10. And what I'll do is I'll change it now in real time during the campaign for the right house or for the right people, rather than wait for reports that, in linear TV, sometimes come two weeks after the campaign or re-added. You could also tie it to our creative technology that you could affect through data and through signals from our measurement. You could actually change the ad or create elements in that that are changing. And maybe just going off of that last point there, just on the creative optimization point, and when we think about Linear TV, that wasn't really possible before. And now we're moving to CTV. Does that open up a different area of budgets or different types of advertisers now that maybe can access CTV that weren't able to do that in Linear before? Yeah, the overall answer is yes. The more people care for data-driven advertising, the more that CTV allows them things that linear TV didn't. I actually want to tie it to your former question about cookies, thinking about it as we speak, that actually, the less that you can do in the open internet because of cookies deprecation, that might also be a nice tailwind for connected television. But yes, definitely connected television allows more things and different things that were not possible in linear. And then maybe just in your CTV Composer, can you just talk about the types of editing tools that you guys have? And maybe what's the differentiation? Why would a brand use Innovid CTV Composer versus just editing, maybe their creative in a different place, and then uploading it to Innovid? What's the differentiation? Sure. So A, thank you for asking that. So the CTV Composer is something that we're very proud of. It's a very simple studio, kind of like a software, cloud-based, that allows you to create interactivity into an ad, into a static ad. You can create interactivity that could then be run on a very large portion of the CTV market. That means that if someone wanted to create interactive ads that people will touch the remote and do stuff, or a shoppable type of experiences, it could be easily executed. We do not compete with any of what the brand is using. This is an additive tool. So they will use their own editing creative platforms that they use. Many use Adobe. And then they will upload their asset, the actual video. But in order to create an interactive element that could then run on Roku, for example, and then Hulu, and so on and so forth, they will use our composer to edit those interactive elements. So we actually are integrated to their creative tools to make it seamless for them. So this is not instead. This is an addition. And then maybe we're hearing a lot from other advertising partners within the ecosystem, a lot about SPO, and a lot about direct access channels. Does that impact Innovid at all, or is that just, is there any impact there? So SPO means a lot of things to many different people. So SPO is Supply Path Optimization. That could mean either elimination of one side, the demand side versus the supply side, and/or optimizing, again, carbon footprint, and so on and so forth. Maybe that ties to what we answered before about optimization. We definitely think that we can contribute to the overall optimization within the market. But in terms of the way that ads are being bought and sold and DSPs and SSPs, again, we are in enterprise software out of this game, while absolutely looking at how to leverage the data that we have, the capabilities that we have in order to help our clients and help the industry to further optimize. Maybe shifting gears here, just last weekend, your earnings call, you talked about low to mid single-digit uplift from pricing in 2024. Can you just talk about maybe advertiser receptivity, or will this be a normal cadence of price increases going forward? How should we think about that? Yeah. I think a good way to think about it, it's a tool of ours. And as we're able to demonstrate the value that we provide, it makes having these conversations a little bit easier. We have not traditionally either raised or lowered pricing. So I think there was an opportunity here to, as we're getting together with our customers and talking about the value that we provide, bring this into the conversation. And sometimes it helps with pricing. Sometimes it helps open up opportunities for commitments, or minimums, or upsell opportunities. So it's just another tool of ours. But I think getting back to this enterprise software concept, the more that we can behave like an enterprise software company, which we are, and the market's kind of been conditioned that every year you're having these kind of conversations, sometimes it results in a price increase. Sometimes it doesn't. You're introducing this into the mix, again, as a way to demonstrate the value that we're providing. And then maybe now we're seeing the market is stable, and eventually the market is going to recover. And as it does, just, Tony, how do you think about balancing growth versus profitability? And yeah, how should we think about that? Yeah. I mean, I think we've been very intentional this past year of expanding profitability as we grow. To take a step back further, expanding profitability before we got to the point where we're growing and kind of in the phase that we're in. As it goes forward and we get back to more of a normal climate, this is a business model that has a lot of operating leverage inherent in it. We don't see a lot of step functions from investments. We'll continue to invest in those areas where we think will have a positive return for us. But we'll do it very mindfully as we go through the year. So I would say that we think that there's a pretty significant opportunity to increase growth. I think we've talked about it both in our guidance for 2024 and our longer-term guidance, and at the same time, expand margins. So we think we should absolutely be a Rule of 40 company. We've talked about our long-term guidance being 20%+ growth, 30%+ EBITDA margin. So the big takeaway for me is there's an inherent amount of operating leverage in the model. It can support a significant amount more revenue. And then maybe there's been a lot of management. Oh, we have another one? Jeff, yeah. You mentioned, of course, your neutral marketplace versus Google. Do you move business to Google? And if so, why is that decision made? Is that a curiosity? Overall, retention rates are fantastic. We have a very high retention rate. Clients stay with us for many years. This is a very sticky offering. Once you decide to switch to Innovid, you usually stay with us for a long time. Like every company, we do lose some. I would say most of that has to do with the client identity dynamics. Traditional clients used to be mostly the agency. Agencies are still a very close partner for us, and we work with them very closely. But you see brands making more and more decisions that have to do with the tech and working together with the agency to make those decisions. I would say that if there will be such a loss, it might be associated with a brand switching agency and that we from traditional brand that was with us through many years through an agency, and then the agency will decide either that the agency will lose the account or that the agency and that doesn't happen a lot will decide to switch shops or so. But that will be the key reason for someone to do. But again, it doesn't happen a lot. And gladly, we win more than we lose. And this is what brought us here. Any last questions from the audience? Maybe I can sneak one last one in here. Maybe just you've had a lot of management change over the past year, and there's a lot of things, obviously, happening within the CTV ecosystem. Can you just maybe just walk through what you're most excited about in the coming year? Just how do you feel that Innovid is positioned just within the CTV market, and how to capitalize? Yeah, I can start there. I mean, I think hopefully our enthusiasm comes through in the call and as we talk about this. I mean, we feel like we're really positioned on the forefront of just a massive sea change. I think we all experience it in our lives, how we're consuming media through connected television. Being an independent provider and being this independent part of the kind of marketing infrastructure versus some of the biggest brands in the world as they're going through that change and enabling them to kind of harness the power of all that information that's coming from connected television is really pretty exciting. I mean, that's the reason that I'm here. It's just a really interesting time, and feel like we're, as guys said, every day is day one because there's so much in front of us. I have nothing to add. All right. Well, thank you, guys so much. We really appreciate it. Innovid, thank you so much. Thank you so much. Thank you for having us.