Welcome to Tremor International's Q3 and 9 months ended September 30, 2022 conference call. At this time, participants are in a listen-only mode, with a question and answer session to follow at the end of the presentation. This conference call is being recorded, and a replay of today's call will be made available on the investor relations section of Tremor's website and will remain posted there for the next 30 days. I will now hand it over to Billy Eckert, Senior Director of Investor Relations for introductions in the reading of the Safe Harbor statement. Thank you, operator. Good morning, everyone, and welcome to Tremor International's Q3 and nine months ended September 30, 2022 earnings call. With us on today's call are Ofer Druker, Tremor's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our website at investors.tremorinternational.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution in reliance on forward-looking statements. These statements include, without limitation, statements and projections about our anticipated future financial results, including discussions about our revenue, margins, expenses, and guidance for full year 2022 and full year 2023, as well as future business. Anticipated benefits of Tremor's strategic transactions and commercial partnerships. Anticipated features and benefits of Tremor's products and service offerings. Tremor's positioning for future growth in both the U.S. and international markets in the Q4 of 2022 and beyond. Tremor's implementation of a substantial share repurchase program while also continuing to evaluate strategic opportunities to acquire companies and invest in technology, product sales, and marketing to further expand its platform. Tremor's medium- to long-term prospects. Management's belief that Tremor is well-positioned to benefit from anticipated future industry growth trends and company-specific catalysts. The potential negative impact of inflationary pressures, rising interest rates, geopolitical and macroeconomic uncertainty, recession concerns, and the widespread global supply chain issues that have limited advertising activity, and the anticipation that these challenges could continue to have an impact for the remainder of 2022 and beyond. The anticipated impact of the FIFA World Cup on Tremor's anticipated performance. The anticipated benefits from the company's investment in VIDAA and its enhanced strategic relationship with Hisense. The anticipated benefits and synergies from the Amobee acquisition and ability of Tremor to continue to recognize those synergies. Tremor's ability to continue to execute on cross-selling opportunities and its introduction of new technology products to a significantly larger customer base and addressable market. The timing to complete the technology integration of Amobee, and other statements concerning the expected development, performance, and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business. More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F. Tremor does not intend to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, Chief Executive Officer of Tremor International. Ofer, please go ahead. Thank you, Billy, and welcome to everyone joining us today. I will begin by providing an overview of our results, recent achievements, and strategy. We'll end the call to our Chief Financial Officer, Sagi Niri, to discuss our financials. We will then open the call for investor questions. Q3 was one of the most strategically important quarters in the history of our company. We accomplished several goals we have been working towards since late 2021 that further enhance our strength within CTV and data. We also gained new strategic linear TV capabilities, which we believe will enable several growth opportunities across a large addressable market while positioning us strongly for the future as CTV and linear continue to converge. First, we closed our acquisition of Amobee, which was the largest in our history. I am pleased to report that we successfully fulfilled significant cost-cutting measure and already realized the entire $50 million in total annualized operating cost synergies we initially expected. Within the first 18 days of closing the acquisition, we were able to generate a positive adjusted EBITDA from Amobee. This is a major testament to our ability to successfully integrate companies and quickly realize benefits for our shareholders, as Amobee was a loss-making business when we acquired it. The acquisition significantly expands our financial scale, reach, customer base, and talent footprint, and enables strong cross-selling opportunities. Tremor has a robust footprint in CTV and video, while Amobee's DSP has a strong omni-channel position, including across display, mobile, and performance. We believe the complementary nature of the two DSPs will enable Amobee customers to allocate more of their overall advertising budget to CTV and video and offer Tremor customers enhanced self-service DSP tools and added omni-channel and data capabilities. Additionally, a very minimal amount of advertising dollars spent across Amobee DSP were purchasing ad inventory from the Unruly SSP prior to the transition. Over time, we will work together with Amobee's customers to enable them to realize the data advantages of our platform and cost benefit of transacting end-to-end, which we believe can also drive added revenues and profitability to Tremor. Amobee also enhance our technology footprint across enterprise self-serve DSP, performance media buying, CTV, and advanced data for different stages of planning, while adding very important new linear TV capabilities. As CTV and linear continue to converge, this new capability strongly and uniquely position us for future success within the industry, as I will elaborate on. Amobee Advanced TV Planner or ATV give us a new ability to work and cooperate with traditional TV broadcasters. ATV assists broadcasters by providing a planning technology that they can offer to advertising partners to better understand how to optimally run campaigns on their inventory in order to reach their target audience. Our preexisting strength in CTV and having an in-house SSP enable strategic cross-planning capabilities between digital and linear. We believe this capability will open several new opportunities and capabilities for Tremor and its partners, because we can now work with them to utilize reach and plan campaigns across both media platforms. In August, we also closed our $25 million investment in VIDAA, a smart TV operating system and subsidiary of Hisense. We believe Hisense is now one of the leading innovative growth brands in the CTV manufacturer market, and they also acquired Toshiba TV subsidiary several years ago, which further expanded their reach. Our investment in VIDAA extended for multiple years the exclusive global agreement to share VIDAA's ACR data for global targeting and measurement across our platform. VIDAA also granted ad monetization exclusivity in the U.S., U.K., Canada, and Australia to our Unruly SSP and Spearad ad server for the next couple of years. The ACR agreement enabled us to offer additional data sets and advertising opportunities to our customers and is expected to enhance our TV intelligence solutions. We also believe the data exclusivity creates new potential revenue opportunities for Tremor as peers, advertisers, and streaming providers are seeking this data for targeting and measurement. ACR or automatic content recognition data is viewership data collected from the smart TV, which enable those with access to understand what content and commercial consumers were exposed to. With AVOD expected to continue growing, our ACR agreement with VIDAA position us to take advantage of increased customer data for targeting and measurement purposes, which is critical within CTV. The data is also quite unique in the ecosystem as many other major smart TV OEMs monetize ACR data in-house, similar to a walled garden. Tremor now, through the agreement, as they become a major enablers of smart TV ACR data to the open internet, a key differentiator and potential growth driver. According to Comscore, earlier in 2022, Hisense and Toshiba already accounted for approximately 10% of the U.S. smart TV OEM market. Omdia also reported that for the first time, Hisense in Q2 2022 ranked second in the worldwide volume share of shipments. As Hisense work towards further penetrating the U.S. and global smart TV market, Tremor should further benefit from its investment in VIDAA. As VIDAA and Hisense continue to expand share, we anticipate increased TV distribution will make the ACR data even more desirable to advertisers and those seeking targeting and measurement capabilities. Tremor is also utilizing its end-to-end platform and leveraging its close relationship with VIDAA and its partners to exclusively monetize ad inventory shown within the FIFA+ app across connected TVs. VIDAA's partners will also distribute the FIFA+ app globally across their smart TV devices as well. Between the combined reach of VIDAA and its partners, we believe Tremor will have ad monetization exclusivity on the FIFA+ across more than 100 million smart TVs globally during the FIFA World Cup. As part of this exciting large-scale project, FIFA also granted Tremor the global rights to monetize ads on its FIFA+ website and mobile inventory during the tournament. This project and combined reach reflects a sizable revenue opportunity for us. We also anticipate additional sport-related opportunities in the future as Hisense has made sports sponsorship and exclusive sport content opportunities a key part of its growth and marketing strategy. In addition to all these milestones we achieved in Q3, which position us strongly for the future, we also continue to expand our market share within CTV. CTV spend across our platform during Q3 was $73 million, which reflects an increase of 45% compared to Q3 2021. This $73 million also includes 18 days of results from Amobee. CTV is the fastest growing segment within digital advertising, and we are incredibly pleased with our progress in growing and expanding our capabilities on this front. We also generated continued margin strength, achieving an adjusted EBITDA margin of 46% as a percentage of contribution ex-TAC during Q3, which also include 18 days of results from Amobee. This highlights the efficiency and resiliency of our technology platform and business model, which enable us to generate robust profitability and cash flow despite a continued challenging macroeconomic environment. Spending by advertisers during Q3 remained constrained by rising inflation, rising interest rates, supply chain constraints, the ongoing war in Ukraine, macroeconomic uncertainty, and recession concerns. We continue to expect these headwinds to persist for at least the remainder of 2022 and likely into 2023. July and August were particularly challenging months for advertising demand. That said, we saw our results improve throughout the quarter and ended Q3 with a strong September. We have also seen some initial evidence of advertising demand from our customers increasing as a result of the U.S. midterm election cycle and Q4 seasonality. This has been encouraging as we also believe we will experience added benefit related to several upcoming catalysts which can help offset some of this expected negative macro headwinds. During the quarter, we also completed our previous $75 million share repurchase program and announced an additional $20 million share repurchase program that began on October 1. In the quarter, we purchased approximately 6.4 million ordinary shares for a total investment of approximately GBP 24.9 million or $29.7 million. For the entire program, we repurchased around 13.8 million ordinary shares, which reflects roughly 9% of shares outstanding. Our ability to have repurchased a sizable amount of shares at what we believe are discounted levels while making a significant strategic acquisition and investment is a testament to our model's cash generating ability and profitability. We continue to generate robust momentum across Tremor Video and Unruly, adding a significant number of supply-side partners and new advertiser customers. During Q3, Unruly added 82 new supply partners, including 33 in the U.S. For the first nine months of 2022, Unruly added 232 new supply partners, including 104 in the U.S. Supply partners were added across sport, news, and entertainment verticals and several formats, including online video, mobile, CTV, and over-the-top apps from leading broadcasters and virtual multi-channel video programming distributor businesses. Tremor Video during Q3 added 56 new advertiser customers and 191 for the nine months ended September 30, 2022 across retail, automotive, and political verticals, as well as others. Despite the challenging macro backdrop, we continued to generate strong results and adoptions across our technology ecosystem and reinforced our strategic positioning within the industry, which we believe positions us well for future growth. It's now my pleasure to turn the call over to Sagi to review our financial results. Thank you, Ofer. Today, I will review highlights and key financials and operational drivers of our Q3 and first nine months of 2022 performance, which include 18 days of results from our completed acquisition of Amobee. For the three months ended September 30, 2022, we generated contribution ex-TAC of $64.9 million compared to $76.7 million in Q3 2021. Alongside Q3 adjusted EBITDA of $30.1 million compared to $42.3 million in Q3 2021. Our Q3 2022 figures include 18 days of results from our completed acquisition of Amobee. During July and August, we experienced pressure on our contribution ex-TAC due to a variety of macroeconomic challenges which impacted advertising demand across several verticals and formats. However, we are encouraged by the results we generated in September and have seen initial evidence of potential recovering advertiser demand across our customer base to this point in the Q4. We also continue to expand our share within CTV, as CTV spend on our platform, including 18 days of results from Amobee, was $73 million during Q3 2022, which was a record for us and reflected year-over-year growth of 45% compared to CTV spend of $50.4 million during Q3 2021. We believe we are well positioned for future growth within CTV and video. As programmatic transactions continue to increase in popularity across the advertising ecosystem, as AVOD continues to grow, and as we expect performance budgets to move towards CTV and programmatic in the future. Amobee also creates more CTV advertising cross-selling opportunities within a newly acquired customer base, and we expect the integration of Spearad as well as our investment in VIDAA to provide us ample opportunities to continue growing share within CTV and video. Including Amobee, video, including CTV, continue to reflect the overwhelming majority of total Q3 and nine-month 2022 contribution ex-TAC at approximately 87% and 81% respectively. Our profitability remains strong as we generated a Q3 2022 adjusted EBITDA margin of 43% on a reported revenue basis and 46% on a net revenue basis, which includes 18 days of results from Amobee. For the nine months ended September 30, 2022, we generated contribution ex-TAC of $206.7 million, including 18 days of results from Amobee, compared to $213.4 million over the same prior year period. Over the same period, CTV spend, including 18 days of results from Amobee, was $183.9 million compared to $138.4 million during the first nine months of 2021, which reflected a record for us and a 33% year-over-year increase. During the first nine months of 2022, CTV spend, including 18 days of results from Amobee, reflected 39% of total spend and 44% of programmatic spend. We generated adjusted EBITDA of $102.9 million during the first nine months of 2022, including 18 days of results from Amobee, compared to $107.2 million adjusted EBITDA in the same prior year period. We generated an adjusted EBITDA margin of 45% on a reported revenue basis and 50% on a net revenue basis over the first nine months of 2022, including 18 days of results from Amobee. Turning to our cash flow, we generated net cash from operating activities of $12.6 million for Q3 2022 versus $44.6 million in Q3 2021. For the September 12 through September 30 period, Amobee contributed -$13.8 million in net cash from operating activities to Tremor's Q3 2022 results. For the nine months ended September 30, 2022, we generated net cash from operating activities of $59.1 million, including 18 days of results from Amobee, versus $121.4 million in the nine months ended September 30, 2021. As of September 30, we had $109.1 million net cash following the closing of our VIDAA investment and Amobee acquisition, as well as the completion of our $75 million share repurchase program. As we mentioned in the past, we secured a new $180 million credit facility in relation to the Amobee acquisition, under which we utilized $100 million in addition to existing cash resources to satisfy the purchase price. Within the new credit facility, we drew at closing $90 million from a secure term loan A as well as $10 million from a revolving credit facility. The remaining $80 million on the revolving credit facility, alongside our existing cash resources, provide us ample liquidity for future potential strategic investment and initiatives. We experienced 99% free cash flow conversion for both the three and nine months ended September 30, 2022, including 18 days of results from Amobee. Non-IFRS diluted earnings per ordinary share was $0.11 for Q3 2022, including 18 days of results from Amobee, versus $0.21 in Q3 2021, and $0.42 for the nine months ended September 30, 2022, including 18 days of results from Amobee, versus $0.56 for the nine months ended September 30, 2021. As Ofer mentioned, we're very pleased to report that the Amobee integration is ahead of schedule and that we've already realized our initially anticipated $50 million in total annualized operating cost synergies on a combined pro forma basis. We fulfilled significant cost-cutting measures, successfully generating positive adjusted EBITDA from Amobee within the first 18 days of closing the acquisition. Most of the synergies to this point have come from the consolidation of human capital into one combined team, and we've reorganized Amobee employee base to focus efforts on the highest growth opportunities. We focused on retaining key talent from Amobee in sales, marketing, product, and technology to enhance our product and fuel our future growth. Employee efficiency is a pivotal part of our operating model's long-term strategy as well as our integration strategy. This efficiency has also been a key enabler of our historically strong profitability and highlights our proficiency at managing the business, maximizing return on assets, and maximizing return on invested capital. We expect this efficiency will continue to be a strong future growth driver for us, while also positioning us well during challenging advertising demand environments. Laura Martin at Needham recently released a report stating that from Q4 2020 through Q2 2022, Tremor improved its trailing twelve-month revenue per employee by approximately $297,000, which was the largest increase of any company within our ad tech coverage universe over that time period. According to Laura, our Q2 2022 productivity of around $623,000 per employee was second only to The Trade Desk at around $642,000 within our ad tech coverage universe and well above the mode value of $300,000-$400,000. In our opinion, this proves that the largest companies in this space aren't necessarily the most productive in maximizing and improving employee utilization and maximizing their asset efficiency for their business and shareholders. We believe it also demonstrates that end-to-end solution with proficient management teams and operators tend to drive better results around efficiency. We also believe our historically strong employee utilization serves as a strong barometer for the success we expect to achieve with our newly integrated Amobee team members. In addition, we've also made progress in consolidating duplicate spend on vendor contracts and technology fees and services. As we work towards fully completing the integration, we believe we've identified an additional approximately $50 million in operating cost synergies and now believe we will realize approximately $65 million in total annualized operating cost synergies on a combined pro forma basis upon the completion of the integration. We also believe the integration will now be fully completed by the end of 2023, with the vast majority expected to be completed by the end of Q2 2023. Going forward, our sales teams will continue to focus on introducing and demonstrating Tremor Video's platform capabilities to newly acquired Amobee customers towards, quote, "capturing additional CTV and video budget," while also introducing Tremor Video customers to our new Amobee DSP to offer opportunities to boost self-service spend across our ecosystem, as well as additional omnichannel capabilities. We will also introduce the end-to-end benefits of leveraging Unruly to advertisers running campaigns through Amobee. Very minimal amounts of advertisers' dollars spent on Amobee DSP have purchased ad inventory through Unruly in the past. As we work towards migrating some of this spend to Unruly, we believe we have the ability to capture take rates and profitability on both the DSP and SSP side, while providing efficiency as well as data and cost advantages for customers. We will also be working to extend our relationship and revenue footprint with linear TV broadcasters through our newly re-acquired ATV technology and position ourselves even more strongly as budgets are deployed across both linear and CTV. The new data-driven tools we gained through the acquisition also enable us to provide desirable added benefits for current customers to expand their revenue relationship with us, while offering us opportunities to also introduce these benefits to land and expand within a newly acquired customer base. They also further expand our technology ecosystem and product offering for advertisers, linear TV broadcasters, and CTV media customers, where we can now assist them even more with planning and executing campaigns across CTV and linear TV, eliminating the need to leverage several partners or technology solutions to accomplish this goal. Finally, I'll now turn to our outlook. For full year 2022, we now expect contribution ex-TAC of approximately $310 million and adjusted EBITDA of approximately $140 million, including results from Amobee. This lowered guidance factors in continued challenging market conditions we've cited that have impacted advertisers' demand. We continue to believe these challenges will impact results for the remainder of 2022 and into 2023 as well. We believe, however, that we will experience positive tailwinds in the Q4 related to anticipated increased advertiser spend associated with the FIFA World Cup, where we have a number of catalysts and important exclusivity. For full year 2023, we now expect combined contribution ex-TAC of approximately $460 million and combined adjusted EBITDA of approximately $180 million, including results from Amobee. Despite ongoing market headwinds, the efficiency and benefits of our end-to-end operating model, continued focus on CTV, video, and data, strong fundamentals, powerful partnerships and differentiators, and recent milestones position us incredibly well to capitalize on future growth opportunities while continuing to generate high level of cash and profitability. Our newly enhanced suite of product solution allows us to holistically serve advertisers and media customers across linear and CTV in ways we believe no other single technology company can. I'm very excited for Tremor International near and long-term future and positioning within the industry. With my remarks completed, I'll turn the call back to Ofer. Thank you, Sagi. Over the last several months, despite ongoing challenging market conditions, we managed to execute on our long-term strategy, which we believe will help further enhance our position in video and data and further boost our already robust strength within the CTV and TV ecosystem. We believe our efficient end-to-end operating model and continued focus on generating strong profitability, high margin, a significant level of cash flow enable critical flexibility for our business. This flexibility is even more important and a tremendous advantage during uncertain economic periods and uncertain advertising demand environments. We expect all of these recent wins alongside the preexisting strength of our end-to-end model to create a strong flywheel effect that will empower our future growth through expanded relationships with both current and new customers. We are excited to continue executing on our long-term strategic vision and remain acutely focused on generating value for our customers and shareholders. Operator, we will now open the call to investors' questions. At this time, we will begin our question-and-answer session. If you would like to ask a question, press star one on your telephone keypad. Your first question comes from the line of Matthew Swanson from RBC Capital Markets. Your line is open. All right. Good morning. Thank you so much for taking my question. Thanks for giving that data point from Laura. You know, I think it really highlights the efficient way that you've been able to grow this company. To that point, could you just talk a little bit more about the early cost synergies from Amobee and any updates around thoughts around the integration that you've, you know, made or discovered in the last couple of months? And then any updates or comments on what you've seen from, you know, early customer reaction on both sides from, you know, Tremor seeing the Amobee DSP or Amobee customers thinking full stack? That'd be great. Thank you, Matt. I will start by, first of all, overlooking what Amobee provide us as we see it and why we made this acquisition, because I think that it's important also in this discussion. First of all, I think that the ATV platform, which is the Amobee TV planning tool, it's a very useful tool in this period of time. When we're looking at that, CTV and linear TV are coming more and more together, and people are trying now to advertise or to plan their advertising budget on both of these platforms side by side, basically. With the increase of AVOD, when we see Netflix and other guys that are coming into this world of supporting advertising video and streaming, we understand that also the advertisers will respond to that and will increase their spend also across CTV and streaming solutions. They will have to take into account their linear TV and also to spend when they are spending in cross-platforms on digital. This is a very important element for us. Basically Amobee, in their years, they couldn't provide this CTV engagement because they didn't have an SSP like us. When we got our SSP, basically, we can integrate it side by side with the linear TV, and we can provide advertisers a much better view on their planning and also activation capabilities. For that, we are already seeing a very good positive response from the partners of Amobee in the past and our partners that are showing interest in that. They are going to adapt our tools in order to move forward with that. The second thing is their enterprise DSP, which Amobee basically built over many, many years, and they created very strong partnership. We believe that it will help us basically to integrate these two activities of us and them into one when they are bringing us more capabilities around omnichannel and performance, which are needed in the market, and we feel that there is a demand for that already when we are talking about cross-selling between the teams, while we can give them much more concrete product capabilities around CTV. The third element is the managed service, which both of the companies have strong teams that we are basically integrating now together. I think that the offering, again, as I mentioned about CTV on one side, the second side is performance and omnichannel, will bring us a lot of value. The last point regarding that from our view is moving more and more budgets or working with the advertisers and partners of Amobee to educate them and to teach them and to partner with them in order to explain to them what are the values if they are going to move basically to, into end-to-end solution that we are offering and what price advantages they can get from that and other advantages which are technology-wise, and moving more and more budgets from Amobee to basically Unruly platform that can increase our revenues and net revenues and profit in the future. Everything that I just said is already underway, and we feel that the market is accepting it very well. I think that the Amobee platform is like adding to us a lot of credibility, a lot of clients, about 500 clients worldwide, which are now integrating into our platforms and work. I think that we moved relatively fast in order to integrate it. The idea is to basically finalize the integration of the technology element until the end of 2023, but the major stuff will be in the end of the Q2 of 2023, when we will basically integrate the DSPs and the platform to be one platform. I hope that I answered your question. Yeah, no, that was everything I was looking for and more. I guess there's a second, and this is for Sagi. Thinking about the macro, I mean, the headwinds are all, you know, pretty apparent that we've seen them from you and from peers, this being a challenging environment. You also have some secular tailwinds, I think particularly around CTV, and you kind of mentioned there are, you know, some catalysts among this, you know, more challenging macro picture. How are you kind of balancing those two things when you're thinking about guidance, especially for next year? Thanks, Matt. I think, you know, we are trying to be conservative on our guidance. Since, you know, the macroeconomic geopolitical issues are out there, we are trying to be cautious and of course, we're surprised for the good and not the other way. As you said, we are experiencing, you know, a very nice growth on our CTV market share, which we're sure that we will continue on that. On the other hand, we have, as Ofer mentioned, some CTV clients which are seeing because of, you know, inflation and recession some headwinds to their business and of course it's affecting their ability or their advertising budget that they are taking into the market. I think we are taking, you know, all of the different parameters that we anticipate in front of us, and we are trying to give, you know, the conservative and cautious guidance that we think that we can handle through to Q4, 2022 and into 2023. All right. Appreciate the time, Matt. Look forward to seeing you guys at the conference tomorrow. Thank you. Thank you, Matt. Your next question comes from the line of Laura Martin from Needham & Company. Your line is open. Morning. Couple questions. Why don't I start with the one, our revenue—IFRS reported revenue went from down 7% to down 19%, even though we had 18 days of Amobee in that quarter, and now you're projecting for the Q4 18% growth. If I strip out Amobee, what is the organic growth? And where I'm going is, why are you comfortable with this huge deceleration in revenue that you can actually report positive growth in the Q4 on an organic basis? No. I think the guidance that we gave for Q4 and of course for full year 2023 is with Amobee on a consolidated basis. We are not seeing like a huge organic growth with our solo business. As we said in the past, the minute we completed the acquisition of Amobee, we are looking at us as one company, one platform. Everything is being consolidated into one sales team, one marketing team, one product and research and development team. We are not looking at it on a solo basis. We are looking at it in a group. In a group level, this is the guidance that we gave. We will not, by the way, in the future, like, we'll give an Amobee number or a Tremor International number. That one- Right. You're saying all of the growth in Q4 is because of Amobee. You are projecting negative same store growth in Q4. That's what you're saying? I'm not saying that like, you know, strictly forward. Yes, we are not seeing like a huge organic growth on our solo basis. Having said that, yes, we are not giving like, you know. In our eyes, everything is becoming organic the minute we are consolidating the two companies into one. Okay. My other question was, you said in the press release that in the first 8 weeks, because it's only been 8 weeks since you've bought Amobee, you achieved all $50 million of projected synergies that were supposed to take 12 months, and then you're now projecting $65 million of synergies. Great. How exactly do you do that? What did you do to achieve $50 million of synergies in the first 8 weeks of owning this company? It's a few things that of course that are being done. First of all, analyzing what synergies, where we can basically when we are organizing the company and restructuring it without. By the way, in the management also, we integrate managers from Amobee into the management team of Tremor. We are building in advance the teams that we want to move forward with. We are moving fast after this closing in order to release or to basically conduct the changes because we don't want the people to be like in the air for a long time, not to feel safety about their positions and so on. When we build this reorg and we build this structure that we want to keep, we basically conducted the change. It's going from management across the teams until the bottom, because first of all, we have experience in that. The second point is that we have experience in that in doing these moves and taking the decisions quickly. The third element is also coming to the point that you mentioned a few weeks ago, Laura, which is we want to keep and stay effective and be an efficient company. We are doing that very quickly because if not, you are getting into a situation that you are bleeding and you are in a situation that people are in uncertainty and you are not controlling the way. I think that again, it's reorg, building the teams in advance, moving fast after the closing, and with a very clear vision about what we want to build. As I answered Matt, I think that we have a very good, clear and good vision about what we want to do with Amobee assets into Tremor and how it can be combined to a very interesting and powerful company that can provide very unique services and solutions to partners in the U.S. and globally. I think that it's a mix of all these things that we've done, and I feel really reassured about this acquisition and the outcome of the reorganization that we've done very quickly. It was a major effort in Q3, but we've done it because we believe that when we looked at that 2022, it's basically here that we wanted to conduct this strategic investment. Just for you to know, we also a few months before we looked at other opportunities in the market, and then we switched to Amobee because we wanted to acquire another demand-side platform and to connect it to our, basically, our operation and platform. That's what we've done. In parallel to that, as you know, we concluded the investment in VIDAA. Management and the teams worked very hard in order to conduct all these acquisitions, and of course, after signing, it's not a major event. After signing to conduct all this hard work in order to connect the platform, to connect the teams, to build a mutual vision, and to move forward as one company like Sagi just mentioned. Yes. By the way. Thank you very much. Laura, just to make sure, it all happened in less than three weeks. Yeah. Because we just closed on September twelfth. Okay. We should expect to see a write-off. If you're laying off people, maybe I missed it in this press release because I sort of perused it. We should expect to see a write-off from the firing of the people through the income statement, right? Sagi Yeah. You will see it as a restructuring line. Okay. All right. Great. Thanks, guys. Thank you. Thank you. Your next question comes from the line of Mark Kelley from Stifel. Your line is open. Mr. Mark Kelley, your line is open. Would help if I took myself off mute. Thank you and good morning, everybody. I was hoping you could talk about Amobee a little bit more just in terms of how much of, you know, having Amobee in-house and being able to look under the hood a bit more has impacted your outlook for 2023. I totally get the macro stuff, but it also sounds like after July and August, maybe things have stabilized and maybe even started to improve there. Just more color on the Amobee side would be great. Second, can you talk about how much visibility you get into the World Cup spend? Is that something that you have visibility to upfront, or is it more you know scatter and programmatically bought stuff? Thank you. Maybe I will start with FIFA, and then I will move to Amobee. With the FIFA, I think that we have a very unique opportunity that in a regular year or a regular period of time, not under this pressure of the macroeconomics, inflation, and so on, we can expect to generate much more revenues because we are talking here about being distributed on more than 100 million TVs globally, which I think it's very unique achievement. This is the first time that an event in this size and this importance globally is taking place also on CTV. I think that it's a major success of us connecting all the points of bringing the FIFA, partnering with VIDAA, bringing other partners to distribute the app basically globally and getting the rights to exclusively monetize this app globally. We have, of course, people that already place orders into the book to buy advertising around that, and we believe that a lot will come also programmatically. Because in the end of the day, when we are talking here about more than 100 million TVs, we believe that the adoption of the FIFA+ will be very high, and people will engage with the application because people like to consume this content and it's important to them. I'm not from the US, for us as foreigners, we like FIFA, and I'm following these games from 1972, basically. I know that when you're looking at the US, it's just now growing and becoming more and more interesting and more efficient and more something that people are getting the attraction and looking at. I believe that also in the US, we have nice adoption. One of the major issues that are like a cloud above that is the macroeconomic situation. Also the fact that it's being done in Qatar, that it basically raised some issues to some people and some companies, and also the timing of the games. In general, we really believe in this content that we are doing, content distribution that we are doing that is unique, is exclusive, and it's very powerful. We believe in the power, of course, of the CTV, and we think that we are doing a very unique stuff. As Sagi said, we were conservative in our assessments of how much revenues it will bring us in the Q4, and we are waiting for the games to start exactly in less than a week from now. On the nineteenth of November, the game's supposed to start in Qatar. Hopefully, there will be like a nice buzz, nice games, good couple of games that will basically bring a lot of attention to this tournament. Regarding Amobee, when we're looking at Amobee, and I will maybe repeat it myself a little bit, but after looking at many companies in the industry. We looked at Amobee and we feel that it can really support us all the way from all the funnels, from advertising, planning, discovery planning, activation, which is very important for us. It's also adding to us additional capabilities around basically working with broadcasters that are running on linear and growing their streaming business. I think that this is something which is opening to us a lot of new markets that we were not being able to address in the past when we were just Tremor. I think that when we look at that, we look at Amobee as a promise to get into working very closely with broadcasters, major broadcasters that are already engaged with Amobee, by the way, globally. We can add to them, as I mentioned, the activation and the digital side of the business and the planning, which is very meaningful, and I think that it will bring us a lot of success in the future. In general, I think that also when we are looking at Amobee, 500 clients globally, a very good reputation over the years that was built, very strong technology, investment in technology and acquisition that they made over the years in order to strengthen it. I think that they created a very good team of talented people that are working on this platform. The combination with us will be able to basically provide us a lot of unique capabilities that we didn't have before and to strengthen our core capabilities that we have already around CTV. Our promise is basically to be able to do cross-selling like we did in the past with when we acquired Unruly, for example, and when we acquired VIDAA, is to basically introduce the new capabilities to the customers of the company that we acquire and engage with them and move much more budgets basically to us in the future. It's a lot of effort that was done in Q3, and we believe that it will give us the benefit in the mid to long term. We are long-term runners. We are not looking just on the other quarter of the next few weeks. We are looking for the next year and so and we believe that this acquisition give us very strong position in the world of CTV, in the work of CTV around broadcasters combined with linear TV, and will enable us to use our strength with data, CTV, and so on in order to attract their advertisers to buy and move and shift their budget of CTV to us basically in the future to Unruly. When they are moving their budgets to Unruly, we of course can grow our business, grow our net revenues and profit. This was basically the target of this acquisition, and we achieved that. It's coming together with VIDAA, that will also basically give us the ACR data that is a great match also for basically introducing to clients, enabling them to buy targeting and to conduct measurement on our platform together with Hisense slash VIDAA data, which is very meaningful because as all of us know, ACR data is very unique in the market. It's a very rare commodity because most of the companies that got this data are using it as part of their walled gardens, and we can basically be one of the people that are serving the open web, and this is our target and our goal and our vision. Great. Thank you very much. Your next question comes from the line of Andrew Boone from JMP Securities. Your line is open. Good morning, and thanks for taking my questions. I want to talk about two smaller line items that you guys have but clearly are getting impacted by macro. Can you help us understand the difference in terms of performance, gross revenue and the kind of 41% downturn that we saw in Q2? Then also just thinking about non-video programmatic revenue. I'm trying to back into the number, and it looks like display or whatever is inclusive in that category is also down about 40%. Is there anything just to highlight there across those two categories? Lastly, just turning to World Cup. Frequently, when media rights like this are purchased and there's exclusivity, is there anything to note just in terms of CAC or required payment that you guys have just given the softness within the macro environment that we should be thinking about for Q4? I'll leave it there. Thanks so much. Okay. Hey, Andrew. I'll answer the first one. I'm not sure I got it 100% right, but I try to answer you. I think that, you know, our performance activity is not something that we are trying to be focused on. Of course, it's helping us, and we can help customers, advertisers and agencies like cross activity, so they can do whatever we want on the programmatic side of the business, and they can even benefit from our performance arm. I think that in the first nine months of 2022, performance activity did well or as well as it did in 2021. In Q3, we show a little bit softness on the performance side as well. Again, it's relating to our DTC clients, which lowered their advertising budget due to inflation and recession. On your video question, again, we are heavily invested and we are focused on video format, which is the most growing and the most engaging. Having said that, as Ofer mentioned, Amobee has a much robust omnichannel DSP, which most of the advertising budgets over there are being executed on display. This gives us a lot of opportunity taking the display abilities and Amobee features into our clients and cross-sell it, and vice versa, to take all the CTV and video capabilities and knowledge that we have. Allow them or cater them to an Amobee client. I hope that this answers your question. Regarding the second question, I'm not sure if you asked if we have like guaranteed payment to FIFA with the deal? Yeah, I think so. Just as we think about your access to FIFA World Cup inventory, and especially considering just the softness within what I'm assuming is CPMs, are there any guarantees that we should be thinking about as we think about 4Q? Just one thing to note or to understand, the investment in VIDAA gave us an amazing relationship with this company, which is the operating system of Hisense. Hisense is heavily invested into sport exclusive sponsorship. As part of that, VIDAA is benefiting to have some exclusive content. From that, we are benefiting of being VIDAA exclusive partner on ACR data and in major countries, their inventory and monetization partner, we are enjoying that. Per your question, we are not invested, you know, in dollars in that. We don't have any minimum guarantee, and we didn't, it didn't cost us anything. We are just benefiting from this amazing relationship. It's only, you know, an upside for us. Great. Thank you so much. Thank you. Your next question comes from the line of Andrew Marok from Raymond James. Your line is open. Thanks for taking my questions. One more on Amobee, if I could. I guess to the extent that you have seen so far in the first 18 days, can you comment on the sensitivity of Amobee versus the core Tremor business to some of these macro trends? Looking forward into 2023, can you just give us a little bit more color around your assumptions for macro and the shape of the recovery? Thank you. Regarding Amobee risk, I think that or sensitivity, as you said, we are basically running on the same. Sometimes the overlap of the clients is very minimal, as we indicated in the past, but we are talking about the same type of vertical, same type of audience, basically a type of clients, but sometimes different names, different businesses. I think that it's relatively the same. Regarding the macroeconomic forecast and so on, I think that it's a very big question that I wish that I knew the answer to that, basically. What we, I think, feel that we need to do as management, we need to be cautious, and we need to take into account that this macroeconomic downturns and changes will continue, until the end of the Q2 of next year. It's very hard for us as a company to basically predict and know what will be the macroeconomic situation in this world. I think that many people in this call will feel the same. I think that what we are trying to do is to be committed to being conservative and not to ignore it, and not to provide wishful thinking, but to be conservative in the way that we are looking at things and so on. Having said that, you know, it's like as we indicated, we saw some uptake in the Q4, which is usually happening. We feel that also the midterm elections contribute some revenues, additional revenues to us. We are looking forward to see what FIFA will bring, as I just mentioned, and hopefully it will be meaningful. It's very hard to predict right now, and we need to be careful about the future and take our steps step by step in order to understand what's going on in this market. As we see also from the stock exchange and what's going on generally in the world, every day is a new day, and things are changing and moving to different directions. We need to be very careful about how we build our company and how we invest our resources, and how we're sharing results or forecast with the market, basically. Okay. Thank you. Thank you. Your final question comes from the line of Daniel Cane from Toscaf und. Your line is open. Hi, you've asserted on many occasions, and including today, the strength of your business model. And but if we look at the evidence of Q2 and Q3 in terms of net revenue, we see negative trend at Tremor and much better performance coming from your U.S. listed peers. I was wondering if you could give me some perpective around that. What do you think is happening at your peers compared with your own business? Daniel, hi. First of all, I think that you know our numbers also from the last year or from so. You know that last year we grew 64% compared to 2020. Between 2021 to 2020, we grew 64% organically, which was a massive number, basically reaching the best growth in the industry in any manner that you looked at. We were also recognized as the company that grew the fastest in 2021. I think that it's about the mix of advertisers that you got, which is putting sometimes pressure on results. We are putting a lot of emphasis of keeping our margins, keeping our profitability, as you know. I think that when you look at that, if you are getting it from D2C, like we mentioned in the PR, it's something that we cannot basically replace or exchange very quickly. We believe that with Amobee, basically the dependency on these verticals will go lower because of the total revenues and clients that we got. In general, D2C was suffering from Q2 to Q3 from a lot of pressure in the market, and we felt it, and we basically acknowledged that to the market. I think that it's everything is relative in life, and we look at it, and we need to look at it in a perspective. I think that in 2021, when we grew 64%, we created a very high bar. I think that the company is still generating a profit, and we have like we committed, and we done like two very important strategic events in the last quarter that will help us in the future. I think that we are a long-term runners. We are not just looking around the corner. We know that basically the investment that we done and the integrations that we are going to do and the quick response to Amobee integration, cutting costs, and basically turning them to be a part of us very quickly will help us in the future. I'm explaining that we grew the fastest last year. We suffer from a vertical that is affected us, which is D2C, mainly that basically went down because of the macroeconomic recession and inflation that basically infected these clients to lower their spend in general and with us, and we felt it. That's the major reason. Okay. Thank you, guys. Thank you. There are no further questions at this time. Mr. Ofer Druker, I turn the call back over to you. Thank you, everyone. Again, I want to say a few sentences just to conclude and summarize this call. I think that it's a very challenging days now because of what's going on in the market that we are not controlling, which is macroeconomic powers and forces that basically change and move the market and of course affecting our clients and affecting us in general. We are looking at 2022, and we looked at the last two quarters. From the beginning of the year, we worked very hard in order to fulfill our long-term strategy because I think that at the end of the day, companies are being judged and measured around the years, not just from quarter to quarter. We are trying to build that. We are trying to build our company for the long term. I think that we achieved two major successes in the last quarter, which is the acquisition of Amobee at a very attractive price that is basically it can be integrated into our business, already integrated our business, and we conducted the changes that were needed. The VIDAA investment that is very massive, creating for us a lot of interesting opportunities, including the FIFA+ monetization opportunity, but more than that, ACR data, exclusivity on CTV media in the U.S., Canada, Australia, and U.K. for the next couple of years on one of the most growing CTV partners in the world. I think that when we look at that, we are proud, and we are we believe in our way going forward, and this is what important. In this period of time, we need to do our best, of course, to keep generating profit, keep strengthening our position in the market, and that's what that is exactly what we are doing. Thank you for your ongoing support, and thank you very much for this call. This concludes today's conference call. You may now disconnect.