Earnings call transcript Q4 2022

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Operator

Greetings. Welcome to the Innovid's Fourth 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, this conference is being recorded.

pleasure your my Innovid's John now Relations. Investor is to host introduce Williams, It you. Thank ahead. go Please

John T. Williams

Thank operator. you,

Before I technological made expressed cause this to actual to Safe contain Investor forward-looking today's landscape, differ Changes we call release today. Relations statements. by today’s and begin, earnings environment materially And our will page, in remind also that on the available Harbor pertains regulatory call. in those that statement our the results statements you forward-looking other competitive from business, or factors may could

of Our give historical results required future the statements are performance. as to assurance no as not accuracy can as necessarily update we assume law. our except forward-looking indicative and by such, to of And no obligation them,

non-GAAP measures We useful may in be these and GAAP In use presentation measures GAAP the earnings These call provide measures our the substitute for can addition believe and and corresponding in as they to addition, investors. available should today’s financial our the appropriate in our website measures. a managing business not SEC. results. measures considered to non-GAAP our for include information with on found in be earnings where the release and filings the of Reconciliations non-GAAP

Innovid's participate our in Hosting Innovid's today's Netter, Q&A Founder will who call session. are Tanya Co-Founder Andreev-Kaspin, CEO; Chalozin, and CTO, Zvika CFO; and and Tal

begin. I will to call now Zvika the to turn over

Zvika Netter

recent fourth joining all some some its thank Innovid, few and John, impact today. business and and the highlights. for on quarter, thoughts you call environment comments start about high-level I current Thanks, a the will the with on

performance then XXXX provide Our Q&A. followed initial CFO and guidance, Tanya details on by will our Andreev-Kaspin

our quarter progress, update I'm full to with and proud first We and completed year share recently our fourth I'm an on a as company, year XXXX results. public in full building has future advertising. exceptionally our for excited Innovid's infrastructure you as the strategic leader the executed objectives remains critical Innovid of against well-positioned a the challenging how environment. clear technology our team TV of including in

that the area of our is Innovid. why the will of this of We advertising important continue had is CTV number and it's XXXX, a believe In segment at here we growth focus the and industry, primary accomplishments. in to area be

Our we towards full XX% year adjusted grew strong. balance our and year-over-year, drive sheet revenue our positive continued EBITDA, remains

for Measurement Innovid driver this became significant a year. revenue

build and our well acquisition, the and TVSquared about the wins. represented full added of annual through growth synergies of Following XX% as number our as year revenue. of a relationships We're meaningful realized client ahead. We exciting the acquisition opportunities excited

objectives, Our clients volume make headwinds a invest strategic the continue overall to lighter do despite spend advertising in independent our and and software, and across so decision market. We to critical infrastructure in against strategic leveraging our remain connections. control, that synergies on our growth we accelerating acquisition, can things focused executing our the very the and of customer deepening TVSquared and spend the cross-selling

the same more revenue linear The XXXX. shift CTV, continues impression compared reported and period to add CTV In in share. XX% growth from to we QX, our as and customers we gain growth XX% drive more in to

Our CTV impressions, of and of accounted video XX% for revenue, total XX% excluding TVSquared.

year, EBITA. full adjusted million. in the $X.X delivered For million revenue to And grew XX% we total $XXX.X

advertising environment. offer despite results evidence continues a grow demand clear Our to that difficult

customers. only And us, more our have XX% every critical retention XXX% Let environment, revenue net challenging for me annually report cover the demonstrate our that some key to is additional our NRR, Even in we our are metrics a more and XXXX platform platform using highlights in increased quarter. in Equally staying retention are the we base they overall. was with client mission important, XXXX, There count from three our our not or rate how year. was by customer core client growing. XX%. and put, core Simply is customers are our

happy year health care player in including I'm agency, the one large Media CMI other vertical. pharma and note to recent wins plus

client Canva recently leadership Trade two note Group, leadership align and and including also around Vizio as updates, will Kinetic. recent We and promotion further Desk, cross-selling exciting several announced several expansions [ph] an very operational our excellence. including partnerships We Goodwill that as addition a Fox, The well

to scale related Ken The very in closely sales, this operational addition promotion on and our the the of alignment are have Markus, Officer, our in and positions. alignment new new marketing Both Officer organization. to Chief profitability. roles and The across previously leads up Innovid's commercial David partnering Chief Commercial across Client who to of Helmreich are management. I'm as important excited who Dave Chief Ken leads revenue now including account new Officer Operating and and deliver running both their functions, them

strategic of And ahead a we available team hosted ever event November, finally, Day, still our our It was great the first initiatives in significant the members website. and us. our is and Investor opportunity on of our leadership replay highlighting senior with

transparency That's built media with their run is Innovid's and approach all. providers. alignment and neutrality. selling. been We advertisers at critical the industry how from to advertisers buy we believe our or on business needs media very clear and buying has Focus sell infrastructure desire since one. one don't advertising separate measurement and need tech day of we since firmly and for day always And for interest technology

advertising the encourage industry opportunity advertising the understand and looking to complaint. The competition of by to in technology current large. and critical recent addressable to the neutrality and read market filed industry this at everyone that state against Department advertising Justice total digital Google for monopolizing our sectors customers of our to reinforces is We'd technology the suit the view in antitrust products, multiple the

aware umbrella. to potential them and to of the is industry the existing models just showing becoming risk that forward under more is why the approach and mixing see customers business for glad our And both of better looking our We're we're better one industry. for

leading the position. is in Innovid evolves, industry the As

macro directly XXXX. in for on focus is we how environment current positioned me why Let success addressing Innovid the are and

well-positioned continue Google effect more will bounces features the we share market and from customer growth multiplier confident base are we we to capabilities. market see up I'm manager. of Innovid take our activate to our back and clients the campaign believe When economy ramps First, growing back, as ad

platform Our measurement ad server critical personalization our for differentiated. and customers, remain remains and our highly capabilities mission

Second, we remain laser-focused on growth. profitable

run. We EBITDA sheet expect are positive adjusted full Tanya of XXXX, capital and finally, adjusted which maintaining over later. read flexibility, year will we XX% a the optionality. target EBITDA strong of our for we a focused And the long-term plus discuss on maximum long balance And margin that

the from excited burning to to we provides cash. in shift cash quarter Innovid business as And believe I'm end enough future. We our fund team position runway the of its I'm building what more about more accomplished proud even XXXX. has than comfortably and

hand outlook. to With CFO, to Tanya Tanya? Andreev-Kaspin and that, it I'll XXXX our financial quarter discuss our over fourth the results

Tanya Andreev-Kaspin

good Thank you, morning, and Zvika, everyone.

and to full pleased basis. a grew are a QX the specifically. QX million $XX.X reported macroeconomic our with given results, year challenging XXXX basis, fourth XX% in revenue We forma pro backdrop or particularly on on year-over-year the and quarter X%

personalization up full of acquisition revenue driver of X% XX% were year basis, total Measurement, a in which and of in QX and of full following significant revenue. XX% revenue. year represented pro and a serving grew our on total and XX% year-over-year combined services revenue Ad and become XX% has represented forma QX TVSquared a revenue XX%

X% personalization and year-over-year, by correlates This serving through previous XX% revenue is ad Innovid Mobile CTV reminder, XX% all volume the in while As and X% represented a and all ad impressions, video closely impressions. impressions our all represented XX% with decreased decreased platform. the of of year. up by video search QX volume grew accounted volume volume XX% and XX% of from for impressions. desktop video

ad of in CTV our bounces to continue other as growth expected back, a As grow we video core and business overall channels percentage environment the will continue to outpace impressions. overall

ad CTV our of further personalization serving over combination unique will growth our boost solutions and measurement time. Additionally,

up and [indiscernible] adoption most center to represented year. our quarter the innovation grew breakdown. quarterly and U.S basis of revenue XXXX. last the revenue, represented of deploys On our grew remains year-over-year on X% for QX, full QX global In its total as XX% reported XX% from of in XX% The XX% International and U.S and investment. CTV a of revenue and XX% revenue geographic year in

TV generates that at that our composed are the know, clients we you publisher a Innovid of annual advertisers $XXX,XXX defined included in Global We core or of target advertisers. largest least revenue. only As an definition. acquiring advertiser their as TVSquared, to client prior

revenue XX% In XX total core versus XX% year-end generated had clients versus XXXX, At which year-end annual of includes year. last XXXX. XXXX, XXX the XXX at clients, from our core of TVSquared we our approximately

XX% Excluding XXXX. TVSquared core growth contribution exceeded in Innovid clients

core clients platform the particular retention by Annual net down on to was a in different inclusion XX% the challenging Core XXX% XX% expansion trends clients core definition, healthy of to a year annual in pro metrics, retention metrics the XXXX impacted showing trends client with following macro retention advertiser a however, Both retention core from of TVSquared the Innovid XXXX were basis, XXXX. forma are integration. mix, impacting our spend. XXX% acquisition. of prior clients and revenue compared was strong client in

again, by Revenue expenses. due from revenues revenue revenues the to primarily XX% XXXX. attributable the QX down of QX TVSquared to less a and of entity. to the of XXXX, QX TVSquared as million increase increased in cost on standalone of as The QX subscale acquisition. $X compared Cost to TVSquared in is XXXX, XX% Moving acquisition were XXXX nature in

operate our fully business We integrated believe the will to close pre-acquisition or margin. at eventually

and accelerates. X.X impairment Total $XX.X time metric million, scales expenses this were improve or year-over-year. as XX% million amortization the back, expect over depreciation, cross-selling to up QX the costs revenue We business operating bounces and excluding

stock-based largely IPO-related due in incurred acquisition year. increase last increased which one-time of expenses, by remaining increase TVSquared, expenses to in to offset QX our Most compensation. particularly an million of of $X was in the The is a due is reduction

quarter taking basis. XXX $X.X increase year-over-year employees, EBITDA on in adjusted ended share headcount year. pro X% quarter the first representing of QX $X.XX. this XXXX. forma of million year in an X% the was in And is loss fourth of reduction X% Net margin, We with is or last this per was up EBITDA million, Adjusted that $X before the place from a loss

EBITDA. We our million very equivalents cash for We and liquidity position year margin sheet bank balance ended given with in the and XXXX $XX.X full on with cash $XX adjusted and our and profile deposits cash and in year debt. expectation short-term our our million positive comfortable are

available have We of shares. million credit also million revolving XXX.X additional an if was terms, count line favorable Year-end share needed. $XX at

I Finally, outlook. to would our like discuss

we profitable to growth and committed the strategic in environment of positioning resilience are While confident business and reduced strong the XXXX. has in macro remain visibility, our

million, $XX the X% For representing basis. year-over-year XXXX, to first reported we range revenue total in $XX expect of quarter as and of to the XX% million growth

adjusted We expect the EBITDA $X million. of $X range in QX negative negative million to

EBITDA the cost we savings typical, QX reduction. lowest the announced adjusted end model. point those we be impact expect QX, today will on operating year in margin. headcount expect to of outlook the of complete By our As our XX% our the actions includes And recently for

We no a and not repeat those pro TVSquared the IPO-related be in expenses QX that $X.X will basis, lapping Also XXXX, took will since TVSquared the will forma were will QX of since the that when remind longer million reported it year reflected and in as beginning distinguish QX acquisition. between acquisition XXXX. in in full results of acquisition we there also in quarterly you place one-time

early encouraging market, we than We year-over-year XXXX. the quarterly revenue some seasonality a revenue point, normal we more current have return in today, a with seen modeling in advertising starting saw flat as suggest to indicators given XXXX. But

and full expenses a margin EBITDA adjusted XXXX We are basis. operating expect carefully on year-over-year will year improve managing

To versus be flat clear, improved even if expect year-over-year, we revenue XXXX. is profitability

profitable on integrated critical efficiency, market strategically absolutely improves. our Innovid unique financially and platform to we environment very is downturn more customers. to is and well-positioned Given expect management be emerge our from In stronger, focus that fully conclusion, and cost the even current operational for the a if with

actions taking future our are to We success. ensure today

Tal Zvika, session. Q&A to and questions. begin again are the answer now for ready Operator, please Thanks I call. the joining your

Operator

first Please from ahead. go coming The Instructions] JMP [Operator question Andrew Boone is of Securities.

Andrew Boone

a start to to and you good so mean case Should terms individual growth do just healthy that it? And Innovid clients? that and spend? headwind I'd secondly, exciting the really there? Google. clients help against morning. more XQ in core Can of can the we Hi, Or on so That help for guide, much but talking understand Thanks on taking with think DOJ clients. of deterioration us actually just was about about much. the are could what's to per going it's what how like Thanks for how about just really you then think my as questions. guys us see, thinking understand with revenue, we about you client

Zvika Netter

for one thanks engaged, And the the of see, because a is mixed we has neutrality as the that saw excited, Innovid assets you infrastructure. and there buy this a in mixed not Andrew, going together I interested day as infrastructure Yes, future of can been media, mean, since are Thanks, clearly, part with selling core how tech, sell to ago, system critical questions. case, industry. ago, we that very and years to went in XX industry together Tal Co-Founders, for And company ad where build we and providing I and years is media about are XX software from critical come a technology is it we are from a television. we banking software. talked at don't to this Innovid buying strategically decided same is is we media is flaw why Innovid the infrastructure or and And the this time

lot saying for very scalable that for very people planning make to and but this though can as -- finally and in play a media. system media U.S for true encouraging provide is large not platform, time, a the what advertising. own a the And is that years, money significant the saying years of that, technology are us, a of TV organization in been a kept we lot And infrastructure you understood we to become long-term heard you issue future both that for the long of we've where to the is it a And is basically the there very the government and platform.

they’re the help both is focus, who the should lawsuit and important our will the to us the definitely read and was story of So to there investors go tell are story. customers, the That's in it's thing read our to on not that and that they're more the we so audience, or our a customers help that going that the fact this expect whether assuming is there our those course to DOJ. us newspaper this tell or itself, attention

the share of think comes on more to said I you to clients that and take years. the business. passion same the overall, And is as kind we to But of XQ, And guide first your definitely focus entities. something the it's mean, the we question. it And I it about core we going definitely separations indicated, it's when connected closing the are

we selling, path, On existing all a rate, personalization, manager, are Google which line a and strategic is all TV measurement, are investment this perspective. our is up where see going we very, least strong at our by from was our very this you which perspective, seeing products not at it's our the campaign the is affected if is QX, outlook seeing like our key mostly competition, differentiation macroeconomic, look, and see to retention these all and also, we from additional strong throughout everybody KPIs down. year advertising And it clients, point, for as from spend, as industry top

KPIs to that but against taking the it's the spend a And is that -- make advertising saying is flat all macroeconomic the profitable are that we the economical And basically year. do budget measures see very and are the strong. year. continued going -- And took sure Overall, we because core we and control that a is such planned planned down measures thing factoring that we're we're the of to only when we situation. we

is plan a this is year. year, it's have top last why some in that under better a any and think then And than environment our get And the we questions be outcome as an from this all peers, And to the upside. we'll that EBITDA even what to committed know than better a of this and our is the journey company lot we're EBITDA that. we recovers in this in as plus is if part of keep line faster get So XX% profitable. we circumstances, to

Operator

any did Susquehanna. Instructions] of next Shyam question you have questions? from Please additional [Operator Patil The go ahead. Andrew, coming is

Shyam Patil

Hey, few had company. public as guys, congrats I a first on year questions.

year on the of a guys terms And guidance, I'm and is, you other say the kind additional to that? the much the from how conservatism bit of just are seasonality versus seeing First, say, here up of in outlook you now quarters, of little you it. XQ comes of much it is seeing you're macro by factors? linearity for the customers XQ? curious, just was what of what how thinking kind would -- actually about And taking guys you're guide versus how

Zvika Netter

So your second I address first. question would

one, the first it makes with start more Let's sense.

a you the industry, is and indicated, QX and goes TV up saw goes for highest. QX, and we for kind And tens versus lowest, is and So, QX goes advertising this as anybody advertise, very the the the industry software is down definitely which QX it's down up right? thing tens If knows, years. goes of of rare

difference between entire and it's the different believe, So we And QX decline, happens we a COVID, model. The QX cycle after which a normal Innovid. is that's rare you and pretty started and not for seeing what I normal -- a it QX, and actually and why industry, saw a as situation. XXXX in cycle started XXXX predictable started just seeing QX, while shockwaves was this since

assuming how of will questions, we we, normal". that seasonality "the do in this have we'll be year cycles, are So the terms

see analysis that you throughout year on the QX, So and -- plan, so entire is our because macro of terms the our budget plan. economy the took in and QX, the already we impacting economy, based

normal with that sense. overall if an the seasonality, there's makes macro So compression

some obviously, things So, if, suggested will be right. better again, people sooner, that

staff, you're lot factor the So suggesting, half. say stronger core then planning your have what seasonality, you We're weaker on line a core retention second old where for logos at what more close we're you'll and and not last of XXX% them. a a the normal seasonality we if we you to seeing retained top have a QX, look key normal clients, abnormal a core because but and clients, a the KPIs, against And another amount what of that's in question, macroeconomics, of economy. is than let's absolutely weaker of is QX, saying in on we're

We was even year and [indiscernible] so, are upsetting us. the share -- there's source more, Google strategically NRR market last our -- this for all is DOJ, the We XXX%. believe about Andrew biggest asked is the -- which for of Google

we're margin macro pure we don't dynamics a software, selling we're selling, with, KPIs. because of impact But internal not lot software. and when not buying currently and our to not we're any media So aware of business, we're are a play will we that have

So -- based it's and on volume.

goes So way the it but not up, line. down, spend it this goes line, top top the the just goes our we company once will because bottom line. configure Once down, impacts volume dramatically it improve our point

Shyam Patil

does of how all how quick there. TV that know connected for opportunity reports, Or just are guys TV retail media of retail past right kind guys? like -- be can media, connected in talk over couple going about And to well-positioned are involved that and this that an of seems trends not now. very earnings you Certainly kind you. regarding you this feel you you about quarter, Thank a to I how how forward? biggest quarters, but It you -- are then two media follow-up. opportunity the could had how morning the guys But

Zvika Netter

Tal? I'm we my have which here, I that. answer Co-Founder, sure love Sure. to Tal

Tal Chalozin

thank Shyam Sure. Zvika Yes, for you're Thank you and very correct. much, the call. absolutely you

in As a CTV we've retail you've the followed for seen long clearly from trend many And it very been media other the media. in the time. is players in space, saying biggest by

in that an to is impact we've goes really same see television, can media. as retail shown interesting Something software for make

the on been companies So other has targeting the been of all space. far media focus has [indiscernible]

as we measurement, by a virtue and better utilization We've And for But obviously the personal for going great media share about play we're personalization, Innovid outcome. of eBay, of big weaker spoke measurement. commercial line. InnovidXP media future how the a we're can past CTV And more retail media are personalization, better innovate is lot we software more network media. data the of the retail spoken about last for in to over quarter a going a leveraging leveraging aligned. leveraging absolutely in in such have with data strong lot to the partnerships network. shape of Target, But on retailers on in that life, The

Shyam Patil

Got it. guys. Thank you

Operator

a you. Susquehanna. Please Instructions] do We have ahead. Patil from [Operator Thank follow-up Shyam coming go of

Shyam Patil

the as IDs few had changes I okay, that these. follow in of of use in things or Innovid ask on kind IDs alternative gardens if going I of hold where we TV, Yes. ups industry some industry data like for available do question. not targeting, Hey, as as or back targeting. try you a see CTV, may was guess in exist On connected walled well, general, previously an to kind broader that the just maybe some their it's I well the of guys. if question it's How

advantage any and just capitalize happening that situation there So see you on may what that or I'm positioned you to guys take how Innovid come curious up. is think of

Zvika Netter

this you take do Tal, to question? want

Tal Chalozin

Sure. Thanks question, the for again, Shyam.

we insert to to their and their your the are creating ways in identify of Plus, somewhat of all them by space, do behaving is fragmentation newcomers walled talk to on The market point point, investors, First Disney extremely very the of a walled and out. connected to a big Roku, creating around Amazon, space. a garden point YouTube, or kind fragmented data and the all, advertising any I other many players important other of many of own own when that there's Netflix, and such data you garden television large confusion as think hit this and extract

investments is the think media is a that We heavy did orchestrate we that we helps fragmented, space in is past, To So our mandatory the identifiers, amazing. market out in platform will about We is just the many share yet point industry there described. strong are that and you so in become market even streaming marketers. your key software of exactly needs why InnovidXP, for the there call products, this believe the more we don't another doing because the part we think it which what that fragmented. identifier,

And So spine marketers and traverse of what message we that is there's deliver for to as think the best doing that in just And we connects the the everyone out. is need partnership identifiers to and right all I will those collect a we're industry on data a mentioned. many allow in way continue possible, much to this and the with that what front. names push of

Shyam Patil

And and it the offering kind the that is guys how this that an kind will mapping? current the about in a a impacted? have So measurement bit negative it's effectiveness? on you business it add Is more guys activity software you greater and what facilitate of in about of maybe impacted think you by the expect -- macro that talk what of guys how like more way? you of additional something a kind do Is can offering? because of need encourages And of little more kind just your for be measurement uptake or adoption new efficiency macro or

Zvika Netter

is television a those TVSquared we in decision what transaction seeing for long-term CTV. very to year-ago, explain acquire are yes immediately the to the and -- for customers was Innovid And performs yes a move versus exactly I'll significant to is the us. post-IPO that answer a the questions. better mean, we I our heard absolutely Sure. from strategic Because understand how need

CTV looking at on identity question kind not as a standalone, almost household your identity. to connected So just of and

see you're is the of So When and saying, the let's X from to XX% picture. on percent, really ability linear and XX% entire household moving tens say watch to dollars watched billions connected site critical on to one of another, entire the see TV.

combining and us, very excellence measurement CTV measurement for combined, our TV So created in unique TVSquared, offering. a

and So we it heard by the before transaction. the we acceptance perspective, surprised from market not the we're made customers because

level we're happy definitely adoption acquisition, -- this we're the revenue attraction, the build major actually from is it a a takes measurement we've So around is a we it and And and to the this definitely see acceptance seeing because journey. years integration. of expected with play, seen the These year. to adoption perspective, with is -- number the And things some obviously adoption. of art. we're it and definitely as the is in time, -- this we science, some that down, and all is with The advertising is this TV extremely almost from of an so we're we're budgets results like also the with it's strategically, go happy when effects perspective, At happy same investment. -- as that advertising seeing environment

you I the do. Conference Pritchard, some investment. about on spoke need the key It's argue of in could in. basic this optimizing stuff they Florida, frequency of you actually at month looking keynote invest and ANA that Now, return you what the said, last at that CMO in to think any any want a reach, exactly and this, P&G households like time things said. it's Marc return the investment, CEO CFO And optimizing will and the what's reach And you at many kind what on that is how of

there's is more overall key measurement, But going that. to measurement is, yes, are to in while -- investment going it's the be component a the budgets interest more shrink. absolutely tricky of So and

from .It's SaaS, more entire impact adoption It will make year we be that to year. will continue like not up to naive the the fee fixed it's while be going assume we like year. amount throughout expect is to our one this measurement money will So a that [indiscernible]. a of product, product absolutely while go the last

Shyam Patil

last in Thank if heard and we've offer could just one, sneak pricing connected scatter the Any had TV terms can you. I commentary of you about growth. talk companies context, other I guys on one the in. impact market the

anything it I'll market. you. curious Thank if [indiscernible] there. scatter you can offer Just leave their there's

Zvika Netter

to take you Tal, this? want

Tal Chalozin

market spot absolutely others. care is years fluctuation the and There's initiatives, or thrown one little is important out. a times picking part we throughout companies. always of Of whole we up programmatic. course. more are and other In tight. general, By the those from clearly the upfront more are service Innovid buys what side Deserves market, scattered something don't to terms over another when that about many one

that more the market. that a is seeing the the offering solutions on on our upfront it's marketers we seeing are board, side impression of literally the every again don't a across We offer of When software beginning beauty the big , season, of focus side and little the that really for we market. We the But every are programmatic service sides. of house. focus pick

Shyam Patil

you, guys. Thank

Operator

Thank ISI. [Operator Instructions] Evercore go next The from of question Shweta ahead. coming Please you. Khajuria is

Shweta Khajuria

Okay. please you strongest, actually quarter but about that QX QX. is QX that entire you worsened. Can to from trends saw talk Seasonally, you the the mentioned it

and think what into saw. us far quarter. help can you've what about the Anything in months that you X X out almost particular, then So so call months, you seen were

you've out can that'd progressed, So be that this quarter you seen it as call that anything helpful.

Tal Chalozin

you and in in the terms was something which you already XXXX you it like is would see this at felt like see the you QX, industry can a and over. YouTube argue seeing right, some basically, QX, the way in by year QX, was you're it also see started all of So obviously started results, the normal seasonality, decline definitely XXXX is normal. trend, And absolutely can look way I to

also and run, would the So look you disruptive disrupted action after the was this our to starts in that say, plan in to taking in our at was terms make us sure action shareholders, seasonality a And is because profitability going profitable, way that if XXXX, sequencing under circumstances, EBITDA even us. I resulted to it seasonality are of we XXXX make in to environment, important QX sure maintaining in that a goals. nice -- took in to extremely positive, flat be strategic while we

another like hurt that's ask some will the about, supply like specific terms part effects issues in of the verticals of part going to industry than be word us chain So specifically, because of QX, the industry. people and post-COVID ripple one where more the verticals,

on So see is we're report again, to happy you television. it auto, that which

is So money. how you television on the we make stuff see

usual, and So are electronics, declining QX, but it's verticals. the So like is telco, key because the macro -- like macro, technology impacts I we "back specific in don't normal". And thing auto the here has these than see recovered was to more right? everybody. -- consumer

exactly So I'm certain has will see verticals, crystal from like this the you'll advertising pen from anybody macro economy spend and spend, perspective. their recovery environment overall even and QX say some year if here you'll big that the perspective a different how verticals, is not and story the out in to ball and sure see

seasonality. a to But if HX in year, terms of than how a our normal, we there'll this And normal so HX, is for compared we cycles, model model earlier, a this see you'll flat, modeling be is much year. stronger we not normal are this but this investments then but recovery how

Tanya Andreev-Kaspin

Okay. Thanks, Shweta.

Zvika Netter

you, Shweta. Thank

Operator

teleconference. interest We today's session for Thank and question-and-answer you you. and to Ladies Innovid. to end today's brings thank us would like and the in your participation of this gentlemen,

may your disconnect the your weekend. log lines enjoy at off time this webcast and You or

Innovid (CTV) 24 Feb 232022 Q4 Earnings call transcript