... Next presenting is Kaltura. They're a leading provider of video technology, powering live, real-time, and on-demand video experiences for enterprises, education institutions, and media companies worldwide. Their platform supports everything from virtual events and corporate communications to online learning and streaming TV. They help organizations use video to engage large audiences and drive growth. Presenting today is Ron Yekutiel, President and CEO. Ron? Thank you so much. Thank you all for attending and for joining online. Again, my name is Ron Yekutiel, co-founder, president, and CEO of Kaltura, Nasdaq ticker KLTR. So let me walk you through what the company does. First and foremost, our mission statement is to create and power AI-infused, hyper-personalized video experiences that boost customer and employee engagement and success. Now, given that we're a video company, what better than starting with a one-minute video? Here it is. Imagine you could market, sell, enable, teach, learn, and so much more, all in one place, powered by AI. Kaltura brings it all together. Employees stay aligned, connected to leadership, and equipped with snackable, searchable knowledge from every meeting. Students and employees can improve learning with content that's captured once, and the platform auto-generates summaries, chapters, localizations, and quizzes to deliver personal learning journeys at scale. Leads, customers, and prospects receive hyper-personalized messages and tailored user journeys created with dozens of video assets, all instantly generated from every webinar, demo, or meeting. Viewers find and watch content in a whole new way, with live or on-demand, high-quality playlists, personalized and localized just for them. With Kaltura, it's not just video, it's one connected platform built to manage content at scale, streamline workflows, and deliver measurable impact. Kaltura. Great, so let me walk through what our platform does. We offer the Kaltura Video Experience Cloud that caters to three distinct markets. EVCM and OVP stands for Enterprise Video Content Management and Online Video Platform. Second is virtual events and webinars, and the third is cloud TV software. Everything that we develop runs on a bit of two major platforms. On the left is video content management for the web, and on the right is TV content management for TVs. They run the entire video life cycle, from uploading, managing, distributing, publishing, engaging, monetizing video, together with experience components, administrator consoles, and marketing, and marketplace integrations. On top of these back office systems, we have five family of products that are touching end users. We got our video portal, a white label, corporate like YouTube for organizations. We have plugins into all LMSs that are running video in the learning management systems. We have a system for virtual events and webinars. We have a specific conferencing product for virtual classroom-type meetings, and a set of TV streaming apps. Let's go through some of them so we can wet our eyes a bit. This is the video portal, enables people to create content in a myriad of different ways, and then once they've done that, to upload that into their environment behind a single sign-on, the corporate portal environment. Each and every employee can log in, watch the videos. They're transcribed down to the spoken word, could be translated to every language, and conduct a lot of different things. Award-winning product, considered the best in the category of video portals. This is more about our LMS integration. Not only can you create and consume videos, this is AI-infused. Here's our Genie product, which enables students to write questions and click and receive answers, not just by way of text and graphics, but videos that are sliced down to specific seconds and minutes of the lectures that they have their answers from, together with quizzes that are inserted into the video in the right place, and then ranked and answered and added into their overall grades. So a learning object that is AI-infused. This is example from our virtual events. Creating events, running events, this shows you the example of the real-time AI infusion, where you could create automatic polls to increase engagement, and that system enables you to do this on the fly and check the statistics and analytics around the degree of engagement of your audience. Not only do we have features for during the event that would maximize participation, but also post-event that will maximize the ROI. Here you can see how you can automatically create clips, define the duration or certain purposes. It will go back to all of your virtual event information and deliver timely clips that you could send to different participants, depending on their interest. Another example is our virtual classroom. You can see here that you could create a storyboard before, during, and after the actual teaching and learning, where you could put their videos. You could put related documents, any and all engaging material. As you go through the class, you could run it, engage with polls, add quizzes, have a teleprompter feature set if you are speaking, and have a collaborative whiteboard-type experience for everybody who is at the event. This is not your regular video conferencing meeting-type solution, but a very much education-centric video experience. Here's the example of our content management. Not only can you have all your assets uploaded and managed, and you could create metadata by hand or automatically, and you could also look at analytics of what's being consumed, where and how. Now we've also launched agents. It's agentic AI that enables you to publish content automatically, and that enables to create specific agents, define the rules of engagement for the agent, if it's captions-related, metadata enrichment-related, if it's about summarizations or chaptering or translations, and to have that done, created automatically. Reduces the time it takes to create content and improves the distribution and engagement of the content. Here's another example from the TV world. We power television for some of the largest media and telecom companies. It's not just about the scale and ability to be engaging, it's also about being hyper-personalized, and here you can see our TV Genie at play, where the same like Genie for learning, in this case for television, enables to understand the user and provide the right recommendation, not just based on the overall two, three categories, but conversational, everything that you'd like. It would differentiate between different people in the household. This has won awards at the latest NAB Show for the best product for streaming video in the age of AI, so everything we've built, and it looks like a lot of different products, they're all running on the same bed of APIs, which makes Kaltura so unique. Every single software has APIs, but we built the APIs first and wrapped them into products. We have what's called experience components that are embeddable objects, many of which are already infused with AI capabilities. To give you a feel of what you could do from a set of API perspective, everything has consoles. You could click on any one of these experiences or APIs, get the code itself, translate it, or move it into different code languages, and then be able to get the embed code and put it wherever you'd like. People use Kaltura because it's extremely flexible, easy to integrate, and very, very modular. Some of the awards we've been getting over the years, including as of the recent year, IDC MarketScape Award for AI-enabled enterprise video. We were then on the top right quadrant of leader quadrant, Streaming Product of the Year, I mentioned earlier, and many other recognitions for the use of AI-infused video across marketing, sales, learning, and others. Talking about our customers, so we got 850 large organizations, and together we're powering more than 10 million active users. We got some of the biggest technology companies on Earth running events for Amazon, Nvidia, Salesforce. For anybody attending Dreamforce in this city, it's powered by Kaltura. Oracle and SAP are using us for their content management education. I assume most of your alma maters are covered. 50% of the R1 Schools are covered with Kaltura for either teaching, learning, marketing, administration, everything that you need video for. Biggest banks, the five largest U.S. banks and banks around the world. Bless you. Big insurance companies, professional services, commercial, manufacturing, so very big brands in the media and telecom. Vodafone replaced Cisco, Ericsson, and TiVo with Kaltura, and have now just extended the ten-year relationship we've had with them for another ten years, with great accolades to how Kaltura is managing TV for Vodafone, and likewise with the likes of PPF in Eastern Europe, and Bouygues in France, and many others around the world. What's interesting, if you look at the bottom part, they've been paying us more and more. The amount of use cases and products they consume is growing, and the average ARR is growing. [audio distortion] Hulu doesn't use us, no. They have their own technology. Some of the big guys have their own technology. What do people use us for? There's four use cases, three of them defined as non-media, and one is media. You can see the bottom. In our financial reporting, we separate between the two colors, the non-media and the media. The non-media is marketing, sales, customer enablement, teaching, learning, training, communication, collaboration. We are use case first when we sell. So we have packages for each one of these, and they bring together all these different products, customized and integrated, to deliver the quality that you need for all these different use cases. And most customers use us across for multiple use cases. Why do people buy us? Four reasons, by and large. One is how deep we go, how our APIs run deep and enable flexibility, modularity, ease of integration, et cetera. The second is how wide we go, how we enable across products, use case, video life cycle, video technologies, on-demand, live in real time, in one place. And that enables to have less vendors, less silos, less complexities, less cost, and better insights, especially when you're considering the age of AI, when you wanna have, for example, the entire customer journey in one platform, all the events in one place, so you can understand the user and recommend the right next step. We're enterpriseable. We provide a lot of data and insights, especially in the age of agentic AI. Let's talk about the markets. We've grown over the years from the left side, which we were content management, about a $5 billion market, into TV, and then added in 2020, just before COVID started, virtual events and webinars, and then over the last few years, it's all about AI-infused experiences. Why is this so exciting? Content creation is blowing up because now you can actually create content for every individual in the right time, in the right context, and the same goes for content curation. It's not just about how quickly, effectively you could create content, but how effectively you could deliver it. And imagine that this could replace production companies out there. That now you spend a lot of time and money and cycles it takes in order to get one or two or three videos. Now, you could have that done automatically very, very quickly and delivered as part of your workflow. We are getting deeper into vertical agents, so the agents are specifically for financial services, for healthcare, and ultimately, we believe this enables us to become the full-stack enabler because world is becoming more and more video first. And if you could deliver video first, teaching and learning, then you could become the full teaching and learning stack. The reason Kaltura is interesting, and some people ask: What about the big LLMs, and are you gonna be in problem with the big guys? The answer is no. We deliver the last mile. Because what we have on the left is the workflow integration, whether it is for learning, marketing, or sales. We have all the data harmonize on Kaltura. We actually sit on this treasure trove of all the information that we manage around the world for so many organizations, that we atomize and understand, and then we're enabled to deliver the AI together with our application. So it's a sandwich, starting with a workflow, moving through the data, the AI, and then the experience layer itself. Stock financials. It's been a tough market for the industry of video over the last few years. For those watching, we've had good numbers pre-COVID, 18%-20% growth, profitable, accelerating. During the height of COVID, it was very high, and then it went flat/down. A lot of companies declined year over year. We've never declined. We've always kept growing, but low single digit. If you look deeper, you'd find that if you break the media to the non-media, the media's on the top, it went slower. The reason was we pulled the handbrake. We needed to focus on how we take the company profitable again. There was a slowdown in media and telecom that was much stronger than in the non-media. And so you can see that on the non-media, in the bottom, there was a big correction. In part, events moved from virtual back to physical. There was a lot of change, and now it's reaccelerating. You can see in the first half of this year, 7% after 3%-4% the last few years, and 1% two years before. But media has been coming down. It's the effect of the last few years of pulling the handbrake. It's turning around. We now have new deals, where now that we're profitable, media is even profitable, reinvesting. There's less churn that's coming around the corner, so we expect that to pull up as well. NDR. We've been north of 100% by and large for the years, as some quarters dipped a bit under. Prior, it was about 106, 109. At the height, it was 120. Again, enterprise, about 112. So as media comes back and enterprise picks up, we believe we're gonna come back to that 110 level, and we believe AI is gonna pick it up. Profitability, look at this V shape. 2022, we're a -$47 million net cash from operating activities, and we're -$20 million at Adjusted EBITDA. This year, we're guiding for about $15 million. We've doubled last year. It was $7.3 million in Adjusted EBITDA, $15 million this year. In a second, we'll talk about the future, 'cause we're gonna double it again. This is a rule of, if you add together growth rates for revenue together with adjusted EBITDA. You could see the guidance entails 10%, after 6% and 2%, but at the lowest, it was -14%, after it was 30%. We do believe we're gonna get back. These are the trends on a multi-year basis. If you start with the top area, you can see that we've gained about 10 points in our gross margin. This is non-GAAP, from 61% to somewhere around 70%. We're gonna end up 70%-71% for the year, so a nice 10% gain. We expect that to continue to about 75%. R&D, on a percentage basis, still high. We expect that to start going down, sales and marketing to be maintained at about 25%, and G&A to go down towards the 10%, ultimately bringing adjusted EBITDA towards the 20% +. So if you think about what we are looking at forward, and we've said that to the street, we plan to double-adjust the EBITDA again in 2026. We've not provided guidance for revenue, but we have provided the general direction for adjusted EBITDA. We're expecting, again, the margins I mentioned, but the longer term goal is to become again the rule of thirty company, like we were, past, by at least 10% growth and at least 20% adjusted EBITDA, and we said that we're gonna do that by 2028 or before. I wanna wrap up with two slides. One is, why video at large? Why is this category interesting? And the second is, assuming you are convinced that this category is interesting at this time, why is Kaltura the right vehicle for that? So starting by, why video and why now? This market is rebounding. It was down, and when the streets are flooding, that's the opportunity to invest. It's been down for a few years post-COVID, but this multi-year correction is ready to rise again. Macro is getting better. Budgets are coming up. The workforce is absolutely still hybrid, and the employees are becoming more and more video savvy than ever. It is more and more a mission-critical opportunity. It's not anymore the first generation of video, where you just have a video clip and you're done. It is how you harness the power of video to better learn, market, sell, entertain, and if you integrate that AI deep into the workflow, then the ROI is much higher, and this is what we're all about. Gen AI is a big influencer there. We're not waiting for Gen AI. Everything we've done to date, there's a lot of things that are carrying us up. We have maturity of the recent event products. We have the consolidation in the market. We have the change in the market, but on top of that, we have the sizzle on the steak. We started selling in the last quarter for the first time our AI products. We had three deals, now we're gonna have more, and it's picking up, and we have a multimillion-dollar pipeline for that. It's all about automation of content creation and distribution to provide a hyper-personalized experience. Consider in education, this Khan Academy on steroids, where everybody learns what they need to learn and the moment they need to learn it. Or the same goes for marketing. Consider that in every website, you'll have a widget that enables you to have a customer experience that is video first. You don't go to a website, start clicking around, looking for a video. You maybe have an avatar, and it then sends you directly to video that's created on the fly, whether for customer support or for marketing or for whatever your needs are. For this, you need a product like Kaltura, and we could be the leader in inserting these new products, and we're definitely focused on it, and so that will increase massively the number of videos that are consumed and created. Continuing into consolidation. Our customers, as I mentioned, are replacing point solutions with a horizontal platform, and specifically, there's an opportunity to consolidate what is a fragmented market. There's a lot of vendors. A lot of them are dead, and a lot of them are subscale, even more than Kaltura. We're a hundred and eighty, right? That's subscale, but there's forty, thirty, twenty, ten, and these could be consolidated. Kaltura, in a second, we'll talk about us, is a great opportunity to do that. Lastly, for this slide, or two more, is the CX and EX full-stack opportunity. Again, video has been kind of a medium as opposed to the full package for CX and EX, but the future is gonna become more and more Videofied, and the opportunity is for a video company that automatically creates hyper-personalized video to become the CX stack, to become the EX stack. If you could understand users and deliver them a video-first experience, then you are the learning environment. If you understand customers and prospects and deliver them a video-first experience, you become the customer experience, customer engagement platform. And so we believe we could get out of video as a means, and be as an end, and become more a video as a means to achieve these things. Lastly, all of you in the room, and people who are joining us, are well aware of valuations in the market and how hard it's been for mid-caps in the world of hyperscalers and ETFs and everything else. It's not forever, right? It turns around, and we believe there's a significant turnaround opportunity for companies that are like us, real, sizable revenue, a great customer base. Which brings me to why Kaltura. Assuming you're subscribed to the fact the video is interesting, and it had cycled to the left, and it's gonna cycle back to the right, then Kaltura is your right bet. It's definitely the best tech out there. You'll find us in each and every report up in the top right quadrant, with our best APIs and horizontal platform and large enterprise and AI, and all these touch on the points that were discussed earlier. Because they're imperative in order to get the mission-critical workflows, in order to consolidate, in order to get hyper-personalization. Our blue chip customers are second to none. They're very long-tenured. They're very diversified. We touch the largest TAM by way of use case, industries, and geographies. We've done better than others, not to say that it's good enough. We'd love for it to be better, and it will continue to improve. But if you look at all the other players in this industry, they have declined and/or been flat. They have not gotten to what Kaltura has done. We're ideally positioned from an architecture perspective to take upon us other companies, get their technology out, and put them on Kaltura, given how we're built. And last, not least, we're ideally positioned because of that to be that full stack of CX and EX. So, baby steps, we're getting there. Profitability is getting there. Growth is getting there. I know it's taken a while. For those of you who are holding or owning our stock, thank you for your continued trust and confidence. We're not happy from where we are. We would forever want to be better and bigger. It's still small and not big enough, but the opportunity we are confronted with is huge and timely, and we believe we have the right team and the right architecture, and we are absolutely resilient and able to deliver the results. That's it. Questions, comments, accolades, flowers? Yep. Can you walk us through a little bit how net retention differs by vertical, whether it's enterprise or, education? Just- So we don't publicly state that, but we'll give you a feel, right? Because we've just not broken... Enterprise is the highest one, and naturally so, given that it took a bit of a beating after events had gone from physical to virtual again. Or sorry, from virtual to physical, and then gradually came back and are now kind of normalized. It is north of a hundred and ten. So it's coming back up. Education is a bit less than a hundred, as of recent, and I'd say it's rather stable. It's stable, and I think that everybody's waiting for the next big thing, because that market is relatively more saturated in North America. There's opportunities around other new logos around the world, which we're catering to. But it's really about moving to the next step of not just having video available in your LMS, but to have a video-first teaching and learning experience, which is associated with what's gonna happen with AI. The moment you become the teacher assistant of sorts, with Genie and others, then so much more consumption could be in place and so much more ROI. So we believe that's gonna jump things to a much, much higher level of education, but still maybe bring it a hundred and something. We still believe in enterprise as the core market, which would be the largest. By the way, also learning, so it's learning and enterprise. It's still learning, even if it's not learning and education. Media and telecom has come below a hundred. It was, at times, very, very high because there's a lot of organic growth. You know, we have customers like Vodafone that grew to become 20 million over a short period because they added more and more subscribers. It's a gift that keeps on giving. So you have one telco, and then they add more and more users or move to more geographies. But we stopped feeding this new customers, and we stopped feeding it purposefully. You know, when you say you need to focus on something, then the question is: What do you unfocus on? Right? So you needed to pull the brakes a little bit. Now that it's coming back, there's more customers that are coming back, it'll pick up again. So I think that'll be the biggest turnaround. It's the lowest at the moment, given some of the churns that have happened this year that we knew, that we told people are gonna happen because we knew a couple of years in advance that they're gonna happen. But it's gonna turn around. Thank you. Thank you. More? Anybody here invested in a video company that you care to share? Anybody here uses a lot of video for yourself? I assume so. It is the... Yep. Vimeo? Hmm? Vimeo. Vimeo? Yeah, Vimeo, great company, blah, blah, like them. Vimeo started as a YouTube competitor, moved from content creation tools in mainly smaller customers and departmental sales, into what, in recent years, they've been focused more on, which is enterprise sales. I do enterprise sales a little bit like this because their ARPU, their average revenue per unit, for the enterprise side of the business is $20K a pop. Ours is 10 times higher, $200K. Generally, what they do is they take all these different sub-agreements that put them together, but we've not seen them compete strongly with us in really having a CIO-level horizontal platform that caters to all the needs of the entire corporation. We were born in the large enterprise. A lot of folks have tried pivoting into the large enterprise from the departmental or the product-led growth low entry point into departmental. There's a lot of merits in that because if you put the mousetrap there and it grows, and you can do a lot of things, that's a good marketing tool to expand into the enterprise. But again, we're cheering for them, rooting for them, good company, but they're not... In most of the cases we're in, they're not competing seriously on the large enterprise stuff that we do. Does that address or... Yeah. Could you put together a YouTube of all of your content or all the content that's- In theory, we can. In practice, they're owned by our customers, and they're all confidential and information that's owned by them. If the general question is, "Can you become more of a B2C?" Part of what we've been looking at, so take education, for example, is to create a marketplace that daisy chains everybody and enables to share content and share resources, and in certain cases, maybe even move towards more B2C. Technically, 100%. There's nothing limiting it. It's just the rights and permissions, and we are a B2B company, not a B2C company, and so they all have their gated environment. By the way, I'll say the same thing for AI. You know, we're very careful. Nobody shares any insights or content. Everything is a walled garden because we take care of the largest and biggest companies with very big security requirements. Technically, if someone had a movie that they wanted to put on, for example, and charge for it, could you create a user interface to be able to do that? 100%. 100%. This is the strongest tech out there for years. Don't believe me for it, you can read Gartner, Forrester, or whatever, for anything that has to do with content management. Now, granted, somebody asked about Hulu, and there are others, very large organizations that have built or bought to manage their own. But save that, the people have their own technology, and they have their own reasons for having done so. As a horizontal vendor, we are the number one platform there for years. [audio distortion] Disney's using us for several things. They use us for some of the short form. Originally, we were... Before they had Disney +, then we were a lot of what they do. Ultimately, by the way, just like other big TV companies, they have their own technology for what they use for Disney +. But there's other elements that are in discussion and things that are in play around other areas, some of them not media-related, just around training and learning and marketing and, yeah. [audio distortion] The big media companies, if you take, Verizon, AT&T, Apple, of course, then Netflix, and Amazon, and all these, of course, use their own technology. They don't use our technology, but that's just a small piece. I'll say a word about media and telecom. Media security is as important as water security, is as important as defense. Consider all the leaders out there around the world, how many of them wanna outsource media to a different country? Zero. Everybody wants to be in control of news. Everybody wants to be in control of sports because that's what their people consume. They're not gonna let a different country do that. So every single country has, call it, four or five outlets, whether they're the big media companies and/or the big quad play moves around telcos, that they need to have a TV/video engagement platform. And there are not the top five or ten in the world that could go ahead and put a team of hundreds of people and spend that amount of money. So we are the vendor of choice for that, and again, we're some of the biggest players in that. Some of them are still using historical technologies, IPTV. That is, dedicated cable and dedicated equipment, and that's all rotting and turning over to over-the-top technology. And in many of the cases where it turns around, people look for solutions like us. Again, we haven't done a lot of that in recent years 'cause it would've taken a while and have cost us too much money. We wanna be profitable. We're not coming back to do more of it. I think we're out of time sooner, but I'm available. We're available, and thank you for your time and interest. Again, KLTR, thank you.