OB - Earnings call transcript Q1 2022

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Operator

Greetings, and welcome to Outbrain, Inc., First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator instructions] As a reminder, the conference is being recorded. I would now like to turn the conference over to your host, Jason Kiviat. to over and you, you. Thank

Jason Kiviat

thank Good today's joining on for call morning, to results. and conference XXXX discuss us quarter you Outbrain's first

and the have David on today, and Co-CEO, Co-Founder Kostman Garofalo. me Co-CEO, Yaron Elise Joining CFO, Galai; call Outbrain's we

for will management our are current results statements forward-looking statements to to cause actual risks and and in differ statements. year These call, expectations reports conference based assumptions. are from factors and XX, Form this and ended make the forward-looking filed During XXXX, discussed in December may our materially These filed subject on XX-K detail with uncertainties that Exchange risk the subsequent the Commission. Securities

the to statements statements. any and original such date not non-GAAP presentation to Forward-looking of we includes also financial update only Today's speak measures. references call's undertake as do any duty

to quarter first of GAAP refer the should and earnings measures release the financial to information in reconciliations definitional the comparable information non-GAAP contained Company's You measures. for

our under can turn to be Our that, Events. David. the call website, me News IR found earnings let With and over release on Investors.outbrain.com

David Kostman

for softness and supply for same us. seeing, Jason, and many demand, are time, the a all by lesser our macro advertisers U.S. our our At around especially extent, issues. against where which chain in joining we you thank business, delivered Europe, we In QX, the accounts impacted in companies like in are the in guidance Thanks, industry, we of XX% and to some of provided.

lowering result, we year. are As guidance our the for a

the our bullish be opportunity. market very to continued and on We positioning

Keystone. development increase value fast-like Yaron shortly. while an will are elaborating share this network supply initiative to media called and for to thrilled be And new greatly our market strategic are We expand new continuing entirely stream to It's the announce a to Outbrain. on and owners, revenue generating of media gained

constant currency million of a with and up QX in million, or basis to guidance a line results. Lapping adjusted the profit we was to last our very $XX.X X% EBITDA Ex-TAC X% exceeded our QX provided. gross $XX.X on turn strong guidance, Let's year, our

believe and owner across this of announced exciting At the media reaching for side, of solution, in Sankei's Springer, March, the wins partners from as Outbrain signing March, media they At properties. focus power our with a the that multi-year, competitive along results largest unique environment and new Japan's Microsoft. announcement, dollar of Axel Digital, bidders. of can Microsoft Sankei the and million this the Open that from us the relentless Continuing On exclusive marketplace. of was partners experience as flagship for well two our Microsoft expanded benefit our digital to hundred partners partner become a return to competitive publishers, recommendations last They an largest up this to benefiting one Open again, properties partnerships RFP one point end sports business, With results count quarter with of the with to shift relative end recommendations real-time delivering hundreds preferential publishers, other news the supply trying and site to BILT site. Outbrain the had the trend, multi-hundred the comes of chose us. major years this on a other and renewed for several of chose replacing media us. QX We several access Exchange Europe's of on. several players on also moving will top multi-year shift some nature in WELT, of partnership other Microsoft's inventory millions had in deal the properties view after Sankei in continue and exclusively the our several their to users. and we top-XX started major we on on quarters of of of momentum show On properties We several of were added been honored working to we to solution. for of take This to our strategic exceptionally and Exchange several years

adding On for the out supply and header-bidding even now mobile to partnerships. the in-article expansion of to we of product rolling existing continued placements our on the front, deploy across it of integrations also continued desktop and wins tens SmartLogic to partners, more

demand ads comes wins While supply some exciting certain story growth all with blocking pages the slower and of tell Europe. war-related great combined on of in new these momentum, this in

of sometimes to usually Uber, is to lower. marketplace advertisers move in way past, in changes for moment chain and especially the in I like as side. new paramount and It's sometimes nature headwinds, board, all the dynamic Ukraine, to shifting such to running segments from segments anticipate war of to we are challenges CPG away budgets. the on and focus leveraging the macro impact me our such Outbrain faster, and example, up in well a these partners demand in across it's to supply constantly time, Airbnb, we business, to brand experiencing In resulting supply lower the financial, base. our two-sided it big We Google, negative when advertiser on Due external over Europe. or we automotive volatile saw adds but health, our want And this softness Europe, the factors supply decade our demand of are a from know budgets take and the as Let We have balance continue advertisers and behaved our a the entertainment, focus business. in aspect very particularly environment, step to less then advertiser impacted from that a marketplace. demand. and a recovering add has marketplaces, diversified two-sided incremental add RPMs. a key a plus

our however, demand to is EU, not side, we demand side growing is macro is a the demand be regular where the the causing the turn but of being the solid. supply. being especially over the a to of by the growth The is expanded driver unlocked. grow our size is dynamic stretched on lot in impacted expected environment strong grew impacting short sync more supply, will with in into yield as term this in supply, demand growth Our when supply This

For of growth example, we the observed second half dynamics to XXXX that recently, contributed in post-COVID. similar

solution am that will some the outpouring from Since Kyiv. we guidance the mostly our were the publishers. integration our the safe contextual is an than revised face on whole to the of We wish locations of Outbrain colleagues of work of brought XX vi mainly their to solution video would Outbrain's the acquisition the QX, acquisition the remote working challenges update acquisition I colleagues. to to support imminent based is to we refer of team's team and and like and we vi I to happy in and to the from closed Elise the for in publishers. providing. entrepreneuring team engaged, of am tough be extremely closed, fighting. proud appreciative vi very conclusion focused introducing the Turning in since video January intelligence, in I of more started

navigated our uncertainty the our experiencing, such are We XX%. short-term Therefore, driving negative turmoil in through market temporary trends which and have but we phenomena and successfully are we impacting the them taking volatile we guidance view These by a of view runrate, are cautious are around are extra the models. approach in before. as reducing times,

committed our We improvements, in future be believe and supply algorithmic category, key that of winning in won regulated We the conscious drivers believe of growth advertising of favors are in made as significant and investing privacy investments rollout the growth ours. QX SmartLogic in share. will in such growth. native and a our and We especially long-term in the drivers profitable to of solutions general, We growth We've environment key market people. growth. that contextual remain the more

our weakness example, end how efficiency continue and to towards engineering balance product we the grew and QX profitability. high-confidence the year-over-year. once some of more investments to XX% to best identified team year For the of by measures decide the We've taken with progress we monitor than we'll on

Yaron's see media we comments, been balance very solutions smart in. We investing the will this about sheet owners with new management strong excited are also well. in for and platform strategically believe model our combined will shareholders we've broadening our Yaron? investment, are you As business our serve of and

Yaron Galai

dynamic to comes shared technology, impossible for that business Thank and We many when In without happy we our approach comes quote, Founder's risk for when the is We of industry. manage we of come. you, To industry when to ours, and now such being Simply to position innovation But core the path to we years that humbly it our for innovation. it's innovation. towards to as fundamental leadership aspects be a "We to to takers conservatively innovators. our business ensure a on comes like IPO, it our innovation." are put, believe sustain it to see are bold Outbrain's risk-taking clearly the some a sustainable David. letter in product

primary XX years, past so advertising. online model the the has business been or for During publishing

core Outbrain's to-date, has monetization advertising. been revenue ad of on intensely have come from products such, As XXX% our focused and

reader investment streams total growing with of this trend in a realize focus past accelerate We couple deepen incredible making owners media optimization that diversify seen subscription the their by or from to us will through technology offers us revenue newsletters that ad Over growing diversification coming years. our diversification revenue, help partnership e-commerce, owners trend pure of events, we've and platform. are a this opportunities on of more. to them and believe becoming future years, for amongst revenue business revenue media to This

called business is So platform will Outbrain media by a maximizing we for solution. for are to the new optimizing while delivered Keystone experience. Software-as-a-Service this user excited a introduces new as and for vision future our business outcomes business and be owners' our overall adding Keystone. pillar journey Keystone model unveil today, to a a

biggest no owner the to media incredibly little equation users' experience balance or well complicated with personalization one managed a to mostly as as optimization. business of diversify Today, competing revenue, For this trying the editorial is to KPIs, manually content. challenges with is

is no team, excited the the of that et user teams, editorial, user e-commerce, owners We media business are them personalization engine will attention, with for scarce publishers cetera, ads be there multiple reasons. competing optimization team, believe and all by supporting Keystone for journey. As main and the two same events, subscriptions

it expect will KPIs to their utilizing best-in-class we First, enable across revenue diversification by expand opportunities and owners technology. media

being for with aspiration business aligning those Second, owner of users. as media the it user. better We media all with their owners' envision each the aligns the platform Keystone of

working now current and partner, year to The and experience. power is the platform the user for new announcing for today expand planned of We news scope using Keystone building outcomes. technology for leverages of have a the very have expect logic. see a which the the for business Keystone a interest our a we will Keystone technology flight partnerships. better a decade-plus to U.S. that Keystone been of user tremendous launch. business via on in to major not TAM and This data of understanding our quality showing leverages that some We've first-party world's live a potential we Outbrain Keystone of part feed about with noticeable publisher, optimizing amount the best those for and each is experience as

the are we revenue ballpark dollars in on launch generate With of partner, a year. million of couple pace the this of to

live expect ahead partners of for launch to with months planned launch a couple product QX. in a coming go more formal more We

few Keystone excited for a for are reasons. We

to subscription beyond web First, to advertising on TAM portion the Keystone the markets. expand open is capture be e-commerce expected and of a to fast-growing our able

outcomes is to Second, has and akin the deepen entirety relationship has with Salesforce much Oracle the partnership. marketing teams. owner business a that publisher's sales team that or partnerships, media it with our to powering a Adobe deeper of that is expected It's

Outbrain than revenue excited complement to $X us higher billion also the will that the stream. to We pockets. business in growing us that, dollar generation with Today, future a offer enabled SaaS that predictability. it to pioneered partners' led next space put is we the ago years pioneering that a publisher multibillion Elise. space are hand provide love recommendation are engines revenue about more define the has But to with of over in will us SaaS better it and and ad business With margin the expected the decade. space. over a that become it has we Third, to XX time I'll

Elise Garofalo

met we XX% a discussed to revenue David that macro $XXX year-over-year of Ex-TAC and our exceeded guidance half challenges basis, grew for latter quarter. million. adjusted the QX, impacted the revenue Despite or increased $XX Yaron. the In our gross Thanks, QX, constant currency million guidance XX%. profit EBITDA On

period the as source the by which contributing XXXX. treated is this of with purpose compared driven new compared as a steady supply from primarily the Our being a reporting new new Consistent business quarters, growth QX the several to last XXXX. revenue as revenue been XXX% is for to in was addition to Also growth. of this vi, partners has

Now for mix Ex-TAC acquisition to year-over-year. deals the gross year-over-year million a increase profit profit million. constant is currency lower we’ve which grew lower gross reported Ex-TAC partners, to performance basis, revenue in cost the On after certain on Ex-TAC $XX.X media due an $X gross or keep traffic period. million of X% somewhat in we than gross to primarily QX, profit and our revenue, or increased revenue $X paying X%

typical operating this million And first facility costs normal impacted to are quarter, offsets. in comes million Approximately, being with in XXX with seeing marketing, of and acquisition the including Even these was operating million by to net from expenses increase global COVID $X our lower activity added vi with teams, increases, saw XXXX, January. from T&E our we reflecting to as the some heads expenses. consistent increase have and of to were two half expenses where costs operations. XX public We we July in since year, back higher Moving last $XX of associated more due an than higher continued investment over higher quarter. personnel-related $XX

$X largely addition, million expense lower First, in we that non-recurring debt we lower compensation had of expenses bad and lower versus is and the in had marketing period planned.

adjusted consideration QX. $X.X the in a EBITDA primary we result, QX. or of million expenses impact in a Even EBITDA measure of with On lower certain higher than was totaled million noted, our our $XX.X I just currency profitability, basis, into adjusted As EBITDA, exceeded $XX.X constant operating million reported. still guidance taking

balance debt. of million liquidity. Free quarter We to shares as which provided $X quarter a the cash software, of convertible approximately We buybacks in QX, window, last any We period start that to and it' capital as $XXX executing as Board in from the was on cash sheet had cap well of QX less flow, million soon the equivalents buying cash XX, million a net due profitability on ended Moving activities and our CapEx announced The did a cash to we operating cash as not in first with cash to possible. and use program. February was of we expenditures. $XXX million. lower plan use define higher long-term as due limited authorized $XX repurchase but share repurchase of

outlook. our Now turning to

increasing spoke, This of chain it's across becoming heels As in the a our all on the you have with we've increasing network that comes Since market, uncertain. the last heard year. increasingly seen we and been in triggered more war unpredictable from the us macroeconomic in Ukraine. softness together broadly concerns, supply constraints fairly start broader to today demand and

For exposure do clarity, Russia note direct have we or of not any in Ukraine.

plans our appear what many have advertisers ads second, seen more in with advertiser brands we the first, reductions are particularly broadly seeing Europe. to their response and across ongoing particularly pages; we However, These have is, news not short-term war deferrals believe position and fundamentals in to and from remain budget Keystone product requirements conditions in on situation continue for plans, to drivers we headwinds, and base, the both of Despite and such long-term our of that technology for invest will we produce us these long-term as thus, and in sound continue year. the our to to growth. balance do uncertainty the growth

EBITDA, gross million. be outlook guidance: So being given $X we For with supply $XX $XX million This million in second we basis, to discussed to gross for expect reflects today. of $X growth that currency our offset we $XX a context, profit we've factors declines the following on by Ex-TAC $XX million; adjusted profit provided would constant the expect quarter, to million; million yields the Ex-TAC

million guidance gross full to adjusted and Ex-TAC million year profit $XXX XXXX, our $XX EBITDA million. to For the million $XXX of updated is $XX of

EBITDA $XXX based cash than budgeted at adjusted originally we guidance which costs, on is implies Our QX. plans of less million initiated we of end significantly savings the

do Last, As David deteriorate monitor today. profitability and assumes manage shared, growth. conditions we and that our will from macro market continue they to where balance conditions best significantly to not guidance are

for over turn I'll to back Q&A. call the operator Now the

Operator

JMP of you. line instructions] Thank Andrew Securities. the comes The Boone ahead. with Please question from [Operator go first

Andrew Boone

taking for Thanks guys. Hi, question. my

Just down to the that come just understand saw supply understand overall additional the and to do in recovery how want that saw we the that Clearly, XQ. on focuses about the take guide. about And impacting that and And the we coming on rates of how do think I I bounce make to year? guide, think last we of to of how going the guess the we levels back sure we just dynamics kind we question see there? pacing start

Elise Garofalo

Andrew, Hi, question. Thanks Elise. for Okay. it's the

we don't trends builds typical macro which remarks significantly there, on are. from growth execution then seasonal conditions to planned for assumptions, think first, do And of in it's the assumptions reflect some year key to in to We important environment. my closing have the And range build, lever. and the a the of on have continued our uncertainty as forecast for us, we there, is spend guidance. fiscal patterns, I that I where then, monetization understand the from the wider deteriorate said that baseline a So, on

and because into the strong to successful we some is is history we which some of this we'll quarter, some to continued course, and the in expand the some seeing sure. any on be into as the monetization hood and it we've the supply the of about do But of I or tech-driven the by been seeing thing that we has many And recovery year, fruition, expansion and deliver of we're But the is platform, more that's are demand, before be trajectory diluted plus the do, comes convergence more seen in convergence driving but on is and believe, general a you weakness. lift partner have demand vi very is, numbers to in our that pressure the a numbers acquisition us can pressure that I as this certain think QX demand. able causing which are the to to those point competitive given slower and supply the see of wins, right? I remember performance. recent driving things of with remember think the of being important grow continues improvement. release been margin, it's to currently the today, for land under – minus across It you on platform, just and rates remains supply, environment, It's There pressure So important the as we we think and click-through on great, of two margin it's David what expansion, we've a we think new referred But are that we together what puts the be. actuals years. and

Andrew Boone

model, on Thanks go-to-market that anything us else help to secondly, kind call feels to understood Keystone, different just relate other But a small rolling get there contribution through understood, Is to investments we like out going? And it's year. what think as much. that It as we there? motion. so a the necessary of are then, this about

Yaron Galai

Yaron. is this Drew, Hi,

this for year. working days of year. effort. So what dedicated our and we advertisers’ core also its both side product we we've focused a But been leveraging early that Keystone its technology Keystone side is our is on the Again, There business the for a in the of small business unit a about and are bunch on capabilities, it. of on publisher of call on

in this point. of the breaking this, share So early launch numbers it. early on that market is adopted major one not we U.S. We Again, we an days. but out the at again, this effort, are partner side had especially just did

more so think share And as quarter we'll I still the goes.

Elise Garofalo

particularly just general last would and remember, organization, our over I in then, months. six broadly to XX% nine add the R&D us just the main we've more roughly on for investment just And areas grown team,

we we where the see the products of and so, quarters. bidding bidder technology, drivers in and And these the this increased to over optimizations, and core the and the been The of and we've over the and the in the our really video existing also course, advancements support platform Keystone And header algorithms growth the beyond acquisition how vi supporting are technology, the making. that infrastructure that right? core investments then coming investment is the opportunity scale

Andrew Boone

you. Thank

Operator

The Thank Shweta question you. comes of with ahead. Evercore ISI. Khajuria from next line the Please go

Shweta Khajuria

you. Thank Okay.

Let try please. two, me

in full how headwinds on the For second question, assumption? who Yaron, the – FX Keystone, and versus impact to You talked the this frame the is demand else how then What's the it competing guidance, should of then are of we embedded lower qualitatively, the guide? and the magnitude product? you what but the Elise, subscription you with on price are And product? pricing year

Elise Garofalo

first I'll the on one take Okay. Thanks, Shweta. FX.

So year rates currencies, essentially have for us. for which our current we And the recall of assumes most balance and forecast for might are rates, positions. QX April you the long

in our on currencies are the remains we which So revenue that lot operating offset is on do we and QX, intuitive, fairly based our has on a much dollar strengthen. What gross expenses. because consistent But of that dollar-based. X%, isn't of necessarily continued fact sell to multiple X% to the which platform in of is a mix Ex-TAC roughly now have the is some headwind seeing profit and we with

So, X% X%. at Ex-TAC forecast, roughly current thinking to

the talking year-over-year extrapolate about you'll you're guidance. on $XX year, Ex-TAC to plus the If a on million headwind

QX. it EBITDA Now quarter, on a was in headwind in the

shekel has dollar, impact the now way neutral on for EBITDA expect the that a based we weakened and April However, on QX. rates more to the

Yaron Galai

this Shweta, is Hi Yaron.

of model, paying the where question, platform Keystone so in of technology. is terms the the SaaS about the So first for Keystone usage-based us all, business publishers are

of the of terms publishers business make labor, set, the and In the variety, is decisions most competes to it I'd manual relates objectives. what with say media it diversification owners competitive manual that the as

I are one siloed trying making its I each ad Chief making the each teams, goals, achieve a kind anyone and And usually, say, trying that's seeing am that actually those optimize terms is we're there's one biggest those decisions. for happening each usually silos, Digital and to subscription those one e-commerce to this each layer think, other its in and So, are are Keystone. they're that of of layer, is Product in its are "optimizations." one sort to not manual goals, own Chief silo there optimize. So and – kind manual their just saying, Officer, owners, solving companies, of those set the there media trying for of then, goals publishers but of is competitive Officer, that's domains I'd that decision that of today, companies

the some theme those competitive – part those Keystone diversification the solve. based has it's the user problem. And personalizing owner media How that. the we it's take the or But all do of taking So on of that publisher part in comes journey objectives overall really, to for the problem the business that's way, set. optimizing as and and revenue all

Shweta Khajuria

you, Thank Yaron. Elise. Okay. Thanks,

Operator

Please from line ahead. Martin of Needham. Laura next The with go the comes you. question Thank

Laura Martin

Hi there.

I So have three.

that the business competing them you their U.S. do your a look their into is demand. Let's demand, you? you OpenPath, of business, from Trade direct In into about seen at U.S., one publishers when which with talking time. Desk DSP your a been Have has at weakness in onboarding

Yaron Galai

Hi, – Laura. majority optimization in path optimization. have vast is the is that's our believe business, to our generally since don't there of we less space relevant no supply Yaron. This I something is supply path

advertiser most that the publisher are have. and only the connectivity We can you between direct it’s platform the and the

it's of our we for got Trade optimize not some programmatic. small and we've our The what through had platform Obviously, And A the so within business it. we But portion that. is Desk. of demand all

operating are connections of world. the outside direct those So

Laura Martin

Okay. Right.

Let's do a product CTV update.

January. that update of vi added revenue. $XX in-stream company closed in CTV side and and acquisition you what's of guys We thought million investment? give terms the company, CTV happening us on You an Can the growth specifically, this on new in

Elise Garofalo

with could try I having you question Yaron, microphone. we his to take try if his don't to know, am sorry. trouble I while audio resolve David that is issues.

Yaron Galai

Sure.

contextual, of So, yes, and - quite he the open on feed founding but it which we in of hopefully, of portion a does CTV, TVs It's and TV it, David video vi monetization that get meaningful open is made or some when have of call joins, terms the and mostly team well. so intelligence the future, vi, vi portion. so CTV. business, we'll they web. know it part team small connected is I'd the web world But that small a video The acquisition so a perspective there, for the video it’s a not the from

Laura Martin

Okay.

David Kostman

guys. Can Sorry, hear you me now?

Laura Martin

Yes.

David Kostman

Okay.

sorry. Finally,

that. about Sorry

Laura Martin

to vi update anything Did you on want an asset? on the add

David Kostman

said. Yaron as exactly had communication. in from the some hear Laura, but integration We Hey, planned. about I didn't publisher is Outbrain progressing partners XX problem what I universe and had in-stream good very and in new so current getting video feedback of are incremental terms business the positive. us its and with it's our helps partners both have we it expand partners,

Laura Martin

for Elise, My then you. I you. one And one last have for is Okay.

EBITDA So by XX%. we revenue down took year down the guidance we for take but XX%, did

EBITDA margins below went – year XX%, margins well which for tech. is ad to XX% So, from really the estimated our our of margins the rest

happening versus in down lockstep, guidance the they're different margins with talk costs coming you and like could what's So about not why revenue?

Elise Garofalo

can some it thoughts Sure. Maybe Yaron broader on for to I a will perspective. hand that, I then share and

had which the about cost, it based we than So, plans the gave, we significantly savings $XXX on originally EBITDA as cash QX. budgeted guidance you initiated we've said, is million of that of implies at less end

saw So plans. against steps meaningful started we as we to progressing, take March our

numbers. much guided to, reductions that which they would costs low. compare QX, in internal the these were unusually given and say, shared But material reasons background plans, as cash you few I are a these Now if visible the say, on QX implied aren't cost why more are, are underway obvious I

share, As conditions best did profitability we'll balance and David continue and the to monitor to market growth. manage

to when we costs, the the year, don't a we second of year-over-year. And vi, into changes at public details X% of a as because about investments. costs that have as all million, implied did If proxy, I'm general reminders look increase XXXX early cash half just QX QX, as at end and few $XXX in sure annualize the including you the the Just significant refer hiring a handy. on it's you infrastructure well step do just the I this

us at currently So, we this like midpoint. saying XX% annual below to Ex-TAC it we we'll where are are at and guide would a be, where and It's to were puts fair but we is numbers progression. a what would you to the responding of point, say the around we continue monitor

David Kostman

I will add, Laura.

we the growth at to add. will drivers. in I I invest mean, are looking So continuing

balance we at at the right looking the are the making obviously but believe of are decisions same at time, cost We we this sort point. of

stronger the growth drivers these weaker, Europe, in where see coming now, those we'll excited I and those like once right starts demand of are back it's about areas think I We investments. fruits think

again, sort are reflected. grows than continue of sort dynamics. The we the will - market will it be make will and I believe XX% to, our we want sort will is We is daily model, back the of mean, decisions in lower we see I right were. be mean We profitable. as we EBITDA once and we of And sort to hopefully, we But top-line decision. of that progress monitoring long-term where year the to this margin the in it

Laura Martin

you. Thank much. very Thanks

Operator

comes Thank Please you. Barclays. Ross [Operator instructions] of line Sandler The next question the ahead. from with go

Ross Sandler

Hey, Dicky. Got one you. for

GP how you remarks, Assuming in to are that here a wins of second prepared terms just how And whatever we in weren't all kind do a new added we from we Axel do that think etc.? downturn downturn the the you you the and revenue the this advertising through with trying supply we're would of we this talked XXXX we incremental in and much roll or we're revenue look have on Keystone. guys digital to I Yaron, year? understand whatever the at in, guess, on or one, in system then Ex-TAC and about supply much if coming isolated see Springer, beyond,

just explain associated would more feed about to can So, sounds you and you without mediation what a just managing of product little smart other it's like plus for ranking bring bit kind table. tools the ads some does? the the ad that It

just about explain else So is is market fit? of kind can you the anything Thanks. the there that product right or

David Kostman

question. Ross. Hey, the Thanks for

sort terms partnerships I of really are in returns of in RPMs. current sort the the guide gap the - the the So, mentioned believe our new deals dependent wins supply on the the and obviously, new reduced we see generally, between guidance. you of are very where guidance and growth supplies, previous the and the –

they tens but contributing, would of recovery - mean, the depending deals I the they contribute. millions are of and RPMs. the some would of dollars been on would more contributing, have of in say So, I

Yaron Galai

is this here. Yaron Ross, Hi,

to whether basically Keystone a recommendation Keystone or together publisher or pixel intersection beyond organic the years, you far the expecting mastered about to feed. or get, goes the or goes something, whatever XX-plus beyond that might The has. it have over that publishes subscription where Outbrain the of business any editorial a can it's experience publisher an user or a be, that question, that – with this so, far link see has to is e-commerce you the objectives where So, user feed past

outside feeds, the different is type carving teams. spaces by way out publishers assets manage their that the generally Outbrain the for way of Now

those get the out trying get team no places, if – a their they're e-commerce – every carving today is publisher -- they're that to There trying of going offers is it's outside to is usually personalization of front the out and basically user carving areas. of their feed, they are usually in So, see. optimization in space to no users

the they objectives inside them what have of business experience making taking have understanding the a is have those business so rollouts for platform the outside that kind can knowledge the and with feed we're media together now variety that understanding owners, Keystone feed the feed as so technologies of of every available take we that with complete business asset they basically it and all And we that inside on advertiser bringing the objectives, diverse they for optimize have. and and side

Operator

Thank for you. session. Thank management the remarks. closing gentlemen, you. and like the have [Operator we And I to instructions] Ladies reached turn end to the call question-and-answer of back would

Yaron Galai

to We us we thank drive we we've our macro of ahead lot you. today be with one Despite we earnings. you environment, keep our and and important excited what very ago. So, in the we dynamic met for ten us the innovations a to guidance Thank planting of of years joining evolution for thanks, QX. a all pioneered seeds Keystone for know are this QX have work exceeded or be space most the have to of operator envision of world the some and

Operator

This you. Thank concludes today’s conference.

your You Thank for this lines may your time. participation. at disconnect you

Outbrain (OB) 14 May 222022 Q1 Earnings call transcript