Welcome to Nexxen's first quarter earnings 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 call is being recorded, and a replay will be made available on Nexxen's Investor Relations website. I'll now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and reading of the safe harbor statement. Billy, please go ahead. Thank you, operator. Good morning, everyone, and welcome to Nexxen's first quarter earnings call. During today's call, we will discuss our financial and operating results for the three months ended March 31, 2026, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexxen'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 IR website at investors.nexxen.com. During today's call, we will make forward-looking statements. All statements other than statements of historical fact may be deemed forward-looking. We advise caution in relying on them. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, and financial outlook. They also include, without limitation, statements regarding our partnerships and anticipated benefits related to those partnerships, as well as expected benefits from our growth initiatives and platform investments. In addition, we may provide forward-looking views on macroeconomic and industry conditions and other statements regarding the expected development, performance, market share, or competitive position of our products and 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 statements. These include, among other things, unexpected changes in our business or in macroeconomic or industry conditions. 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 listed in the section entitled Risk Factors in our most recent annual report on Form 20-F. Nexxen 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 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, CEO of Nexxen. Ofer, please go ahead. Thanks, Billy. We have had a strong start to the year, delivering record Q1 results and continued momentum into Q2, enabling us to raise our full-year guidance, which Sagi will expand upon. In Q2, Contribution ex-TAC, programmatic revenue, and CTV revenue are trending ahead of our expectation following a record April and a strong start to the month of May. We are happy to report strong execution on the strategy we laid out and on the steps we have taken to support it, including advancing our enterprise go-to-market efforts to reach more clients and partners in the U.S. and globally, continuing to enhance the platform's full funnel performance and usability through integration with our unique data, media, and growing AI capabilities, and extending our CTV leadership through our first-mover advantage in programmatic Smart TV Home Screen advertising, which we expect to support CTV revenue growth. Expanding our mobile in-app footprint to strengthen long-term growth, durability, and resilience to AI-driven disruption. This execution is translating into measurable results across the business. We have made targeted investment to strengthen and differentiate our DSP, capitalizing on the advantage we have built over the past several years around data, direct connectivity to premium media, and more recently, accelerating AI capabilities and enablement. Our AI capabilities are becoming more and more important to customer decisions to work with Nexxen and grow their spend and platform utilization over time. In late 2025, we invested in growing our enterprise teams and enhancing our go-to-market strategy through both new hires and internal resource shift, which is paying off through increased enterprise partnerships and Contribution ex-TAC growth. In 2026, we have already onboarded more new enterprise clients than we did in all of 2025. Based on current expectations, these customers each have the potential to generate more than $1 million of spend annually. Early indicators point to larger budgets, higher recurrence, and deeper engagement, with enterprise spend expected to accelerate in the second half and beyond through increasing full stack adoption, growing wallet share, and new customer additions. As part of our strategy to more deeply integrate our data into our DSP's activation stack, we enhance connectivity with our discovery tool, enabling proprietary insight to flow directly into activation. Based on internal analysis, the discovery assistant helped customers reduce audience research time by over 40% year-over-year in Q1. Enhancements to our DSP assistant are also improving optimization, QA, and troubleshooting, driving over 90% year-over-year efficiency gains across key workflows. We are also expanding programmatic access to scaled AI resilient media, unlocking high attention, performance-driven mobile in-app and CTV native on-screen media for advertisers. nexAI, our branded suite of platform-wide AI capabilities and solutions, is at the core of our strategy and is reinforcing our tech stacks value proposition acting as a force multiplier. We believe we have a structural AI advantage due to our end-to-end model, enabling nexAI to operate across the full campaign life cycle and drive more efficient, higher-performing planning, activation, and optimization. Our AI approach combines data, machine learning, generative AI, and agentic capabilities to deliver speed, performance, and automation across advertisers workflow. While Nexxen and others are working towards fully autonomous advertising, we are deliberately differentiating with a core focus on transparency and customer control to enhance decision-making and performance. Our goal is to empower buyers, not bypass them. As trust builds, these systems can take on greater responsibility, progressing from insight to assisted execution to higher level of automation, driving productivity without disrupting how partners operate. We are also aligning with standards such as AdCP and integrating our agentic solution with MCP and broader agent-to-agent workflows, enabling interoperability across AI-driven environments and positioning Nexxen to lead in the new era of programmatic advertising. As part of this, we are actively contributing to the IAB Agentic Ad Management Protocols, helping shape the standards that will define how agent-based advertising system operate across the ecosystem. In 2026, we will expand nexAI within our SSP to enhance publisher performance and monetization and introduce more autonomous deal creation, negotiation, and management solution for advertiser customers. Internally, our AI capabilities are expected to drive increasing efficiency, faster development timelines, and operating leverage with benefit scaling into late 2026 and beyond. As mentioned, we are already seeing success with our AI strategy, which has been integral to our winning and retaining clients and partners across the ecosystem. CTV revenue returned to growth in Q1, increasing 12% year-over-year with momentum building into Q2 and a clear path to acceleration in the second half and beyond. Driven by our industry-first programmatic Smart TV on-screen ad activation solution, Nexxen TV Home Screen. With Nexxen TV Home Screen, we are not just enhancing our CTV differentiation, we are defining and leading a new programmatic category. This offering enable advertisers to access high attention, non-skippable CTV inventory at scale through existing programmatic workflows, unlocking the full potential of a surface where consumers spend over 10 minutes per day on average. Historically, this inventory has been transacted through direct deals and ad servers, limiting scale and efficiency for advertisers while constraining monetization for OEMs. By bringing this surface into programmatic, we are unlocking a sizable under-monetized opportunity for advertisers and OEMs, and are capitalizing on our first-moving advantage. Our solution is now live across VIDAA-powered devices and leading DSPs and agencies, including The Trade Desk, StackAdapt, Basis, H&L, and others are onboarding and expected to start scaling spend soon. We are also rapidly growing our home screen reach and monetization potential. We initially launched with programmatic access to over 25 million VIDAA-powered home screens and have since expanded our footprint through partnership with additional OEMs. We secured programmatic access to TCL's native on-screen inventory globally, including exclusivity on select native placement in the U.S. and Canada on TCL Android TV devices. Additionally, we gain programmatic access to TiVo EDGE native on-screen inventory in North America and the U.K. These partnerships have increased our base by nearly 10 million devices. We expect to expand to more by year-end. We also expanded our partnership with LG and are now testing activating their native on-screen inventory through Nexxen platform, further reinforcing our role in enabling programmatic workflows across this premium and rapidly growing CTV category. Nexxen TV Home Screen represents a clear structural growth driver for our CTV business, one that accelerates our enterprise strategy and expands our end-to-end CTV revenue opportunities. Our exclusive ACR data from VIDAA also continues to drive licensing momentum, creating incremental high-margin revenue opportunities. In Q1, Adform joined as a partner, expanding a growing roster that includes leading platforms such as The Trade Desk, StackAdapt, and Yahoo DSP, further validating the value and scalability of our data revenue strategy. Our mobile in-app supply expansion is enhancing our growth profile in an AI-resilient channel supported by secular tailwinds. Mobile revenue increased 18% year-over-year in Q1. We see early signs of acceleration. We have strengthened our position through direct SDK integration with Unity and others, expanding access to scale high-quality supply, driving strong performance, and enabling greater platform-wide monetization. Mobile in-app is becoming critical for advertisers seeking measurable, performance-driven outcomes in high engagement environment with strong identity and signal quality, areas where our platform is advantaged. We believe mobile in-app will represent a meaningful growth driver while reinforcing our AI resilience, revenue diversification, and enterprise opportunity. In closing, we believe our integrated platform, differentiated CTV and data offering, and AI innovation are establishing Nexxen as an industry leader and must-have partner. As we move into the second half, we see catalysts that can further accelerate our momentum. The FIFA World Cup and U.S. midterm election cycle represent meaningful incremental revenue opportunities where we are well-positioned to capture spend. For the World Cup, this is driven by Nexxen TV Home Screen, Nexxen Sports, and our exclusive data, while our political solutions, growing partnership, and expanded access to budget across both sides of the aisle position us to capitalize on what is expected to be a strong political ad cycle. As our platform strengthens, we expect to attract greater enterprise spend, expand profitability, and reinvest to scale performance and adoption, reinforcing a powerful growth flywheel. The industry shift towards AI-driven, data-rich advertising defined by performance aligns directly with our strengths, positioning us for share gains in the quarters and years ahead. With that, I will turn the call to Sagi. Thank you, Ofer. Q1 marked a clear financial inflection point with record results that exceeded both our expectation and Wall Street consensus. Importantly, momentum is carried into Q2, supported by broad-based strength across our programmatic business lines. In Q1, we delivered contribution ex-TAC of $84.5 million, a Q1 record reflecting a 13% year-over-year increase driven by robust programmatic growth. Programmatic revenue was $81.9 million, up 14% year-over-year, also representing a Q1 record. This performance underscores the success of our deliberate mix shift towards durable, higher growth, higher quality programmatic channels. This progress reflects our platform investment in disciplined execution as we scale our programmatic capabilities, advance our enterprise strategy, and strengthen our position across mobile in-app, CTV, and data. We expect each of these drivers to accelerate through 2026 and beyond. Performance in the quarter was driven by broad-based strength across our programmatic channels, particularly within CTV, mobile, data products, and display, supported by growth across our entertainment, retail, finance, government, and automotive verticals. In contrast, Contribution ex-TAC from our non-programmatic business lines, which we are actively evaluating strategic options for, declined by approximately $560,000 year-over-year, and we saw softness within our education vertical. CTV returned to growth in the quarter with record Q1 CTV revenue of $29.4 million, up 12% year-over-year. We are seeing continued momentum into Q2 and remain confident in CTV as a core growth engine for 2026 and beyond. This is supported by multiple catalysts, including increasing utilization of our robust CTV data, technology and media offerings, as well as the FIFA World Cup, the U.S. midterm elections, and growing adoption of Nexxen TV Home Screen. Our expansion within mobile in-app is also delivering results. Mobile revenue increased 18% year-over-year in Q1, with strength continuing in Q2. Desktop revenue also increased 3% year-over-year. Elsewhere, Contribution ex-TAC from data products and display increased 81% and 57% year-over-year respectively, while Contribution ex-TAC from PMPs decreased 17%. Adjusted EBITDA for Q1 was $16.3 million, ahead of Wall Street consensus, representing a 19% margin as a percentage of Contribution ex-TAC. We remain confident in our ability to expand margins over time through greater enterprise adoption, increased end-to-end platform utilization, disciplined cost management, and growing benefits from nexAI. In Q1, we used $21 million in net cash from operating activities compared to generating $19.3 million in Q1 2025. As of March 31st, we had $94.6 million in cash and cash equivalents, no long-term debt, and $50 million available under our revolving credit facility. The year-over-year decrease in operating cash flow, as well as the sequential decline in cash and cash equivalents, largely reflect changes in working capital, including collection expected to normalize in Q2 2026 alongside strategic investments. Non-IFRS diluted earnings per share was $0.06 compared to $0.16 in Q1 2025. On capital allocation, we repurchased roughly 1.1 million shares in Q1, investing approximately $7.2 million. From March 2022 through the end of Q1 2026, we repurchased approximately 40% of our outstanding shares, investing roughly $265.3 million. During the quarter, we completed our previous $20 million share repurchase program. In addition, we have authorization to initiate a new program of up to $40 million. We also remain on track to invest an additional $15 million in VIDAA in Q3 2026, bringing our total investment to $60 million, reflecting an approximately 6% equity stake. We continue to believe this investment, alongside our commercial partnership, drives compounding value. As VIDAA expands its Smart TV footprint, it increases the value of our data exclusivity, expands our monetization opportunities, and drives equity upside benefiting Nexxen and its shareholders. At the same time, we are continuing to evaluate targeted, smaller-scale strategic opportunities to accelerate programmatic revenue growth and strengthen our position across mobile in-app, CTV, and data. Turning to our outlook, we are raising our full-year 2026 Contribution ex-TAC and programmatic revenue guidance following outperformance in Q1, continuing momentum into Q2, and expected acceleration in the second half. We now expect Contribution ex-TAC in the range of $382 million-$397 million, up from our previous guidance of $375 million-$390 million, representing over 10% year-over-year growth at the midpoint. Programmatic revenue is now expected at the range of $374 million -$388 million, up from our previous guidance of $367 million -$381 million, representing approximately 12% year-over-year growth at the midpoint. We continue to expect Adjusted EBITDA in the range of $122 million -$132 million, representing approximately 10% year-over-year growth and a 33% margin at the midpoint. As mentioned, we are seeing continuing momentum into Q2, which we believe reflects the early payoff from our investments in platform scale, enterprise go-to-market execution, mobile in-app expansion, and our strategic partnership with VIDAA. Looking ahead, we expect 2026 growth to be driven by increasing enterprise adoption, growing end-to-end platform utilization, accelerating CTV revenue, scaling mobile in-app contribution, and continued data revenue momentum. We believe Nexxen TV Home Screen represents a significant opportunity in 2026 and beyond, given our first-mover advantage and its early traction across industry leaders. We expect revenue contribution to scale over time with the potential to represent a meaningful percentage of Contribution ex-TAC in future years. To support our growth drivers, we will continue investing in AI, data infrastructure, and our CTV and mobile in-app capabilities to enhance performance, fuel growth, and expand operating leverage. We are encouraged by our first quarter results and the continued trends we are seeing into Q2. What we are seeing is not just improvement. It is sustained acceleration across our core growth engines, particularly in CTV, mobile in-app, and data, supported by increasing enterprise adoption, deeper end-to-end platform utilization, and disciplined execution across our teams. With momentum, clear competitive advantages, a profitable and cash-generative model, and a disciplined, flexible capital allocation framework, we believe we are well positioned to deliver durable growth, expanding profitability, and increasing long-term shareholder value. As always, we thank our shareholders, employees, and partners for their support and look forward to hosting our upcoming Investor Day on June 16th. Operator, we are now ready to take questions. Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad to join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Participants may ask one question and one follow-up during their turn and can just simply join the queue again after that if they have more questions. Thank you. Your first question comes from Matthew Swanson from RBC Capital Markets. Please go ahead. Great. Thank you. Congratulations on such a strong start to the year. I wanted to click on the enterprise go-to-market success, especially kind of that idea of signing more enterprise customers year to date than all of 2025. I mean, is it the CTV differentiation, the new AI capabilities that are kinda driving these conversations, or maybe a combination of both? Hi, Matt. Thank you for the question. I will give some color on that. Our DSP basically is winning more clients now and more attention because of the situation that is placed inside our platform that includes also our DMP. Very strong connection to data, and it's helping for people to take decision to choose this DSP as their major DSP. Apart from that, all the tools that we created lately around the AI, most of them in the last 12-18 months were directed to the DSP side and to the audience side, to the data side, which is basically enabling to use the platform in a much, much more efficient manner with less effort and with great results. Because also our algorithm were upgraded in the last few years. The operational-- When people are operating the DSP, they are generating better results. Not just that, through the AI, they're able to basically conduct it in a much more efficient manner and to integrate data, unique data and data into the mix and generate better results. Apart from that is the connection, of course, to our SSP and the CTV part, which is growing, as you can see also by the report. Apart from that, we are now that didn't affect it yet, but it's building up all the issue of the native ads on the CTV front of the surface of the operating system, which will, I'm sure, will launch late this quarter, but effect in Q3 and Q4, which is giving people additional and new exciting way to generate results, to get engagement with users on the big screen. I think all of that together, meaning the algorithm, the platform, the new UI that we generated, the AI that we built on top of that, the connection to data and the connection to the CTV inventory and to the in-app and other inventories of media, which are very robust, all of them together are providing us like a strong start for the year. I think that also getting people prepared for the new, you know, two events that's supposed to happen in the second half of the year, starting even from next month, is the World Cup in soccer and the midterm election. That, of course, will be heavily relying also on CTV. Our advantages on this front is pushing the people to use our platform. That's super helpful. If I can kind of, maybe double-click on the CTV growth, just 'cause, I mean, it's great to see that return to a positive number this quarter. The home screen product obviously is comping kind of off of zero from a growth rate perspective, so that's beneficial. What else is going well that really, like, turned around the CTV growth? I think again, I think that it's the growth of the full platform, meaning all the elements of the platform, which is integrating data, unique data like the ACR data in some cases, 70 different partners from data that we are basically providing in order to improve measurement and targeting. Signing new publishers all the time, growing our roster of publishers. I think that also we're starting to see, like, the first signs of CTV performance influencing our numbers, and we are of course, going to put more emphasis on that in the future and grow this segment. All of that together, when you are driving good results on the enterprise, on the strategic sales, which mean our sales team on the ground are able to secure more deals that are pushing also for CTV. Our trading is getting better on the open market. All of that together is supporting the CTV that come with, as I mentioned, the performance element that is starting to kick in, and I'm sure that it will grow. In general, we generate better results. That's, as you indicated rightfully, it's even before we felt the acceleration thanks to the native ads that we believe that will start kicking in and making a big effect again in the second half of the year. All right. Congratulations again. Thanks. Thank you, Matt. Your next question comes from Andrew Marok from Raymond James. Please go ahead. Hi, thanks for taking my questions. My first is on the home screen inventory access. I think you kinda hinted at this on your prepared remarks as you're talking about expansion into the second half of the year. What do you think the TAM is here for your ability to access home screen ad inventory? Are there anybody who might wanna lock that behind their own operating system or own ad tech infrastructure? I have a follow-up. Yeah, of course. Great, Andrew. I think that the TAM of that is huge because the number of impression that people are exposed when they're launching their TVs is really meaningful. According to Nielsen re-reports and studies. There is about 10.5 minutes a day that the user is being exposed to the interface of his operating system before he choose a channel that he wants to basically utilize or click on and get in. There is a lot of impressions a lot of opportunities to show ads to these users in a very unique environment with high engagement. If you think just on VIDAA, there is tens of millions of TVs around the globe that we can reach out. Add to that the agreements that we signed with other partners with TiVo and TCL, and our ability to run on other platforms soon, that we will announce soon. Together with the ability that we generated that, we turn it into programmatic. It's not a new location. It was always there. The big change that we done a few weeks, a few months ago, sorry, was in order to turn this into a programmatic activity that enable advertisers to run programmatically with all the ways that they are used in order to run a campaign, to measure, to integrate targeting and so on. We see very great response from the market. We announced the first partnership with The Trade Desk, which we are very happy about a few months ago, we hope to launch it very, very soon. The idea is to use basically all the infrastructure or a lot of the infrastructure with The Trade Desk, which is very present among so many clients, globally, in order to present to them the new opportunity with all the capabilities and the also the standards and the reputation of The Trade Desk in order to start buying this inventory from us. There are more DSPs like StackAdapt, Basis, and more to come that are showing interest. We are already partnered with these two, but are more that are joining and making the right adjustment in order to be able to operate on this interface. I'm sure that in this strategy of us to move this media into programmatic instead of just running it with an ad server, I think this will be a winning, a winning solution for the market and basically for the OEMs that we are working with. About what you mentioned about getting into their closed gardens and so on. I believe that what we are able to generate to most of them is incremental revenues, so I don't see any real reason for them to block or to avoid using this technology in the future because they can run whatever they want with their strong sales teams and strategy. We can for sure deliver for them additional revenue programmatically through the strong partnerships that we build and through our strong sales team, which is a global one. Great. Thank you. Really appreciate the detail. Then maybe a follow-up for Sagi. This is a little bit of a nitpick considering how good the numbers were this quarter. Looking at the cost of revenue line, that was a little bit higher than I think I was expecting. Just if you could give us a little bit of color on that kind of cost of revenue going forward and how the mix in formats and things like that might affect it as we look to forecast the rest of the year. Thank you. Sure, Andrew. Thanks. I think, you know, we raised the top-line guidance, of course driven by the stronger than expected Q1 execution. Of course we are seeing it continued into Q2. Of course, as Ofer mentioned, we are expecting acceleration in the second half across core programmatic businesses. I think we maintain the Adjusted EBITDA guidance range as we are continuing to investing in strategic growth initiatives that will support long-term revenue growth, platform differentiation and market share expansion. I think for your like specific question, we are continuing to invest behind, you know, key growth areas, including enterprise adoption, as Ofer mentioned, AI capabilities, data CTV and platform innovation. We are not seeing like a specific, you know, pressure on our gross margin. It's just, as you mentioned, some of it is the mix of things, some of it is other stuff, but I don't think we will see like a material or even non-material change to our gross profit going forward. I think that despite, you know, the continued investment that we are doing, we are expecting full year Adjusted EBITDA margin and gross margin to remain generally consistent with previous years' levels. Okay. Thank you. Your next question comes from Jason Kreyer from Craig-Hallum. Please go ahead. Great, thank you. I wanted to stick on the topic of the home screen expansion, specifically adding TCL and TiVo. Is there any different scope to what you're doing there versus what you're doing with VIDAA? What are the logical cross-sell opportunities as you land that home screen capability? You know, do you see other routes of monetization with these partners? Thanks. Thank you for your question, Jason. Basically we are looking to expand our activity, you know, on top of what we got with VIDAA because we get to get more reach in the market, in every market that we are operating. Really we approach other partners, other potential partners, OEMs in this industry in order to offer them the solution. Also our PR that we mentioned that we issued in November basically brought us a lot of interest from publishers and OEMs that wants to utilize this media programmatically. It's not different. We are working by IAB standard, so it's not that we are creating like different mechanism from each one of them. It's like taking some time to set the location to integrate the right ads in the right place in order to generate the most of that and to be able to increase the reach for every client that is launching a campaign on our platform, generally speaking. I think that around that, it's a blessing that more people are coming. We are able to increase the reach for advertisers to get it more interesting for them. In the end of the day, most of the advertisers when they are issuing a new activity, they want to know what is the incremental. In this case, of course, joining all these OEMs to the mix is increasing the incremental for them and making that more interesting. Regarding cross-sale and stuff like that, of course, when people are buying from your media, people usually advertise. I'm not saying everyone, but most of them likes to manage their campaigns on one platform that enable them to measure results apple to apples, to see if they can shift budget between channels of revenues and media that they are running. Basically, when they will run with us on this native ad, which is super interesting for them, high engagement and so on, probably they will start running with us or increase their spend in other formats like in-stream CTV, in-video, in-app, and so on, which is of course open a lot of new discussion and enhancing core discussion and partnership that we got, which of course is good for us. Wonderful. Thank you. Your next question comes from Brianna Diaz from Citizens. Please go ahead. Great. Thank you so much for taking my question. My first just double-clicking on the enterprise opportunity. You shared that each new enterprise customer has the potential to generate more than $1 million in annual spend. How should we think about the ramping up in the curve for these new enterprise customers that are joining the platform? How should we think about the levers that are contributing most to the ramp? Then just my second question is, video stepped down from 72% last quarter to 65% of programmatic revenue. Can you just help us understand the changes in the mix shift and what's driving that step down or just underlying strength in display? Hey, I will take the second question. Did you ask around the decrease in our video revenue? Yeah, the video, mix of programmatic. Yeah. Okay. First of all, programmatic revenue as a total went up. If you're talking specifically on video, as we said, like, long time ago and for the last couple of years, we are very focused on video as a format, which is the most growing and the most engaging and on CTV and mobile as the most dominant and AI resilient devices. I think that when you are looking on the, you know, on the, on the total picture, you can see, you know, maybe a momentary drop in our video percentage. I think that in absolute numbers, it didn't went down, but in percentage it is because we grew different formats in Q1 specifically. I think that on a yearly basis, probably it will go higher and it will be more close to the 70%. I think some of the Nexxen home screen ecosystem is affected by that because some of the advertisers that are going over there are using display or native display, what we are calling, and some of them are using video in-streams format as well. I think over time it will change from native display into in-stream video. For now, most of the advertisers are looking for this native display. This is like the momentary impact on our video revenue. Brianna, on the other question that you asked about the one million dollar, we just wanted to show that the number of clients that basically joined our platform in the last few months are meaningful, meaning that they can deliver at least like minimum of $1 million with us. Of course, we believe that it will grow more than one. They will deliver revenues to us or work with us for more than $1 million a year. We wanted to set some sort of a base so you will understand when we are talking about number of clients that are joining, it's a meaningful one to deliver at least that we believe that they will deliver at least $1 million in revenue in 12 months. The second thing, your question that you asked for about is this the element of growth. We believe since our investment in Amobee in the end of 2022, we believe that we need to have a strong DSP and relationship with advertisers. That's why we acquired Amobee. That's why we integrated. That's why in the last few, in the few months, but in the last 1.5 years, we are moving more and more resources into the enterprise solution. We added strong talent from the industry. We promoted people in our company to support this activity. We see success. We believe that this engine of growth for us is very meaningful already now. In the years to come, it will be the majority of the revenues from net revenue perspective like in two years from now and so on, it will be the massive revenue generator for us. We are making the right investment. Also, as I mentioned around innovation and AI, innovation in everything that is supporting the DSP, meaning connection to unique data, connection to special media resources and so on, mainly CTV, but also in-app and so on, which is AI resilient, in order to open up more opportunities with clients. We see very good traction in the market right now. People are adopting our technology, are happy with the results, and we believe that it will just enhance and accelerate in the rest of the year and will influence our revenues until the end of the year, but also in the years to come. Great. Thank you so much. You're welcome. Your next question comes from Maria Ripps from Canaccord. Please go ahead. Great. Thanks for taking my questions. I just wanted to ask about your momentum in mobile. With Unity and others now sort of integrated via SDK, how large is the SDK sort of integration pipeline beyond what's been announced so far? I guess, at what point does mobile in-app becomes large enough to contribute more meaningfully to consolidated revenue growth? Sorry, just the last question? The last point? I didn't understand. Yeah. It's just at what point does mobile in-app becomes large enough to contribute more meaningfully, to become a more meaningful contributor to your overall sort of financials? Okay. All this agreement, we started this in-app stuff, in-app activity acceleration last year when we adopted this strategy to focus on media channels that are less affected by AI, or we call it AI resilience. We believe that we know that web search and all that, we never touched in the past also sales, but web, we started to become drive revenues through that, and we believe that it will be more difficult. We said, "Okay, we will now basically focus on CTV." We developed this native ads activity in the end of last year. We made last year moves, the first move in mobile in-app in order to be efficient at growing in that. We feel that last year was a good start. We saw meaningful revenues coming in. We're accelerating now with Unity and other brands that we joined. Unity is a massive partner that we believe that we can grow a lot of revenue with them. We believe in mobile in-app in general. We feel that the relationship that we got with Unity, the mutual interest, the great technologies on both sides, the great branding that we have on both sides will help us to grow the revenues to be very meaningful. In general, mobile is already massive in our revenues. It's about 40%, and it's very meaningful already. If you look at CTV, it's close to 35, a little bit more than 35%. I think that on that front, we are already in a good place. Together, it's more than 75% of our revenues in general. We believe that we are in good spot. We believe that the two media channels that will grow in the years to come, and even until the end of the year, but mostly in the years to come, will be CTV and mobile in-app. That's why we are basically now structuring this agreement with mobile app, mobile in-app partners and also, of course, with CTV OEMs that are helping us to grow our reach, as I explained before, in order to have, like, more efficient, to offer like a better solution for clients that wants to work with us and need to get an extra reach, an incremental reach to their offering. Got it. That's very helpful. My second question is, you're investing another $15 million in Q3, so that brings total to $60 million. It represents a 6% equity stake. Can you maybe help us understand sort of the return framework here? Is the value here primarily in the commercial relationship and data exclusivity? Do you see a path here to a liquidity event for the equity stake itself? I think you touched a very good point. I think both. Meaning our commercial activity with the VIDAA/Hisense is growing year over year. We believe that in the next 24 months is the year that we will see the fruits of the hard work that we've done in the last few years in order to build this relationship and to nourish them and to build technologies that can really serve both sides in the equation. On a separate path, VIDAA has their own agenda, which is a very interesting company. They are one of the most growing OEM distributed TVs in the market. They are like number two or number three in the market, depends where you are measuring and looking at, but it's very impressive. There is no doubt that CTV is a major force and super important platform in this marketplace. When we're looking at VIDAA and on every initiative that they choose to take and to build, we believe in their management, in their support that they are getting from Hisense in order to take it to the next level. Their ambitions are to, of course, to turn this company to be a leading one in the market. We, we believe in this statement and this opportunity, which will increase the value of the company and will generate for us also equity value, which is bigger than the investment that we made. Got it. That's very helpful. Thank you. Thank you. Your next question comes from Barton Crockett from Rosenblatt. Please go ahead. Thanks for taking the question. I was curious about the seeming kind of disconnect between the first quarter Contribution ex-TAC growth of 13%, the commentary around acceleration in April and May, and more to come with the FIFA World Cup in June and political in the fall. The guidance would call for deceleration for the year to a 10% Contribution ex-TAC growth. Is, you know, is that conservatism or, you know, is there some other explanation for why the guidance doesn't match the discussion of acceleration? Thank you, Barton. It's a great question. It's helping us also to explain. Basically, in this case, when you look at also the results of the other companies, you don't see impressive growth in most of the other companies. Of course, there is a lot of risk factor in the market, still there, no change. We prefer to be conservative, so we increase the guidance in a number that we feel that is the right one for this period of time. We will keep watching our performance, which as we said in Q2, we still feel strong momentum and above expectation, which is good for us. When the time will come and we will assess if we can increase, further increase the guidance that we are giving. In this case, when we are looking around in the market and there is a lot of, a lot of elements around that are basically making it easier for us to be conservative when you look at them, because we don't want to overpromise in this case. We see that we are delivering well. We see in Q1, we feel that the momentum continue in Q2, we can always keep increasing the guidance as the time pass, and we get more confidence that the market is stable and going to the right direction. What you mentioned is super true. The market shows that there is opportunities to grow further through the FIFA World Cup games, which increase commercial activity and the midterm election that's supposed to do that also. We are optimistic, but at the same time, we are careful, and we want to do step by step. Okay. Thank you for that. One other topic I'm curious about. You'd mentioned that you're supporting agentic and you've got some MCP capability. Curious if you would see the future evolving to a world where agencies and marketers will be running access to many kind of marketing platforms through some type of orchestration layer within an LLM or chatbot like Claude. If so, if everything's gonna be going through Claude to orchestrate access to multiple different advertising kind of venues, does that mean anything for take rates, customer relationships, go-to-market? You know, your thoughts about how that evolves. Again, thank you for the good question. I think that the agentic, we are dipping into that. We are working very closely with all the, everything that is happening in the market around this technology that can basically assist companies like us. We are adapting MCP and AGCP in order to be able to utilize better our capabilities and to integrate agentic elements into our technology. I believe that agentic connection between companies will grow. I'm not sure that it, I think that it will accelerate things. I'm not sure it will replace people that are salespeople, because in the end of the day, you need people to create a relationship in this stage. A lot of this industry is still pending on relationship and good employees and talent in your company that will give the intuition, the direction, the thought leadership around these things in order to generate better results. For sure, it will make things faster, it will make things much efficient, and it will, it can, it can grow a partnership based on technology connection and not just handshake like it used to be maybe a few years ago. I believe that AI is like challenging us all the time and creating new fronts for us, which is a good thing. We feel that we are in the right position because I just want to remind you, the forum, that we are end-to-end solution. When you're end-to-end solution, the number of data points to the AI is very big, it's high, and you can influence the journey of the campaign in so many points, which is very helpful. The second thing is that our emphasis on data is helping us to feed the AI with more information in order to get the right decisions. The way that we choose to implement the AI is innovative, it's more transparent, it's more friendly to the users. It's like communicating with the people, not a black box that basically is being integrated. We are getting a lot of great response from our clients to this approach and to this technology that we built, and we feel that we are on the right path to that. I think that in the near future, there is more and more companies that are talking to us about integration, that are talking to us about how to integrate basically these capabilities. I'm sure that in the near future, which is couple of months here, we are not talking about years, we'll see more usage of agentic solution in the industry of the advertisers, and we will be one of the leaders on that front. Okay, thank you. Your next question comes from Tyler DiMatteo from BTIG. Please go ahead. Great. Thanks for taking the question. Ofer, I wanted to follow up on Barton's comments there because that's where I was gonna go. How much of the conservatism in the guide is predicated on overall macro and kind of some of those comments around the industry versus something more idiosyncratic in nature versus product adoption rates for the home screen, for example. How much of the conservatism is split between the two? You know, you need to assess every morning when you wake up, what's going on in the market. In general, we believe that everything that we control, we can of course manage, like processes, adoption mostly, issuing of new products and so on. In general, I think that you usually need to look at the market in a more careful manner. Like I said, I think that we raised the consensus. We are in good momentum. We want to keep some sort of conservativity around the decisions that we are making because when we are looking at things, not in everything we control 100% of the effort. When we are talking about partnership, you need two for tango. When you're looking at the economy, of course we are not controlling the ecosystem. I think that it's a mix of both in general. Yeah. Just to add to Ofer, you know, if you could promise us that macro will stay the same as it was up to date, we may increase the guidance more. I think the current guidance is reflecting a prudent approach, given the broader macroeconomic and advertising market environment. Okay, great. Then a follow-up for Sagi. On the EBITDA and the operating expense contribution to the business, if you had to prioritize kinda where the investment dollars are going, is it more about sales and marketing and the go-to-market and customer acquisition? Is it more about kind of tech and development and AI investments? Can you help us kind of frame up, like, where the dollars are going in terms of the reaffirmation of the EBITDA guide? Yeah, sure. I think that, you know, we will continue to invest in our key growth areas as Ofer mentioned. It's a good question. I think that most of our dollars are going into investment in AI capabilities, data and platform innovation because this is like It's not a bottleneck, but this is where we are seeing after we are deploying a new feature or a new capability, we are seeing like, you know, greater utilization of existing clients over our platform and ecosystem, and of course, generating more revenue and more cash for us. The second thing is that when everything is going, you know, so good and you are seeing the engagement, and you are engaging new clients as well because I have to tell you, I was in couple of our agentic AI presentation to different partners. I didn't really. They don't owe us anything because some of them are existing clients and some of them were new. Everyone said that we have the most robust and the most advanced capabilities around agentic AI that they saw. I think most of the money, if I need like 80/20, is going to innovation, product development. Of course, in order to follow that and in order to fulfill all the great engagement and adoption of our platform, we need to invest more in sales and marketing. I think we are investing in both, but most of the, of the resources and most of the effort is going to product technology and capabilities. Great. Thanks, guys. Really appreciate the time. Thank you. I just want to use the last, I don't know, one, two minutes that I have your attention in order to close this session by saying that we see the results from our strategic decisions, that we did great execution, drive improved results. We strongly support our strategy around our adoption and strongly promoting our DSP to focus on the AI resilient media channels of the CTV native and the in-app mobile, and to keep pushing and integrating and innovate around AI, which we strongly believe in, and we believe that will bring us a lot of value because of the points that I mentioned. I want to thank all our teams around the globe for their hard work, for their commitment, and for the great achievement that they generated in the past few months. Thank you very much, everyone. Ladies and gentlemen, thank you all for joining, and that concludes today's conference call. All participants may now disconnect. Thank you. Thank you.