Tremor International Ltd. (TRMR) Q2 2023 Earnings Conference Call August 17, 2023 9:00 AM ET Company Participants Billy Eckert - Vice President of Investor Relations Ofer Druker - Chief Executive Officer Sagi Niri - Chief Financial Officer Conference Call Participants Matthew Swanson - RBC Capital Markets Laura Martin - Needham & Company Andrew Marok - Raymond James Eric Martinuzzi - Lake Street Capital Markets Andrew Boone - JMP Securities Operator Welcome to Tremor International's Second Quarter Ended Jun ...

Exhibit 99.2 DEMAND DATA PUBLISH Tremor International Ltd Annual Report 2022 Tremor International is a collection of brands uniting creativity, data and technology across the open internet. Our end-to-end, video-first platform facilitates and optimizes engaging advertising campaigns for brands, media groups and content creators worldwide - enabling powerful partnerships and delivering meaningful results. A leader in Connected TV and video, Tremor International's footprint is expanding across the industry's ...

Tremor International Ltd. (TRMR) Q1 2023 Earnings Call Transcript May 30, 2023 9:00 AM ET Company Participants Billy Eckert - Senior Director of Investor Relations Ofer Druker - Chief Executive Officer Sagi Niri - Chief Financial Officer Conference Call Participants Matt Swanson - RBC Capital Markets Laura Martin - Needham and Company Mark Kelley - Stifel Andrew Boone - JMP Securities Andrew Marok - Raymond James Eric Martinuzzi - Lake Street Operator Welcome to Tremor International's First Quarter ended Ma ...

Tremor International Ltd (TRMR) Q4 2022 Results Conference Call March 7, 2023 9:00 AM ET Company Participants Billy Eckert - Senior Director of Investor Relations Ofer Druker - Chief Executive Officer Sagi Niri - Chief Financial Officer Conference Call Participants Matt Swanson - RBC Capital Markets Laura Martin - Needham and Company Thomas Doheny - Stifel Eric Martinuzzi - Lake Street Andrew Boone - JMP Securities Andrew Marok - Raymond James Operator Welcome to Tremor International's Fourth Quarter and Ye ...

PART I [Item 3: Key Information](index=12&type=section&id=Item%203%3A%20Key%20Information) This section outlines principal risks related to business, market, operations, financial position, data privacy, and Israeli incorporation [Risk Factors](index=12&type=section&id=3.D.%20RISK%20FACTORS) The company faces significant business, market, operational, financial, and legal risks, including revenue concentration and data privacy challenges - The company has significant revenue concentration from a small number of large buyers, with one buyer accounting for **10.7% of revenue in 2022** and **13.6% in 2021**[53](index=53&type=chunk) - The business is exposed to risks from evolving data privacy regulations like GDPR and CCPA, which could limit data collection for targeted advertising[62](index=62&type=chunk)[136](index=136&type=chunk)[139](index=139&type=chunk) - The company's ability to deliver targeted ads is at risk due to restrictions on third-party cookies and mobile device IDs by major platforms[63](index=63&type=chunk)[68](index=68&type=chunk)[134](index=134&type=chunk) - Macroeconomic headwinds, including rising inflation, interest rates, and COVID-19 impacts, have negatively affected advertising demand and spending[82](index=82&type=chunk) - A new credit facility entered in September 2022 to fund the Amobee acquisition contains covenants that may restrict operations, including limitations on debt and investments[125](index=125&type=chunk)[127](index=127&type=chunk) - As an Israeli-incorporated company, it is subject to political, economic, and military conditions in Israel, which could adversely affect business operations[104](index=104&type=chunk)[106](index=106&type=chunk) [Item 4: Information on the Company](index=48&type=section&id=Item%204%3A%20INFORMATION%20ON%20THE%20COMPANY) Tremor International operates an end-to-end video-first digital advertising platform, focusing on CTV and video [History and Development of the Company](index=48&type=section&id=4.A.%20HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) The company, incorporated in Israel in 2007, underwent several name changes before becoming Tremor International Ltd. in June 2019 - The company was incorporated in Israel in 2007 and has undergone several name changes, becoming Tremor International Ltd. in June 2019[194](index=194&type=chunk) - The company's American Depositary Shares (ADSs) were listed on the Nasdaq Global Market in June 2021[195](index=195&type=chunk) [Business Overview](index=49&type=section&id=4.B.%20BUSINESS%20OVERVIEW) Tremor International provides an end-to-end technology platform for digital advertising with a focus on video and Connected TV (CTV) - Tremor operates an end-to-end platform featuring a DSP, SSP, and DMP, with a strategic focus on video and CTV advertising[198](index=198&type=chunk)[200](index=200&type=chunk) Customer and Publisher Base (as of Dec 31, 2022) | Metric | Value | | :--- | :--- | | Active Customers | ~1,250 | | Active Publishers | ~1,530 | | Unique Users (monthly) | ~20 billion | | Countries Served | 246 | Key Revenue Streams (FY 2022) | Category | Revenue (USD Million) | % of Total Video Revenue | | :--- | :--- | :--- | | **Total Video** | **$243.3** | **100%** | | - CTV | $97.2 | 40% | | - Mobile Video | - | 47% | | - Desktop Video | - | 12% | - The company's growth strategy includes focusing on core areas like Video and CTV, introducing new products, strengthening customer relationships, expanding international footprint, and targeting select acquisitions[229](index=229&type=chunk)[230](index=230&type=chunk)[233](index=233&type=chunk)[237](index=237&type=chunk) - The platform handles significant scale, processing over **135 billion daily ad requests** and approximately **1,500 terabytes of daily data**[224](index=224&type=chunk)[239](index=239&type=chunk) [Organizational Structure](index=65&type=section&id=4.C.%20ORGANIZATIONAL%20STRUCTURE) The company operates through a network of wholly-owned subsidiaries across the USA, UK, Japan, Canada, Germany, Singapore, Australia, and Israel Significant Subsidiaries and Ownership | Name of Company | Country of Incorporation | Ownership Percentage | | :--- | :--- | :--- | | Taptica Inc. | USA | 100% | | Tremor Video Inc. | USA | 100% | | Unruly Group US Holding Inc. | USA | 100% | | Unruly Holdings Ltd. | UK | 100% | | SpearAd GmbH | Germany | 100% | | Amobee Inc | USA | 100% | | Amobee Asia Pte Ltd | Singapore | 100% | [Property, Plants and Equipment](index=66&type=section&id=4.D.%20PROPERTY%2C%20PLANTS%20AND%20EQUIPMENT) The company's headquarters are in Tel Aviv, Israel, with key international offices supporting global business functions - The company's headquarters are located in Tel Aviv, Israel, with key international offices in the US, UK, Japan, Singapore, Australia, and Germany[274](index=274&type=chunk) [Item 5: Operating and Financial Review and Prospects](index=66&type=section&id=Item%205%3A%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's 2022 financial performance, noting revenue decline, profit decrease, and strong liquidity [Operating Results](index=66&type=section&id=5.A.%20OPERATING%20RESULTS) For 2022, revenue decreased by 2.0% to $335.3 million, profit fell 69.0% to $22.7 million, and CTV revenue grew 21% Consolidated Statement of Operations (Year Ended Dec 31) | Metric (in million USD) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $335.25 | $341.95 | (2.0)% | | Gross Profit | $249.14 | $253.69 | (1.8)% | | Operating Profit | $44.75 | $74.46 | (39.9)% | | Profit for the year | $22.74 | $73.22 | (69.0)% | | Total comprehensive income | $16.24 | $70.59 | (77.0)% | Key Performance Indicators (Year Ended Dec 31) | Metric (in million USD) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | CTV Revenue | $97.16 | $80.30 | 21.0% | | Video Revenue | $243.31 | $242.72 | 0.2% | | Contribution ex-TAC | $309.73 | $301.98 | 2.6% | | Adjusted EBITDA | $144.89 | $161.24 | (10.1)% | - The decrease in revenue was primarily driven by challenging macroeconomic conditions, offset by a **$36.8 million revenue contribution** from the newly acquired Amobee[317](index=317&type=chunk) - Research and development expenses increased by **82.7% to $33.7 million**, driven by increased investment and Amobee's R&D costs[319](index=319&type=chunk) - The Contribution ex-TAC retention rate was **80% for 2022**, a significant decrease from **150% in 2021**, attributed to macroeconomic uncertainty and reduced ad spend[295](index=295&type=chunk)[296](index=296&type=chunk)[349](index=349&type=chunk) [Liquidity and Capital Resources](index=83&type=section&id=5.B%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of December 31, 2022, the company maintained a strong liquidity position with $115.5 million in net cash Key Liquidity Metrics (as of Dec 31, 2022) | Metric (in million USD) | Value | | :--- | :--- | | Cash and cash equivalents | $217.5 | | Net Cash | $115.5 | | Working Capital | $179.6 | Summary of Cash Flows (Year Ended Dec 31) | Cash Flow Activity (in million USD) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $83.01 | $170.09 | | Net cash used in investing activities | ($233.0) | ($16.49) | | Net cash from financing activities | $3.06 | $116.86 | - The company secured a new **$180 million credit facility** in September 2022 to partially fund the Amobee acquisition, consisting of a **$90 million term loan** and a **$90 million revolving credit facility**[366](index=366&type=chunk) [Research and Development, Patents and Licenses](index=87&type=section&id=5.C%20RESEARCH%20AND%20DEVELOPMENT%2C%20PATENTS%20AND%20LICENSES) The company is committed to R&D investment to enhance its platform and protect proprietary technology through patents and trade secrets R&D Expenses | Year | R&D Expense (USD Million) | % of Operating Expenses | | :--- | :--- | :--- | | 2022 | $33.7 | 14.7% | | 2021 | $18.4 | 9.4% | | 2020 | $13.3 | 8.4% | - The company protects its intellectual property through copyrights, trade secrets, and owns more than **50 patents**[373](index=373&type=chunk) [Trend Information](index=88&type=section&id=5.D%20TREND%20INFORMATION) The company expects to benefit from long-term trends in digital media and programmatic advertising, despite ongoing macroeconomic challenges - The company is positioned to benefit from the proliferation of digital media, adoption of programmatic advertising, and the growth of Video and CTV[374](index=374&type=chunk) - Macroeconomic challenges including rising interest rates, inflation, and geopolitical uncertainty negatively impacted advertising spend in 2022 and are expected to persist into 2023[375](index=375&type=chunk) [Item 6: Directors, Senior Management and Employees](index=88&type=section&id=Item%206%3A%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, compensation practices, board structure, and global employee base [Directors and Senior Management](index=88&type=section&id=6.A.%20DIRECTORS%20AND%20SENIOR%20MANAGEMENT) The company is led by an experienced executive team and a Board of Directors with diverse industry expertise - The executive leadership team includes Ofer Druker (CEO), Sagi Niri (CFO), and Yaniv Carmi (COO)[379](index=379&type=chunk)[388](index=388&type=chunk)[389](index=389&type=chunk)[390](index=390&type=chunk) [Compensation](index=92&type=section&id=6.B.%20COMPENSATION) Aggregate compensation for executive officers and directors in 2022 was approximately $30.7 million, with equity-based compensation being a significant component - Aggregate compensation for executive officers and directors for the year ended December 31, 2022, was approximately **$30.7 million**[392](index=392&type=chunk) 2022 Compensation for Top 5 Executives | Name and Principal Position | Base Salary (USD) | Variable Comp (USD) | Equity-Based Comp (USD) | Total (USD) | | :--- | :--- | :--- | :--- | :--- | | Ofer Druker, CEO | 720,000 | 540,000 | 15,187,086 | 16,664,913 | | Yaniv Carmi, COO | 600,000 | 360,000 | 6,693,867 | 7,784,770 | | Sagi Niri, CFO | 383,855 | 225,000 | 5,649,299 | 6,299,390 | | Tal Mor, CTO | 303,245 | 262,500 | 1,837,099 | 2,438,961 | | Amy Rothstein, CLO | 400,000 | 150,000 | 1,546,177 | 2,158,140 | [Board Practices](index=95&type=section&id=6.C.%20BOARD%20PRACTICES) Tremor follows a mix of Israeli and U.S. corporate governance practices, with independent board committees - The company has elected to "opt out" of Israeli Companies Law requirements to appoint external directors, instead complying with Nasdaq director independence requirements[417](index=417&type=chunk) - The Board has established an Audit Committee, a Compensation Committee, and a Sustainability, Nominating and Governance Committee[429](index=429&type=chunk)[433](index=433&type=chunk)[442](index=442&type=chunk) - As a foreign private issuer, the company relies on an exemption for shareholder meeting quorum requirements, setting it at **25% of voting power** instead of the Nasdaq-required **33.3%**[420](index=420&type=chunk) [Employees](index=110&type=section&id=6.D.%20EMPLOYEES) As of December 31, 2022, Tremor International had 1,087 employees globally, primarily located in the US - The company had **1,087 employees** as of December 31, 2022, with the majority (**682**) located in the US[476](index=476&type=chunk) [Item 7: Major Shareholders and Related Party Transactions](index=110&type=section&id=Item%207%3A%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, with four principal shareholders holding 55.1% of ordinary shares [Major Shareholders](index=110&type=section&id=7.A.%20MAJOR%20SHAREHOLDERS) As of February 28, 2023, the company's ownership is concentrated among four major shareholders who collectively hold 55.1% of ordinary shares Principal Shareholders (as of Feb 28, 2023) | Name of Beneficial Owner | Voting Power % | | :--- | :--- | | Mithaq Capital SPC | 24.1% | | Toscafund Asset Management LLP | 15.1% | | Schroder Investment Management Limited | 10.0% | | News Corporation | 5.9% | | All executive officers and directors as a group | 4.8% | - In 2022, the company repurchased **16.9 million ordinary shares** for approximately **$86.3 million** through two publicly announced share repurchase programs[487](index=487&type=chunk)[488](index=488&type=chunk)[605](index=605&type=chunk) [Item 8: Financial Information](index=116&type=section&id=Item%208%3A%20FINANCIAL%20INFORMATION) This section references audited consolidated financial statements, discloses ongoing legal proceedings, and states the company's dividend policy - The company is involved in ongoing legal disputes with Alphonso, Inc. concerning breach of contract, tortious interference, and misappropriation of trade secrets[499](index=499&type=chunk)[500](index=500&type=chunk) - The company does not anticipate paying dividends in the foreseeable future, intending to retain earnings for operations and business expansion[501](index=501&type=chunk) [Item 10: Additional Information](index=118&type=section&id=Item%2010%3A%20ADDITIONAL%20INFORMATION) This section provides details on the company's share capital, material contracts, and tax considerations for Israeli and U.S. holders - As an Israeli company, it is subject to a **23% corporate tax rate** but may benefit from reduced rates (as low as **12%**) under the "Preferred Technological Enterprise" regime[521](index=521&type=chunk)[542](index=542&type=chunk) - For U.S. Holders of ADSs, dividends are generally treated as foreign source income and may be eligible for qualified dividend income tax rates, subject to PFIC rules and holding period requirements[550](index=550&type=chunk)[553](index=553&type=chunk) - The company does not expect to be treated as a Passive Foreign Investment Company (PFIC) for the current taxable year, but this is a factual determination made annually[558](index=558&type=chunk) [Item 11: Quantitative and Qualitative Disclosures About Market Risk](index=130&type=section&id=Item%2011%3A%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk exposures are related to foreign currency exchange rates and interest rates, with hedging instruments used to mitigate some risk - The company is exposed to foreign currency exchange risk from transactions denominated in currencies other than the U.S. dollar, such as the British Pound, New Israeli Shekel, and Euro[574](index=574&type=chunk)[922](index=922&type=chunk) - Interest rate risk exposure is considered low but exists due to variable-rate debt instruments[573](index=573&type=chunk)[924](index=924&type=chunk) PART II [Item 15: Controls and Procedures](index=135&type=section&id=Item%2015%3A%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management concluded that the company's disclosure controls and procedures, as well as its internal control over financial reporting, were effective as of December 31, 2022[591](index=591&type=chunk)[592](index=592&type=chunk) [Item 16: Other Information](index=135&type=section&id=Item%2016%3A%20Other%20Information) This section covers governance topics, including audit committee expertise, code of ethics, accountant fees, and significant share repurchase programs Principal Accountant Fees (KPMG) | Fee Category (in million USD) | 2022 | 2021 | | :--- | :--- | :--- | | Audit fees | $0.84 | $0.55 | | Audit-related fees | $0.13 | $0.13 | | Tax fees | $0.29 | $0.21 | | **Total** | **$1.26** | **$0.89** | - In 2022, the company executed two share repurchase programs, buying back a total of **16,906,795 ordinary shares** for approximately **$86.3 million**[603](index=603&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk) PART III [Item 18: Financial Statements](index=139&type=section&id=Item%2018%3A%20FINANCIAL%20STATEMENTS) This section contains the audited consolidated financial statements for the fiscal year ended December 31, 2022, prepared under IFRS Consolidated Balance Sheet Highlights (as of Dec 31) | Metric (in million USD) | 2022 | 2021 | | :--- | :--- | :--- | | Total Assets | $956.16 | $802.74 | | Total Liabilities | $404.55 | $230.36 | | Total Shareholders' Equity | $551.62 | $572.38 | - The acquisition of Amobee on September 12, 2022, for a total consideration of **$211.8 million**, was a significant event impacting the financial statements, adding **$92.2 million in goodwill**[656](index=656&type=chunk)[936](index=936&type=chunk)[950](index=950&type=chunk) - The company's revenue is primarily generated from the Americas, which accounted for **$303.1 million (90.4%)** of total revenue in 2022[957](index=957&type=chunk)

| --- | --- | --- | |-------|-------|----------------------| | | | | | | | Tremor International | © 2022 Tremor International Ltd. All rights reserved. OUR VISION " " | --- | --- | --- | |--------------------------------|----------|---------------------| | | | | | Becoming the leading | | END-TO-END | | VIDEO | and CTV | digital advertising | | | | | | technology platform powered by | | | | unique | TV DATA | | © 2022 Tremor International Ltd. All rights reserved. Tremor: Proven History of Organic Growth an ...

Tremor International Ltd (TRMR) Q3 2022 Earnings Conference Call November 14, 2022 9:00 AM ET Company Participants William Eckert - Senior Director, IR Ofer Druker - CEO & Executive Director Sagi Niri - CFO & Executive Director Conference Call Participants Matthew Swanson - RBC Capital Markets Laura Martin - Needham & Company Mark Kelley - Stifel Andrew Boone - JMP Securities Andrew Marok - Raymond James & Associates Operator Welcome to Tremor International's Third Quarter and 9 months ended September 30, 2 ...

Call Start: 09:00 January 1, 0000 9:56 AM ET Tremor International Ltd. (TRMR) Q2 2022 Earnings Conference Call August 16, 2022 09:00 ET Company Participants William Eckert - Senior Director of Investor Relations Ofer Druker - Chief Executive Officer Sagi Niri - Chief Financial Officer Conference Call Participants Laura Martin - Needham Matt Swanson - RBC Capital Markets Mark Kelley - Stifel Andrew Marok - Raymond James Andrew Boone - JMP Securities Operator Welcome to Tremor International Second Quarter and ...

BUSINESS DIVISIONS Tremor International Ltd. First Quarter 2022 Earnings Call May 17, 2022 = © 2022 Tremor International Ltd. All rights reserved. © 2022 Tremor International Ltd. All rights reserved. Introduction to Speakers and Safe Harbor Statement This presentation has been prepared by Tremor International Ltd. (the "Company" or "Tremor"). This presentation and the accompanying oral presentation contain forward-looking statements. These statements may relate to, but are not limited to: statements and pr ...

Tremor International Ltd. (TRMR) Q1 2022 Earnings Conference Call May 17, 2022 9:00 AM ET Company Participants Billy Eckert - Senior Director, Investor Relations Ofer Druker - Chief Executive Officer Sagi Niri - Chief Financial Officer Conference Call Participants Matthew Swanson - RBC Capital Markets Mark Kelly - Stifel Michael Hill - finnCap Andrew Marok - Raymond James Andrew Boone - JMP Securities Operator Welcome to Tremor International's First Quarter 2022 Conference Call. At this time, participants a ...