Innovid Corp (CTV) 2022 Q4 法說會逐字稿

Greetings and welcome to Innovid's Fourth Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 Innovid 2022 年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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

現在我很高興向您介紹主持人 John Williams Innovid 的投資者關係。謝謝，請繼續。

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

謝謝你，運營商。在我們開始之前，我會提醒您，今天的電話會議可能包含前瞻性陳述，我們的投資者關係頁面上今天的收益發布中的安全港聲明也與此次電話會議有關。我們的業務、競爭格局、技術或監管環境以及其他因素的變化可能導致實際結果與今天所做的前瞻性陳述所表達的結果大不相同。

Our historical results are not necessarily indicative of future performance. And as such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law. In addition, today's call may include non-GAAP financial measures. We use these non-GAAP measures in managing the business and believe they provide useful information for our investors.

我們的歷史結果不一定代表未來的表現。因此，我們無法保證前瞻性陳述的準確性，也不承擔更新這些陳述的義務，除非法律要求。此外，今天的電話會議可能包括非 GAAP 財務措施。我們使用這些非 GAAP 措施來管理業務，並相信它們為我們的投資者提供了有用的信息。

These measures should be considered in addition to and not as a substitute for our GAAP results. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in the earnings presentation and earnings release available on our website and in our filings with the SEC.

這些措施應被視為補充而不是替代我們的 GAAP 結果。非 GAAP 措施與相應 GAAP 措施的對賬（如適用）可在我們網站上提供的收益報告和收益發布以及我們向美國證券交易委員會提交的文件中找到。

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

主持今天電話會議的有 Innovid 的聯合創始人兼首席執行官 Zvika Netter、Innovid 的首席財務官 Tanya Andreev-Kaspin 和聯合創始人兼首席技術官 Tal Chalozin，他們將參加我們的問答環節。

I'll now turn the call over to Zvika to begin.

我現在將電話轉給 Zvika 開始。

Thanks, John, and thank you all for joining the call today. I'll start with a few comments on the current environment and its impact on Innovid, some high-level thoughts about the fourth quarter and some recent business highlights. Our CFO, Tanya Andreev-Kaspin will then provide details on our performance and initial 2023 guidance, followed by Q&A.

謝謝約翰，感謝大家今天加入電話會議。我將從對當前環境及其對 Innovid 的影響的一些評論、對第四季度的一些高層思考以及最近的一些業務亮點開始。然後，我們的首席財務官 Tanya Andreev-Kaspin 將提供有關我們績效和 2023 年初步指導的詳細信息，然後進行問答。

I'm excited to share with you an update on Innovid's progress, including our fourth quarter and full year 2022 results. We recently completed our first full year as a public company, and I'm proud of how our team has executed against our strategic objectives in a challenging environment. Innovid remains exceptionally well positioned as the clear leader in building the critical technology infrastructure for the future of TV advertising.

我很高興與您分享 Innovid 的最新進展，包括我們第四季度和 2022 年全年的業績。我們最近完成了上市公司的第一個完整年度，我為我們的團隊如何在充滿挑戰的環境中執行我們的戰略目標感到自豪。 Innovid 在為電視廣告的未來構建關鍵技術基礎設施方面，仍然處於非常有利的地位，成為明顯的領導者。

We believe that the CTV segment is and will continue to be the area of growth in the advertising industry and this is why it's our primary area of focus here at Innovid. In 2022, we had a number of important accomplishments. Our full year revenue grew 41% year-over-year. We continued our drive towards positive adjusted EBITDA and our balance sheet remains strong. Measurement became a significant revenue driver for Innovid this year.

我們相信 CTV 部分現在是並將繼續是廣告行業的增長領域，這就是為什麼它是我們在 Innovid 的主要關注領域。 2022 年，我們取得了多項重要成就。我們的全年收入同比增長 41%。我們繼續努力實現積極的調整後 EBITDA，我們的資產負債表依然強勁。今年，測量成為 Innovid 的重要收入驅動因素。

Following our acquisition of TVSquared and represented 20% of our full year annual revenue. We're excited about the synergies realized through the acquisition as well as the growth opportunities ahead. We build meaningful client relationships and added a number of exciting wins. Our clients make a strategic decision to invest in our critical and independent infrastructure software and continue to do so despite headwinds in advertising volume and lighter spend across the overall market.

在我們收購 TVSquared 之後，它占我們全年年收入的 20%。我們對通過收購實現的協同效應以及未來的增長機會感到興奮。我們建立了有意義的客戶關係並贏得了許多令人興奮的勝利。我們的客戶做出了投資於我們關鍵且獨立的基礎設施軟件的戰略決策，並繼續這樣做，儘管廣告量受到阻礙，整個市場的支出也有所減少。

We remain very focus on the things that we can control, executing against our strategic objectives, leveraging the synergies and accelerating the growth of our TVSquared acquisition, cross-selling and deepening our customer connections. The shift from linear to CTV continues to drive our growth as we add more customers and gain more share.

我們仍然非常關注我們可以控制的事情，根據我們的戰略目標執行，利用協同效應並加速我們 TVSquared 收購的增長，交叉銷售和加深我們的客戶聯繫。隨著我們增加更多客戶並獲得更多份額，從線性到 CTV 的轉變繼續推動我們的增長。

In Q4, we reported 13% revenue and 19% impression growth in CTV compared to the same period in 2021. Our CTV accounted for 49% of revenue and 52% of total video impressions, excluding TVSquared.

在第四季度，與 2021 年同期相比，我們的 CTV 收入增長了 13%，展示次數增長了 19%。我們的 CTV 佔收入的 49%，佔總視頻展示次數的 52%，不包括 TVSquared。

For the full year, total revenue grew 41% to $127.1 million, and we delivered $1.2 million in adjusted EBITDA. Our results offer clear evidence that demand continues to grow despite difficult advertising environment.

全年總收入增長 41% 至 1.271 億美元，我們實現了 120 萬美元的調整後 EBITDA。我們的結果提供了明確的證據，表明儘管廣告環境艱難，但需求仍在繼續增長。

Let me cover some additional highlights from the quarter. There are 3 key metrics that we report annually to demonstrate how mission-critical our platform is for our customers, even in a challenging environment.

讓我介紹一下本季度的一些其他亮點。我們每年報告 3 個關鍵指標，以證明我們的平台對客戶的關鍵任務，即使在充滿挑戰的環境中也是如此。

Our net revenue retention, or NRR, in 2022 was 111%, and our core client count in 2022 increased by 60% overall. Equally important, our core client retention rate was 90%. Simply put, our customer base is growing. And the customers we have are not only staying with us, they are using our platform more and more every year.

我們在 2022 年的淨收入保留率 (NRR) 為 111%，而我們在 2022 年的核心客戶數量總體增長了 60%。同樣重要的是，我們的核心客戶保留率為 90%。簡而言之，我們的客戶群正在增長。我們擁有的客戶不僅留在我們身邊，而且他們每年都在越來越多地使用我們的平台。

I'm happy to note recent new wins, including CMI Media Agency plus one other large player in the pharma and healthcare vertical, can also note several recent client cross-selling expansions, including Canva and Goodway Group as well as several partnerships, including Fox, The Trade Desk, [Vizio] [5.14] and Kinetic. We recently announced 2 very exciting leadership updates in addition and a promotion that further align our leadership around operational excellence.

我很高興地註意到最近的新勝利，包括 CMI Media Agency 以及製藥和醫療保健垂直領域的另一家大型企業，還可以注意到最近的幾個客戶交叉銷售擴展，包括 Canva 和 Goodway Group 以及幾個合作夥伴，包括 Fox , The Trade Desk, [Vizio] [5.14] 和 Kinetic。我們最近還宣布了 2 項非常激動人心的領導層更新和一項晉升，進一步調整了我們圍繞卓越運營的領導層。

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

David Helmreich 加入 Innovid，他是新的首席商務官，負責領導我們與收入相關的職能部門的商業協調，包括銷售營銷和客戶管理。 Ken Markus 晉升為首席運營官，他以前是我們的首席客戶官，現在領導整個組織的運營協調。 Dave 和 Ken 都在他們的新角色中嶄露頭角，並密切合作以實現規模和盈利能力。我很高興他們都擔任這些新的重要職位。

And finally, in November, we hosted our first ever Investor Day, and the replay is still available on our website. It was a great event with members of our senior leadership team highlighting our strategic initiatives and the significant opportunity ahead of us. Innovid approach since day 1 has always been neutrality. We don't buy or sell media at all.

最後，在 11 月，我們舉辦了有史以來的第一個投資者日，重播仍然可以在我們的網站上找到。這是一次盛大的活動，我們的高級領導團隊成員強調了我們的戰略舉措和擺在我們面前的重大機遇。 Innovid 從第一天起就一直保持中立。我們根本不買賣媒體。

And we firmly believe the advertising industry needs to separate critical infrastructure and measurement technology for advertisers from media buying and selling. That's how we built and run our business since day 1. Focus on advertisers' very clear desire and need for transparency and alignment of interest with their tech providers.

我們堅信廣告業需要將廣告商的關鍵基礎設施和測量技術與媒體買賣分開。從第一天起，這就是我們建立和運營業務的方式。專注於廣告商對透明度和與技術提供商的利益保持一致的非常明確的願望和需求。

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

美國司法部最近針對谷歌壟斷多項數字廣告技術產品提起的反壟斷訴訟強化了我們的觀點，即該行業的中立性對我們的客戶和整個行業至關重要。我們鼓勵所有希望了解廣告技術行業當前競爭狀況和可尋址市場機會的人閱讀投訴。

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

我們很高興看到業界越來越意識到將兩種商業模式混合在一個保護傘下的風險。我們期待向我們的現有和潛在客戶展示為什麼我們的方法對他們和行業更好。隨著行業的發展，Innovid 處於領先地位。

Let me focus on how we are directly addressing, the current macro environment and why Innovid is positioned for success in 2023. First, I'm confident we'll continue to take market share from Google campaign Manager. When the economy and the ad market bounces back, we believe we are well positioned to see growth multiplier effect as our growing customer base ramps back up, and our clients activate more features of Innovid capabilities.

讓我重點談談我們如何直接解決問題、當前的宏觀環境以及 Innovid 為何能在 2023 年取得成功。首先，我相信我們將繼續從 Google Campaign Manager 手中奪取市場份額。當經濟和廣告市場反彈時，我們相信我們有能力看到增長乘數效應，因為我們不斷增長的客戶群回升，我們的客戶激活 Innovid 功能的更多功能。

Our platform remains mission-critical for our customers, and our ad server, personalization and measurement capabilities remain highly differentiated. Second, we remain laser focused on profitable growth. We expect positive adjusted EBITDA for the full year of 2023, which Tanya will discuss later. And we reiterate our long-term target of 30% plus adjusted EBITDA margin over the long run.

我們的平台對我們的客戶來說仍然是關鍵任務，我們的廣告服務器、個性化和測量能力仍然高度差異化。其次，我們仍然專注於盈利增長。我們預計 2023 年全年調整後的 EBITDA 為正，Tanya 將在稍後討論。我們重申我們的長期目標是 30% 加上長期調整後的 EBITDA 利潤率。

And finally, we are maintaining a strong balance sheet focus on maximum capital flexibility and optionality. We believe our quarter-end cash position provides more than enough runway to comfortably fund the business as we shift from burning to building cash. I'm proud of what Innovid and its team has accomplished in 2022, and I'm even more excited about the future.

最後，我們保持強大的資產負債表，專注於最大的資本靈活性和可選性。我們相信，隨著我們從燃燒現金轉向建立現金，我們的季度末現金頭寸提供了足夠多的跑道來輕鬆地為業務提供資金。我為 Innovid 及其團隊在 2022 年取得的成就感到自豪，我對未來更加興奮。

With that, I'll hand it over to our CFO, Tanya Andreev-Kaspin, to discuss our fourth quarter results and the 2023 financial outlook. Tanya?

有了這個，我將把它交給我們的首席財務官 Tanya Andreev-Kaspin 來討論我們第四季度的業績和 2023 年的財務前景。譚雅？

Thank you, Zvika, and good morning, everyone. We are pleased with our Q4 and full year results, particularly given the challenging macroeconomic backdrop in 2022 and the fourth quarter specifically.

謝謝 Zvika，大家早上好。我們對我們的第四季度和全年業績感到滿意，特別是考慮到 2022 年和第四季度充滿挑戰的宏觀經濟背景。

Q4 revenue grew 30% year-over-year to $33.7 million on a reported basis or 5% on a pro forma basis. Measurement, which has become a significant revenue driver following our TVSquared acquisition, grew 16% on a pro forma basis and represented 22% of total revenue in Q4 and 20% of full year revenue. Ad serving and personalization services were up a combined 2% year-over-year and represented 78% of total revenue in Q4 and 80% of full year revenue.

根據報告，第四季度收入同比增長 30% 至 3370 萬美元，或在備考基礎上增長 5%。在我們收購 TVSquared 後，測量已成為重要的收入驅動因素，預估增長 16%，佔第四季度總收入的 22% 和全年收入的 20%。廣告服務和個性化服務合計同比增長 2%，佔第四季度總收入的 78% 和全年收入的 80%。

As a reminder, our ad serving and personalization revenue closely correlates with ad impressions volume served through the Innovid platform. Q4, CTV volume grew 19%, year-over-year and represented 52% of all video impressions. This is up from 46% in the previous year. Mobile volume decreased by 6% and accounted for 35% of all video impressions, while desktop volume decreased by 8% and represented 13% of all video impressions.

提醒一下，我們的廣告服務和個性化收入與通過 Innovid 平台提供的廣告展示量密切相關。第 4 季度，CTV 量同比增長 19%，佔所有視頻展示量的 52%。這高於去年的 46%。移動設備數量下降了 6%，佔所有視頻展示次數的 35%，而桌面設備數量下降了 8%，佔所有視頻展示次數的 13%。

As the overall ad environment bounces back, we expect growth in our core CTV business will continue to outpace other channels and continue to grow as a percentage of overall video impressions. Additionally, our unique combination of CTV ad serving, personalization and measurement solutions will further boost our growth over time.

隨著整體廣告環境的反彈，我們預計核心 CTV 業務的增長將繼續超過其他渠道，並繼續增長佔整體視頻印象的百分比。此外，我們獨特的 CTV 廣告服務、個性化和測量解決方案組合將進一步推動我們的增長。

On to our geographic breakdown, in Q4, U.S. revenue grew 27% on a reported basis and represented 89% of our total revenue in the quarter and 90% for full year 2022. The U.S. remains the global center of CTV innovation and adoption, and its where and it deploys most of its investment.

關於我們的地域細分，在第四季度，美國收入在報告的基礎上增長了 27%，占我們本季度總收入的 89%，佔 2022 年全年的 90%。美國仍然是 CTV 創新和採用的全球中心，並且它在哪裡部署大部分投資。

International revenue grew 57% year-over-year and represented 11% of quarterly revenue, up from 9% in Q4 last year. As you know, our target clients are composed of the largest global TV advertisers. We defined a core client as an advertiser or publisher that generates at least $100,000 of annual revenue. Note that prior to acquiring TVSquared, we only included advertisers in that definition.

國際收入同比增長 57%，佔季度收入的 11%，高於去年第四季度的 9%。如您所知，我們的目標客戶由全球最大的電視廣告商組成。我們將核心客戶定義為年收入至少為 100,000 美元的廣告商或發布商。請注意，在收購 TVSquared 之前，我們只將廣告商包括在該定義中。

In 2022, our core clients generated approximately 88% of our annual revenue versus 91% last year. At year-end 2022, we had 174 total core clients which, includes 41 from TVSquared versus 109 at the year-end of 2021. Excluding TVSquared contribution, Innovid core client growth exceeded 20% in 2022.

2022 年，我們的核心客戶創造了我們年收入的約 88%，而去年這一比例為 91%。截至 2022 年底，我們共有 174 個核心客戶，其中 41 個來自 TVSquared，而 2021 年底為 109 個。不包括 TVSquared 的貢獻，Innovid 核心客戶增長在 2022 年超過 20%。

Core clients annual retention was 90% on a pro forma basis, down from 97% retention of core Innovid platform clients in 2021 prior to the acquisition. Annual core clients net revenue retention was 111% compared to 127% in 2021. 2022 retention metrics were impacted by the expansion of our core client definition and the inclusion of a different client mix following the TVSquared integration. Both metrics, however, are showing strong healthy trends in a year with particular challenging macro trends impacting advertiser spend.

核心客戶年保留率為 90%，低於收購前 2021 年核心 Innovid 平台客戶保留率 97%。年度核心客戶淨收入保留率為 111%，而 2021 年為 127%。2022 年保留指標受到我們核心客戶定義的擴展以及 TVSquared 集成後不同客戶組合的影響。然而，這兩個指標在一年中都顯示出強勁的健康趨勢，尤其是具有挑戰性的宏觀趨勢會影響廣告商的支出。

Moving on to expenses, cost of revenues increased by $3 million in Q4, 2022 as compared to Q4, 2021, the increase is primarily attributable to the TVSquared acquisition. Revenue less cost of revenues was 75% of revenue in Q4, 2022, down from 79% in Q4, 2021, again, due to this TVSquared acquisition and the subscale nature of TVSquared as a stand-alone entity.

接下來是支出，與 2021 年第四季度相比，2022 年第四季度的收入成本增加了 300 萬美元，這一增長主要歸因於 TVSquared 的收購。收入減去收入成本在 2022 年第四季度佔收入的 75%，低於 2021 年第四季度的 79%，這再次歸因於 TVSquared 的收購以及 TVSquared 作為獨立實體的規模較小的性質。

We believe the fully integrated business will eventually operate at or close to our pre-acquisition margin. We expect this metric to improve over time as revenue bounces back, the business scales and the cross-selling accelerates.

我們相信完全整合的業務最終將達到或接近我們收購前的利潤率。隨著收入反彈、業務規模擴大和交叉銷售加速，我們預計該指標會隨著時間的推移而改善。

Total Q4 operating expenses, excluding depreciation, amortization and impairment costs were $35.8 million, up $3.3 million or 10% year-over-year. Most of the increased $3 million is due to an increased installed base compensation. The remaining increase is due to our acquisition of TVSquared, which was largely offset by a reduction in one-time expenses, particularly IPO-related expenses incurred in Q4 of last year.

不包括折舊、攤銷和減值成本的第 4 季度總運營費用為 3580 萬美元，同比增長 330 萬美元或 10%。增加的 300 萬美元中的大部分是由於安裝基礎補償的增加。剩餘的增長是由於我們收購了 TVSquared，這在很大程度上被一次性費用的減少所抵消，尤其是去年第四季度發生的 IPO 相關費用。

We ended this year with 531 employees, an increase of 1% year-over-year on a pro forma basis. And this is before the headcount reduction that is taking place in the first quarter of 2023. Net loss in the fourth quarter was $3.4 million or per share loss of $0.03. Adjusted EBITDA in Q4 was $3 million, representing 9% adjusted EBITDA margin, up from 7% last year.

今年結束時，我們擁有 531 名員工，在備考基礎上同比增長 1%。這是在 2023 年第一季度裁員之前。第四季度淨虧損為 340 萬美元或每股虧損 0.03 美元。第四季度調整後的 EBITDA 為 300 萬美元，調整後的 EBITDA 利潤率為 9%，高於去年的 7%。

We are very comfortable with our cash position and liquidity given our margin profile and our expectation for positive full year 2023 adjusted EBITDA. We ended the year with $47.5 million in cash and cash equivalents and short-term bank deposits on our balance sheet and $20 million in debt. We also have available an additional $30 million revolving line of credit at favorable terms, if needed. Year-end share count was 133.9 million shares.

鑑於我們的利潤率狀況和我們對 2023 年全年調整後 EBITDA 為正的預期，我們對我們的現金狀況和流動性感到非常滿意。到年底，我們的資產負債表上有 4750 萬美元的現金和現金等價物以及短期銀行存款，還有 2000 萬美元的債務。如果需要，我們還可以優惠條件提供額外的 3000 萬美元循環信貸額度。年末股票數量為 1.339 億股。

Finally, I would like to discuss our outlook. While the macro environment has reduced visibility, we remain confident in the resilience and strong strategic positioning of our business and are committed to profitable growth in 2023. For the first quarter of 2023, we expect total revenue in the range of $27 million to $29 million, representing 4% to 12% year-over-year growth on as reported basis.

最後，我想談談我們的前景。儘管宏觀環境的能見度降低，但我們對我們業務的彈性和強大的戰略定位仍然充滿信心，並致力於在 2023 年實現盈利增長。對於 2023 年第一季度，我們預計總收入在 2700 萬至 2900 萬美元之間，在報告的基礎上同比增長 4% 至 12%。

We expect Q1 adjusted EBITDA in a range of negative $3 million to negative $1 million. As typical, we expect Q1 will be the lowest point in the year for adjusted EBITDA margin. By the end of Q1, we expect to complete our recently announced 10% headcount reduction, and our outlook today includes the impact of those cost savings actions on our operating model.

我們預計第一季度調整後的 EBITDA 在負 300 萬美元至負 100 萬美元之間。通常，我們預計第一季度調整後的 EBITDA 利潤率將是今年的最低點。到第一季度末，我們預計將完成最近宣布的 10% 裁員，我們今天的展望包括這些成本節約行動對我們運營模式的影響。

We will also remind you that when the TVSquared acquisition took place in Q1 of 2022, there were $4.4 million in the one-time acquisition and IPO-related expenses reflected in those quarterly results that will not repeat in Q1 of 2023. Also beginning in Q2, we will no longer distinguish between pro forma and as reported basis since we will be lapping a full year since the TVSquared acquisition.

我們還會提醒您，當 TVSquared 收購發生在 2022 年第一季度時，這些季度業績中反映的一次性收購和 IPO 相關費用有 440 萬美元，這些費用不會在 2023 年第一季度重複。同樣從第二季度開始，我們將不再區分備考和報告基礎，因為自 TVSquared 收購以來我們將整整一年。

We have seen some encouraging early indicators in 2023. But today, given the current advertising market, we suggest modeling flat revenue year-over-year as a starting point with a return to more normal quarterly revenue seasonality than we saw in 2022. We are carefully managing operating expenses and expect full year 2023 adjusted EBITDA margin will improve on a year-over-year basis.

我們在 2023 年看到了一些令人鼓舞的早期指標。但今天，鑑於當前的廣告市場，我們建議將收入同比持平作為起點，並恢復到比 2022 年更正常的季度收入季節性。我們是謹慎管理運營費用，預計 2023 年全年調整後的 EBITDA 利潤率將同比提高。

To be clear, even if revenue is flat year-over-year, we expect improved profitability versus 2022. Given our focus on cost management and operational efficiency, we expect to be even more profitable if the environment improves.

需要明確的是，即使收入同比持平，我們預計與 2022 年相比盈利能力也會有所提高。鑑於我們對成本管理和運營效率的關注，如果環境有所改善，我們預計盈利能力會更高。

In conclusion, Innovid is very well positioned to emerge from the current macro downturn strategically and financially stronger with a unique and fully integrated platform that is absolutely critical for our customers. We are taking actions today to ensure our future success.

總之，Innovid 憑藉對我們的客戶絕對至關重要的獨特且完全集成的平台，處於非常有利的地位，可以在戰略和財務上更強大地擺脫當前的宏觀經濟衰退。我們今天正在採取行動，以確保我們未來的成功。

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

再次感謝您加入電話會議。 Zvika 和我現在準備好回答您的問題。接線員，請開始問答環節。

(Operator Instructions) The first question is coming from Andrew Boone of JMP Securities.

（操作員說明）第一個問題來自 JMP Securities 的 Andrew Boone。

I'd like to start with the DOJ case against Google. Can you guys help us understand what that could mean for Innovid and how clients are actually talking to you about it? And then secondly, just on the guide and thinking about 4Q revenue, it's really healthy growth in terms of core clients that was really exciting to see?

我想從美國司法部針對谷歌的案件開始。你們能幫助我們理解這對 Innovid 意味著什麼，以及客戶實際上是如何與您談論它的嗎？其次，就指南和考慮第四季度收入而言，核心客戶的健康增長真的很令人興奮嗎？

But can you just help us understand more what's going on with individual clients. Should we think about that as a headwind of per client spend or how do we think about just -- the deterioration there?

但是你能不能幫助我們更多地了解個別客戶的情況。我們是否應該將其視為每位客戶支出的逆風，或者我們如何看待那裡的惡化？

Thanks, Andrew, and thanks for the questions. Yes, as you could see, I mean, we are very engaged, excited, interested in this case, clearly because neutrality has been a core part of Innovid since they won 15 years ago, 10 years ago, we talked about how critical it is to -- and we don't come from [EdTech, Dyland] are the co-founders. We entered this industry from a banking industry.

謝謝，安德魯，謝謝你的問題。是的，正如你所看到的，我的意思是，我們對這個案子非常投入、興奮和感興趣，顯然是因為自從他們在 15 年前，10 年前贏得中立以來，中立一直是 Innovid 的核心部分，我們談到了它的重要性到 - 我們不是來自 [EdTech，Dyland] 是聯合創始人。我們是從銀行業進入這個行業的。

And we saw that there is a flaw in the system where media buying and selling technology is mixed together and media assets are mixed together with infrastructure software. And we decided strategically that Innovid is not going to buy or sell media at the same time its providing infrastructure. And this is why we build Innovid as a critical software infrastructure company for the future of television.

我們看到系統存在缺陷，媒體買賣技術混合在一起，媒體資產與基礎設施軟件混合在一起。我們從戰略上決定 Innovid 不會在提供基礎設施的同時購買或出售媒體。這就是為什麼我們將 Innovid 打造成面向未來電視的關鍵軟件基礎設施公司。

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

我們多年來一直堅持這一點，所以你可以在媒體上賺很多錢。最後，並沒有很多人聽到、理解這一點，但這對我們來說是一個非常長期的行動，因為我們計劃成為一個非常大的可擴展組織，為未來的電視廣告提供基礎設施。非常令人鼓舞的是，美國政府基本上是在說我們長期以來一直在說的話，即在你同時擁有媒體和平台、技術平台的系統中存在一個重大問題。

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

因此，我們期待並且我們將幫助我們向觀眾和投資者講述我們的故事，這一事實肯定是有重點的。當然，對於我們的客戶或那些更重要的那些不是我們客戶的人，他們假設他們會去閱讀這篇文章，無論是在報紙上還是閱讀訴訟本身，對此的關注應該有助於我們告訴我們在司法部的故事。

And I think, it's definitely going to take years, but the focus on it is definitely something that we share the same passion about the separations of entities. And when it comes to the guide, the 4Q, you said the core clients and the overall, I mean, as you indicated, we are closing more business, and it's kind of connected to your first question.

而且我認為，這肯定需要數年時間，但對它的關注絕對是我們對實體分離的共同熱情。當談到指南時，第四季度，你說的是核心客戶和整體，我的意思是，正如你所指出的，我們正在關閉更多的業務，這與你的第一個問題有點相關。

On a strategic path, our differentiation from our competition which is mostly Google Campaign Manager, our investment in additional products like personalization and measurement upselling to existing clients, retention rate. All these KPIs are very, very strong throughout Q4, which was not as strong from a top line perspective. And also, if you look -- we see our outlook as we see it for the year at this point, it's -- at least we are seeing the industry.

在戰略路徑上，我們與主要是 Google Campaign Manager 的競爭對手的差異化，我們對額外產品的投資，例如對現有客戶的個性化和衡量追加銷售，保留率。所有這些 KPI 在整個第四季度都非常非常強勁，從頂線的角度來看並不那麼強勁。而且，如果你看 - 我們看到了我們今年的展望，它 - 至少我們看到了這個行業。

And this is all from our perspective, all affected by macroeconomic where everybody is seeing advertising in TV spend is going down. Overall, the advertising spend is going down because of the economic situation. And that is the only thing that we see that when we're factoring in, we're saying all the core KPIs that we control, are continue to do very strong. And, but the macroeconomic is such that we basically planned the budget -- we planned against a flat year.

從我們的角度來看，這一切都受到宏觀經濟的影響，每個人都看到電視廣告支出正在下降。總體而言，由於經濟形勢，廣告支出正在下降。這是我們在考慮因素時看到的唯一一件事，我們說我們控制的所有核心 KPI 繼續表現非常強勁。而且，但是宏觀經濟使得我們基本上計劃了預算——我們計劃的是持平的一年。

And we took measures and are taking measures to make sure it's a profitable year. So that under any circumstances, the plan is that we'll have a better EBITDA this year than last year. And this is all part in our journey to get to 30-plus percent EBITDA, and we know if we get a lot of questions on that, and this is why we're committed even in this environment to keep and be profitable. And if the outcome is better from a top line as the company recovers faster than what we think as some of our peers, then it's an upside.

我們採取了措施，並正在採取措施確保今年是有利可圖的一年。因此，在任何情況下，計劃是我們今年的 EBITDA 將比去年更好。這都是我們實現 30% 以上 EBITDA 的旅程的一部分，我們知道我們是否會對此提出很多問題，這就是為什麼即使在這種環境下我們也致力於保持盈利。而且，如果隨著公司的恢復速度比我們認為的一些同行更快，從頂線獲得的結果更好，那麼這是一個好處。

Andrew, did you have additional questions. (Operator Instructions) The next question is coming from Shyam Patil of Susquehanna.

安德魯，你還有其他問題嗎？ （操作員說明）下一個問題來自 Susquehanna 的 Shyam Patil。

Congrats on a first year public company, I have few questions. First, in terms of the guidance, you guys just commented a little bit on it. But I'm just curious, how are you guys thinking about the seasonality, linearity of the guide by quarter, say, 2Q and 3Q? And how much of the outlook for the year, would you say is macro kind of what you're seeing now versus other factors? And how much of it is, what you're actually seeing here from customers versus kind of taking additional conservatism out of that?

恭喜你成為上市公司的第一年，我幾乎沒有問題。首先，就指導而言，你們只是對它發表了一些評論。但我很好奇，你們是如何考慮季度指南的季節性和線性的，比如 2Q 和 3Q？與其他因素相比，您認為今年的前景有多少是宏觀的？其中有多少，你實際上從客戶那裡看到了什麼，而不是從中採取額外的保守主義？

So, I would address your second question first. Let's start with the first one makes more sense. So as you indicated, we saw software Q4 versus Q3, which is a very rare thing for this industry, right? If anybody knows the, advertise, definitely, the TV advertising industry. Q1 is the lowest, Q4 is the highest, and it kind of goes up and goes down and goes up and goes down for tens and tens of years.

所以，我先回答你的第二個問題。讓我們從第一個更有意義的開始。所以正如你所指出的，我們看到了軟件 Q4 與 Q3，這對這個行業來說是非常罕見的，對吧？如果有人知道電視廣告業，肯定會做廣告。 Q1 是最低的，Q4 是最高的，幾十年、幾十年都是漲漲跌跌。

So it has actually a pretty predictable model. What happened since COVID, we started seeing different shockwaves in this -- and while 2021 was a normal cycle and 2022 started as a normal cycle. In Q4, we started seeing a decline, and that's why you saw a difference between Q3 and Q4, which is a rare situation and then softer Q4, I believe, for the entire industry, not just Innovid.

所以它實際上有一個非常可預測的模型。自 COVID 以來發生的事情，我們開始看到不同的衝擊波——雖然 2021 年是一個正常週期，2022 年是一個正常週期。在第四季度，我們開始看到下降，這就是為什麼你看到第三季度和第四季度之間的差異，這是一種罕見的情況，然後第四季度更加疲軟，我相信，對於整個行業，而不僅僅是 Innovid。

So the question in terms of cycles, how do we, we are assuming that this year will have -- the seasonality will be "normal" so because the economy, the macro-economy is already impacting you see Q4, or you see Q1. So based on our analysis and our budget and plan, we took that throughout the entire year in terms of the plan. So there's an overall macro compression with a normal seasonality, if that makes sense.

所以關於週期的問題，我們如何，我們假設今年會有 - 季節性將是“正常的”，因為經濟，宏觀經濟已經在影響你看到第四季度，或者你看到第一季度。因此，根據我們的分析以及我們的預算和計劃，我們在計劃中採用了全年。因此，如果有意義的話，會有一個具有正常季節性的整體宏觀壓縮。

So obviously, if -- again, some people suggested that things will be better sooner, right? So then you'll have another abnormal seasonality where you have a weaker than normal first half, let's say, in a stronger second half. We're not saying that's what we are suggesting. But so what we're planning against is a normal seasonality on a weaker economy. And to your last question, absolutely 100%, what you're seeing on the top line is a factor of macroeconomics.

很明顯，如果——再一次，有人建議事情會更快好轉，對嗎？那麼你就會有另一個異常的季節性，你的上半場比正常情況更弱，比方說，下半場更強。我們並不是說這就是我們的建議。但是，我們的計劃是針對經濟疲軟的正常季節性。對於你的最後一個問題，絕對 100%，你在第一行看到的是宏觀經濟因素。

Because if you look at the old core KPIs, retention of key core clients and the amount of core clients, we closed more logos in Q4 and in Q1, we retained a lot of them. We're up-selling more. Our NRR even for a [software] last year was 111%, we believe. So all these -- there's strategically, Andrew asked about Google and the DOJ, which is -- the Google is the biggest source of market share for us.

因為如果你看看舊的核心 KPI、關鍵核心客戶的保留和核心客戶的數量，我們在第四季度和第一季度關閉了更多的標識，我們保留了很多。我們的銷量更高。我們相信，去年我們的 NRR 即使是 [軟件] 也是 111%。所以所有這些 - 從戰略上講，安德魯詢問了谷歌和司法部，即 - 谷歌是我們最大的市場份額來源。

So currently, we're not aware of any macro dynamics that will impact our internal and KPIs. But when -- because we are pure software and we're not a media business, we don't have a lot of margin to play with. We're not buying and selling. We're selling software. So -- and it's based on volume. So once volume goes down because spend goes down, it impacts our top line. Once it goes up, it will improve not just the top line, but the way we configure the company at this point, dramatically or bottom line.

所以目前，我們不知道任何會影響我們內部和 KPI 的宏觀動態。但是當 - 因為我們是純軟件而不是媒體業務時，我們沒有太多利潤可玩。我們不是買賣。我們賣軟件。所以 - 它基於數量。因此，一旦由於支出下降而導致銷量下降，就會影響我們的收入。一旦它上升，它不僅會改善頂線，還會改善我們在這一點上配置公司的方式，顯著或底線。

And then I had a quick follow-up. It seems like just -- kind of earnings reports, not this quarter, but in past couple quarters, connected TV and retail media are the 2 biggest trends in media right now. Certainly, on Connected TV, you guys are very well positioned to kind of all know how you guys are involved there. But regarding retail media how does that -- can you just talk about how that could be an opportunity for you guys or how you feel about that opportunity going forward?

然後我進行了快速跟進。這似乎只是 - 某種收益報告，不是本季度，而是在過去幾個季度，聯網電視和零售媒體是目前媒體領域的兩大趨勢。當然，在 Connected TV 上，你們處於非常有利的位置，可以知道你們是如何參與其中的。但是關於零售媒體，那是怎麼回事——你能談談這對你們來說是一個機會嗎，或者你對這個機會的看法如何？

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

當然，我有我的聯合創始人 Tal，我相信他很樂意回答這個問題。塔爾？

Sure, thank you very much, Zvika and thank you, Shyam for the call. So yes, you're absolutely correct, as you seen from many other players in the space, CTV is clearly the biggest trend in media followed by retail media. And we've been saying it for a very long time. Something interesting to see is that as we've shown, software can really make an impact in television, some goes for retail media.

當然，非常感謝 Zvika，也感謝 Shyam 的來電。所以是的，你是絕對正確的，正如你從該領域的許多其他參與者所看到的那樣，CTV 顯然是媒體中最大的趨勢，其次是零售媒體。我們已經說了很長時間了。有趣的是，正如我們所展示的，軟件確實可以對電視產生影響，其中一些會影響零售媒體。

So far, all of the focus has been, at least in the other companies has been on the media targeting space. But obviously, retail media can play a lot in measurement by virtue of different data for a better outcome and on personalization in a shape of a more personalized commercial leveraging the data of retail media network. We've spoken in the past about strong partnership we have with Target, leveraging our Innovid for personalization.

到目前為止，所有的焦點都集中在媒體定位領域，至少其他公司是這樣。但顯然，零售媒體可以通過不同的數據進行衡量以獲得更好的結果，以及利用零售媒體網絡的數據以更加個性化的商業形式進行個性化。我們過去曾談到我們與 Target 建立了牢固的合作夥伴關係，利用我們的 Innovid 進行個性化。

We talk last quarter about retailers such as eBay leveraging InnovidXP for better measurement, and we're going to share a lot more in the future on that line. But we're absolutely aligned that CTV and retail media network are great utilization of how software is going to Innovid in media.

我們在上個季度談到了 eBay 等零售商利用 InnovidXP 進行更好的測量，我們將在未來分享更多關於這一點的內容。但我們絕對一致認為 CTV 和零售媒體網絡很好地利用了軟件在媒體中如何進入 Innovid。

Okay.

好的。

(Operator Instructions) We do have a follow-up coming from Shyam Patil of Susquehanna.

（操作員說明）我們確實有來自 Susquehanna 的 Shyam Patil 的跟進。

I had a few follow-ups as well, if it's okay if ask these. On connected TV, I guess this is kind of an industry question as well as an Innovid question. How do you see kind of the use of alternative ID, your ID in general or maybe broader not just targeting?

我也有一些跟進，如果可以問這些的話。在聯網電視上，我想這是一個行業問題，也是一個 Innovid 問題。您如何看待替代 ID 的使用，您的 ID 一般或更廣泛的不僅僅是定位？

It seems like there are some changes going on in the industry where some of the walled gardens that existing CTV may try to hold back some data that was previously available for [31.04] [Target]. So I'm just curious what you guys see happening there and how you think Innovid positioned to capitalize on that and take advantage of any situations that may come up?

該行業似乎正在發生一些變化，現有 CTV 的一些圍牆花園可能會試圖阻止一些以前可用於 [31.04] [目標] 的數據。所以我很好奇你們看到那裡發生了什麼，以及您認為 Innovid 如何定位以利用它並利用可能出現的任何情況？

Do you want to take this question?

你想回答這個問題嗎？

Sure, thanks again for the question, Shyam. First of all, I think you hit a very important point that when we do talk to investors, there's a big confusion on this point around walled garden and the fragmentation of the connected television space. The market is extremely fragmented by many large players such as Amazon, YouTube, Roku, and many other -- any other kind of newcomers to the advertising space, Netflix, [NDC plus] [31.52].

當然，再次感謝 Shyam 的提問。首先，我認為你提到了一個非常重要的觀點，當我們與投資者交談時，圍繞圍牆花園和互聯電視空間的碎片化這一點存在很大的困惑。市場被亞馬遜、YouTube、Roku 等許多大型參與者極度分散，以及許多其他廣告領域的新來者、Netflix、[NDC plus] [31.52]。

All of them are behaving in somewhat of a walled garden and to your point, creating their own identifier, creating the own ways to insert data and extract data out. So, we think that the market is amazingly fragmented this is why we think that a strong software platform that has helped orchestrate media in the streaming space is mandatory for marketing.

他們所有人都在某種程度上表現在一個圍牆花園中，就您而言，創建他們自己的標識符，創建自己的方式來插入數據和提取數據。因此，我們認為市場非常分散，這就是為什麼我們認為在流媒體領域幫助編排媒體的強大軟件平台對於營銷來說是必不可少的。

To your point about identifiers, we did share in the past, our heavy investment in a product we call Innovid Key part of InnovidXP, which is doing exactly what you just described. We don't believe that the industry needs yet another identifier because there are many out there, and the market will become even more fragmented.

關於你關於標識符的觀點，我們過去確實分享過，我們對一個產品的大量投資，我們稱之為 InnovidXP 的 Innovid Key 部分，它正在做你剛才描述的事情。我們認為該行業不需要另一個標識符，因為有很多標識符，而且市場會變得更加分散。

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

所以我們認為——需要一個脊柱，以盡可能最好的方式連接所有這些標識符，並允許營銷人員穿越整個行業，向每個人傳遞正確的信息，並收集盡可能多的數據。這就是我們正在與我提到的許多名字合作所做的事情，我們將繼續推動這方面的工作。

And can you guys talk a little bit more about your measurement offering and just what kind of uptake or kind of new business activity do you expect in a softer macro? Is this something that encourages kind of security option because of the need for greater efficiency and effectiveness?

你們能多談談你們的測量產品嗎？你們希望在一個更溫和的宏觀環境中有什麼樣的吸收或什麼樣的新業務活動？由於需要更高的效率和有效性，這是否會鼓勵某種安全選項？

Is it -- or is it more of an additional kind of add-on that maybe it's impacted by the macro in a more negative way. How do you guys think about -- the measurement offering that you guys have and how the current macro will impact it?

是——還是它更像是一種額外的附加組件，它可能以更負面的方式受到宏的影響。你們如何看待 - 你們擁有的測量產品以及當前的宏觀將如何影響它？

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

當然，我的意思是這些問題的答案是肯定的。我要解釋一下，我們絕對看到一年前收購 TVSquared 的決定對 Innovid 來說是一項重大交易，首次公開募股後立即對我們來說是一個非常具有戰略意義的長期舉措，因為我們從客戶那裡聽到的是需要更好地了解電視與 CTV 的表現。

So not just looking at CTV as a stand-alone, kind of almost connected to your question on identity and household identity, so the ability to see the entire household saying, ex percent let's say, 70% is watched on linear and 30% watched connected TV. When you're moving 10s of billions of dollars from one side to another that really critical to see the entire picture. So for us, combining our excellence in CTV measurement and TVSquared TV measurement combined created a very unique offering.

因此，不僅將 CTV 視為獨立的，它幾乎與你關於身份和家庭身份的問題有關，所以能夠看到整個家庭說，ex percent 比方說，70% 是在線觀看的，30% 是觀看的連接的電視。當您將 100 億美元從一側轉移到另一側時，了解全局非常重要。因此，對我們來說，結合我們在 CTV 測量和 TVSquared TV 測量方面的卓越表現，創造了一個非常獨特的產品。

So from a market acceptance perspective and we're not surprised by it, because we heard the customers before we made the transaction. So we're definitely seeing -- we're happy with the acquisition, with integration and the level of adoption we're seeing is actually, from a revenue perspective, definitely around the number we expected to see this year. And this is a journey. These things -- measurement is a major play, and it takes years to build the traction, the adoption and the acceptance because -- some of it is science and some of it is almost an art.

因此，從市場接受度的角度來看，我們對此並不感到驚訝，因為我們在進行交易之前就听取了客戶的意見。所以我們肯定會看到——我們對收購、整合和我們看到的採用水平感到滿意，實際上，從收入的角度來看，絕對是我們今年預期看到的數字。這是一段旅程。這些東西——衡量是一項重要的工作，需要數年時間才能建立牽引力、採用和接受，因為——其中一些是科學，而另一些幾乎是一門藝術。

So from that perspective, strategically, we're extremely happy with this and we're happy with the results, and we're definitely seeing adoption. At the same time, as TV advertising is all advertising budgets in an environment like this go down, that is obviously affects also investment.

因此，從戰略角度來看，我們對此非常滿意，我們對結果也很滿意，而且我們肯定會看到採用。同時，由於電視廣告在這樣的環境下所有的廣告預算都在下降，這顯然也影響了投資。

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

現在你可以爭辯說，在這樣的時刻，你實際上需要——寶潔公司的首席營銷官馬克·普里查德說，我認為上個月，在佛羅里達州 ANA 會議的主題演講中，談到了他們想要的一些關鍵事情投資，這正是你所說的。它著眼於優化覆蓋範圍、覆蓋的家庭數量、頻率以及投資回報率。

Kind of the basic stuff that any CEO and any CFO will do and this is optimizing return on investment. So measurement is absolutely a key component of that, but -- the tricky is, yes, there's going to be more interest and more investment in measurement, while the budgets overall are going to shrink. So while our measurement product is more like SaaS, it's a fixed fee throughout the year, it will be naive to assume that a year like this, assuming it last for the entire year, is not going to impact the amount of money we make from that product. While adoption, we absolutely expect will continue to go up.

這是任何 CEO 和 CFO 都會做的基本事情，這就是優化投資回報。所以測量絕對是其中的一個關鍵組成部分，但是 - 棘手的是，是的，會有更多的興趣和更多的投資在測量上，而總體預算將會縮減。因此，雖然我們的測量產品更像是 SaaS，它全年都是固定費用，但假設這樣的一年，假設它持續一整年，不會影響我們從中賺到的錢，那就太天真了。那個產品。在採用時，我們絕對希望會繼續上升。

I just had one last one, if I could sneak it in. Any commentary you guys can offer in terms of I'll give you-- I'll provide some context. We've heard other companies talk about the scatter market and the impact on connected TV growth. Just curious if there's anything you can offer there on the scatter market, I'll leave it there?

我只有最後一個，如果我能偷偷摸摸的話。你們可以提供的任何評論我都會給你——我會提供一些背景信息。我們聽過其他公司談論分散市場及其對聯網電視增長的影響。只是想知道您是否可以在散點市場上提供任何東西，我會把它留在那裡嗎？

Tal, do you want to take this?

塔爾，你要拿這個嗎？

Of course, in general, actually those terms scattered or spot been thrown on for by many other companies. Something important about Innovid is that we service the whole market. We absolutely don't care what part of the market is picking up more significant programmatic, the reserve one and upfront buys or others. There's clearly throughout the year, there's always fluctuation from one side to another when times are a little tight.

當然，總的來說，實際上這些術語是分散的或被許多其他公司拋出的。關於 Innovid 的重要一點是我們服務於整個市場。我們絕對不在乎市場的哪一部分正在接受更重要的程序化，儲備和前期購買或其他。很明顯，一年四季，當時間有點緊迫時，總是會從一邊到另一邊波動。

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

我們看到更多關注房子的程序化方面。當 - 在前期季節開始時，我們看到對該市場的高度關注。但同樣，我們產品的美妙之處在於我們真的不挑邊。我們為營銷人員提供全面的軟件解決方案，服務於市場的每一個印象和每一個方面。

(Operator Instructions) The next question is coming from Shweta Khajuria of Evercore ISI.

（操作員說明）下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Okay. Could you please talk about the intra-quarter trends that you saw from Q3 to Q4? Seasonally, Q4 is the strongest, but you mentioned that it actually worsened. So help us think about what you saw anything that in particular you can call out? And then what you've seen so far, we're 2 months -- almost 2 months into the quarter. So anything that you can call out this quarter that you've seen as it progressed, that would be helpful

好的。您能否談談您從第三季度到第四季度看到的季度內趨勢？季節性，Q4 是最強的，但你提到它實際上惡化了。因此，請幫助我們想想您看到了什麼，特別是您可以說出什麼？然後你到目前為止所看到的，我們已經 2 個月了——進入本季度將近 2 個月。因此，您在本季度看到的任何進展情況都會有所幫助

So you're absolutely right. The trend -- basically, the way to look at this is 2021 was a normal year in terms of seasonality. 2022 started normal. And in Q4, I would argue you could see it also something like YouTube results, which is obviously you could see like you always started seeing some decline in Q3 and definitely Q4, it was felt by the industry, and you see it all over.

所以你是絕對正確的。趨勢——基本上，從季節性來看，2021 年是正常的一年。 2022年開始正常。在第四季度，我認為你也可以看到類似 YouTube 結果的東西，這顯然你可以看到你總是開始看到第三季度和第四季度出現下滑，整個行業都感受到了，你看到了。

So the -- I would say that if you look at 2022, the seasonality was disrupted after a nice run in terms of seasonality sequencing was it starts disruptive in Q4 and resulted in us taking action to make sure because profitability is extremely important to us and in this environment also to our shareholders, we took action to make sure that in plan 2023 in a way that under even flat circumstances, we are going to be profitable, EBITDA positive, while maintaining our strategic goals.

所以 - 我想說的是，如果你看看 2022 年，在季節性排序方面表現出色後，季節性會被打亂，因為它在第四季度開始具有破壞性，並導致我們採取行動確保盈利能力對我們來說極其重要，並且在這種環境下，我們也對我們的股東採取了行動，以確保在 2023 年計劃中，即使在持平的情況下，我們也將實現盈利，EBITDA 為正，同時保持我們的戰略目標。

So in terms of Q4, specifically, some people ask us about vertical specific verticals because that's like kind of the post-COVID supply chain issues and the word like ripple effects, where one part of the industry will be hurt more than another part of the industry. So, we're happy to report that auto, which is -- again, you see it on television. So the stuff you see on television is how we make money. So auto has recovered and "back to normal".

因此，就第四季度而言，具體來說，有些人問我們關於垂直特定垂直領域的問題，因為這就像是後 COVID 供應鏈問題和漣漪效應這樣的詞，行業的一部分將比另一部分受到的傷害更大行業。所以，我們很高興地報導那輛汽車，你又一次在電視上看到了它。所以你在電視上看到的東西就是我們賺錢的方式。所以汽車已經恢復並“恢復正常”。

And we see in Q4, like consumer electronics, technology telco was declining more than usual, right? So it's like -- but these are specific verticals. I don't -- the key thing here is the macro because the macro impacts everybody. So even if you'll see different verticals, and you'll see some recovery in Q1 from certain verticals -- the big story here is the macro environment and their overall spend.

我們在第四季度看到，像消費電子產品一樣，科技電信公司的下滑幅度超過往常，對吧？所以它就像 - 但這些是特定的垂直領域。我不——這裡的關鍵是宏觀，因為宏觀影響到每個人。因此，即使你會看到不同的垂直領域，並且你會看到某些垂直領域在第一季度有所復甦——這裡的大故事是宏觀環境及其總體支出。

And I'm not sure anybody has a crystal ball to say like how exactly this year will pan out from the economy perspective and advertising spend perspective. But in terms of how we model this year, we modeled is that they're flat normal, but normal cycles, so normal seasonality. And if there will be a recovery earlier, then you'll see a much stronger H2 than compared to H1, but this is not how we are modeling our investments for this year.

而且我不確定是否有人有水晶球可以說今年從經濟角度和廣告支出角度來看究竟會如何。但就我們今年的建模方式而言，我們建模的是它們是正常的，但正常的周期，所以正常的季節性。如果復蘇更早，那麼你會看到 H2 比 H1 強得多，但這不是我們為今年的投資建模的方式。

Okay.

好的。

Thank you, Shweta.

謝謝你，雪維塔。

Thank you. Ladies and gentlemen, this brings us to the end of today's question-and-answer session and today's teleconference. We would like to thank you for your participation and interest in Innovid. You may disconnect your lines and log off the webcast at this time, and enjoy your weekend.

謝謝。女士們，先生們，今天的問答環節和今天的電話會議到此結束。我們要感謝您對 Innovid 的參與和興趣。此時您可以斷開線路並退出網絡直播，享受您的周末。