Hello, everyone. Welcome to Perion's headquarters. My name is Doron Gerstel, and we prepared a great live event for you. Let's begin. Everyone, welcome to Perion's Investor Day. Before we get started, I must mention that the statements made in today's presentation may contain forward-looking information. Actual results may differ materially from what we are presenting today. The information you now see on slide two, that's slide two. On slide two of the presentation identifies and gives you details about some of the risks regarding those forward-looking statement, as well as where to go to get more information about our risk factors. With that, I very much welcome you again, to our live event. My name is Doron Gerstel, as you've seen in the opening. I'm the CEO and Director of Perion. I joined the company April 2017. Together with me, Maoz Sigron, our CFO, and the entire management that would love to host you today in our event. Let's get started. We have quite a busy agenda today. We hope we're able to manage it in two hours. We divided our agenda into two parts, and there is another one in the middle. At first, we're going to talk briefly about the last three years. The last three years from the point of a turnaround. That's something that I'm going to do together with Maoz. Then we're going to talk about our next three years, where we are heading, where is our North Star. We're going to talk about how it all fits together into a one very holistic solution. At the middle, which is a great connection between the last three years and the next three years, it very much has to do with four use cases that we selected. Those four use cases will be presented by our business unit managers as well as selected customers. Both of them are going to talk about each BU. This will be a way for us to demonstrate the importance of our customer and partners to our business and to our growth, in the next three years. The last three years set the stage for growth. I choose very much to start, which I believe is the most important strategic decision that management took back then mid-2017. The idea was, for an advertising technology company, what is the best way to overcome the volatility of this sector? We decided to adopt a diversification strategy. Diversification from the point of view of the Chief Digital Officer of any given brand, who is our main customer. Their decision that they need to make, it has to do with every year or in between every campaign, it's how to allocate its digital advertising budget. Allocate it based on the three main pillars of digital advertising budget. One has to do with social advertising. The second has to do with display, including CTV. We will elaborate a lot about the CTV. Last but not least, ad search. What you can see below here is the market and the total addressable market of those pillars. Most important, the main takeaway from this slide, is when the Chief Digital Officer is moving its budget from one pillar to another, because that's the journey of the consumer. The consumer is not very much saying, "Well, I move from social in my way to the office to display at the office and then to the CTV at the living room." Nobody informed the advertiser. The advertiser is very much shifting budget between those three main pillars. Perion capitalize on any shift in advertising budget allocation between those three main pillars. You want to get the example why diversification is the right way and very much hedge any sudden move in this business has to do with the next one. The next one is the slide, we all looking at the Google latest announcement that was coming end of last week. With this announcement, which they're very much not saying new things because we were well-prepared. The market was all tuned for 2022, where they said that they will very much ban the use of third-party cookies. Look at it from the point of Perion's revenue, and that's the pie chart that you have here. This diversification, which split it into the same color that I used before, is basically calling that only that search monetization for a good reason, search advertising is away from this announcement, as well as all the assets that we have in owned and operated and all the things that we're doing very much on Facebook and content monetization. What's left? What's left is very much the business of display campaigns. Within these display campaigns, I'd like to share with you that only 3% of the total revenue, or 14% of the display campaign may be affected. That's equivalent to a $10 million a year out of the $360 million that we are projecting. What we did and what we prepared a year ago for it. First and foremost has to do with contextual targeting. Contextual targeting is our ability to match the ad unit into content and doing it in a way that we don't need to use the third-party cookie. The other thing which going to be very important that's to do with this limitation is that those that are doing standard ad units will be mostly affected. Those that are very much focusing on the creative side of display, on rich media formats, will be less affected. The other thing that we did, we invested heavily on predictive analytics and machine learning in order to get the right match and less and less be dependent on the third-party cookie. Control via our owned and operated assets. That's another thing, because everything is a first-party cookie and not depend on a third party. Last but not least, the synergy between display targeting and search intent signal. We will talk about it more when we will talk about the search monetization business because everything has to do with the synergy that we have between the two very important pillar, the search advertising as well as the display advertising. With that, I would like to take a moment and look back on the last actually four years of what the company did. We announced just a week ago that the first quarter momentum is very much continued. The first quarter of 2021 is very much continue with the trend that we've seen in 2020. We announced a 31% year-over-year growth between the first quarter of 2021 and the first quarter of 2020. That allows us to look very much on our guidance, and we're looking about, at this point, 50% year-over-year growth. We talk about $370 million-$380 million on 2021. What are the key growth drivers? First has to do very much the Microsoft Bing partnership. We announced it on November 2nd, 2020. It was a very important announcement for us because we very much clear ourself for the next four years. It was very important for all of our advertising search monetization partners. They were a bit on the fence, they were a bit worried during 2020 what future holds. In this way, by securing the next four years, give them quite a relief, and we definitely saw it in the first quarter of 2021, where they renew their agreement in working with us even in a greater way than they did in the past. This partnership is something that we're going to discuss, but I can give you the highlight of it. Our forecast is calling for an $800 million of revenue in the next four years of this partnership. Accretive synergistic acquisition of Content IQ and Pub Ocean. Both companies have been acquired at the beginning of 2020, and I'm happy to say after a year that the synergy that we able to achieve was beyond our expectation and definitely helping us, and I will talk about it where this synergy plays later when we talked about the next three years. Intelligent high-impact ad unit. Another very important factor on our growth, where the market is shifting towards standardization. We believe that when it comes to what really matters for advertiser has to do with the creative. The creative generate engagement level that they're not able to achieve in a standard ad unit and the intelligent high-impact ad unit. More specifically, in a way where we are taking CTV into the iCTV, interactive CTV, is definitely was one of the main growth drivers in 2020. With that, I would like to call my friend, Maoz, our CFO, that he will provide more KPIs as far as 2020. Maoz? Thank you, Doron. Good morning, everybody. My name is Maoz Sigron. I joined Perion in 2017 with more than 10 years' experience as a finance executive with Nasdaq-listed companies. Over the last three years, we have been leading a financial turnaround, resulting in cost reduction, debt reduction, and improved cash position. All this achievement support our future growth plan. Now, I would like to dive into the financial reports. Over the last four years, we have reduced our OpEx level by 10%, from 33% in 2017 to 23% in 2020, while our revenue increased by 20%. Our SG&A to revenue reduced by 11% in four years, from 26% in 2017 to 15% in 2020. All of this was as a result of our consistent efforts to improve budget control, to enhance process automation, and to renegotiate commercial terms. In addition, during 2020, we acquired two synergetic companies, help us to reduce our OpEx level and improve efficiency. Over the year, we increased our investment in technology to 8% from revenue, from 6% in 2017 to 8% in 2020. We will continue to invest in technology, which is the significant part of our differentiation from competition. Our efforts during the last year help us to improve our balance sheet and enable future growth. Our debt reduced from $92 million in 2016 to $6.2 million at the end of Q1 2021. I am happy to share with you that today, we have completed our payment to Bank Hapoalim, and we fully paid the loan. We're expecting to have zero debt at the end of Q1. Our net cash improved from -$43 million in Q1 2016 to almost $120 million at the end of Q1. During January this year, we have completed a successful follow-on offering of $61 million with 7x demand. We would like to move to the next chapter on the Investor Day, Powering Growth. Thank you. Thank you, Maoz. The next part of our presentation today has to do with growth use cases. As I mentioned, we have four use cases, and I'm happy to introduce the next speaker, Dan Aks. Dan will present the concept of intelligent high impact in the display advertising. Dan was focusing on to what extent intelligent high impact play a major role in CTV in a way of iCTV. Dan, please. Hi, I'm Dan Aks, President of Undertone since September of 2019. I joined from the Perion board, where I served for almost 16 months prior. Having seen the rich potential in Undertone, I eagerly accepted the offer from our CEO, Doron Gerstel, to join the company. My excitement was not unfounded, as attested by our 2020 performance. Today, I'm here to discuss just one more of the rich opportunities available to Undertone to contribute to its clients' success in a way that perfectly aligns to Undertone's entire raison d'être. Specifically, the emergence of CTV as what is likely to be the preferred video content viewing medium of our time. CTV consumption is driving huge ad dollars with wide and growing viewership. The pandemic contributed to soaring media consumption, and adoption of connected devices is only accelerating. Habits have changed, with less commuting time for working-at-home employees. Only more video content will be consumed. The trick here, though, is how do brands make a strong impact in this new medium and be able to distribute their ads and not just be another commoditized video? There's an answer to that. Let's turn to slide two, which is focused on iCTV. iCTV ads are memorable ads, unforgettable results. iCTV ads are going to be the hero that fights commoditization of simple video distribution. Brands want to stand out, and they can use iCTV to be very creative. What is iCTV? Simply put, iCTV ads are ones that can be managed with a remote, allowing for the consumer to more deeply engage in the ads. When a consumer engages or sees creative ads, KPIs soar, and you see how they're more memorable. There's more time spent, t here's more engagement. That makes obvious sense. This aligns perfectly, though, with Undertone's intelligent high impact ads that we do in display. Undertone is the known expert and leader in designing and structuring ad assets into ad units that consumers with. For example, look at the Mercedes ad to the right. The top portion is a typical video spot that you would see on your TV. Below that, notice that there are three video thumbnails. These thumbnails allow the consumer to click on those to get further insight into the Mercedes SUV. They could look at the dashboard. They could look at the interior. They can truly engage with this advertisement. Interestingly, that turns what amounts to a typical 30-second spot into a 90-second spot. Think about that for a moment and what that means to an advertiser and their economics when paying for advertising. Furthermore, in the future, iCTV is going to become iCTV version 2.0, which will be personalized through a term called Dynamic Creative Optimization, which will make engagement and effectiveness yet even higher. These are all technologies that Undertone works with and is expert at using to create unforgettable results. In sum, Undertone can now take its expertise in digital ad design into an entirely new world, television, opening up markets for our services that we could only dream about in the past and take more market share of advertising budgets. Our advantage is only buttressed by our ability to articulate our creative design and structuring expertise across multiple screens and formats, making Undertone a multi-point solution, not being limited to a single-point solution. If you're an advertiser and you want to work with fewer people and have the same creative articulated through your entire campaign, then Undertone really is the choice to work with. Furthermore, we continue to reduce our cost structure through creative automation. We are driving a scalable solution for creative design, and that's our secret sauce. This is just another reason for my huge personal enthusiasm for Undertone's future. You don't have to just take my word for it. Next up is Bob Deininger, who is one of our largest customers from the Norbella Agency, who is expert at understanding the advantages of CTV, iCTV, future personalized TV, and why he chooses to work with Undertone and use our solutions. Thank you very much. Bob? I oversee the entire digital media team and analytics team. We've had a strategic partnership with Undertone for the last seven years, and have recently done some campaigns using Connected TV with Undertone. The world is changing. Undertone's really helped us keep up with what the trends and developments are. We're seeing the largest growth is, again, specifically Connected TV. It's not just the pandemic. I say the pandemic has been an accelerator, or a catalyst. The changes were already happening. What we are looking to do with our clients is taking the sophistication of digital and digital targeting, and applying that to other channels. The broadcast channel or the video channel is what we're seeing for Connected TV. One of our clients, Cybereason, which is a cybersecurity company, they help prevent cyberattacks before they happen, and they are in a very hyper-competitive field, and they have a brand awareness campaign to increase their visibility and credibility amongst target prospects. We have three different buyer personas, and again, what we work with Undertone is looking at what the right data partners were, whether it's Dun & Bradstreet, to look at the segmenting and the data segments that we could use to finally target those consumers. Undertone has the experience, again, through their use with other clients, of understanding what segments will work, be the most efficient and effective at reaching the target. We really rely on them to help us think about what the right segments are to reach the personas. The industry is dealing with, again, on the display side, the deprecation of the third-party cookie. Again, you look at Connected TV, and you look at some of the first-party data that some of the companies have, again, I think that's going to allow the Connected TV industry to continue to not just look at third-party data, but look at the first-party data and maybe appending that, to make sure that clients are reaching the targets that are most interesting to them. We know there's the relationship there. We know that there's a team that has spent a lot more time thinking about the ways to go to market. They have the relationships with the publishers, they've invested in the technology. I think one of Undertone's differentiations is, again, the Synchronized Digital Branding. Again, thinking about how a creative message can be delivered, not just to the desktop, but Connected TV, mobile, tablet. It's those situations where when we need that level of thinking and that level of service, that we rely on Undertone for, right? As digital is evolving, we look to our partnerships with Undertone to help us advise clients on the best ways to target digital, to measure digital, and to improve performance. Thank you, Bob. That was great. Our next speaker is Ziv and Asaf, Co-Founders and Co-CEOs of Content IQ, a company that we acquired beginning of 2020. They will demonstrate our next business use case, which has to do with content monetization system together with a good friend, Dev Pragad, the CEO of Newsweek. Ziv, please. Thank you, Doron, and thank you again everybody for joining. My name is Ziv Yirmiyahu, and together with Asaf Katzir, whom you're going to meet in a minute, we founded in 2014 the company Content IQ, which was acquired a little over a year ago by Perion. Asaf and I share the CEO position. Many of you know of the enormous challenges digital publishers are having these days. Everywhere we look, we see publishers struggling with declining traffic and declining revenues. Even though during this time, ad spend is increasing at a high rate. Publishers live in a world where the major platforms, led by Facebook and Google, no longer intend to share free traffic with them, and the publishers find themselves being expected to pay for their own marketing, just like any other industry. This dramatic change, combined with the publishers' challenge finding a suitable business model from a monetization perspective, is an existential challenge to this industry. We will hear from Dev Pragad, the CEO of Newsweek, how we, together with Newsweek, were able to address this problem. Well, it's no surprise that the big players like Google and Facebook have radically disrupted the digital media landscape. Quarter after quarter, year after year, they continue to grow. What does this mean for digital publishers like us? This means we got to be nimble, we got to be adaptable and very agile. This, I would say, is predominantly the biggest challenge all publishers face. The second, which is connected to this, is what do we do to sustain our ad revenues and what are the things we do to expand our revenue streams, and how do we sustain CPMs and grow them in this challenging environment? For a big and an iconic brand like Newsweek, organic is a huge part for us, right? That really is what defines our brand. Today, we are exclusively an organic website kind of publication. However, we are always looking for ways in which we can expand our reach. We tend to be very cautious when it comes to paid marketing and paid strategy. We've been quite excited about the prospect of partnering with a premium brand like Perion, who have invested quite significantly into building a sustainable paid strategy for publishers. I think what Wildfire and Perion bring to the table is that deep expertise and know-how in finding this audience and increasing our network. That's what we have been looking for. We have decided to focus on what we are very good at. What we are very good at is producing great stories that serve a need for our readers and serve the nation, right? Great journalistic brands are important for the democracy of a country. We have a very clear mission for that. Perion, what they are very good at is finding ways in which they can help publishers like us. My personal view is we should specialize on what we are good at, Perion should specialize on what they are good at, and we should partner together to create a bigger pie that everyone can benefit from. We produce an array of content across multiple verticals. How do we optimize and figure out which content does well on which distribution channel, on paid strategy? These are the things we hope Wildfire and Perion have the right analytical tools to track, measure ROI, and give feedback to us. That Perion can provide massive amplification to the content that we produce and give constant feedback on what are the content that's gaining traction within certain channels and not, so we can optimize the content strategy accordingly. Second, where possible, they can take things off our hands, drive great value, and add to the bottom line. Perion's Wildfire and their investment into that technology should definitely give us the ability to understand what piece of content is doing well on what channel and optimize accordingly. There are various ways in which you can buy traffic today and do your paid strategy. Often what I found is big publishers like us tend to shy away from them because we tend to have good organic distribution anyway. What's been missing is that know-how and the knowledge on how you go and attract this audience across this vast distribution channels. We have avoided so far from partnering with anyone because we couldn't find anyone that we could trust that was credible. Perion, given their size and their investment into it gives me personally that degree of comfort to entrust them with this responsibility. Even if someone is guaranteeing tons of money, if I don't have the level of trust with them, I wouldn't definitely not partner, because the brand is so iconic, it's so well-known. All it takes is one small mistake to cause us a lot of trouble. We can't risk that. Perion, with the leadership team that it has, and where it is as a business today, I have no hesitancy in trusting them. Thank you, Dev. Hi, everyone. My name is Asaf Katzir, and I'm Co-CEO of Content IQ together with Ziv. Now that we've heard from Dev, I'd like to share with you what we've built here at Content IQ, which is the modern infrastructure for operating a digital publishing business in a profitable way. What we've taken is the four pillars of digital publishing, which is distribution or user acquisition, the websites and infrastructure, revenues, which is the monetization aspect, and of course, the content itself, and we've applied data and analytics tools to each of these aspects. Taking Newsweek as an example, our mission is to increase the value from each user visit to the website, which we refer to as a session, defined as the length of time the user spends on the Newsweek website and the revenues that Newsweek is able to generate from this session. To go into each of these aspects in distribution, our campaign management platform and real-time revenue attribution applies e-commerce marketing strategies and concepts to marketing published content. For websites, we've built our own CMS, Content Management System, with unprecedented configuration capabilities, which runs on highly scalable infrastructure to support growth. For content, A/B testing capabilities and real-time analytics increase the engagement, and as a result, improve revenues again. For revenues, for the monetization, sophisticated ad delivery and programmatic dynamic ad placement drive significantly higher revenues for each user visit. Overall, the results of these four systems working together enable publishers to succeed in this challenging digital world by maximizing the revenue for user session. Thank you, everyone, and back to you, Doron. Ziv, Dev, and Asaf. Before we are moving into our next use case, please don't forget to submit your question on the Q&A section. We're going to have all management here, at the end of the presentation, answering your questions. Please take advantage and submit it for us. Our next use case has to do with ad search. Why ad search is so important? In our efforts very much to capture the consumer journey along the funnel, from awareness, consideration, and then to intent, we are reaching where is the best place to capture their intention, where they demonstrate their highest possible intent, if not when they use keywords on the search bar and looking for the results. This is the area where advertisers see it as the best place to engage with a user with a high possible intent. I very much would like to introduce my friend Tal, as well as Mike, that is going to talk about this use case, which is very important in us tracking the consumer along the funnel journey. Hi, everyone. My name is Tal Jacobson, and I'm the General Manager of CodeFuel, Perion's search technology division. I have over 20 years of executive experience in the high-tech industry in Israel, and had the privilege to be part of some of the success stories at companies such as Similarweb and McCann Erickson. Here's the most crucial fact about our business. Search ad spend keeps growing year after year, and last year was even booming. Why does that happen? For advertisers, search ad platform is the most targeted place to find your users, your customers, exactly when they want to buy. They wake up in the morning, they write exactly what they want to buy, and you can target that. That's the perfect platform for advertisers. Why is it growing now? Because throughout the years, people kept moving to buy online. In the past year, COVID created a quantum leap in that, so ad budgets really went up. That's a crucial thing for CodeFuel. The more ad budgets in search that goes up, the better it is for CodeFuel. In the last two years, we invested heavily in technology, in AI machine learning, and through that, we were able to increase our business, coming to over 9 billion searches a year, helping advertisers find customers at the exact moment at the exact place. We've signed a strategic agreement with Microsoft, which we'll talk about in a minute. We're working with different search providers to help us gain more and more markets worldwide. We also work on different new technologies and products hand-in-hand with Microsoft, and I'm happy to say that we're seeing some very positive signals from those products. Let me show you an example of how we use our technology. One of our best technologies is search mediation, powered by AI and machine learning. When we think about search, we normally think about the person that types in a search query. That's not usually the case. A lot of the times you don't even know what you're searching for. This is called an exploration phase. If you want to buy a phone, you might read an iPhone review or a Samsung review. At this point, our machine learning with the algorithm that we've built, will show you the exact keywords that we think would interest you the most. Through that, in our search mediation, we'll find the best search provider that will show you exactly the ads that you're looking for. This solution provides the best user experience, the best monetization solution for the publisher, and obviously the best solution for the advertisers. We've announced on November second the renewal of our Microsoft strategic agreement for another four years, increasing our markets to 34 countries and including new products. We estimate that the value of this agreement will generate about $800 million. Let's hear it from one of our partners how he's using our search mediation platform to grow his business. My name is Mike Wyner. From 2009 to 2020, I worked for the company that was known as Yahoo, then Oath Inc., then Verizon Media. As part of my role, I was the product manager of Yahoo Search. In 2014, I created and ran a program called GINSU, which was the company's display and native-to-search solution, which reached a huge volume over the next seven years, and it was my baby. Last year, I left Yahoo to found my own company, Barking Ad Media. I've been in the industry for tech for 25 years and in search for 12. It's good to still look like this after 25 years in tech. Search monetization and search to the internet is absolutely the most effective way to advertise, bar none. It brings in the power of actual consumer intent, and the unique ability that search engines have to distill it is beyond compare. While it's true search engines are ubiquitous, we have a number of search engines around the world, and they're already reaching most of the users. There are some really key points around this. The internet, number one, the internet keeps growing, right, in terms of new users and new use cases around how people are searching. Search is right in the middle of all this explosive growth of new people. There's still innovation. We have, five years ago, if someone had said to me, "Well, cookies are going to disappear," my hair would've gone on fire. I don't have any hair because of COVID, but if I did, it would've gone on fire. Now we can bring context to search. We can meet publisher demand and advertiser demand just understanding context. Using the search mediation solutions in CodeFuel is perfect for Barking Ad Media. It's exactly our sweet spot. We needed someone who understood not just where the internet is today, but specifically the crux between an advertiser, a publisher, and a consumer. It's just I can't mention it enough. It's so critical that having the right partner who understands this, it's such a dynamic industry, and because things are constantly shifting, you need to find someone who understands that it's a moving target. I had a boss that used to say, "You don't want to skate to where the puck is right now in hockey. You want to skate to where the puck is going." That's exactly how CodeFuel works, it's a trustworthy partner. Everyone knows Perion. They're publicly traded. You can trust them. CodeFuel is a perfect arm, and that's why I look to them, from someone who understood what I want to do as a media solution. Using the technology that CodeFuel have, they help me in every aspect of what I'm doing. Imagine, if you will, I'm a media buying company. I look around and I say, "Oh, I'm going to buy media from here and from here and from here." There are a number of publishers I can work with, a number of advertising, and CodeFuel instantly knows how I should be buying my business. Do I show a product listing ad versus a text ad? Well, of course, somewhere behind the scenes in CodeFuel, they know exactly how I should be doing this. Whether it's machine learning that have worked with all their other clients to understand this business or the AI that they've built over the years, they just know, hmm, maybe it's not a text ad in this case. Maybe it's a keyword block I should show in this case because they have all this experience doing this. That instantly they can help me find the correct monetization option for what I need. It's not cookie-cutter. It's an approach that's directed right to me. They guide me to the right solution. They help me test it. I've got an account rep that helps. Everyone is engaged in finding the right solution for me. It feels very personal to me, which is so exciting because working with a lot of these other solutions, it's kind of faceless, and you're a number to them. Working with CodeFuel is very different. My assumption is because they've built things the right way and they treat their customers the right way, it's just the key to success, and it's why I love working with them. Just because of my initial, my last few months of working with them, I can tell you how successful it is. The AI is working. The machine learning, whatever is working behind the scenes is working perfectly. It's either that or Tal has 100,000 people working there that he's hiding. I don't think that's it. I think it's the technology behind everything that's working perfectly. I'm really, really happy to be using CodeFuel. Hi. Thanks, Tal and Mike. That was a great presentation. Before I move on, we are doing great on time, and we're getting great questions. I encourage you to really use the opportunity and meet management and submit your question on our Q&A section. The next use case is Paragone.ai. Earlier today, we just announced Paragone. That was after almost 18 months that we are working together with Havas Media. This global agency, which running on over 140 countries and offices around the world, where our design partners taking what previously known as MakeMeReach into a completely new SaaS platform. Now we felt that we reached the right time and very much open it for general availability for other customer. With that, I very much would like to call Shai. He's the General Manager of Paragone, as well as Jorge, which is our good friend, the Global COO of Havas, which were very much the mind and the user behind Paragone. Shai, please. Hello. My name is Shai Alfandary. I'm the General Manager of Paragone.ai, formerly known as MakeMeReach. We are a campaign monitoring platform for social advertising. A bit about myself, I've been in the enterprise software business for over 20 years, and I'm very proud to take this business and drive it for Perion. Why do CMOs increase so much spend? Why do they care about social so much? Consumer habits have changed dramatically in the past year as people moved indoors and online, a lot because of COVID. As a result, online sales have grown rapidly. In fact, entire sectors have been adjusting their online strategies to the new conditions. It is not a surprise then that according to Gartner, 78% of B2C CMOs are shifting budgets to social this year, as those channels simply lend themselves very well to targeting audiences online. Let's take a look at an account we just closed last week, that is PlusDental. PlusDental sells those invisible braces online, like Invisalign in the U.S. They are active across eight countries, manage $15 million in social ad spend a year, and run dozens of campaigns concurrently. We spoke with Sophie, the Head of Performance Marketing at PlusDental. The problem she faced is a problem of scale. Essentially what she told us, that it is impossible for her to optimize their social spend when she has to run 100 campaigns manually. It requires around 70,000 manual decisions a year. That's a lot, right? 70,000 decisions a year, 100 campaigns a day, two decisions you make on each campaigns a day, 365 days a year, 70,000 decisions. This is impossible for a human to handle so many decisions accurately for anything. All the more so on someone else's money. Imagine, as an analogy, for example, that you went to your private wealth manager at Merrill Lynch, and they told you that they are making those decisions about your own money manually without the aid of a decision support system and without the aid of an underlying machine learning and an AI capability. You would probably tell them that you'd probably go to work and engage with Morgan Stanley. Without such tool, the probability to make mistakes increases. As a result, performance drops. People tend to overcompensate for underperformance with additional ad spend, and the waste just surges. Many of these companies, performance marketers, end up throwing good money after bad money. Their managers are not happy. They are unhappy with their team. The team gets exhausted. That's why you need us. That's why you need an app. Paragone.ai introduced recently APM, Actionable Performance Monitoring, for social channels that acts in real-time with the promise and the offering to give three things. The first one is to be able to keep track and monitor cross-channel campaigns in real-time. That is thanks to our data collection engine that helps us ingest and harmonize cross-channel campaign data in real-time and scale. We focus on social, and that is like the expertise of that type of monitor. The second thing is the ability to predict the ability to meet campaign targets. Per campaign, we know how to tell you if you are going to hit your goals or miss. We are giving you recommendations, specific recommendations of what you need to do in order to hit those goals. Right? That is thanks to a very powerful machine learning and AI capability that we have baked into the platform. The third thing is the ability to act in real-time. Thanks to our automation engine that helps us automate workflow with a rule engine, a naming convention, an ability to automatically promote ads to the different channels. We are capable of doing that. Yes, all of this magic was done for PlusDental in a SaaS session. We deliver our software as a service. Within a few hours, she was onboarded, up, and running. We closed the deal just a week ago. By now, her team is completely onboarded and can start working with it. Not only PlusDental is using Paragone. We have a few well-known brands who have adapted our technology, including Sony Music, Disney, Universal, Breitling, and Havas. We've been granted a couple of awards this year by G2 Crowd for the ease of use and as a high performer. I'm excited to introduce Jorge Irizar, the Global COO of Havas Media. Havas Media are one of the biggest, most renowned agencies in the world have worked with us on the future of social advertising and were a great design partner for us. Recently, they have decided to standardize their entire hundreds of millions of dollars ad spend they manage for their clients on our platform. That's big news. It resulted in a $1.3 million ARR deal for us, strategic deal that we closed for a couple of years, and we see the future with them, as they plan to extend beyond those two years, even further. Delighted to be here with Jorge and have the opportunity to talk about Havas and Havas' view of social and how Paragone.ai is helping Havas Media reach its goals. Just quickly, Jorge, why don't you give us a bit of background on yourself and talk about the social practice within Havas Media? Yeah. My name is Jorge Irizar. I'm the Global COO of Havas Media Group, who's part of Havas, part of Vivendi. We are one of the holding companies. The media division, we are around 8,000 people active in 70+ markets. Maybe we can kind of bridge from that into the role of Paragone as perhaps that single source of truth. I know you did an RFP, and you ended up consolidating a fair amount of your business on that platform because of its ability to automate, connect the dots, a centralized platform, that freed some of your people from the more mundane tasks. Maybe you could just walk us through what that process looked like and what value Paragone is bringing to your operation globally. It's bringing values in different levels. First thing, your technology is allowing us to connect different platforms, different ecosystems in one single space, which is very important because we can better plan, we can better trade, we can try to optimize reach and frequency. Also we are saving time because we don't need to unlog from one partner platform to another. We have a single space, a single control where we can activate all the paid social. It help us also to have a better reporting because we have all the data consolidated in the same place. It's helping us to optimize time, to optimize planning and trading and therefore effectiveness, and to also focus on insights instead of reporting when the campaign is finished. What you just described, cross-platform, cross-channel integration, that's going to become more of a reality in the future. Talk, if you will, about how the flexibility and the automation of Paragone is able to work with the rapidly evolving nature of social media. Today, we are using Paragone for mainly for social media. We have over $100 million activation a year. The idea, we're working with different teams to try to, again, as I mentioned before, integrate more the technology at the planning stage for social and also try to integrate other channels. The channels can be e-commerce tomorrow, channels can be online video, no social media platform, but online video. Can be OTT, can be everything, every video content you can distribute in an automatic way. That's the goal. Yeah. That's the goal, an ambitious goal. I think something Paragone can help us in the future is on measurements. Again, I think the big challenge we have as an industry today is to have a single approach on measurements. We are able to deliver incrementality, incremental reach, incremental awareness, incremental sales, depending on the nature of the campaigns, depending on the KPIs. We are finding with Paragone is when we have a problem, they help us. When we have a challenge, they help us to fix it. When we want to create something new, they're ready to partner with. They care about clients, they care about supporting the client in the long term, and this is very important. I heard that your plan is to move more of your media spend and deepen the relationship with Paragone in the future, given everything you just described. Maybe you could sort of just end with your expectation for the future. Today we have a multi-year contract with Paragone, which give us a long-term vision, first thing. Second thing is we want to increase this partnership in two ways. One is with more volume, with more media activation through them, and also to try to explore other opportunities in terms of tech, as I mentioned before, in the upper funnel, in the planning stage before the trading, and also in the way to connect different touchpoints beyond social media. Thank you, Shai, and thank you, Jorge. Great presentation. Before we move to our last chapter in our presentation, which is the next three years, it is important to mention. While you heard different use cases, there is one thing in common. Actually, two. The first thing in common, I mentioned that we are putting our customer at the center, and that has to do the Chief Digital Officer of every given brand. For a Chief Digital Officer, it always has to do getting the most, as they call ROAS, return on ad spend. Return on ad spend is not limited to one pillar. It's very much looking about the three main pillars of advertising that by now I'm sure you know by heart. That's social advertising, display advertising, and search advertising. That's why, because their consumer is very much moving from one pillar to another. When it comes to frequency, how many times you meet this user? When it comes to reach, that's why we're able to look at it from a holistic standpoint, and I will very much going to focus in how all fits together from a product solution standpoint. For the next three years, but before talking about the next three years, March 8th is a very important day for all of us at Perion. We are very much mentioned this day, the International Women's Day, and for that, I invited a great friend, she's part of the Board of Directors of Perion, Joy Marcus. Hi, Joy. Are you on? Great. Good to see you. I cannot hear you, but Okay, Joy? You there? Okay. I'm here. Hello. Good. Wow, so far away, and it seems like you're here at Perion. Yeah, I feel that I'm there. Thank you so much. Sure. Pleasure. Same here. First of all, I just want to say thank you very much to Doron, and my colleagues on the board of Perion, and the management team for kind of inviting me to speak about this very kind of important issue on a big day in the world. International Women's Day has been around, I just learned this, since 1911. The world came together and decided that we collectively, as humanity, need to do something to advance the state of women in the world. I do want to say first thing that as a board member of Perion, I am one of two women on the board out of six outside directors. So Perion is very much working on having women participate at very high levels in the organization. It kind of really is a leader in the advancement of women, I would say. Diversity, generally, is not a nice-to-have. I think what we've learned over the last year through various studies, through McKinsey & Company in particular, issued a study very recently, diversity is a must-have for companies. It yields better results. We see that results of companies with diverse management teams yield between 21% and 35% better results than companies that do not have diverse management teams. About, I don't know, a year ago or so, really just six months after I had joined the board of Perion, the board asked me to take a look at how we were doing. I had some experience, I think you can see from the slide. I have a lot of digital media experience. I most recently ran the digital video area at Condé Nast. I had been in companies which did great on diversity, and those that did not do so great. I felt that Perion could be actually great. That's what we're striving for. In this context, we looked at what was going on at Perion. What we learned was, we were almost half women at the company, which is relatively consistent with the overall workforce, at least in the U.S. right now. Women have joined since the 1950s, really. Women have joined the workforce in greater and greater numbers, we're entering universities at a 50% level. This did not really surprise. I think we're doing just fine on this. What we looked at more closely was, how can we help pull women through to the upper echelons of the company? As we know, women face very unique challenges in the workplace. Assumptions about their role in parenting, in particular, tend to hold women back. What could we do, as a company, to help them? We have begun various initiatives. You can go to the next slide. What we are working on at Perion right now is flexible work, and that benefits everyone. It benefits not just women, it benefits all parents and makes us a more effective organization. We are leading in maternity and parental leave. Again, disproportionately, parenting tasks fall on women, we find. Anything that we can do to enable a flexible work environment and a work environment that allows our employees to become parents and to be effective parents, will help the company overall. We care very much about both the mental and physical health of our employees. We have a number of programs dealing with nutrition and work-life balance, and really anything that affects kind of the mental and physical state of our employees so they're operating at maximum effectiveness for us, we're there for it. We're also taking a leadership role in our communities, joining efforts such as SheCodes, which is aimed at increasing the number of women in tech roles. Perion is leading in its communities, both in Israel and in the United States, to engage with these efforts and to support these efforts that will lead to a greater representation of women in technical jobs, which is, as we know, a great equalizer. Finally, we have our own program, Women Lead. It's new. We've just initiated it, and it is specifically targeted at creating, for example, mentorship capabilities within the company that, again, help pull women up. We have women, we have great women working at the company. Our job to create a better Perion, a more effective Perion, is to help those women gain leadership positions in even greater volume than they do today. We could not have a more supportive board, management team, and workforce to do that. I'm really quite sure we will succeed in our efforts. Again, thank you for shedding some light on this on an important day, an important historical day. Doron, I will take it back to you. Joy, thank you. Thank you so much. I want to thank you on behalf of all of us. I know the hard work you are doing in order really to get to a stage where we will feel equal, in our organization and probably beyond. Thanks again for everything. I will move on into the next three years. I very much would like to look at it from total addressable market standpoint. Since we are dealing with 2024, the ad spend, the digital ad spend, is going to climb to more than $500 billion. Again, I think we need to look at the gap, the gap of $200 billion. This is where it's coming from. As I mentioned before, the best way to look at it is from a consumer behavior standpoint. Because if we understand how consumer definitely responsible for this gap, we'll understand what the advertisers plan doing. From a trend, consumer behavior trend, so we definitely see the increase, and I don't think it has to do just with COVID, that consumers spend more time in front of screen. More time in front of what screen? More time, more in social, because we are in lockdown and because of some other things, which is increased, as Shai was mentioning, and I think as Jorge was mentioning from Havas, the huge increase on social advertising spend. Advertisers definitely see the social platform is a great place to look for those consumer that spend more time. The next one has to do with the growth of OTT, over-the-top, or all the internet, all content that is being delivered in the internet. CTV is a subset of it. We definitely believe that it's not even question of if, it's a question of when, where all traditional cable cord TV will move into the OTT. We see it as a result of the CTV, as Dan was very much mentioning, and Bob, because everything is now shifting, and that's a great opportunity for advertisers. We, in a way, and I will address it more on our Q&A, is very much taking approach because in the CTV trend, you're able to see a huge commoditization flow where we call it a standard CTV opposed to the iCTV. There is a question of Laura that I will address later on, why now iCTV is gaining momentum, because this was being used in the past, as you mentioned. The third element, and this is not surprising anyone, is the shopping online. COVID year took us to the next level. The point is very much, this will go back when we will feel safe. I don't think we'll go back. I think that we're just being exposed to all the possibility of shopping online. There is another thing that we need to remember as a consumer, and this is we have a lot of data into it, that consumers search before they buy. There is a high correlation between shopping online and doing searches. It's free, it is credible, and why not search before? When you search before, we're able to see that this is the area where I mentioned has the highest level of intent. I can mention to you that in the first quarter of 2021, and we'll report it on our earnings call at the end of April, where we able to see more than 20 million searches a day. Highest record than ever that we've seen before. This is very much a result of more online shopping and a great place to increase the search advertising spend. The $200 billion is definitely going to come from those consumer trends that, as a result, advertisers need to align with those consumer and able to capture them at this area where they are spending more of their time. The most important slide in my presentation, because how it all fits together, it's quite an engineering slide, but I hope you'll get the idea. What we are very much accomplished in the last three years is we are working on both sides of the house. One side has to do with the demand asset, as you can see on the left side, and one has to do with the supply asset that you're able to see on the right side. The interesting part is what we are developing in the middle. What we are developing in the middle, described as Intelligent HUB, and following the hub and spoke model, a point-to-point solution. The hub gives us a great possibility to very much taking demand from one side, and we mention here that this can be a very high CPM, and instead of very much publish it only on the pub network, the Intelligent HUB that we have here allows us to put it and look at it on the own and operated sites that we have, something that Ziv and Asaf mentioned in their presentation. We can also place it in Newsweek, where Dev was mentioning that he's looking about more credible, reliable type of ad units. This is what we bring into the market. It's a way for us to develop what we called our own walled garden to be more dependent on first-party cookie than third-party cookies, and we will address the cookie issue later on. More than that, the demand that we are getting from Bing and has to do with product ads, has to do with display to search, has to do with a lot of demand that is out there from Bing and Bing partners. It very much allows us to find a great supply for this demand asset. This is something that we have, and we've decided very much to look at it in a most holistic way and invest a lot. Maoz was mentioning the engineering budget that we're putting here on the Intelligent HUB. I can mention to you that since it's a first-party data, we able also to develop a Perion publisher audience graph, where we able to see and able to gauge data across our assets, which is a very important advantage for us. This is how we're going, and this is what the next three years is going to be. Just to end, we are going to add more supply assets here and more demand assets here, but all in our walled garden, all that will be connected into our Intelligent HUB. Since I mentioned the fact that we will grow, definitely some of it is going to be organic, but some of it is going to be inorganic. What we're looking for, I will show you in a second. This is very much our acquisition strategy. We're looking about three areas. One has to do with DCO. We want to continue and strengthen our intelligent, high-impact ad units. We want to add another layer to this intelligent, high-impact units with personalization layers. We're looking to acquire a company that can provide this type of layer of personalization, all in all, to increase the engagement. All in all, to provide a way better KPI, if it has to do with attention, if it has to do with engagement with our user. The next one is very much to what extent blockchain, which is a technology that it's already there, but not being so much in use in media. One of the things that we're doing in our search monetization lab is looking about blockchain platform and in what way we're able to enhance the search privacy, which we believe is going to be the next topic of the industry. Last but not least, has to do with Dynamic Ad Insertion, known as DAI for OTT. We are looking to enrich our iCTV offering, not just with the level of DCO, but also with ability to insert those, what we call then high-impact ad units to OTT through our own DAI, Dynamic Ad Insertion technology. Those are the three areas that we're looking at. Because of that, as Maoz mentioned, we did the follow on and increased our cash position that we're able to look and definitely enrich our offering. From acquisition criteria, I want to share with you that this is definitely one of the things that we've decided to develop as a framework. The framework of that acquisition must be accretive. We are believe that the only way for us to retain those talented founders in its team for a long time is developing what we call 25/75, which is only 25% is the cash on hand, and the rest will be on earn out either for two years and three years. It works extremely well in the last three acquisition that we've made. We believe that that's the right way to developing synergy and integration with our other asset. Yes, it's required to be a standalone operation because of the heavy on earn- out. We believe that from an M&A perspective, that's a way to be very successful. Last but not least, those founders, entrepreneur, like the other team of Perion, must demonstrate a strong entrepreneurial talent. I would like to end with my last slide, which is very much taking everything that we heard into where is our North Star. Where is our North Star from where we want to be at the end of 2023? We are, as management and the entire team, is very much working through a multi-year, in this case, it's a three-year revolving operational plan. In other words, we have a very detailed operational plan, how we are going to get into the $500 million mark by the end of 2023, and we very much would like to even surpass it, which represent a 15% CAGR from where we are today. So far, very good. We just showed that in the first quarter of 2021, we showed a 30% year-over-year growth, which is way more of the 15% CAGR. We had to adjust our guidance to the street to be $370 million-$380 million. At the same time, we are very much like to improve our operational efficiency. Moving from a 10%, as you can see here, to EBITDA, to a 12% EBITDA to revenue, as we would like to have in 2023, has to do with the synergy. With that, I very much would like to thank you for participate. We're going to have now a session of Q&A. I will ask the entire management to join me. A few of them will join through Zoom because they are in the East Coast, and the others are here in our headquarters. Let's get started. Hi, guys. Trying to get organized. Together with me on the call, to my left is Shai, from Paragone.ai. As you mentioned, Maoz, as you already know, and Tal. On Zoom is Dan, right? Dan Aks is there? Yes. Very good. As well as Asaf and Ziv, right? Okay. We'll see them later. Okay. Questions. The first question is going to be David Sizemore sent the question. He was asking what kind of companies you look to buy. I think we covered that one, in terms of our targeted. There is a question that came from Jamie. With Undertone and iCTV, can you discuss how much of Undertone business goes beyond commoditized activity? Can you mention any related KPI? Dan, if you are there, can you talk about our intelligent high impact and the focus on creative, which is completely shifting from the standardization, commoditization that is become so popular in the market? Doron, the trend towards using iCTV techniques, as I said earlier in my presentation, structuring assets in a creative way to make them more effective, applying skins, QR codes, other things inside of CTV, is absolutely a growing part of the business. I'm not going to be specific about how much of the business it is today, but there's no question that the business is heading more in that direction as advertisers seek to stand out and make their brands clearly differentiated in video assets, which in the past have tended to be very standardized. Now giving them the opportunity to do customized things in video can only grow from here. Thank you, Dan. Now I have, Jason? Yep. Hey, how are you guys? Can you hear me? Hi, Jason. Hey. I'll ask you, too. Nice job today. Thanks for doing this. Maybe let's just talk about the Google Chrome, because that's very top of mind for people right now. You're saying it's a 3% kind of headwind that you can see in the numbers. Are there any other either negative or positive derivative impacts you're seeing from this announcement? Maybe help us understand, has Microsoft. What do you know from them? What have they said to you about this? Are they thinking about any browser or search policy changes? A second question, this is for Dan. Maybe let's do the search one, then I'll ask Dan a question. First about the negative and the positive. First, I want to mention that this didn't hit us by surprise. We all know that this is going to happen, and this is something that we were well prepared. The project that we were focusing was very much on contextual match. That was our idea, in what way we need to be less, very much depend on the use of third-party cookies, and have a contextual match. That apply to what Undertone is doing with their high impact intelligence, as well as what Search is doing with their native display to search to search. Everything is there, is very much using the same contextual engine. The other thing which I think is playing our favor, it has to do with what parts of creative, what type of ad unit more depends on third-party cookies and what is not. The thing that very much compensates, let's say low level of creativity, depends more on third-party cookies. I think the fact that we are focusing on a high impact creative definitely play to our favor. I think that the other thing which is one of the major assets that we acquired is very much to what extent we can rely on our own and all, or asset rate. In other words, for instance, business will give us huge supply in this way that we very much control. This type of relationship is something that is needed. I think it's quite unique, for an ad tech company to have both side of the equation, the demand side that is coming from brand and agency, as well as with our search partner Bing and the supply side. In a way, we understand that we need very much depend on ourself, depend on ourself in developing our walled garden. Having said, integration with what The Trade Desk is developing and what very much Google is developing is definitely integration that we see that this is definitely something that we need to do because they are control quite substantial portion of the traffic and the ad attribution in the market. Just a quick one on CTV. It's probably for Dan, but is all of the CTV impact in Undertone, or is it crossing into other product areas? How does Undertone get paid on the iCTV ads? Is it creative production plus, or media spend, or both? Thanks. Dan, you want to take it? Yeah, I thought you raised your hand. I thought you wanted to answer the first one. No, I mean, you're doing better, Dan. CTV and iCTV are vastly Undertone's area at the time. In terms of how we're paid, we're paid on a CPM basis. Obviously, iCTV, the CPM is going to be substantially higher than CTV in recognition of the additional work that goes in to creating that very effective creative, as well as it recognizes the supply of iCTV versus CTV in general. Does that answer your question? No, I think Jason was talking about another thing which has to do with the pricing. There is quite a correlation between the engagement and the KPI that we're able to demonstrate to our advertiser, in this case, the brand, and the CPM that they're looking to pay. I think it was one of the question here, is what we're getting paid. On the iCTV, we're very much getting paid a very, very high CPM, but only if the consumer engaged with those videos on the screen. If they're not being engaged, we're getting CPM like any other video that is being there. Once they're getting engaged, it's another level, quite substantial level, on a higher CPM. From obvious reason, not all of them that watching this Mercedes-Benz video is clicking on the remote control, but those that does are definitely compensate us and compensate well. The next question is from Laura. Laura, are you there? Yeah, is she on Zoom? Okay. I am. Oh, hey, Laura. I had so many. Oh, sorry. Here I am. I apologize. Can you see me now? Yeah, we cannot see you, but we can hear you. Okay, great. Well, I'll just do that then. Okay. I had a bunch. I had a bunch, so I don't know which ones you want me to ask first, but I was really interested in the fact that I think a lot of your interactive ad units are based on VIZIO TVs, which are about 15% of the U.S. market. I'm wondering what your action plan is to roll out to the other 85% of U.S. markets. Could you talk about maybe that first? Y es, definitely. Oh, now we can see you. Very much has to do with the proliferation of iCTV, has to do with establishing alliances and relationship with other content provider that can enable this feature. Currently, we're very much limiting to the one that we are working on. I'm sure that we are doing extremely efforts to expand it because, without them, we were not able to present this feature to our advertiser. On that product specifically, do you only get paid if a consumer clicks on the remote on the ad? No, we're getting paid twice. The first time they're getting paid is just by effect that we're showing the video unit. That's one, which has to do with the normal payout on CTV. This is first payment. We're getting a kicker when they're using the iCTV. Okay. My last question, I'll just limit mine to three. My last question is, Google has said they will not support individual IDs. They're going to do the Privacy Sandbox, which is suboptimal because advertisers really want to close the loop between their ad spending and actual purchases in the real world. My question to you, as an expert in the space of the open internet is, five years from now, will the open internet, without Google, be able to stick with things like universal ID or LiveRamp, where you're actually tracking consumers so that you can close that loop to purchase in the open internet? Is everybody going to become a victim of the Privacy Sandbox and have to adopt that because Google's at 40% of the open internet today? What's your opinion on that? Yeah. My opinion here is that, first of all, the second part of the Google announcement, that was the real surprise. If the first one was something that we were expecting to happen, the next one was a real surprise because saying out loud that they will not support something which we basically see as something which is providing a level which makes sense for us, a level of privacy, has to do with consumer consent, and has to do with the fact that this was really well-positioned. I think that was quite a surprise. To your question, I think that if we're taking ourselves five years from now, I think that this is definitely going to be quite an alternative to what Google will offer. I think that the consumer and publisher definitely need to support where their consumer is very much looking at. I don't think Google, as big as they are, can stop this trend from happening. I do believe that this open internet is definitely something which we will see, and it's going to be, I don't know if the majority, but not something as maybe Google is planning to completely shut it off before it even started. Thank you very much, appreciate it. Thank you. Hi, John. Hello, Doron. Hi. How are you? I'm doing well. I was a bit nervous with all the technology that we have in the last hour that you can imagine. Yes, please. No, I can imagine. Actually, I just have a quick question. I'm not sure if you have the answer to this, but I was just thinking, in relationship with Bing. Actually, many in the U.S. have been switching from large tech companies such as Facebook, Twitter, and Google that have censored conservative views. They've been going to smaller tech companies. I'm just curious if you're aware of any increase in Bing's market share since this censorship has begun. Yeah. First of all, I can tell you that Bing market share is being increased, especially outside of the U.S. There is a reason behind the fact that they expand in our agreement, the new agreement from six countries, from the previous agreement to 34 countries now. We can mention Australia as one of the countries where Bing is looking exactly to expand its market share because of what's happening to Google there, and I'm sure you guys heard it on the news. Western Europe is definitely in an area for them for expansion. They are, I can say, following very much the headwind that Google is getting in some of those countries. It's not so much in the U.S., as you can imagine, but they are developing new product. They're definitely looking at mobile as something which they need to put way more attention. Voice search is very high on their agenda as well. They're working closely with their partners, and we are one of them, to team up in developing joint product that their aim is to take more and more market share. Tal, you want to add something here? No, I think you're definitely right. We see more and more that Bing are gaining market share. One of the example is Australia now with news, and we're seeing that Facebook and Google are pulling out, Bing are getting in, which helps us. The more that Bing is getting stronger, the more advertisers we have, the more budget, RPMs are going up. For us, it's good news. Very good news. All right. Great. I appreciate that. Thanks for taking my question. I had a sense that Bing was probably gaining market share. I just wanted to make sure that my assumption was correct. Thank you, Doron. Definitely. I just want to mention one thing. Bing is now part of Microsoft Advertising. That's an organizational change that happened last year. I must say that we are now part of a way larger business unit that providing us a great possibility for as well as demand and supply because of our tight relationship with Bing. The next question came from Jeff from Roth. The question was, "How much of contribution do you expect from CTV, iCTV, in the next five years?" I think that this market is definitely growing in a way higher, greater pace than any other sector. We are enjoying very much this growth. I must tell you that we are getting into a point that a large portion of all insertion order that we are getting from our agency and brand has an CTV, iCTV element into it. This is one of our major KPIs. Brands definitely see it as something that they cannot ignore. We believe that currently, it's at 10% of our advertising business, and it's going to get to way higher numbers in the next five years. W ho's in Zoom? John? John from Stifel? Yes. You hear me? Hi. Hi. Great. Well, thanks for taking the question, and great to see some of your business unit leaders presenting today. I was just wondering if you could give us a sense of, especially as your advertising segment has evolved quite a bit over the last year with the addition of Content IQ and some other assets. If you can give us a sense of the relative revenue growth contributions of some of the various business units to the advertising segment, and then any color on organic growth trends, in recent quarters by BU or expected contributions to the projected growth in 2021? Any color there would be really helpful. Yes, absolutely. I must say that one of the most important thing, and that has to do with the day after we're making the acquisition. While we keep those acquired company, as I mentioned, as a standalone, key emphasis has to do with synergy. Especially with developing the Intelligent HUB. It is very hard to distinguish the contribution of the Content IQ versus the other assets that we have. Because for a specific demand that we have, the Intelligent HUB is very much asking the question, where is the right place in order to optimize and maximize our margin from this demand unit? That's very much what we bring here. In this case, it all has to do with us optimize our margin. It's really difficult. I think that the strategic move that we did by acquiring the Content IQ and later on the Pub Ocean, is that it's enrich our possibility from supply standpoint. That give us a great mediation capability between matching between demand into supply. The three years that I mentioned, of the 15% CAGR, at this point, we are looking it from achieving it organically. We think that this is something that we capable doing. Definitely, we are looking in the next three years to do an acquisition from a point of $120 million, $130 million in cash. As Maoz mentioned, as of the end of the quarter, no debt whatsoever. G enerating between $35 million - $40 million net cash from operation, I think that we definitely have a great position to enrich our portfolio with possible acquisition, as I mentioned, on our use case. Thank you. Yeah. Guys, do we have any more questions? No, we don't have more questions. I think we did great on time. I was a bit nervous before, but I must tell you, I enjoy very much our conversation. I want to thank, first and foremost, the customer, our customer, that were part of this Investor Day. One. The second has to do with the company management, that we are working hand-to-hand, getting the most value to our investor. At the end of the day, to have fun. With that, I would like to thank you, take care, and hope to see you face-to-face next year. Thank you very much.