Financial Performance - Innovid Corp. reported revenues of $90.291 million for the year ended December 31, 2021, representing a 31% increase from $68.801 million in 2020[477]. - The company's gross profit for 2021 was $72.506 million, up from $56.436 million in 2020, indicating a strong growth in profitability[477]. - Operating expenses increased to $78.355 million in 2021, compared to $55.314 million in 2020, driven by higher research and development and sales and marketing costs[477]. - Innovid Corp. recorded a net loss of $11.472 million for 2021, compared to a net loss of $812,000 in 2020[477]. - Net loss for the year ended December 31, 2021, was $11,472,000, compared to a net loss of $812,000 in 2020 and $7,334,000 in 2019[486]. Assets and Liabilities - The total assets of Innovid Corp. as of December 31, 2021, were $205.532 million, significantly up from $59.458 million in 2020[473]. - Current assets increased to $195.249 million in 2021, compared to $51.623 million in 2020, reflecting improved liquidity[473]. - Total liabilities rose to $44.277 million in 2021, compared to $22.191 million in 2020, indicating increased financial obligations[473]. - The company had a total stockholders' equity of $161.255 million as of December 31, 2021, compared to a deficit of $49.730 million in 2020[473]. Cash Flow and Investments - Cash used in operating activities for 2021 was $2,421,000, an improvement from $4,159,000 in 2020 and $8,982,000 in 2019[486]. - Total cash, cash equivalents, and restricted cash at the end of 2021 was $157,158,000, up from $16,092,000 at the end of 2020[486]. - The company’s cash flows from investing activities totaled $3,687,000 used in 2021, compared to $948,000 used in 2020[486]. Research and Development - Innovid Corp. plans to continue investing in research and development to enhance its product offerings and market position[477]. Market Expansion and Acquisitions - The company is focused on expanding its market presence and exploring potential acquisition opportunities to drive growth[477]. - The Company acquired Dynamo Creative for a total consideration of $5,000, to be paid in three installments: $4,250 on the Closing Date, $250 within 45 days, and $500 within 15 months after the Closing Date[609]. - As of December 31, 2021, the net assets acquired from Dynamo Creative amounted to $5,000, with total assets acquired valued at $5,280 and assumed liabilities of $280[610]. Stock and Warrants - The company had a total of 119,017,380 common shares outstanding as of December 31, 2021[486]. - The Company may redeem outstanding Public Warrants at a price of $0.01 per warrant if the closing price of the Innovid Corp. ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period[627]. - The fair value of the Company Warrants as of December 31, 2021 was $18,972, down from $22,791 at the closing of the transaction[639]. Accounting and Compliance - The Company will adopt new accounting standards effective in 2022, including lease accounting, which will require establishing liabilities and right-of-use assets of approximately $5,500 and $3,900 respectively[584]. - The Company is in compliance with all covenants, maintaining an adjusted quick ratio of at least 1.20:1.00[648][649]. Miscellaneous - The Company has subsidiaries in the US, Israel, Argentina, the UK, and Australia, indicating a broad market presence[495]. - The Company recognized an accretion of preferred stocks to redemption value of $77,063,000 in 2021[486].
Innovid (CTV) - 2021 Q4 - Annual Report