CTV - Earnings call transcript Q2 2022

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Operator

Greetings. Welcome to Innovid's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. will Relations. conference I Johnson, to time, Investor with this turn over the Brinlea At may begin. you Brinlea, now

Brinlea Johnson

Thank you, operator, Welcome to and everyone, for second XXXX joining quarter conference call. Innovid's us today.

our I to like on begin, this call forward-looking contained call. harbor contain The may certain release in we Before today's this to remind earnings information listeners would provided safe statement statements. that also pertains

company's please website. not factors received to in environment section a direct release, yourself made expressed those have the Relations regulatory to materially the you differ competitive If of could business, forward-looking today. of the Changes our or results landscape, statements Investor the copy from by cause technological actual other and

Our historical are performance. necessarily results not indicative of future

give our assurance accuracy obligation can the by as no assume no forward-looking and update to of them, to except law. required as As such, statements we

discuss joined call in call the are will CFO, over he our the In release believe by for well these available financials business Reconciliations begin Zvika should and in measures will useful supplemental and the which found to will appropriate our Innovid's who where references measures, the non-GAAP SEC. on a not Andreev-Kaspin, addition, GAAP corresponding a financial earnings will we presentation our can Netter, for the and information to be to as in provide of as Innovid's update. discussion our non-GAAP and non-GAAP We the business turn use today to managing company. GAAP our of measures results. as considered certain be earnings our website they who Today, measures filings CEO, include investors. addition the a substitute with with Tanya Then the Co-Founder

CTO, over ahead. be the During Zvika, will session, With Zvika I'd like and pass to go Founder the joining. call to that, also Netter. Tal Chalozin, question-and-answer please

Zvika Netter

in our results delivered with guidance end of Despite joining our all we the the us and XXXX. today. environment, the Thank more line strong and for at you thank in Brinlea, challenging higher second EBITDA you, Innovid contributed reported increased by quarter revenue of guidance TVSquared delivered growth or million model. reflecting XX% XX% $X.X basis. on business business. year-over-year reflecting $XX.X as million for our an a reported XX% of of the to TVSquared's revenue the year-over-year Revenue strength

a the the our second brought to profit was through the was that our creating Innovid's million to million. and even strong acquisition of ability most By $X.X of is TV TVSquared's XXXX, million gained launch negative data net when EBITDA integration has set first of million set, range cross-platform TV of line quickly margin a negative $X.X traction. model, our expected challenges the Following strong linear combined two to adjusted We exciting end profile was measurement on February adjusted development global of our to newly far closing record to the extensive and EBITDA robust ability converged advertising market the the life at and measurement of facing negative solution our XX, data TV quarter CTV InnovidXP. with bottom expand testament $X.X high a our InnovidXP, believe expenses. control offering $X.X the strength business was

TV in total such second devices contributed delivered television, as via revenue linear focus broadcast, were a across XX% all streamed as of connected mobile TV, or also desktop forms known Innovid's content when whether spans excluding the TVSquared. As quarter of TV the TV. reminder, emphasis TV and CTV is

now call advertising conference on around landscape, driving measurement for personalization for be details share business. delivery, CTV we the the a vision As traction future built force roadmap the our TV measurement continue build to converged to we more last will against and development to believe I'd that of and and unify we in our and overall on gain we momentum our continue like and the business current InnovidXP. update and the provided to

will within upsell, key I of retention provide the context volume growth, expansion. and which drivers, are coverage four our geographic these Specifically, and updates product client-based growth

Let's pleased volume quarter. a I'm in growth. new the CTV that to begin record with share set second

delivered all the For XX% were of time streamed through platforms ever first ads TV through television. connected our

Bros. and less Warner of Disney+ And a that advertising the be you delivered measured or note on prediction just growth what's the ongoing tier volume coming not and plans to viewership core that just volume but future TV one our channels. majority will That by migration media TV content as networks the recall, next founded platforms premise day Innovid expand is ad-supported to to believe through share supported is was of percentage If life the We take of toward of CTV, HBO ad-supported CTV, other means our by XXXX. substantial which in streaming outlook further year. is to ad-supported. a based a its global of the affordable wider streaming of and introduce is our growth advertisers. win for large plan Netflix reach be on important This viewers confirmed costs. from revenue internationally ads year or typically to for more will a is offerings also later tier and by fluctuating early Discovery strategy. ad-supported to foundation streams our derives all to and is introduction impacted not of referred Innovid's recently shared media will ad-supported content business this platforms business. Innovid its search introduce audience for lower The rate. cost to as It's publishers spent

often as growth to volume optimistic the dynamics assuming about that pricing our Innovid. similar costs lower revenue equate remain we pressure from volume budgets, media benefit We and fact, increased In more outlook. more therefore to

platform reinforces each a for individual CTV and advertising. more platforms This CTV the and to are all more the fighting need Innovid across basis, platforms into piece scalable As ecosystem integrate their to being an enabling through regular like enhanced matures, the market partners, to performance brands the independent of the and media TV reach, tap streaming for opportunity pie. for added on engagement

second of cycle. inform, shared Last analysis measurement brings the measurement that campaign independent Innovid undergoing test, TV is entire that, independent scalable, actionable global programmatically we engine solution unified or and of of need that forms upsell. TV fundamental invest TV, More to for together. them and is of quest the whether view across successfully linear investments that that's now, TV buy better a quarter, industry metrics transformation, they growth a to Our all the simple, and growth has Right future acquisition timely product need attribution to a platform, optimize TVSquared. they direct, television. streaming the life Advertiser TV than and achieve throughout completed a and allows leading continuously their

screens, the InnovidXP The independent the and the measurement and launch unified with the through and how life our cross-platform platform watch. personalization. the TV directly converged and came measurement acquisition platforms solution measurement heading This reflects to for ad people across when name InnovidXP outcomes serving consistent direction of quarter, cross-platform where, regardless and data InnovidXP industry integrated requiring first InnovidXP. creative of TV, unified the global marketplace where is are

worldwide several We quarter, restaurant our and to chains, leading early a platform. with success national employment upselling have existing clients multinational ad-serving InnovidXP seen including this past

platform, international including several Additionally, we our client have clients, won expanding an new design base. further

in FreeWheel Comcast's measurement AdImpact revenue also by footprint bolstered spanning have and edge force And in Why? expanded partnership strategic us XX% political forward. program in for with AudienceXpress our measurement measurement. we via about for programmatic growth a newly account Overall, the total through will ad-serving of for integrated partnerships, We predict be Think with story an grew We measurement attribution QX. foundation our Magnite's to believe advertising gives and international it. our moving offering. launched driving TV measurement

launch innovation. to everywhere, measurement is platform automatic. has one box InnovidXP additional with which [indiscernible] is a unified deliver TVSquared our InnovidXP quarter demonstrating of scale Our certification requirements. ad-serving, the of implementation through measurement brands our of the means solution And of just It's the to comes best no ads all after your and to out for an platform, the way transacts. acquisition tied already which commitment The is

advanced greater emphasis a to creative growth XX% significant see adoption. and grew Revenue Beyond driven in experiences quarter, and measurement, solutions from continue by creative this on personalization solutions year our performance. over year

engine geographic Our third growth is expansion.

measurement Our supporting U.S. platform through launch international to regional revenue quarter. measures global of market, XX% the introduce and U.S. markets outside grew ads of delivered advertisers second year-over-year the outside of true across of local measurement a XX the global, needs the InnovidXP the in The

finalizing the Innovid's the the mission the key that believe advertiser the measurement acquisition, year of which side, for secured personalization in confident we not numerous across one preeminent leading our our to multinational's prior previously company feel footprint We I the client international coverage client including differentiated providers. still includes but as We buy largest and significant agency the This offering last expanding to will of a successfully grew mentioned, would and we international underway and expand both restaurant provider advertising side this health one And And TVSquared clients base. become travel and their and areas purview have critical future sell several least InnovidXP's partners new company. measurement star e-commerce solution, acquisition advertiser past diversification and our unlock base. side share to interaction opportunities the delivery no of for Earlier base while our a and was advance. developments under our the multinational quarter, markets. expanding buy client definitely is is fulfilling to brands U.S. company, ad insurance chain ecosystem a internationally the

significant Fox service, We we and have of a base share our sell for demonstrating operators. our on incremental to which of the Fox's publishers pay-TV both of multi-year for InnovidXP that deepen reach end, customer our with the always diverse Tubi increasingly measurement I'm engagement taken with and includes measurement the strides expanded our partnerships streaming pleased side, across The Tubi. continued business. To to and strength is growth signal underlying strong power

like all economic not macroeconomic the the a have the and second factors advertising half for like headwinds. result, impacted guidance of I’d to landscape few Next, months immune address our as We to that the are companies year. technology these past and

stronger future. However, arguably our and our its emphasis CTV tailwinds optimistic make me on about

upside year’s large players, and hyper for are models, the of be to leaving last we commissioner, at Beyond of large key growth. long-term new to growth, XXXX wave CTVs, tail geopolitical tailwinds for industry CTV success. TV will the prolonged supply ad catalyst the according sports have that post sports And spending. see comes supported of as Amazon. moving to streaming move chain strong are the signs and of linear move plus, huge Football believe for ring to see platforms for with their for threw Thursday These of pending consumer NFL to This recently NFL’s NFL impacted Night our they at despite have content and in move introduction motion NFL critical hat headwinds the streaming the their tracking impacted on The to softening the and ticket revenue supported Sunday disruption, COVID-related such live scale. season. the as uncertainties, audiences Audiences the streamer

opportunity in spoke continue measurement long-term the focus this In to be about we of largest Procter of advertisers. Andre related report, the ability to of TV. what cost year. TVSquared in reach maintaining the to approach into & on per digital. transformation. allowing the more realization shifted a in a company. of stated of to world’s I’d We’ve our effectiveness half millions both like spend Andre last Andre ahead, includes to in reach realizing digital We their to down, importance more take to of Schulten, “Our pragmatic one for from measurement of Gamble, several reach and enable quality improve us earning is effective and and and quote, the CFO ensure acquisition synergies vision a To to margins anticipate share summarize in the quote This our second drive

our advertising in is are will going in focus. we now, new growing TV advertising to to the and remain Now innovations measurement strategically I’ll XX% our look forward now to and in life of greater more digital.” to right on will who detail bringing We than streaming be and to turn performance go guidance. of make capitalize thrilled financial continue the are market. it market investment to committed and believe core support our strategies the We to important converged into TV over business Tanya? Tanya XXXX regarding

Tanya Andreev-Kaspin

will delivering I a before CTV, outlook. measuring everyone. platform platform Innovid Zvika, offerings, Solutions Innovid full known contributing leading with Ad for creating, to second Serving quarterly Creative good $XX.X as and our software technology year-over-year independent you, generates Thank $X.X results infrastructure reported completed business XX% of our Solutions basis. desktop. In XXXX. start mobile of ads of key TV quarter and quarter increased InnovidXP. three grew our a first from revenue morning, across that provides Solutions, review acquisition the year XXXX, total of and quarter and discussing XX% or Personalization the The as in Measurement year-over-year revenue TVSquared million million now XX% on following second by revenue

quarterly services Innovid, total the measure XX% a independent and of attribution With the revenue. generating Ad revenue and drove and revenue. personalization measurement and acquisition platform of XX% quarterly global remaining driver TVSquared total of become for significant serving

growth is and XX% our contributed drivers. excluding to Revenue our QX respectively and up and as revenue and serving across ad When this TVSquared, XX% year-over-year as revenue XXXX, excluding grew contributed digital growing the excluding of QX services grew XX% personalization in publishers XX% serving CTV by year-over-year to to and from personalization $XX.X measurement impressions XX% XX% platform to TVSquared. TVSquared. XX% revenue Innovid’s when grew serving in of ad various revenue of mobile primary continue revenue year-over-year. desktop ad XX% well expect We million. Mobile and through desktop CTV be environments. year-over-year from CTV, X% This generated

and grew by all CTV Innovid. X% for composition, video QX XX% video year-over-year XX% XX% and year-over-year. QX in impressions by and XX% volume impressions impression in all of and served of accounted volume XXXX from for video accounted Mobile desktop impressions up served for XX% to accounted increased of XX% decreased Speaking video of

is total year-over-year our the In U.S. of accounting contributor for as revenue to revenue, growing breakdown, and the terms reported of geographical XX% XX% on main basis.

year-over-year continue international footprint significant globally a the plan of increased global XXXX. to revenue The of operate scale. through our customer in grew XX% quarterly Our customers serves Innovid are on order of to as the and to countries. over to XX% total reported the in basis advertisers We in our a total needs XX% XX quarter covering from international at revenue meet of its majority global share up clients markets grow delivery footprint our and second base.

second of contributed and of in grew Total costs. to million revenues XXXX. A as reported quarter, on the were expenses. cost Moving basis operating factors of $XX.X expenses $XX.X the XX% including increase in for from million operating to quarter the number second

XX% $X.X to operating attributed inclusion the second in or expenses of nearly million First, were XX% operating of XXXX. the of results of the increase TVSquared the quarter

increase of XX% compensation, year-over-year transaction-related was approximately the in acquisition-related and stock-based onetime by increase operating the in deSPAC expenses. Second, expenses driven

EBITDA was from the a $X.XX. second the company’s in Net being million market million EPS benefited inclusive from our a second share operations. X% intangible profit of Net for derived margin, Adjusted $X.X increase Lastly, a representing million income adjusted was result decrease the $XX.X revalued the an quarter $X.X adjusted quarter remaining expansion of of loss that positively TVSquared impact quarter million beyond. to price. closed time macroeconomic operating primary in I’ve the QX amortization. was and R&D, the impacting in for in the of second $X.X quickly of allow in $X.X of expenses from increased believe the the we full million $X.X XXXX realization XXXX organic company’s the finance EBITDA before. of the G&A will result XX% warrants to negative necessary. the we attributable organic of marketing trends as negative as second and as of million EBITDA of assets Net result a us monetary quarter of TVSquared volatility in were macro or financials the QX, the the of and second management the profit to of of as adopt certain the expense the was for half [indiscernible] to changes as results expenses in significant and synergies revenues, the as following first uncertainty, of QX growth well in operating profitability quarter, expect sales geopolitical any in cost XXXX inclusion of Starting and agility noted Considering the current in

our to Moving balance equivalent After acquisition TVSquared, sheet. of and ending was the June our balance cash on cash million. XXXX $XX XX,

common time. we this stock total as Given well margin are we profile, June that outstanding of The million. was at believe XX, our $XXX.X XXXX capitalized

solid Finally, achieved over a second I we guidance. the would and go In XXXX, to quarter results delivered quarter of our guidance. we like within

growth strong start quarter, the the in of advertising broader this seeing we’re environment our macroeconomic current remains While in base client the outlook in uncertain. momentum third market

potential digital the guidance year. geopolitical half of the the reflect considers worldwide and the advertising of in macroeconomic second half spending the in a current and ad year the of Our second for on pullback the potential impact trends industry

to For basis expect to on XXXX, pro XX% growth the forma range be in growth the on reflecting the year-over-year quarter as basis. XX% $XX of to and revenue $XX third we million of XX% XX% to reported million year-over-year

the We expect in of break million $X adjusted to EBITDA even. minus range

XX% of growth year XX% TVSquared of year-over-year to expect to $XXX $XXX in basis. as guidance million, full XX% growth forma on be million to pro a revenue. XXXX, basis including the reflects the For range This on year-over-year reported we XX% revenue and to

following expected $X streams. a full negative comparable higher. be the does any TVSquared the XXXX, on rates full at single of year is anticipate We all million guidance have assuming across now of annual line or not revised business. revenue to effect in The adjusted for disproportionate year our prior impact outlook EBITDA acquisition Total change

nearly past hand of half are the EBITDA call the anticipated to a significant core adjusted half the business that, EBITDA XXXX realization synergies even to profitable total the improvement in positive your back EBITDA million. operating like I We drivers adjusted in questions. of the With This our you. Zvika year. the the the the compared of negative acquisition second of of be for for second to take half first over Thank adjusted year break the $X.X and of expect the main to robust leverage to would

Zvika Netter

please Thank questions. on you, go joining us the line Tanya, call. you all We'll for Operator, ahead. now and open thank this for

Operator

conducting a you. now you. Khajuria Instructions] of Evercore. is your be Thank session. question questions. the proceed line Shweta from with our We'll first question-and-answer And Thank [Operator Please with

Shweta Khajuria

I travel, follow for maybe Thanks please question. cetera, us is? geographical you verticals growth. InnovidXP? et auto monetization has maybe think you performance what strong monetize some help to So a performance And go-to of that the then shopping, is the difference is, performance is up market that vertical well. taking second my Okay. business? how strong And about guess how understand as across could into ones, the weaker incorporated strategy versus the CTV question could example, versus for please then the what and you your Desk, And driving Trade that's do you revenue is the including the talk

help the differences understand and could you. us there Thank similarities too, So please? try you and

Zvika Netter

us. Shweta, thanks Sure. Good for morning, and joining

at we quickly Obviously, three the integrated questions excited that prepare months. into three there TV XP of this. we four six single offering months is here. are, – The CTV within monetization So have the so and linear I platforms, a we're I'll for very take obviously measurement time. one to think, to a them

now we're TV measurement linear combined and market of solution. with So CTV in InnovidXP

acquired side, client the I'm smaller three that other there a to it which direct But have consumer on upsell existing say by short budget trying with client, when the on one part able of making And areas main on main we're acquisition close media So our but were happening. a we that cetera. these revenue to to early ad-serving several it. the deals, believe deals factor there, to – progress large with upselling cetera. to is monetize I main local this positively ad-serving and – point, annual monetization we and lot encouraged we're level the publishers, autos, our and early And of less sell are et large is make three driver these most impression based is lot from then our a this At the of those the et That contract. in actually on is which so exciting – the an days base TVSquared advertisers, is based of was the we growth and classical the perspective third CPGs, to over explore media is our ways to budget, interest are the the an I annual that level, the the agreements more it's may of of it client. actually

of currently, the size So, and annual percentage, based not of but media, the on customer a size the of but the budget it's the deal.

seeing their increasing Your saw second question in vertical. still supply in call there's two it vertical. influence dramatic – what except there seeing In the not was economical we across and a this decisions mentioning drop in challenges seeing generic the could short their like came any are for at was and when that the categories, by absolutely that media the would I back. again more QX, – then were spend, we which a a are that spot not of on strategic, brands the looking be publicly change the either chain in vertical – point we're environment say, product major Verticals, we in supplies certain on QX running supply board, strategic, was into CPG lowering earnings large auto,

like earnings question, future companies the Trade the for we Last terms selling across us Desk entire changing. between media how Innovid. media key the rate. other obviously, the believe in DSPs vertical It's about the is going more monitor exist at we'll I SSPs would of we volatility foreseeable take doesn't is say than of the and continue an So basically that the platforms board and that the don't – difference rather the buying be companies and most in this to definitely the key and regarding

play, so rate, than can bigger go right? volume It's behaves differently There's percentage – how flexibility. So behave of take a is rate up, more things which when a pure goes down, and we go very a go from more we take differently Innovid up, down, a narrow. it's media volume

buying we is across XX%, the including argue including obviously the actual the so short-term. – go up how the including they're inventory the media, the growth, And the open they DSPs more on the only charge revenue and because what and everything, would the of on can their charging So volume actual walled they by running on that platform down. price the for board, report the gardens, revenue are control the there's internet, while on platforms. volume based be And I XX% don't It plan. could

dynamics a this evolve. will how understand media versus believe business continue will I and it's compression as – that On compression we'll and just fee to discuss to – better between flat or innovate models the thank margin the this I unique the to for to for continue this I be because immune volume. is pressure asking And – long-term the people question. believe more markets continue we're believe price perspective, I price point platforms. believe the a for Innovid you different

Shweta Khajuria

Thanks, Okay. Zvika.

Zvika Netter

Thank Sure. you.

Operator

Please and Company. Needham The line next Laura from with with proceed questions. question Martin your comes the of

Laura Martin

numbers Great guys, morning. Good congratulations.

guidance for you've versus on much have your then a my why falling, My as is visibility quite in shorter guidance XXX full hearing tightening a Zvika, I narrow of don't growth. or pausing for is But organic XQ. quite so it's or are XQ guidance basis first is for a I wide understand spread is point advertisers Is notice. delaying why question just So, which falling got giving XQ we visibility are range much range year. that thing

visibility talk please in you your can business first? about So

Zvika Netter

Yes. joining. And morning. thanks for Laura Good

from dynamic company to headwinds is space advertising overall obviously the – like every are the see – the the we we we So volatility, DSPs, have Google some to we'll advertising. believe in So, social right?

growing tailwinds that's impact call, we're because an the seeing and CTV, the what's The economical – it platform that to plan will based other based ad the based right? CTV move situation strong you is every and on of for include ad and model, see Netflix model, grow. heard through continue that will the We extremely of are we tailwinds believe consumption

So the there. their then while might decreasing brands buy believe more And we be inventory will to be spend some [indiscernible]. actually inventory able

about runs can share this that end strong right. And the somebody quarter I three your said is the that to second that – the I environment something third widen think can the concerned on which beginning we can relatively six dynamic accelerating So that can the product than or we are earnings seeing where a it point somebody stronger is spread. call of to be we on next new. create months, else, we'll of quarter, the It's just I impact. it's even – this think in shared

reason. the is that So

don't to be of miss. will we we that want provide We So want caution. abundance guidance of to

of what the that's and the and the seeing on guidance. and being year kind quarter overall more fourth we're for – conservative So reason

Laura Martin

on Okay, partnership. liked cool. your And political I really

you political. year think driver? that could revenue this a big in could You how Do be best a political announced What's as your – on your guess? like be XQ

Zvika Netter

still acquisition are focus a large what's and never revenue autos for not with it's relatively since our measurement the and historically that political driver it's are predictable in predictable. that CPGs revenue, was revenue, – providing deliver the we significant so Innovid It's is – even significant yes, consistently – also solution, past a historically the

less on we’re into and campaigns. focused selling So political monetizing

positive bit little strategically TVSquared, a increased way for major area through acquisition focus measurement, for in definitely but of not With the the the company. exposure a a it’s revenue

Laura Martin

you Thank it. very Fabulous. Appreciate Right. much.

Zvika Netter

Thank you.

Operator

proceed of Boone the Please Securities. [Operator Instructions] line with with question questions. your The from comes Andrew next JMP

Andrew Boone

CPMs? maybe Good morning. measurement questions. reached to of are pricing, the taking you us we an Can Thanks now exciting It’s now on my for see of in where measurement update impact of terms provide revenue. XX%

Zvika Netter

point we our this we’re – is start already what product the at so integrated. seeing, Andrew, integrating since measurement

in client mechanisms. it upselling of market how we end in evolve believe now we’re the we’re our going year, price in of the I as more to advanced better existing maybe of – terms a into way base. exploring to We’re pricing terms towards

cautious technically not revenue, we subscription annual take, a of to if an – don’t since So it’s we on you were more that this price annual based, point, so deals. it add deals, volume at so you

the delivered, get ads a by pricing would way So evolve accurate the divided the because to we if overall to I more those And it. much way you revenue yet but impression number reported, you’ll we numbers it higher price may if is we we this we’re didn’t kind similar. it be per share take think CPM of want the effective combine

in interest. great we’re customer success point Actually, So trend, any seeing we’re and like Overall, not now at being thought on price put personalization. we – you very on if our similar no of measurement being XP not the updating faster that pressure aside, it’s number. fast. adaptive than seeing large terms That’s is this it’s we’re products. customer there’s XX% any going of CTV – is

right to CPM. will how think investors. come believe effective numbers we’re explain now, to and it obviously up be I all to I be the combining the maybe year that will more it presentation would provide don’t an by to So show – market next Mechanically, went but

Andrew Boone

of but about seeing macroenvironment, kind the the versus so talk existing clients? Clearly, new you then Are about impact then Thanks We elongation what new can bringing in terms much. cohorts those just the you terms onto versus that’s success, we talked clients macro right? of Fair GM as last new clients? enough. does of about you’ve had think quarter, maturation of platform? doing how And in

Zvika Netter

the and CPG a for a clear, back, right. should spending as into of month they in home other two, half then a Thanks and It’s moving the this when make do up running their come of question On as or care KPIs in a large questioning product as it terms beside actually. for is we’re what because plan rightfully and to and volume, asked all all are out KPIs we environment, great guidance. seeing very Laura about

of all there’s made adoption, like So throughout under this the acceleration if I argue the not was especially, on the industry, be that feature will somebody per believe at be sleeping shockwave through – announcement based actually rock Netflix I IP point, because right It’s acceleration delivered positive that television advertising would in provide now model subscriptions and will side. clear brand monetized family. most XX TV like

with So clear this now where heading we’re this. is

conversation you some the platform, this of all an right? in So the future, competing there also also a the was that need in them is the understand platforms Netflix understand business. which out other also of and with Microsoft, independent that Netflix rumor beside It’s with brands for way are the

Netflix multiple Netflix. wall wall of be with Microsoft. be or I are like of there there everywhere believe so garden, that together garden to a many fact The for the brands fact Chrysler or So they will including be many sort some need also P&G them will GM, and

and accelerate more winning dollar. get logos, every increase actually is for to would upselling measurement. it advertisers increase, forcing we’re environment new upselling should personalization, our share that market The So in to to when

measurement, budget, say less, reduce tool do if more to this gain this still upselling. better still of $XX a to are more way find effectiveness $XXX and more. to want plan implement do ad measurement inventory These from year, less They it and of right. to we’re let’s exactly the the million optimize with you for do can personalization buy more of year products The inventory. they kind So is your will they any better million a and to two get

that, to see percentage fluctuate the summarize So overall, percentage KPIs. I’m upsell personalization while of volume upsell of growth, for the to extremely the all of customers, the may on on in in believe into amount I long-run, on measurement, short-term, expect and increase and just on bullish the the

Andrew Boone

you. Thank

Operator

Thank you.

Please Our next the from with your of proceed be will question. line coming question [indiscernible].

Unidentified Analyst

Good morning. a Thank to ask you. picture I big want question.

now used they what in performed the trends see but whatever us they to in call it? gardens this companies TV performance anymore. you tell driving you. lockstep, connected of terms we Given the see season, not in growth versus case you used expectation in to that different look you that’s and do internet connected are earning terms from or want of like to Thank the the open diverging that open – can TV drivers wall What performance

Zvika Netter

interesting refer our take what them. very I It’s you would very gardens my you of all Obviously ask definitely and closely will Co-Founder working wall CTO and internet. open the who’s dynamics. both Tal that? with Tal, to work as we with

Tal Chalozin

you [indiscernible]. Sure. Thank you much, very Thank Zvika.

open is all. connected point future of a the think just wall television of to all, that of winner I internet, and important versus going about not an future takes the garden So television be first

social. So wall in or garden, like massive search seen there’s not one a we’ve

be definitely those the well, It’s garden. apps think of somewhat like Amazon, and as bifurcation of to there So your will an all not about going a companies. quarter. To them, that future will think even big we combination. lot many question a of just side. by of right YouTube, see very apps open all as will many kind wall of garden, are lot obviously performance it be And a not others, wall with this small defined combination of that We internet be one we now different a Hulu and as be it Netflix different tested a of of large

from many start reasons large also to different I lapping that fuel hard long-term tail XXXX television. that just be in very to long a is and long-term television it television. important advertisers comps large QX differences think the really gardens TV on very there’s wall apps type And that point from of that different obviously of think a of linear and platforms the But mix will will smaller I into that’s broadcast allows set marketers that and the users big that all advertisers. very move to of connected

Unidentified Analyst

Thank much. you very

Operator

this of end our I’ll floor turn Thank to At session. management remarks. you. the for question-and-answer reached time, back we’ve closing the

Zvika Netter

you calls about of question, lot earning a industry. dynamics excited a over expanding you, extremely definitely with into our evolving and I of strategic time. thank a ad into solid despite and measurement know for – We space going the a have, and and the there’s Obviously CTV XP. really what’s to everybody very move and on us that we delivering attention plan I operator And tailwinds the joining things huge appreciate today. very upside had television, Thank Innovid. for started quarter how and are with year today we for on us. and we’re leverage supported the the time tailwinds, we to the vision Innovid we are of strategic strong are uncertain launch all in further for micro the creating as heard the future the

investor. like and would thank I our and customer course, the base over dedicated and all always, shareholders talented a day. you great have everybody, and our As our world, loyal of employees to Thank

Operator

This concludes today’s conference.

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

Innovid (CTV) 10 Aug 222022 Q2 Earnings call transcript