NEW YORK--(BUSINESS WIRE)--Innovid (NYSE: CTV), an independent advertising platform for the delivery, personalization, and measurement of converged TV across linear, connected TV, and digital, today announced that it will release fourth quarter and full year 2023 financial results before the market open on Tuesday, February 27, 2024. The Company will host a conference call to discuss its results at 8:30 a.m. ET that same day. Zvika Netter, Co-founder and Chief Executive Officer, and Anthony Callini, Chief ...

Financial Data and Key Metrics Changes - The company reported Q3 revenue growth of 5% year-over-year, totaling $36.2 million, with adjusted EBITDA more than doubling to $6.5 million compared to Q3 last year [37][45][48] - Adjusted EBITDA margin improved to 18%, up from 8% in Q3 last year and 13% in Q2 [48][36] - Positive free cash flow of $4.1 million was generated, an improvement of 78% from $2.3 million in Q3 2022 [20][37] Business Line Data and Key Metrics Changes - CTV revenue from ad serving and personalization grew 9% year-over-year, while measurement revenue increased by 8% [10][17] - Ad serving and personalization accounted for 77% of total revenue, with measurement making up 23% [17] - The company achieved a revenue less cost of revenue ratio of 77%, improving from 75% in Q3 last year [47] Market Data and Key Metrics Changes - CTV video impression volume grew by 7%, with 55% of all video impressions coming from CTV [46] - Mobile volume represented 35% of all video impressions, growing by 8%, while desktop volume decreased by 12% [46] - The company noted a significant shift in TV viewership, with linear TV viewership falling below 50% in the U.S. for the first time [10] Company Strategy and Development Direction - The company is focused on expanding margins and positioning for accelerated growth as the macro environment improves [8][9] - Innovid is investing in generative AI technologies to enhance its platform, allowing clients to create unique ads based on data feeds [12][40] - The company plans to showcase product innovations and strategies for 2024 at the upcoming Investor Day [42][99] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ad demand environment, noting some positive trends while acknowledging ongoing uncertainties [78] - The company anticipates continued strong financial performance in Q4, raising its revenue and adjusted EBITDA guidance for the full year [36][21] - Management highlighted the importance of optimizing CTV ad investments and the potential for significant growth as the market normalizes [41][91] Other Important Information - The company ended Q3 with $47.7 million in cash and cash equivalents, with $20 million drawn on its revolving debt facility [20] - The new CFO, Anthony Callini, emphasized the company's scalable model and potential for healthy margins [43][91] Q&A Session Summary Question: Can you frame the opportunity for Instant Optimization and its expected influence on results? - Management discussed the integration of platforms to enhance campaign strategy and optimization, leveraging unique data sets [52][53] Question: What is the current brand advertiser sentiment and how does it vary across verticals? - Management noted that CPG and pharma are investing more aggressively, while financial services and technology companies are seeing decreases [62][64] Question: How should investors think about Innovid's margin profile going forward? - Management indicated a target of 30%+ adjusted EBITDA margins, emphasizing the scalability of the business model [68][91] Question: How does Innovid benefit from the trend of live sports streaming? - Management highlighted that live sports are a significant driver of viewership behavior and brand advertising, which is beneficial for the company [92][93]

Q3 2023 Financial Highlights1 2 | Disclaimers Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. The Company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipat ...

General and administrative expenses increased by $0.7 million, or 8%, from $9.0 million in the three months ended September 30, 2022, to $9.8 million in the three months ended September 30, 2023, primarily mainly driven by an increase in stock-based compensation . General and administrative expenses decreased by $(2.1) million, or (7)%, from $30.5 million in the nine months ended September 30, 2022, to $28.3 million in the nine months ended September 30, 2023, primarily driven by a decrease in professional ...

Innovid Corp. (NYSE:CTV) Q2 2023 Results Conference Call August 8, 2023 8:30 AM ET Company Participants Brinlea Johnson - IR Zvika Netter - Co-Founder and CEO Tanya Andreev-Kaspin - CFO Conference Call Participants Jared Pomerantz - Susquehanna Matthew Condon - JMP Securities Shweta Khajuria - Evercore ISI Laura Martin - Needham Operator Good day, ladies and gentlemen, and welcome to the Innovid Second Quarter 2023 Earnings Call. Our host for today’s call is Brinlea Johnson, Investor Relations. [Operator In ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ Innovid Corp. (Exact name of registrant as specified in its charter) ____________________________ (State or other jurisdiction of incorporation or organization) (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

Innovid Corp (NYSE:CTV) Q1 2023 Results Conference Call May 9, 2023 8:30 AM ET Company Participants John Williams - Head of Investor Relations Zvika Netter - Co-Founder, CEO Tanya Andreev-Kaspin - CFO Tal Chalozin - Founder, CTO Conference Call Participants Laura Martin - Needham & Company Matthew Dorrian - JMP Securities Jared Pomerantz - Susquehanna Financial Group Matthew Cost - Morgan Stanley Operator Greetings. Welcome to the Innovid Q1 2023 Earnings Conference Call. [Operator Instructions] Please note ...

Financial Performance - Total revenue increased by 18% year-over-year, from $25.9 million in Q1 2022 to $30.5 million in Q1 2023, primarily due to the full inclusion of the TVS business [223]. - Adjusted EBITDA for Q1 2023 was $145,000, a significant improvement from a loss of $3,009,000 in Q1 2022, resulting in an Adjusted EBITDA margin of 0.5% compared to (11.6)% in the previous year [244]. - The company reported a net loss of $8,563,000 in Q1 2023, with a net loss margin of (28)%, compared to a net loss of $7,449,000 and a margin of (29)% in Q1 2022 [244]. - Net cash provided by operating activities was $368,000 in Q1 2023, a turnaround from net cash used of $7,213,000 in Q1 2022 [263]. Revenue Sources - CTV accounted for 54% of all video impressions served by Innovid in Q1 2023, representing a 13% year-over-year increase in CTV video impressions [205]. - Innovid's revenue from international customers was approximately 9% of total revenue in 2023 [207]. - The majority of the Company's revenues are derived from ad serving services, focusing on standard, interactive, and data-driven digital video advertising [301]. Expenses - Research and development costs were $7.1 million, representing 23% of total revenue in Q1 2023, down from 28% in Q1 2022 [225]. - Sales and marketing expenses increased by $1.3 million, or 12%, from $10.4 million in Q1 2022 to $11.6 million in Q1 2023, driven by personnel costs following the TVS acquisition [251]. - General and administrative expenses decreased by $1.8 million, or (16)%, from $11.5 million in Q1 2022 to $9.7 million in Q1 2023, mainly due to reduced professional and legal fees related to the TVS acquisition [252]. - Interest expenses for Q1 2023 were $0.4 million, up from $0.1 million in Q1 2022, impacting the finance income, net [262]. Cash and Liquidity - As of March 31, 2023, Innovid had cash, cash equivalents, and restricted cash of $45.4 million and net working capital of $66.8 million [229]. - Innovid utilized $20.0 million of its $50.0 million credit line as of March 31, 2023 [233]. - The company anticipates that existing cash and cash equivalents, along with expected net cash from operating activities, will be sufficient to meet cash needs for at least the next 12 months [258]. Tax and Compliance - The effective tax expense increased by $2.9 million from $(0.04) million in Q1 2022 to $2.8 million in Q1 2023, with effective tax rates of -47.97% and 0.5% for the respective periods [255]. - As of March 31, 2023, the company was in compliance with all covenants of its New Revolving Credit Facility, which requires maintaining an adjusted quick ratio of at least 1.30 to 1.00 [261]. Asset Management - The Company performed an annual impairment test for goodwill as of October 1, 2022, and determined that the fair value of the reporting unit exceeded its carrying amount, indicating no impairment [289]. - During the three-month period ended March 31, 2023, the Company tested its asset groups for recoverability and concluded that no impairment should be recognized [315]. - The Company evaluated its deferred tax assets and established a valuation allowance for portions not likely to be realized, considering cumulative losses and future taxable income expectations [292]. Accounting Policies - The Company recognizes revenues related to measurement services over time, as customers simultaneously receive and consume the benefits provided [305]. - The Company accounts for warrants based on specific terms and authoritative guidance, assessing whether they are equity-classified or liability-classified instruments [310]. - Acquisition-related expenses are expensed as incurred, reflecting costs associated with the acquisition of TVS [316]. - The Company capitalizes software development costs from the time the preliminary project stage is completed and amortizes these costs over an estimated useful life of three years [319]. - The Company applies the practical expedient in ASC 606, not adjusting the promised amount of consideration for significant financing components if the payment period is expected to be one year or less [307].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 Commission file number 001-40048 Innovid Corp. (Exact name of registrant as specified in its charter) ____________________________ Delaware 87-3769599 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 30 Irving Place, 12th Floor ...

Innovid Corp. (NYSE:CTV) Q4 2022 Earnings Conference Call February 24, 2023 8:30 AM ET Company Participants John T. Williams - Head of Investor Relations Zvika Netter - Co-Founder, CEO Tanya Andreev-Kaspin - CFO Tal Chalozin - Founder, CTO Conference Call Participants Andrew Boone - JMP Securities Shyam Patil - Susquehanna Shweta Khajuria - Evercore ISI 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 quest ...