Good day, and welcome to Outbrain Incorporated third quarter 2023 earnings conference call. This time, all participants are in listening mode. A question and answer session will follow formal presentation. As a reminder, this conference is being recorded. Now I'd like to turn the call over to Outbrain's Investor Relations. Please go ahead. Good morning, and thank you for joining us on today's conference call to discuss Outbrain's third quarter 2023 results. Joining me on the call today, we have Outbrain's Co-Founder and Co-CEO, Yaron Galai, Co-CEO David Kostman, and CFO Jason Kiviat. During this conference call, management will make forward-looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. These risk factors are discussed in detail in our Form 10-K, filed for the year ended December 31, 2022, as updated in our Form 10-Q, and in subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the call's original date, and we do not undertake any duty to update any such statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's third quarter earnings release for definitional information and reconciliations of non-GAAP measures to the comparable GAAP financial measures. Our earnings release can be found on our investor relations website, investors.outbrain.com, under News and Events. With that, let me turn the call over to David. Thank you, Randy. First, I want to touch on the situation in the Middle East. At Outbrain, we stand with the people of Israel who have been affected by the recent events. Our hearts go to all the people that are impacted by the horrific situation. We all know people that have suffered, and we pray and hope for better, peaceful days in the region. I want to take this opportunity to thank so many of you. First and foremost, our employees in Israel and around the globe for your unwavering commitment, our business partners and our investors and analysts for the outpouring expressions of support. This means a lot to us. From an operational perspective, we have approximately 380 employees in Israel. About 30 have been called to reserve duty. Our offices are located in Netanya, north of Tel Aviv, in the center of Israel. The safety and well-being of our employees and their families is our top priority. Since October 7, we have continued to execute on our business priorities and deliver on our commitments to our customers. We do have business continuity plans in place should the situation further escalate. Now, I will turn to our financial results and business trends. We are pleased with the resumption of year-over-year growth in Q3. We grew Ex-TAC gross profit by 8% to $56.8 million, within the range of our guidance. Our adjusted EBITDA of $10.3 million exceeded significantly the high end of our guidance and can be attributed to the top-line growth and to our cost discipline. We also saw improvements in our Ex-TAC margin. In terms of current trends, the macro environment, which remains volatile, combined with the ongoing situation in the Middle East, leads us to a more cautious outlook for revenues and Ex-TAC Gross Profit in Q4, as you will hear from Jason. Since early October, we've seen a spike in war-related news pages, which are generally more difficult to monetize as certain brands have brand safety concerns around these type of pages. We have also experienced some brand budget cuts and delays in launching campaigns, resulting in slower than normal seasonal Q4 uptick. Despite these near-term headwinds, going into 2024, we are excited with our differentiated position in the market, which focus on the premium side of publishers and advertisers. Our platform offers full funnel results for advertisers at scale on the open web and enables total publisher revenue and audience growth, all leveraging our AI-driven prediction engine. We believe this provides us with a strong foundation for further growth in 2024 and beyond. Let me turn to the advertiser side of our business. Outbrain has traditionally been and continues to be a cost-per-click native advertising customer acquisition platform that uses AI to deliver strong performance on CPA goals across the open web. Yaron will touch on Q3 notable investment in AI and automation capabilities in our core buying platforms, such as the growth in our codeless conversions feature for our self-serve advertiser base. We continue to innovate to drive return on ad spend and scale for a diverse set of performance advertisers. We are seeing growing adoption of our performance DSP, Zemanta, with traditional Amplify clients moving budgets to buy more effectively across open web SSPs and not only on the Outbrain marketplace. As a reminder, Zemanta operates on a% of spend through the platform, and we have seen record levels of spend growth on Zemanta in 2023. On the branding and awareness front, at the start of Q3, we launched Onyx, our new brand building platform that runs video, high impact display, and rich media ads, leveraging our brand AI to maximize user attention. Since the launch, we have worked with more than 100 brand advertisers. These advertisers include Sephora, Paramount, L'Oréal, Lancôme, Nestlé, and many others. For many of these advertisers, we are demonstrating that we can outperform incumbent vendors through a unique combination of better creative, running on high attention placements, and utilizing smarter technology to drive attention. We continue to consistently deliver above benchmark results in terms of attention. For example, with our high impact display ads on mobile, we see an average 58% higher attention rate versus the Adelaide benchmark. Also, in our video business, which is a core component of our Onyx offering, we switched our focus from Outstream Video to instream pre-roll, leveraging our Video Intelligence acquisition. This shift is starting to pay off with higher margins for the video segment. We expect video to be even more strategic for our future growth. Another differentiated element of our offering is the ability to drive both performance and awareness for brands. This makes us one of the very few companies beyond the walled garden that can deliver advertiser objectives across the full funnel consumer journey. As an example, for many years, AARP has been leveraging our Amplify performance platform to drive objectives like audience development. Now, we have expanded the relationship to encompass branding objectives, where Onyx will help them build brand awareness with potential new members. These types of engagements with advertisers get us excited about our strategy to address a larger segment of advertising budget from both new and existing clients. Despite some of the slowdown in brand advertiser business that I referred to, we still expect to close the year, as we said before, with $10 million-$20 million of Onyx business. Moving to the publisher side. We continue to focus on improving the performance of our premium publisher wins over the last 12 to 18 months. Among our renewals of long-term partnerships in Q3, I want to highlight L'Équipe in France, Berliner Verlag and Zeit in Germany, as well as Vox in the U.S., a partner we have been working with exclusively for close to a decade. We are currently engaged in several discussions with large publishers globally and feel strong momentum driven by several elements of differentiation. One, our focus on having a balanced portfolio of premium global publishers, with no single publisher taking up outsized demand. Second, the Onyx premium demand, and third, Keystone capabilities and product vision. To sum it up, considering the current macro environment and the situation in the Middle East, we are more cautious about our short-term revenue outlook, but we continue to leverage our cost discipline to drive profitability and cash flow generation. We are pleased with the resumption of year-over-year growth in Q3 and expect further acceleration in 2024, leveraging our strategic investments. With that, I will turn it over to Yaron. Thanks, David. I want to join David's comments and clearly say we stand with the people of Israel, and together with our colleagues there, we are committed to overcoming and to continuing the great level of service and product that all Outbrain customers and partners have come to expect. Since our last call, we've added several new Keystone partners, New York Post, The New Republic, Entrepreneur Magazine, Publisher Desk, and others. During this last quarter, we started experimenting with an added business model for Keystone, where its cost is covered through revenue sharing on publishers' ad slots. We believe that this addition will help us further accelerate Keystone with more publishers. Two updates on the AI front, one algorithmic AI and one generative AI. First, one of our core AI algorithms has been Conversion Bid Strategy or CBS, which automates for advertisers the optimization of their ad campaigns. When using Outbrain CBS, an advertiser can automatically maximize their conversions or their return on ad spend, which is also known as ROAS, and CBS is based on our homegrown AI algorithms, and a majority of our current advertiser campaigns are running on CBS technology. This last quarter, we've deployed a new technology that upgrades CBS with codeless capability. Using this codeless layer, marketers on Outbrain can now significantly accelerate the pace of deploying new conversion events and further improve their ROAS. This technology marks a significant stride in our dedication to marketing automation combined with self-serve functionality, and it will be a foundational layer for more automation capabilities we're planning to build upon this new layer in coming months. Second, on generative AI. One of the most exciting frontiers for us with generative AI is the automation of ad variety. Ad variety is like algorithm food, and the more variety we have in our ad index, the better our algorithms can match each individual ad to each individual person. So ad variety results in better ad matching, which ultimately leads to higher click-through rates, also known as CTRs, and higher RPMs. One of the earliest AI capabilities we built almost 10 years ago was for automated image cropping in our ads. So, for example, our technology will auto-crop an image to better focus on faces or the areas of interest of an image. This has been a CTR driver for us for many years. Now we're experimenting in the lab with generative AI capabilities that will also enable the reverse, upscaling of images and growing them while filling the new image spaces with automatically generated content. Another generative AI capability we're experimenting with in the R&D lab is the automatic creation of face variation. Now, for an advertiser might upload an ad with a photo of one model, and then our technology can automatically offer the identical product image with a variety of, say, 20 different AI-generated model faces. Both these capabilities are still in R&D lab mode with early test groups. We expect these types of capabilities to significantly boost our ad variety, which will improve the appeal of Outbrain's ads to more people and ultimately help continue driving our click-through rates. Anecdotally, following all of our recent investments in algorithmic and generative AI, our advertising CTRs these past couple of months have been among three-year record highs. This is especially encouraging in light of the weaker demand environment. As a reminder, our yield is a result of ad pricing times click-through rates. With that, I'll hand it over to Jason for our financial results. Thanks, Yaron. As David mentioned, based on our growth and cost discipline, we exceeded our Q3 guidance for Adjusted EBITDA and achieved our Ex-TAC gross profit guidance. From a demand perspective, the quarter started off relatively strong in July with year-over-year growth, followed by weakening demand trends in August before a partial recovery in the last weeks of the quarter. The early portion of Q4 has shown a flatter pattern than the seasonal lift we historically see this time of year, which is driven largely by softer demand to start the quarter, as macro and geopolitical uncertainties weigh on ad budgets, as well as the impact of the news cycle on certain advertisers' budget usage, as David mentioned. Revenue in Q3 was approximately $230 million, reflecting a slight increase year-on-year. New media partners in the quarter contributed 5 percentage points or approximately $11 million of revenue growth year-over-year. Net revenue retention of our publishers was 95%, which, while up meaningfully from the last several quarters, reflects continued headwind from the impact of the demand environment on pricing and yields, which is the primary factor driving retention to be below 100%. As noted in the last few quarters, churn has remained low by our standards, with logo retention of 96% for all partners that generated at least $10,000, and our five largest churns amounted to only 3 combined points of year-over-year headwind in Q3. Ex-TAC gross profit was $56.8 million, an increase of 8% year-over-year, outpacing revenue growth, driven primarily by improved deal performance on certain media partners and the net impact of revenue mix. As noted, our ongoing focus will continue to be on optimizing deal performance. Moving to expenses. Operating expenses decreased approximately 11% year-over-year to $43.8 million in the quarter as we continue to exercise discipline around spending. The largest component of this is compensation-related expenses, which were down approximately $5 million or 14% year-over-year, as we have focused on driving efficiencies in our operations. Non-comp expenses were down slightly year-over-year as we continue to exercise prudence. Notably, bad debt expense, though down from H1, remains at elevated levels as compared with our history, as a higher number of customers are facing cash flow pressures in this environment. As a result of our cost management and growth of Ex-TAC Gross Profit, displaying the leverage in our model, Adjusted EBITDA was approximately $10.3 million in Q3, growing meaningfully year-over-year and exceeding the high end of the guidance range. We believe there continues to be meaningful room for operating leverage in the future, particularly as we drive more and higher-yielding demand through new products like Onyx and our expansion of video, and assuming a return to more favorable macro environment in the future. Moving to liquidity. Free cash flow, which as a reminder, we define as cash from operating activities less CapEx and capitalized software costs, is approximately $2 million in the quarter. While we are pleased to return to positive free cash flow in the quarter, we still see pressures on working capital, particularly around collections, with elevated DSO levels remaining from Q2 into Q3. As a result, we ended the quarter with $214 million of cash, cash equivalent, and investment in marketable securities on the balance sheet and $118 million of long-term convertible debt. In December, the company's board of directors authorized a $30 million share repurchase program, incremental to the $30 million program fully executed in 2022. Year to date through September 30, we have purchased approximately 2.5 million shares for $12.7 million. We continue to believe it's an attractive way to enhance shareholder value under current market conditions. Now, turning to our outlook. Uncertainty from macro and geopolitical events and the typical back-half-weighted nature of Q4 seasonal uplift are considerations in our decision to present a wider-than-typical range of guidance for the quarter. In our guidance, we assume the continuation of the softer demand trends we have seen in the first weeks of Q4 and assume that seasonal increases in ad spend will occur at levels below what we've seen historically. With that context, we have provided the following guidance for Q4. We expect Ex-TAC Gross Profit of $59 million-$64 million, and we expect Adjusted EBITDA of $13 million-$17 million. Now I'll turn it back to the operator for Q&A. Thank you. I'll now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. This time we'll pause momentarily to assemble the roster. First question will be from Shweta Khajuria of Evercore ISI. Please go ahead. Thank you for taking my questions. Jason, I have a couple for you, please. On the last point that you talked about on the outlook for the fourth quarter, could you please provide a little bit more color on quantifying the magnitude of the headwind that you are baking in the guidance from macro in Israel? And then if you are also, I believe David said you are also account still expecting $10 million-$20 million from Onyx. So how should we think about the tailwinds and headwinds that are accounted for in the fourth quarter guidance? And then, for 2024, without any official guidance, how should we, at a high level, think about acceleration in growth rate for 2024, given the exit rate? Thank you. Hey, Shweta, it's Jason. Thanks for the question. So, yeah, so maybe I'll just give you a little more color on the guidance and what's driving it. So, you know, we're using our normal forecasting process, which is a seasonality-based model, and it takes, you know, up-to-date trends, what we're seeing in our RPMs, and page views and running it out. Supply for us is fairly straightforward. It's locked in, it's long term, not very many meaningful changes. Demand, you know, remains the harder thing to forecast, especially, you know, now as advertisers may be reacting to the macro and geopolitical uncertainties still. So we're considering the trends that we've seen in the first part of Q4, where we saw an impactful step down in demand, and applying that forward, we project a softer than typical seasonal lift in Q4. And that does also have an impact on Ex-TAC margins. So maybe just to give you color to kind of what we saw. So, you know, we did see the last time we spoke, you know, here three months ago, we saw positive demand trends, you know, a couple of months in a row, in June and July, building strength of demand and yields, which, you know, along with a typical, you know, Q4 seasonal uplift, was the basis of our prior forecast and guidance provided last time. Obviously, we've now factored in what we've seen in October, which is, you know, first we saw a softening of demand trends, you know, in August versus those July levels, with some recovery in September. But then October started off weaker than expected, from a demand perspective relative to what we expected, coming out of September. And we saw that softness increase over the course of the month, really correlating with the onset of the war. Maybe a data point that would help would be, you know, we saw October revenue grow 1% sequentially from September, which is very low. You know, we typically see 6% or more, you know, the last many years. Six percent, I think, the last two years and more even before that, based on our history. So several drivers, hard to attribute specific amounts to specific things, but maybe just to, you know, we do see certain budgets paused or delayed near due to the macro and geopolitical uncertainties. It's hard to know if that slow start we saw, you know, even before October seventh, and the attacks was, was just delays in, in, in advertisers setting budgets, which is something we did see a lot of months this year, was that, you know, the first week might have been slow, but then the, the month kind of comes together. Or if it was, you know, the macro pressures reducing budgets, right? So hard, hard, hard to know exactly. We also see just headwinds from demand mix as a negative driver. So some of the higher-yielding segments are being more impacted. Examples, you know, affiliates, Outstream Video for us and, you know, a couple of our two largest geographies seem to be taking a softer trend, you know, U.S. and Germany than some of the other ones. And you know, as David mentioned, you know, certain brands blocking pages with content related to the war out of threat and safety concerns. It is meaningful, you know, as it's a significant percentage of our really of our most valuable pages this last month or so. And maybe just a stat on that would be, you know, if you look at our top 20 publishers, 25% of their page use related to war-related content following the attacks, and it remains around 15% still. These are not, y ou know, we're talking about U.S. and European-based, typically higher-yielding pages. So, you know, not all of our supply is news-based, but it is a meaningful portion, and obviously, the lower RPMs do affect take rates as well. So, hopefully that gives you a little bit more color. And then I think you also asked about the Onyx. Yeah, we do still expect the- Let me take Onyx. Sure. Yeah, I'll take Onyx. Yeah. So I think you heard from Jason. I think it's, I can tell you from looking at my career, I mean, it's a huge level of volatility and uncertainty, and that I haven't seen before, this generally, which is impacting what Jason said. On Onyx specifically, we had, you know, we launched it in Cannes. We had great feedback. We launched more than 100 campaigns at this point. We're seeing both new advertisers advertising. We see cross-sell to existing performance marketers that are leveraging Onyx to also drive awareness. So we're very excited about it. We see the numbers growing significantly month-over-month. I mean, we talked about relatively small numbers, so it, it's exciting. So we stand behind the number even for this year. And looking into 2024, generally, we see Onyx and video as- Significant growth drivers for us as a company to move to become a full funnel partner on the open web is, has been a big move this year. So we see the fruits of that effort, you know, these efforts will bear fruit and, result in, in growth next year. AI, that someone mentioned also, we see significant potential from that. On our performance business, the growth of share of wallet that we see through moving some of, our segments and large customers to Zemanta is, is also a, an important growth driver for next year. And, just growing our publisher relationships with, you know, innovation, broadening the strategic value with Keystone. So these are the growth drivers. We haven't given any guidance for 2024, but, you know, overall, when we look at all the reports out there, I think the general sort of growth and sort of EBITDA margin levels that we've seen, I think we still, you know, believe that we can achieve those. Jason, anything else? Nope. Okay. Thank you. Thank you, David. Thanks, Jason. Thank you. Our next question will be from Andrew Boone, JMP Securities. Please go ahead. Thanks so much for taking my questions. I wanted to touch on new publisher revenue. It slowed to $11 million. I think that's the lowest number you guys have reported as a public company. How are you guys approaching new publisher deals going forward, and how do we think about that, the process of adding more content? Sure, I could, I could start. So, you know, obviously we had pretty, pretty big numbers for the last, you know, 4 or 5 quarters in double digits. It was 12, 12% growth from new publishers last quarter. There were a lot of large wins. You know, we talked about them last year in 2022. We're obviously focused on, on the premium, side of the market, you know, premium publishers and, and, and, and, and full funnel, full funnel advertisers. You know, before, before that 12% and, and, and, and, and so on for a few quarters, 7% was really our average for a long time. It's not a linear thing now. Obviously, you know, some partners are larger than others, and it's really not something we expected to stay at that level going into H2, you know, as we really focus on calibrating supply and demand, you know, improving the performance of on current deals in this demand environment. I think 7% is probably a good average over time to continue to think about, Andrew. And we feel pretty good about sort of competitive position there. I mean, also these deals, they're not linear. Sometimes in certain quarters we have many of these potential new deals. I mentioned in my prepared remarks, we, we're excited about what in the pipeline. I think the differentiators of focusing on the premium side of the market are helping us. Onyx is exciting for publishers, Keystone, the vision and the value that it brings also. So we feel good about that, and I think that number will continue to fluctuate also depending on the market situation. We look at, when we look at new deals, we look at sort of the total economics of the deal, the impact for advertisers, the margin, and but also the total dollar value that we can generate. So we feel good about competitive position and outlook for new business, but it will fluctuate. I also wanted to ask about MFAs. There's just new concern in the industry that feels like it came up this last quarter in terms of made-for-advertising sites. Is there any impact that you guys are seeing, or, or how does that relate back to Outbrain? Thanks so much. So, I'll take that. So there's been a lot of c overage around this topic. I think the topic has been further clarified. First, just on the general statement, it's very difficult to classify what is an MFA. Many publishers, sort of their objective is to drive advertising. I think it's difficult to put all of them in one bucket. There are different types of MFA. MFAs, I think many of them, you know, generate real value for advertisers, having real people go to content and advertisers reach audiences that they want to reach at an effective cost. So that's generally hard. Specifically, it's we said previously, it's less than 5% of our ex-TAC revenues, so it's not that significant. In terms of driving traffic to MFAs, I think you probably saw the Jounce R eport. 80%-90% of the traffic that's driven to them is generated by social and search. So again, we, as long as they meet our strict content guidelines and all the other requests that came to terms of security and fraud, et cetera, I think there's a great category of advertisers that we have. Generally, our focus as a company has been also on helping and supporting quality journalism, premium journalism around the world, so we provide vital revenue to them. So it's, it's, again, part of our overall business and combined with our premium publisher business, too. Thank you. Thank you. The next question will be from Dan Day, B. Riley FBR. Please go ahead. Hey, morning, guys. Thanks for taking the question. So, appreciate the update on the algorithm, AI, bidding strategies there. Just maybe if you have any data points or anything you could share just on, you know, the subset of advertisers that, you know, you think are using these kind of AI tools better than others, and whether there's been an uplift in spend and performance for them, and then what you need to do to get those that aren't using them to kind of start using these AI tools, and maybe that helps increase spend per advertiser for those. So any thoughts there would be great. Thanks. Thanks, Daniel. You're on here. So AI, you know, first, as I mentioned in the comment, splits for us into two big buckets. One is the algorithmic AI, which we've been building in-house for almost a decade now, and the other is the generative AI. The algorithmic AI are technologies that we deploy across the board, and so they apply to all publishers, all advertisers within our system. We don't update on the results there all the time, but we did mention last quarter that for the first half, I think we've seen an increase through those algorithmic AI changes of potential click-through rate of 4%. And I did mention in this call that we've seen in the past couple of months those have been among the three-year record highs in terms of CTRs. And that again is attributed a lot to all these all these AI changes or technologies that we've deployed. On the the couple that I mentioned on the call, those are in lab R&D mode. As I said, we are live with them on a few advertisers. What we're doing with generative AI, AI is really trying to attack ad variety from all directions. So I mentioned this in a previous call, an advertiser might upload a campaign or even one ad, and through generative AI, through our ChatGPT integrations, we'll expand that and offer them 200 other variations, which they can decide whether they accept and add to the campaign automatically or not. So those tools we're embedding into the product itself. They are available to, ultimately, to all advertisers, but it's really up to them to choose which ad varieties they want to implement and choose. Many of them have been doing it, especially as it relates to creative and, and headlines. The newer stuff of image upsizing and all that, that is still available to a limited number of testers. Okay, great. Thanks. Just to turn it quickly to gross revenue and take rates. If we look beyond 2023, like, I know there were some pressures from, from minimum guaranteed deals that you did on, on sort of the take rate year-over-year in 2023. As we look to 2024 and, and put our model together, like, just to make it easy, if we were to assume gross revenue is flat, is there any reason we'd think that take rate would expand just from, you know, whether it's minimum guarantees rolling off or, or, or anything other puts and takes there on, on take rate for 2024 relative to 2023? Yeah. So, you know, don't have a specific, you know, number for you or anything like that. You know, obviously, kind of, always when the take rates come up, I mentioned that we focus on next tech dollars and not really the take rate percentage, especially of the total portfolio. But, you know, there's certainly, you know, obviously, as the rates kind of come up these last couple of quarters, you know, we've been focused on some of the things we talked about actually when it was coming down, you know, in the quarters before that, which are, you know, optimizing deal performance and, you know, scaling some of our new supply and existing supply to drive higher rates. And we've had some success there. We continue to focus on that. It's, you know, one of the main things we do, both manually optimizing and, you know, our AI optimizing, learning the audience of our partners and serving them better. So the kind of thing that we do feel gets better in time, and, you know, it typically takes several quarters. But mix is always a factor as well. It could be a, you know, positive or negative factor, you know, up to even a point in a given quarter. So, you know, it's hard to say. Obviously, it depends also on the demand environment, and you know, some of the things that we're doing, you know, with Onyx and the expansion of video, we see as margin lifters going forward as well. So obviously, our goal is to drive it back up. Understood. Thanks, guys. Thank you. Again, to ask a question, please press star one one. Our next question will be from Ygal Arounian of Citigroup. Please go ahead. Hey, good morning, guys. Hope you're all doing well, and families and employees back in Israel as well. Just maybe on Onyx, if you could expand on that a little bit. Looks to be ramping well, and I know that one specifically is geared more towards you know, brand budgets and what the impact you're seeing on brand. Feels like maybe you're not seeing it on Onyx, but you know, maybe it's doing better than expected. Just some of the puts and takes around as that launches in the current macro will be helpful to understand. Hey, Ygal. First, thanks for your kind words. It's David. So Onyx launched in Cannes. As I said, it's been a successful launch, so it helped us position the company, our branding dialogues with the big six holding companies in a very different way, where we can broaden the value proposition and really offer a full funnel offering that we think is- Mm-hmm -quite unique in the open web. So we work with brands from performance up to consideration and awareness. The formats are different than our traditional native formats, so it's really focused on primarily video, and it ties to the acquisition of Video Intelligence and pushing us more into instream video that is more relevant for Onyx-type campaigns. We have high impact display that relies a lot on our Brand Studio, where we take existing creatives and help the brands work on them to create to generate better levels of attention and impact from those ads. Number-wise, we went into Q4, when we launched in Q3, I mean, these budgets are normally determined sort of ahead of time. So we were relatively, what we think, conservative in our assumptions of the $10-$20 million was a broad range. We still stand behind that. Feel very comfortable about, what we're tracking its pipeline month-over-month growth. It's, it's very strong. Current environment is not very helpful. As, Jason mentioned, part of the impact we see generally on the, on, on Q4 is brand budgets pulling back from, for example, news-related pages, and general macro environment is very volatile. So, we're taking that into account when, you know, we, we talk about the guidance for Q4. But we're very excited about it. When we look at it strategically, it really changes the whole value proposition for us to our advertisers, our positioning in the market, and it's, for us, a significant growth driver, Onyx video, that sort of go together in 2024. Thanks, David. That's helpful. And for Jason, given the challenges in the macro, the outlook in terms of EBITDA and profitability, essentially unchanged from what it was last quarter. So feel like you're maybe tracking ahead there, making a little bit more progress. Can you just give us an update on your thoughts around EBITDA and free cash flows? We kind of work our way through the rest of this year, and you know, how you're expecting or even cost management for 2024. Thank you. Yeah. No, obviously, we've been very focused this year on a lot of what we can control, which is, you know, operating more efficiently, more effectively, you know, hubbing of teams and just, you know, more automation and all of that. And so, you know, we've been improving over the course of the year, even our outlook and actuals on the expenses with, you know, driving to positive cash, even in this environment, as the goal. You know, we did return to positive cash flow in the quarter and expect to stay positive and grow, you know, on it in Q4. Obviously, the headwinds on top line are limiting to what's gonna happen in the short term there, but we do expect to generate positive cash flow in Q4. You know, obviously, as we get to 2024, nothing to share now, but that's still, you know, the mentality we have as we make our plans for next year, which is, you know, generating cash and obviously, you know, continuing to run you know, as efficient and effectively as we can. Great. Thanks a lot, guys. Thank you. This concludes our question and answer session. I'd like to turn the call back over to management for closing remarks. Thanks, operator. We appreciate your time with us today, and we look forward to updating you again in the next quarter. Until then, we wish our colleagues and friends in Israel a speedy end to the war, a return of the hostages, and peace to all people in the region. Thank you. Thank you. Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.