Innovid Corp (CTV) 2022 Q4 法說會逐字稿

Hello, and welcome to the Innovid Q4 and full-year 2021 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Brinlea Johnson, Investor Relations. Please go ahead.

大家好，歡迎來到 Innovid Q4 和 2021 年全年財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興將電話轉給投資者關係部的 Brinlea Johnson。請繼續。

Good morning. Thank you, operator, and everyone, for joining us today. Welcome to Innovid's fourth-quarter and full-year 2021 conference call.

早上好。感謝運營商和大家今天加入我們。歡迎來到 Innovid 的第四季度和全年 2021 年電話會議。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor outlined in today's earnings release also pertains to this call. If you've not received a copy of the release, please direct yourself to the Investor Relations section of the company's website.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些信息可能包含前瞻性陳述，今天的收益發布中概述的安全港也適用於本次電話會議。如果您沒有收到新聞稿的副本，請自行前往公司網站的投資者關係部分。

Changes in business, competitive, technological, regulatory, and other factors could cause actual results to differ materially from these expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. 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.

業務、競爭、技術、監管和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存在重大差異。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，並且不承擔更新這些陳述的義務，除非法律要求。

Today, we are joined by Zvika Netter, Innovid's Co-Founder and CEO, who'll begin the call with a business update. Then he will turn the call over to Tanya Andreev-Kaspin, Innovid's CFO, who will discuss the financials of the company. During the question-and-answer session, Tal Chalozin, Co-Founder and CTO, will be joining as well.

今天，Innovid 的聯合創始人兼首席執行官 Zvika Netter 加入了我們的行列，她將以業務更新開始通話。然後他會將電話轉給 Innovid 的首席財務官 Tanya Andreev-Kaspin，後者將討論公司的財務狀況。在問答環節，聯合創始人兼首席技術官 Tal Chalozin 也將加入。

And with that, I would like to pass the call over to Zvika Netter. Zvika, please go ahead.

因此，我想將電話轉給 Zvika Netter。茲維卡，請繼續。

Good morning, everyone. And thank you for joining us today for Innovid's first earnings call as a publicly traded company. I would start by expressing our deep appreciation to our investors, our customers, and our partners who have put their passion and trust into Innovid over the past 15 years. I'd also like to thank our new public stakeholders for their investment in our future.

大家，早安。感謝您今天加入我們，參加 Innovid 作為一家上市公司的首次財報電話會議。首先，我要對過去 15 年來對 Innovid 充滿熱情和信任的投資者、客戶和合作夥伴表示深深的感謝。我還要感謝我們新的公共利益相關者對我們未來的投資。

I'm incredibly proud of the Innovid team and believe our 2021 growth was driven by their embodiment of our company's values and the unbeatable, daring, and generous spirit they bring to our business each and every day.

我為 Innovid 團隊感到無比自豪，並相信我們 2021 年的增長得益於他們對我們公司價值觀的體現以及他們每天為我們的業務帶來的無與倫比、大膽和慷慨的精神。

Our recent public listing was a major milestone. But in practice, we see it as just the beginning of the next phase in the evolution of Innovid. We look forward to sharing more details around our financials and growth trajectory today. Since this is our inaugural earnings call, before we dive into the numbers, I'd like to take a few moments to share our value proposition and why we feel confident about the future success of Innovid.

我們最近的公開上市是一個重要的里程碑。但實際上，我們將其視為 Innovid 發展下一階段的開始。我們期待今天分享更多關於我們的財務和增長軌蹟的細節。由於這是我們的首次財報電話會議，在我們深入研究這些數字之前，我想花點時間分享我們的價值主張，以及為什麼我們對 Innovid 未來的成功充滿信心。

Innovid's vision is to reimagine TV advertising. Our name stands for innovation in video and originated from the desire to change of how the world engages with TV and video advertising. Our mission is to provide the infrastructure empowering TV advertisers to connect with consumers in a more personalized, data-driven, and interactive manner.

Innovid 的願景是重新構想電視廣告。我們的名字代表視頻創新，源於改變世界與電視和視頻廣告互動方式的願望。我們的使命是提供基礎設施，使電視廣告商能夠以更加個性化、數據驅動和互動的方式與消費者建立聯繫。

The digital migration of television has revolutionized the $200 billion TV advertising industry. As consumers rapidly shift their viewing from traditional linear TV to streaming TV, marketers and agencies are recognizing the opportunity in CTV and the corresponding need for a new digital infrastructure and technology to support this evolving ecosystem. This is why we believe Innovid is mission critical for the growth of CTV.

電視的數字化遷移徹底改變了價值 2000 億美元的電視廣告業。隨著消費者的觀看方式迅速從傳統的線性電視轉向流媒體電視，營銷人員和代理機構正在認識到 CTV 的機遇以及對新數字基礎設施和技術的相應需求，以支持這一不斷發展的生態系統。這就是為什麼我們認為 Innovid 對於 CTV 的發展至關重要。

Our addressable market is large and expanding. According to eMarketer, in 2021, US CTV ad spending reached $14.4 billion, which is 18.2% of total TV spending, up from just 3.6% five years ago. That figure is projected to more than triple by 2025. Demonstrating significant upside, CTV adoption is growing rapidly outside the US as well. Innovid's non-US CTV volume grew 137% year over year, and we believe CTV is poised for a global adoption.

我們的目標市場很大，而且還在不斷擴大。根據 eMarketer 的數據，2021 年美國 CTV 廣告支出達到 144 億美元，佔電視總支出的 18.2%，高於五年前的 3.6%。到 2025 年，這一數字預計將增加兩倍以上。CTV 的採用率在美國以外的地區也在迅速增長，這顯示出巨大的優勢。 Innovid 的非美國 CTV 銷量同比增長 137%，我們相信 CTV 已準備好在全球範圍內採用。

Innovid currently powers many of the leading advertisers globally through our integrated solutions across CTV, mobile TV, desktop TV, display, and other channels. The Innovid platform consists of three core offerings: ad serving, creative personalization, and measurement. Together, these offerings allow brands and agencies to effectively deliver to audiences around the world personalized ads and measure the effectiveness across all major TV mediums.

Innovid 目前通過我們跨 CTV、移動電視、桌面電視、顯示和其他渠道的集成解決方案為全球許多領先的廣告商提供支持。 Innovid 平台由三個核心產品組成：廣告服務、創意個性化和測量。這些產品共同使品牌和代理商能夠有效地向世界各地的觀眾投放個性化廣告，並衡量所有主要電視媒體的有效性。

While we expect to benefit from the secular trend of overall rising CTV ad spend, we believe our purpose-built technology for CTV and open platform approach, combined with our position as an independent infrastructure provider, positions Innovid to consistently grow market share in the CTV space. Our strategy consists of four primary growth engines: delivery volume growth, product upsell, geographic expansion, and expanding client base.

雖然我們預計將從 CTV 廣告支出總體增長的長期趨勢中受益，但我們相信我們為 CTV 專門構建的技術和開放平台方法，結合我們作為獨立基礎設施提供商的地位，使 Innovid 能夠持續增加 CTV 的市場份額空間。我們的戰略包括四個主要增長引擎：交付量增長、產品追加銷售、地域擴張和擴大客戶群。

In 2021, we experienced growth across all four of these stated growth engines. Let's start by digging into the results for full-year 2021.

2021 年，我們在上述所有四個增長引擎中都實現了增長。讓我們首先深入研究 2021 年全年的結果。

Our 2021 business fundamentals were strong. Full-year 2021 revenue grew 31% year over year to $90.3 million, while adjusted EBITDA grew by 110% year over year. We picked CTV as our ticker, as CTV is the center of all that we do, and our 2021 results show that. CTV, once again, accounted for the lion's share of our revenue and was also our highest growth channel.

我們 2021 年的業務基礎強勁。 2021 年全年收入同比增長 31% 至 9030 萬美元，而調整後的 EBITDA 同比增長 110%。我們選擇 CTV 作為我們的代碼，因為 CTV 是我們所做的一切的中心，我們 2021 年的結果表明了這一點。 CTV 再次占我們收入的最大份額，也是我們增長最快的渠道。

I'd like to elaborate on the momentum we gained across our four growth engines during 2021 that allowed us to achieve these results: volume, product upsell, geography, and client expansion. I will go over them one by one.

我想詳細說明 2021 年我們在四個增長引擎中獲得的動力，這些動力使我們取得了這些成果：數量、產品追加銷售、地理和客戶擴展。我將一一介紹。

The first growth engine is volume. As more viewers switch to watching TV through a connected device, additional volume and revenue is naturally driven through Innovid's platform. Volume growth continues to be driven by the move from linear TV to CTV. Our 2021 CTV volume grew at a rate of 47% year over year.

第一個增長引擎是銷量。隨著越來越多的觀眾轉向通過聯網設備觀看電視，Innovid 的平台自然會帶來額外的銷量和收入。從線性電視轉向 CTV 繼續推動銷量增長。我們 2021 年的 CTV 量同比增長 47%。

Throughout 2021, we secured several cross-industry collaborations to support the maturing CTV ecosystem. We expanded integrations with DoubleVerify and Integral Ad Science to ensure a strong seamless CTV fraud protection. We also partnered with The Trade Desk, Magnite, and others to enable the delivery of interactive CTV ads programmatic.

整個 2021 年，我們確保了多項跨行業合作，以支持成熟的 CTV 生態系統。我們擴展了與 DoubleVerify 和 Integral Ad Science 的集成，以確保強大的無縫 CTV 欺詐保護。我們還與 The Trade Desk、Magnite 和其他公司合作，以實現交互式 CTV 廣告程序化的交付。

Additionally, during Q3 of 2021, we launched Innovid Key, our infrastructure approach to identity management. This solution unlocks data across Innovid's expansive ad serving footprint of over 95 million households in the US, a near-census view of 108 million US CTV homes to enable brands, such as Molson Coors, to enhance cross-screen adjustability and measurement.

此外，在 2021 年第三季度，我們推出了 Innovid Key，這是我們用於身份管理的基礎設施方法。該解決方案解鎖了 Innovid 在美國超過 9500 萬個家庭廣泛的廣告服務覆蓋範圍內的數據，這是對 1.08 億美國 CTV 家庭的接近普查視圖，使 Molson Coors 等品牌能夠增強跨屏幕的可調整性和測量。

The second growth engine is product upsell. The close platform relationship we have built with our customers have allowed to expand beyond ad serving into two primary upsell opportunities. The adoption of our personalization product has increased rapidly across more and more advertisers, growing our advanced creative revenue 49% year over year. Utilization of our CTV measurement capabilities also grew significantly from a smaller 2020 base, with 38 new advertisers leveraging Innovid's advanced measurement throughout 2021.

第二個增長引擎是產品追加銷售。我們與客戶建立的密切平台關係允許將廣告服務擴展到兩個主要的追加銷售機會。我們的個性化產品的採用在越來越多的廣告商中迅速增加，使我們的高級創意收入同比增長 49%。我們的 CTV 測量功能的使用也從 2020 年的較小基數顯著增長，在整個 2021 年有 38 個新廣告商利用 Innovid 的高級測量。

We plan to continue to introduce opportunities for advertisers to tap into advanced capabilities through our homegrown products or acquisitions. I will share more details around our pending acquisition of the leading converged TV measurement platform, TVSquared. I will also talk about the impact, we believe, this will have on our measurement business, momentarily.

我們計劃繼續為廣告商提供機會，讓他們通過我們的本土產品或收購來利用先進的功能。我將分享有關我們即將收購領先的融合電視測量平台 TVSquared 的更多詳細信息。我還將談談影響，我們相信，這將暫時對我們的測量業務產生影響。

The third growth engine is geographical expansion. Innovid's footprint spans over 75 countries. We have a large roster of global advertising clients and solid pipeline of brands seeking to consolidate more regions around the world under a single CTV platform.

第三個增長引擎是地域擴張。 Innovid 的足跡遍及超過 75 個國家/地區。我們擁有大量全球廣告客戶和穩固的品牌渠道，尋求在單一 CTV 平台下整合全球更多地區。

During Q4 in 2021, we expanded our capabilities into the world's second largest media market, China, and appointed former Google Platforms Country Manager, David Chen, to lead the region. We have successfully launched global campaigns for top-tier advertisers. For example, a large multinational consumer electronics brand is currently partnering with Innovid for campaign orchestration and measurement across 27 countries, including China.

在 2021 年第四季度，我們將能力擴展到全球第二大媒體市場中國，並任命前 Google 平台國家經理 David Chen 領導該地區。我們已經成功地為頂級廣告商推出了全球營銷活動。例如，一家大型跨國消費電子品牌目前正在與 Innovid 合作，在包括中國在內的 27 個國家/地區開展活動策劃和衡量。

Our total 2021 international revenue, defined as ads delivered for clients outside the US, grew 39% year over year to $8.4 million in 2021.

我們 2021 年的國際總收入（定義為為美國以外的客戶投放的廣告）同比增長 39%，到 2021 年達到 840 萬美元。

Last but not least, our fourth growth engine, expanding our client base. During 2021 we onboarded onto our platform top TV advertisers such as CVS Pharmacy, Target, Mercedes-Benz, and Sanofi, one of the largest pharma companies in the world.

最後但同樣重要的是，我們的第四個增長引擎，擴大我們的客戶群。在 2021 年期間，我們在我們的平台上加入了頂級電視廣告商，例如 CVS Pharmacy、Target、Mercedes-Benz 和 Sanofi（世界上最大的製藥公司之一）。

Our core client base, defined as advertisers who generated at least $100,000 a year, grow in number during 2021 to 109. We also achieved the record high retention rate of 97% and net revenue retention of 127% for core platform clients, defined as advertisers who exclusively partnered with Innovid for ad delivery and/or personalization technology. This is evidence of our strengths of the underlying business, our loyal customer base, and our strong market position.

我們的核心客戶群定義為每年至少產生 100,000 美元收入的廣告商，其數量在 2021 年增加到 109 個。我們還為核心平台客戶（定義為廣告商）實現了 97% 的歷史最高留存率和 127% 的淨收入留存率誰與 Innovid 獨家合作進行廣告投放和/或個性化技術。這證明了我們基礎業務的優勢、我們忠實的客戶群和我們強大的市場地位。

Throughout 2021, we were not impacted by the industry's ongoing concerns around privacy, iOS changes, and IDFA. As I just shared with you, in 2021, we continued to see growth across all four growth engines throughout the year.

整個 2021 年，我們並未受到業界對隱私、iOS 變更和 IDFA 的持續關注的影響。正如我剛剛與大家分享的那樣，在 2021 年，我們繼續看到全年所有四個增長引擎的增長。

Having said that, I'd next like to call your attention to a temporary slowdown we saw in volume growth during Q4, which is seasonally the strongest quarter of the year. This slowdown was driven by supply chain issues from some of our largest customer across verticals such as automotive, consumer packaged goods, and consumer electronics, which in turn affected their TV and CTV short-term advertising spend.

話雖如此，接下來我想提請您注意我們在第四季度看到的銷量增長暫時放緩，這是一年中季節性最強的季度。這種放緩是由我們在汽車、消費品和消費電子產品等垂直行業的一些最大客戶的供應鏈問題推動的，這反過來又影響了他們的電視和 CTV 短期廣告支出。

For example, the automotive vertical was notably impacted by microchip supply chain shortages. During the first three quarters of 2021, our automotive client base experienced average year-over-year volume growth of 44.4%. However, during Q4 2021, specifically, while retaining 100% -- not just retaining but actually even winning another auto client, we saw a 30.9% decline in Q4 year-over-year volume.

例如，汽車垂直行業受到微芯片供應鏈短缺的顯著影響。在 2021 年前三個季度，我們的汽車客戶群的銷量平均同比增長 44.4%。然而，在 2021 年第四季度，特別是在保留 100% 的同時——不僅保留而且實際上什至贏得了另一個汽車客戶，我們看到第四季度的銷量同比下降了 30.9%。

The uncertainty in the market during Q4 also resulted in several new business opportunities being pushed to 2022. We project the supply-change-related short-term declines some advertisers have to face, will continue into the beginning of the current fiscal year. To reflect the impact of TV advertising budgets, we have adjusted our current 2022 guidance to be more conservative until visibility improves.

第四季度市場的不確定性也導致一些新的商機被推遲到 2022 年。我們預計，一些廣告商必鬚麵對的與供應變化相關的短期下滑將持續到本財年年初。為了反映電視廣告預算的影響，我們調整了當前的 2022 年指南，使其更加保守，直到能見度提高。

Looking ahead, we are seeing an encouraging start for 2022. Despite the short-term industry headwinds in verticals, such as automotive, we expect the larger macro trend of TV advertising budgets shifting to CTV in 2022 and beyond. Innovid is well positioned to benefit from this secular trend.

展望未來，我們看到 2022 年的開局令人鼓舞。儘管汽車等垂直行業存在短期行業逆風，但我們預計 2022 年及以後電視廣告預算將轉向 CTV 的更大宏觀趨勢。 Innovid 處於有利地位，可以從這一長期趨勢中受益。

Ad-supported CTV content is poised for growth, propelled by large sports license changes, such as the NFL's announcement that Thursday Night Football would be exclusively broadcast on Amazon Prime, and continued [tailwinds through] new streaming apps and platforms such as Paramount+ and Discovery+.

廣告支持的 CTV 內容有望增長，受大型體育許可變更的推動，例如 NFL 宣布週四橄欖球之夜將在亞馬遜 Prime 上獨家播出，並繼續 [順風通過] 新的流媒體應用程序和平台，如 Paramount+ 和 Discovery+ .

In this environment, we anticipate the need for an independent ad serving, creative personalization, and measurement platform will only intensify over time. By way of example, just yesterday, we announced that Mondelez International, the global leader in snacking, selected Innovid as its preferred global technology solution for personalization across CTV, among other channels.

在這種環境下，我們預計對獨立廣告服務、創意個性化和衡量平台的需求只會隨著時間的推移而加強。例如，就在昨天，我們宣布零食領域的全球領導者 Mondelez International 選擇 Innovid 作為其首選的全球技術解決方案，用於跨 CTV 等渠道提供個性化服務。

Jon Halvorson, Global VP of Consumer Experience in Mondelez International, shared the mission of data-driven brands. To quote him directly: at Mondelez, we are committed to delivering the most relevant experiences to our customer base, wherever they may be, and across any channel, device, or screen, including CTV. End of quote.

億滋國際消費者體驗全球副總裁 Jon Halvorson 分享了數據驅動品牌的使命。直接引用他的話：在 Mondelez，我們致力於為我們的客戶群提供最相關的體驗，無論他們身在何處，跨越任何渠道、設備或屏幕，包括 CTV。報價結束。

We believe this challenge many brands are facing and that Innovid will remain an industry leader in solving it. We are confident about 2022 and our long-term focus and strategy. On top of that, we believe expanding our offering to include converged TV measurement via the acquisition of TVSquared will prove to be strategic in nature as early as this year.

我們相信許多品牌都面臨著這一挑戰，而 Innovid 將在解決這一挑戰方面保持行業領先地位。我們對 2022 年以及我們的長期重點和戰略充滿信心。最重要的是，我們相信通過收購 TVSquared 擴大我們的產品範圍以包括融合電視測量，最早將在今年被證明具有戰略意義。

While it's only been a few weeks since the announcement, we are extremely encouraged by the positive feedback from our partners and customers. I'd like to expand on the strategy behind the acquisition and next steps.

雖然距離公告發布僅幾週時間，但我們對合作夥伴和客戶的積極反饋感到非常鼓舞。我想詳細介紹收購背後的戰略和後續步驟。

The global $200 billion TV market is being transformed through tech innovation and IT-based delivery. At the same time, incumbent predominantly panel-based means of measurements are being disrupted, introducing a new opportunity for software companies, such as Innovid, to take a leading position in the new TV measurement marketplace by adding value to advertisers through a more real-time, transparent, and accountable TV measurement.

全球價值 2000 億美元的電視市場正在通過技術創新和基於 IT 的交付方式進行轉型。與此同時，現有的主要基於面板的測量方式正在被顛覆，這為 Innovid 等軟件公司帶來了新的機會，通過更真實的方式為廣告商增加價值，從而在新的電視測量市場中佔據領先地位。時間、透明和負責任的電視測量。

More than two years ago, in 2019, we made a strategic decision to enter the measurement market, a multibillion-dollar total addressable market, with an initial focus on real-time census-level measurement of CTV advertisement. Since then, demand has matured, and advertisers started seeking a converged measurement solution that provides a full view of both linear and CTV together.

兩年多前，即 2019 年，我們做出了進入測量市場的戰略決策，這是一個價值數十億美元的總潛在市場，最初的重點是 CTV 廣告的實時人口普查級測量。從那時起，需求已經成熟，廣告商開始尋求一種融合的測量解決方案，以同時提供線性和 CTV 的完整視圖。

To that end, we announced earlier this month that Innovid is acquiring TVSquared and its dependent global measurement and attribution platform for converged TV for $100 million in cash and 12.5 million shares of Innovid. I'm extremely excited about this acquisition, as it represents a monumental step to rapidly meet the modern needs of both the buy- and sell-side by bringing linear TV, CTV, and digital together in one independent platform.

為此，我們本月早些時候宣布 Innovid 將以 1 億美元現金和 1250 萬股 Innovid 股票收購 TVSquared 及其依賴的融合電視全球測量和歸因平台。我對此次收購感到非常興奮，因為它代表著通過將線性電視、CTV 和數字整合到一個獨立平台來快速滿足買賣雙方現代需求的里程碑式一步。

TVSquared represents the ideal partner and a perfect complement to Innovid's core capabilities and market position. TVSquared is a mature player in the measurement space, who, similar to Innovid, is a true technology company at its core, with fast-growing products that are complementary to Innovid. We have a shared vision and that is to reimagine TV measurement.

TVSquared 是 Innovid 核心能力和市場地位的理想合作夥伴和完美補充。 TVSquared 是測量領域的成熟參與者，與 Innovid 相似，其核心是一家真正的技術公司，擁有與 Innovid 互補的快速增長的產品。我們有一個共同的願景，那就是重新構想電視測量。

Over the years, Innovid has acquired and successfully integrated multiple companies, as we believe culture fit is critical to integration. The culture of TVSquared is very similar to Innovid. They have a startup mentality. They are disruptors. They are smart. They have endurance and have grit. And we are confident both teams and technology will mesh well together.

多年來，Innovid 已經收購併成功整合了多家公司，因為我們認為文化契合對於整合至關重要。 TVSquared 的文化與 Innovid 非常相似。他們有創業心態。他們是破壞者。他們很聰明。他們有耐力，有毅力。我們相信團隊和技術會很好地融合在一起。

The TVSquared platform will advance Innovid's offering in four key areas: linear TV measurement, business outcomes, global growth, and client base diversification. I'll go over these four items.

TVSquared 平台將在四個關鍵領域推進 Innovid 的產品：線性電視測量、業務成果、全球增長和客戶群多元化。我將復習這四個項目。

First one, linear TV measurement. Expanded measurement across linear TV and CTV including both programmatic and direct buy.

第一個，線性電視測量。擴展線性電視和 CTV 的測量，包括程序化購買和直接購買。

Business outcomes. We gained the ability to correlate TV and CTV investments to business outcomes such as website engagement, app downloads, online purchases, and store traffic, just to name a few.

業務成果。我們獲得了將電視和 CTV 投資與網站參與度、應用程序下載、在線購買和商店流量等業務成果相關聯的能力，僅舉幾例。

Global growth. The acquisition rapidly expands Innovid measurement presence across international markets. The TVSquared measurement platform currently offers measurements for local, regional, national, and global advertisers worldwide in over 75 markets. This, in turn, expected to increase our ratio of revenue originating outside of the US.

全球增長。此次收購迅速擴大了 Innovid 在國際市場上的測量業務。 TVSquared 測量平台目前為全球超過 75 個市場的本地、區域、國家和全球廣告商提供測量。反過來，這預計會增加我們來自美國以外的收入比例。

Four, client base diversification. TVSquared expands Innovid business into new client segments, introducing a broader serviceable market, including direct-to-consumer, e-commerce-focused brands, local advertisers, and also large MVPDs and publishers such as Sky, Spectrum, and Comcast-owned Effectv.

四、客戶群體多元化。 TVSquared 將 Innovid 業務擴展到新的客戶群，引入更廣泛的服務市場，包括直接面向消費者、專注於電子商務的品牌、本地廣告商，以及大型 MVPD 和出版商，如 Sky、Spectrum 和 Comcast 旗下的 Effectv。

We plan to fully integrate TVSquared's product into Innovid's platforms. So clients will gain the ability to work with one independent partner for ad serving, creative personalization, and measurement to improve advertising effectiveness for the total of TV and the digital universe. TVSquared generated approximately $20 million to $22 million in 2021 revenue, with growth exceeding 40% year over year.

我們計劃將 TVSquared 的產品完全整合到 Innovid 的平台中。因此，客戶將能夠與一個獨立的合作夥伴合作進行廣告服務、創意個性化和衡量，以提高整個電視和數字世界的廣告效果。 TVSquared 2021 年的收入約為 2000 萬至 2200 萬美元，同比增長超過 40%。

We are looking forward to the acquisition closing soon, at which point, we intend to accelerate sales of the TVSquared's measurement platform. Once closed, we plan to share more about the anticipated impact of the combined companies in an upcoming call.

我們期待收購盡快完成，屆時我們打算加速 TVSquared 測量平台的銷售。一旦關閉，我們計劃在即將召開的電話會議中分享更多關於合併後公司的預期影響。

In summary, when viewing our full-year 2021, despite a challenging environment in the fourth quarter, we were able to achieve 31% full-year revenue growth while staying profitable. We are confident in our future and in how the TVSquared acquisition will enhance our overall business. This is the greatest period of innovation the TV industry has ever seen, and we are proud to be at the center of it.

總而言之，在回顧我們的 2021 年全年時，儘管第四季度的環境充滿挑戰，但我們能夠實現 31% 的全年收入增長，同時保持盈利。我們對我們的未來充滿信心，對 TVSquared 的收購將如何提升我們的整體業務充滿信心。這是電視行業有史以來最偉大的創新時期，我們為身處其中而感到自豪。

I will now hand it over to Tanya, our CFO, who will dive deeper into our financial performance and guidance. Tanya?

我現在將把它交給我們的首席財務官 Tanya，她將深入研究我們的財務業績和指導。譚雅？

Thanks, Zvika, and welcome, everyone. I would like to review our financial results in more detail. In the first quarter of 2021, revenue increased by 13% year over year to $26 million. For the full year, revenue increased by 31% to $90.3 million. CTV represented 45% of total revenue and grew by 48% in 2021.

謝謝，Zvika，歡迎大家。我想更詳細地回顧一下我們的財務業績。 2021 年第一季度，收入同比增長 13% 至 2600 萬美元。全年收入增長 31% 至 9030 萬美元。 CTV 佔總收入的 45%，並在 2021 年增長了 48%。

Mobile contributed 39% and desktop 16% of the total revenue and grew respectively, 21% and 19% year over year. We expect the growth in CTV to continue to be the primary revenue driver. And for the CTV segment, we are confident increasing share of our revenue mix.

移動設備佔總收入的 39%，桌面設備佔總收入的 16%，同比分別增長 21% 和 19%。我們預計 CTV 的增長將繼續成為主要的收入驅動因素。對於 CTV 部分，我們有信心增加我們收入組合中的份額。

Speaking about the geographical breakdown, the US TV is the main contributor to our revenue, accounting for 91% of total revenue. Our international operations including the APAC, EMEA, and LATAM regions currently represent 9% of total revenue. Our total 2021 international revenue, defined as ads delivered for clients outside the US, grew 39% year over year.

說到地域細分，美國電視是我們收入的主要貢獻者，佔總收入的 91%。我們的國際業務（包括亞太地區、歐洲、中東和非洲和拉丁美洲地區）目前佔總收入的 9%。我們 2021 年的國際總收入（定義為為美國以外的客戶投放的廣告）同比增長 39%。

As part of our growth strategy, we aim to expand our global presence by targeting emerging markets and increasing measurement and deliver services in areas poised to accelerate its CTV growth.

作為我們增長戰略的一部分，我們的目標是通過瞄準新興市場和增加測量並在準備加速其 CTV 增長的領域提供服務來擴大我們的全球影響力。

Offer trends in the digital advertising space, especially in CTV, that continued and, in some cases, even accelerated through the pandemic has positively benefited us during the year. We believe that these trends will continue in the long run. Even if there is some volatility between the quarters or a transitory slowdown in growth rates during certain periods, as we experienced in Q4 of 2021, the growth in digital advertising will continue to drive Innovid's performance in the future.

數字廣告領域，尤其是 CTV 領域的趨勢在疫情期間持續存在，在某些情況下甚至加速，這在這一年里為我們帶來了積極的好處。我們相信，從長遠來看，這些趨勢將持續下去。即使季度之間存在一些波動或某些時期的增長率暫時放緩，正如我們在 2021 年第四季度所經歷的那樣，數字廣告的增長將繼續推動 Innovid 未來的業績。

Speaking about operations, gross profit in the fourth quarter was $20.6 million, a 7% year-over-year increase. Gross profit for the full year of 2021 was $72.5 million and grew 28% year over year. Despite lower than usual growth in Q4, we maintained high gross margin of 79% in the fourth quarter and 80% for the full year of 2021, as a result of our highly profitable core business.

談到運營，第四季度的毛利潤為 2060 萬美元，同比增長 7%。 2021 年全年毛利為 7250 萬美元，同比增長 28%。儘管第四季度的增長低於往常，但由於核心業務的高利潤，我們在第四季度和 2021 年全年保持了 79% 的高毛利率和 80% 的毛利率。

Total operating expenses for Q4 were $27.3 million and $78.4 million for the full year of 2021. Our annual operating expenses were up 42% from a year ago. Approximately 40% of the growth in operating expenses were driven by stock-based compensation and one-time-transaction-related expenses, related to the de-SPAC transaction closed in Q4. In 2021, excluding stock-based compensation and transaction-related expenses, our operating expenses grew 24% year over year.

第四季度的總運營費用為 2730 萬美元，2021 年全年的運營費用為 7840 萬美元。我們的年度運營費用比去年同期增長了 42%。大約 40% 的運營費用增長是由股票薪酬和一次性交易相關費用推動的，這些費用與第四季度完成的 de-SPAC 交易有關。 2021 年，扣除股票薪酬和交易相關費用，我們的運營費用同比增長 24%。

On a GAAP basis, net loss in the fourth quarter was $7.6 million or EPS of minus $0.59. Adjusted EBITDA for the fourth quarter was $1.8 million and $5.4 million for the full year of 2021, representing 7% adjusted EBITDA margin and 6% adjusted EBITDA margin, respectively. While Q4 adjusted EBITDA decreased by 71% year over year, our annual adjusted EBITDA increased by 110% from the same period last year, showing the leverage in our business model and our ability to manage the business profitably.

根據公認會計原則，第四季度淨虧損為 760 萬美元或每股收益負 0.59 美元。 2021 年第四季度調整後的 EBITDA 為 180 萬美元和 540 萬美元，分別佔調整後 EBITDA 利潤率的 7% 和調整後的 EBITDA 利潤率的 6%。雖然第四季度調整後的 EBITDA 同比下降 71%，但我們的年度調整後 EBITDA 比去年同期增長了 110%，顯示了我們業務模式的槓桿作用以及我們管理業務盈利的能力。

Now I would like to review some of our operational KPIs that we reported in today's release. Our target clients are composed from the largest TV advertisers. We define a core client as an advertiser that generates at least $100,000 of annual revenue. In 2021, our core clients have generated approximately 91% of our annual revenue, up from 89% last year.

現在我想回顧一下我們在今天的新聞稿中報告的一些運營 KPI。我們的目標客戶由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。 2021 年，我們的核心客戶創造了我們年收入的約 91%，高於去年的 89%。

The number of core clients in 2021 grew to 109 from 95 in 2020. We define a core platform client as a core client that uses our platform as an ad server of record and/or for personalization services. Core platform clients' annual retention rate grew from 94% to 97% in 2021, a solid indication of the stickiness of our solutions and loyalty of our customers.

2021 年的核心客戶數量從 2020 年的 95 個增加到 109 個。我們將核心平台客戶定義為使用我們的平台作為記錄廣告服務器和/或個性化服務的核心客戶。到 2021 年，核心平台客戶的年度保留率從 94% 增長到 97%，這有力地表明了我們解決方案的粘性和客戶忠誠度。

Annual core platform clients net revenue retention grew to 127%, up from 121% in 2020. This provides us with a stable baseline revenue stream and enables an investment in our R&D pipeline to strengthen our delivery platform, measurement services, and overall reach, therefore, increasing the number of core clients per year and our customer retention rate.

年度核心平台客戶淨收入保留率從 2020 年的 121% 增長到 127%。這為我們提供了穩定的基線收入流，並使我們能夠投資研發渠道以加強我們的交付平台、測量服務和整體覆蓋面，因此，每年增加核心客戶的數量和我們的客戶保留率。

Moving to our balance sheet. Net profits to Innovid from our de-SPAC that closed in Q4 were approximately $150 million. Our cash and cash equivalents, pending balance in December 31, 2021, was $157 million. After the quarter closed, we announced the acquisition of TVSquared. The purchase price was $100 million in cash from our balance sheet and 12.5 million shares of Innovid.

轉到我們的資產負債表。我們在第四季度關閉的 de-SPAC 給 Innovid 帶來的淨利潤約為 1.5 億美元。截至 2021 年 12 月 31 日，我們的現金和現金等價物未決餘額為 1.57 億美元。本季度結束後，我們宣布收購 TVSquared。購買價格是我們資產負債表中的 1 億美元現金和 1250 萬股 Innovid 股票。

Finally, I would like to go over our guidance for the first quarter of 2022. As a result of what we saw in the market at the end of Q4 and current market conditions, we expect revenue to be in the range of $21 million to $22 million, reflecting 17% to 22% year-over-year growth and adjusted EBITDA in the range of minus $4.5 million to minus $3.5 million.

最後，我想回顧一下我們對 2022 年第一季度的指導。根據我們在第四季度末在市場上看到的情況和當前的市場狀況，我們預計收入將在 2100 萬美元至 22 美元之間萬美元，反映出同比增長 17% 至 22%，調整後的 EBITDA 在負 450 萬美元至負 350 萬美元之間。

For the full year of 2022, we expect revenue growth in the range between 22% to 28% year over year, with positive adjusted EBITDA. This is not going to reflect any contribution from the acquisition of TVSquared. We will be happy to share more information during the conference call following the closing of the deal.

對於 2022 年全年，我們預計收入同比增長 22% 至 28%，調整後的 EBITDA 為正。這不會反映收購 TVSquared 的任何貢獻。我們很樂意在交易完成後的電話會議上分享更多信息。

With that, I would like to hand the call back over to Zvika to take your questions. Thank you.

有了這個，我想把電話轉回給 Zvika 來回答你的問題。謝謝。

Thanks, Tanya. Before we open the line to questions, I would like to take this opportunity to thank you, again, for all of you for joining on this call. I'm sure as you can tell, we are extremely passionate and committed to changing the way people experience television.

謝謝，坦尼婭。在我們開始提問之前，我想藉此機會再次感謝你們所有人加入這次電話會議。我敢肯定，正如您所說，我們非常熱情並致力於改變人們體驗電視的方式。

We're excited to take our first steps as a public company, and we look forward to building a partnership with many of you as we continue to expand and cement our leadership into the CTV ecosystem.

我們很高興作為一家上市公司邁出第一步，我們期待著與你們中的許多人建立合作夥伴關係，因為我們將繼續擴大和鞏固我們在 CTV 生態系統中的領導地位。

And with that, I'm looking forward for your questions. Operator, please go ahead.

因此，我期待著您的提問。接線員，請繼續。

Thank you. We'll now be conducting our question-and-answer session. (Operator Instructions) Laura Martin, Needham & Company.

謝謝。我們現在將進行問答環節。 （操作員說明）Laura Martin, Needham & Company。

Good morning. Can you hear me, okay?

早上好。你能聽到我說話嗎？

Yes. Good morning, Laura.

是的。早上好，勞拉。

Good morning. So let's start, my -- I'll just ask two -- one is measurement. Could you give us an update on what you think the total investment in the measurement line extension into this new revenue stream in 2022 will be, total?

早上好。那麼讓我們開始吧，我的 - 我只想問兩個 - 一個是測量。您能否告訴我們您認為 2022 年將測量線延伸到這一新收入流中的總投資總額的最新情況？

In terms of when you say investment from our P&L perspective?

就您何時從我們的 P&L 角度說投資而言？

Yeah.

是的。

The Innovid -- well, obviously, the -- first of all, again, good morning, Laura. The major investment, and that's the reason we decided to go with an acquisition, is obviously the acquisition where we are onboarding 100-plus people that are all dedicated to the converged TV measurement including with about, I would say, 30 people from our own team who are focusing on measurement.

Innovid——嗯，很明顯，首先，勞拉，早上好。主要投資，這就是我們決定進行收購的原因，顯然是我們要招募 100 多名致力於融合電視測量的人員的收購，其中包括大約 30 名來自我們自己的人專注於測量的團隊。

So in total, we will have about 160 people just focusing on measurement. I would say from a high level, somewhere between a third to almost half of our resources will be dedicated to expanding the measurement line of business. Obviously, we're very bullish and excited, and I believe there's immense opportunity in the converged TV measurement. And that's why we decided to expand our offerings through an acquisition.

所以總的來說，我們將有大約 160 人專注於測量。我想從較高的層面上說，我們三分之一到近一半的資源將用於擴展測量業務線。顯然，我們非常樂觀和興奮，我相信融合電視測量中存在巨大的機會。這就是為什麼我們決定通過收購來擴展我們的產品。

And revenue? I know that TVSquared makes money. But revenue -- when do you expect to get a positive return on all of the spending of a third to half of your total expenses are going to be in measurement, and do we see a return on capital on that?

和收入？我知道 TVSquared 賺錢。但是收入——你預計什麼時候所有支出都會獲得正回報，你的總支出的三分之一到一半將被衡量，我們是否看到資本回報？

Well, what we're going to do is, since we're not closed yet -- we hope to close pretty soon. What we will do, we'll share more numbers of how we see the combined entity outlook. We'll continue to report also on the organic numbers, but we want to -- once we close, we'll provide a pro forma outlook on revenue streams. And from there, we can go back [and see] in terms of ROI.

好吧，我們要做的是，因為我們還沒有關閉——我們希望很快關閉。我們將做什麼，我們將分享更多關於我們如何看待合併實體前景的數字。我們還將繼續報告有機數字，但我們希望——一旦關閉，我們將提供收入流的預估展望。從那裡，我們可以回顧 [並查看] 投資回報率。

We obviously see the return on investment not just by the measurement revenue, but since Innovid, we believe, will be the only platform out there dedicated to CTV that will provide delivery services -- not services -- delivery infrastructure, creative tools, and measurement for the future of television.

我們顯然不僅通過測量收入看到了投資回報，而且我們相信，由於 Innovid 將是唯一一個致力於 CTV 的平台，它將提供交付服務——而不是服務——交付基礎設施、創意工具和測量為了電視的未來。

And with that combination, we see measurement helping and supporting the client acquisition and retention of our core business, the active and creative, where in that case, our main competitor is Google. And I don't think anybody thinks that Google is going to be a measurement platform for the future of television. So we believe that will contribute directly and indirectly to our top line and bottom line.

通過這種結合，我們看到測量有助於和支持客戶獲取和保留我們的核心業務，積極和創造性，在這種情況下，我們的主要競爭對手是谷歌。而且我認為沒有人認為谷歌將成為未來電視的衡量平台。因此，我們相信這將直接或間接地為我們的收入和利潤做出貢獻。

Perfect. Thank you. And then my second -- my last question is, I know you saw weakness in that auto vertical, sort of, up 44% to down 30% in the fourth quarter. Could you talk about what you've seen in Q1 and how long you think it's going to last -- the weakness in autos and any other strengths? I'm really looking for strength coming back into Q1 to date of verticals that were weak in Q4.

完美的。謝謝。然後我的第二個 - 我的最後一個問題是，我知道你看到了那個汽車垂直領域的弱點，在第四季度上升了 44% 到下降了 30%。你能談談你在第一季度看到的情況以及你認為它會持續多久——汽車行業的疲軟和任何其他優勢？我真的在尋找第四季度疲軟的垂直領域回到第一季度的力量。

So the strengths are still there. They never went away. There's four growth engines and all of them, except the volume in Q4, performed extremely well. We actually not only did not lose a single auto client in Q4, we also closed Mercedes-Benz. And hopefully, we'll be able to share more information about other deals that are pending, some got pushed to this year.

所以實力還是有的。他們從未離開過。有四個增長引擎，除了第四季度的銷量外，所有這些引擎都表現得非常好。事實上，我們在第四季度不僅沒有失去一個汽車客戶，我們還關閉了梅賽德斯-奔馳。希望我們能夠分享更多有關其他未決交易的信息，其中一些將被推遲到今年。

But we did not lose a client. We actually grew in client base. The upsell side of the business in terms of the personalization, adoption of measurement went up, and we're also expanding globally. The only thing that was hit was based on a macro trend, and that's a short-term dropping spend.

但我們並沒有失去客戶。實際上，我們的客戶群有所增長。業務在個性化、測量採用方面的追加銷售方面上升了，我們也在全球擴張。唯一受到打擊的是基於宏觀趨勢，那就是短期支出下降。

So to your question, all those [into the] positive KPIs are continuing into 2022, including into Q1. We believe as inventory and supply chain issues will be more -- less impactful to some of those verticals, it was mostly auto and CPG, we will start seeing the growth rate and CTV going back to the, quote-unquote, normal levels that we expect.

所以對於你的問題，所有那些 [進入] 積極的 KPI 都將持續到 2022 年，包括進入第一季度。我們相信，由於庫存和供應鏈問題對其中一些垂直行業的影響會更大——主要是汽車和 CPG，我們將開始看到增長率和 CTV 回到我們之前所說的正常水平。預計。

Since obviously, the transition from linear TV to CTV is driven not by the spending -- it is actually driven by user behavior, and that did not change. So strategically, we believe and we're seeing that the transition continues all the time. And certain marketers, as they have a better outlook in terms of their inventory, will probably increase their spending back to normal seasonality. We feel very comfortable with the numbers and actually pretty optimistic about where we are today and where the trend is going.

很明顯，從線性電視到 CTV 的轉變不是由支出驅動的——它實際上是由用戶行為驅動的，而且這一點沒有改變。所以從戰略上講，我們相信並且我們看到過渡一直在繼續。而某些營銷人員，由於他們對庫存有更好的前景，可能會增加支出以恢復正常的季節性。我們對這些數字感到非常滿意，並且實際上對我們今天所處的位置和趨勢的發展方向非常樂觀。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Thank you.

謝謝。

Andrew Boone, JMP Securities.

JMP 證券公司的安德魯·布恩 (Andrew Boone)。

Hi, good morning. Thanks for taking my questions. Two, please. So on TVSquared, I understood that you guys are transforming the panel-based measurement into a more holistic accurate version. Can you just talk about more of the competitive set of why you guys are different from some of the other next-gen measurement players, like what -- where do you guys win share? How do you guys differentiate yourself from a product perspective?

早上好。感謝您回答我的問題。兩個，請。所以在 TVSquared 上，我了解到你們正在將基於面板的測量轉變為更全面準確的版本。你能多談談為什麼你們與其他一些下一代測量玩家不同的競爭環境嗎？比如——你們在哪裡贏得份額？你們如何從產品的角度區分自己？

And then secondly, on TVSquared, you talked about extending to DTC and e-commerce-focused brands. That strikes me as being a smaller set of marketers than what you've historically talked about as your core clientele. Can you talk about the potential to go down the market in your line -- larger client base today? Thank you so much.

其次，在 TVSquared 上，您談到了擴展到 DTC 和以電子商務為重點的品牌。這讓我印象深刻，因為營銷人員的數量比您過去所說的核心客戶要少。你能談談在你的產品線中走低市場的潛力——今天更大的客戶群嗎？太感謝了。

So, hey Andrew. I will split the answer to two parts, and then I'll use my Co-Founder and CTO, Tal, who's on the call.

所以，嘿，安德魯。我將把答案分成兩部分，然後我將使用我的聯合創始人兼首席技術官 Tal，他正在接聽電話。

So on the second part of the question, in terms of diversification of client base, the way we see it, we're not -- as you probably know in our calls and as you remember, Innovid is focused on the top 200 advertisers, the largest brands, the autos, the pharmas, the CPGs, as they represent 75% of the spend in linear television. So that's where we see -- we believe we will see and we are seeing most rapid growth of CTV. And just to remind us all, before Q4, we saw 65% year-over-year growth in CTV revenue.

所以關於問題的第二部分，就客戶群的多元化而言，我們的看法，我們不是——正如你在我們的電話中可能知道的那樣，你還記得，Innovid 專注於前 200 名廣告商，最大的品牌、汽車、製藥、CPG，因為它們佔線性電視支出的 75%。所以這就是我們所看到的——我們相信我們會看到並且我們正在看到 CTV 的最快速增長。提醒我們所有人，在第四季度之前，我們看到 CTV 收入同比增長 65%。

So putting aside the supply chain challenges, it's massive growth. So, we believe in that strategy. At the same time, what we are inheriting together with TVSquared, and we want to keep that, is that they actually have a product that caters to performance-minded, also to performance-type advertisers such as direct-to-consumer -- that we've been asked a lot during the IPO process -- direct-to-consumer, e-commerce, local advertisers.

因此，撇開供應鏈挑戰不談，這是巨大的增長。因此，我們相信該策略。與此同時，我們與 TVSquared 一起繼承的是，我們想要保留的是，他們實際上擁有一種迎合注重績效的產品，也迎合直接面向消費者等績效型廣告商的產品——在 IPO 過程中我們被問了很多——直接面向消費者、電子商務、本地廣告商。

So for them, our ad serving offering and our personalization offering is less of a fit, but the self-service measurement, performance measurement of linear television at CTV is a great product that can support a longer tail.

所以對他們來說，我們的廣告服務產品和我們的個性化產品不太合適，但自助服務測量，CTV 線性電視的性能測量是一個可以支持更長尾巴的好產品。

So we're not giving up anything. We're gaining more. And of course, our focus will be to take this product and offer it to our clients, the largest clients. But we absolutely want to continue and enjoy the diversification of the client base. So we'll have support and engagement in the longer tail of the client base.

所以我們不會放棄任何東西。我們收穫更多。當然，我們的重點將是將該產品提供給我們的客戶，最大的客戶。但我們絕對希望繼續並享受客戶群的多元化。因此，我們將在客戶群的長尾中獲得支持和參與。

But currently, we're not going to take our core ad serving business, and go and sell it to the long tail. We don't believe we're going to do it this year. Maybe longer term, it's an opportunity. It's a great way to diversify the revenue stream and also from a global perspective, they bring that.

但目前，我們不會把我們的核心廣告服務業務賣給長尾。我們不相信我們今年會這樣做。也許從長遠來看，這是一個機會。這是實現收入來源多元化的好方法，而且從全球角度來看，他們帶來了這一點。

And I love how you separated between kind of the legacy -- you know who we're talking about -- kind of TV panel-based legacy platform -- measurement platform versus the new challenges. And with that, I will switch to Tal to explain why we believe our offering -- the combined offering will be very different than what's already out there.

我喜歡你如何區分傳統——你知道我們在談論誰——一種基於電視面板的傳統平台——測量平台與新挑戰。有了這個，我將轉向 Tal 來解釋為什麼我們相信我們的產品——合併後的產品將與現有產品大不相同。

Thank you, Zvika, and thank you, Andrew. Good morning, everyone. I'll speak quickly to the advantage that -- what you asked about our advantage in the measurement landscape. So the future of television and maybe the most exciting part of it is that television will be -- will have the ability to report back from each and every device to a holistic server. So you don't need a sample. You could rely on a -- almost a census of actual measurement.

謝謝 Zvika，也謝謝 Andrew。大家，早安。我會很快談到優勢——你問的是我們在測量領域的優勢。因此，電視的未來，也許其中最令人興奮的部分是電視將能夠從每台設備向整體服務器進行報告。所以你不需要樣品。你可以依賴 - 幾乎是實際測量的普查。

But collecting that census data is not an easy thing. And here comes our unfair advantage -- is by being the ad server, the platform that actually deliver and stream the ads, we have the actual data. We don't need access to it from anyone else to collect that data -- of the viewership, who watched what and on what device. So that allows us to get access to all of it. That's a big unfair advantage.

但收集人口普查數據並非易事。這就是我們不公平的優勢——作為廣告服務器，即實際投放和流式傳輸廣告的平台，我們擁有實際數據。我們不需要其他任何人訪問它來收集數據——收視率、誰在什麼設備上看了什麼。這樣我們就可以訪問所有這些內容。這是一個很大的不公平優勢。

And the second part that I think is very unique about TVSquared combination with Innovid is adding the outcome component. So not only that we can measure reach and frequency, but we can also have a -- we have a very big focus on measuring outcome, which is very, very key to the new crop of marketers that are extremely data driven.

我認為 TVSquared 與 Innovid 的結合非常獨特的第二部分是添加結果組件。因此，我們不僅可以衡量覆蓋面和頻率，而且我們還可以 - 我們非常關注衡量結果，這對於極度數據驅動的新一代營銷人員來說非常非常關鍵。

Great. Thank you.

偉大的。謝謝。

Shweta Khajuria, Evercore ISI.

Shweta Khajuria，Evercore ISI。

Hey, Shweta.

嘿，雪維塔。

Dan Salmon, BMO Capital Markets.

BMO 資本市場的 Dan Salmon。

Okay, great. Good morning, everyone. Sure, Shweta will be back at [one] right after. So I just had a couple of questions. You've given us first-quarter and full-year revenue growth guidance. Does that continue to be driven largely by volume growth? Is there any assumption for CPM growth in there?

好的，太好了。大家，早安。當然，Shweta 會在 [one] 之後馬上回來。所以我只有幾個問題。你給了我們第一季度和全年的收入增長指導。這是否繼續主要由銷量增長推動？那裡有 CPM 增長的假設嗎？

And then just any broad comments you can share on how your clients are looking at CTV ad volume through the year, I know you said visibility is low. So I'm asking less about what your quarterly trends are expected to be, but more about what your clients are looking for to ramp back up to normal levels. Is that entirely about supply chain issues, or are there other variables there?

然後你可以就你的客戶如何看待全年的 CTV 廣告量分享任何廣泛的評論，我知道你說過可見度很低。因此，我較少詢問您的季度趨勢預期是什麼，而是更多地詢問您的客戶希望恢復到正常水平的內容。這完全是關於供應鏈問題，還是有其他變數？

And then a second one, just -- can you tell us a little bit more about the opportunity in China? It's a very big advertising market. Do you expect that to be a big business through Innovid one day? Thanks.

然後是第二個，你能告訴我們更多關於中國的機會嗎？這是一個非常大的廣告市場。您是否希望有一天通過 Innovid 成為一項大業務？謝謝。

Hey, good morning, Dan. Thank you so much for joining and for the question. So in terms of CTV volumes going back up -- and you asked about the CPM. So first on the -- on everything that's not volume, right, as I mentioned, we're seeing great progress in terms of number of clients. You saw there -- our growth there. Retention, record high, 97%. I don't know how we can top that next year with the core clients. And product upsells with the personalization, up 50% year over year.

嘿，早上好，丹。非常感謝您的加入和提問。因此，就 CTV 數量的回升而言——您詢問了 CPM。因此，首先，正如我提到的，在所有非交易量的事情上，我們在客戶數量方面看到了巨大的進步。你在那裡看到了——我們在那裡的成長。保留率創歷史新高，達到 97%。我不知道明年我們如何才能與核心客戶一起超越這一點。個性化的產品銷量同比增長 50%。

So all these trends in terms of new product adoption to your point that is charged for a higher CPM and new logos, global expansions. All of these KPIs are moving up into the right even during Q4, during Q1, and we expect this to continue. And we hope to see this continuing through the year.

因此，所有這些在新產品採用方面的趨勢都需要為更高的每千次展示費用和新徽標以及全球擴張付費。即使在第 4 季度和第 1 季度，所有這些 KPI 都在向右移動，我們預計這種情況會持續下去。我們希望看到這種情況持續到今年。

The only thing that you see in the guidance in Q1 over on 2022, that is different than what we saw in Q3 or beginning of Q4, is this volume drop, which is basically media drop. We don't charge for media, obviously, which is volume. So it's those large advertisers that are significant for us, verticals like auto and CPG, slowing down their investment, basically cutting down their investment in a very rapid pace towards the end of the year -- November, December, mostly.

你在 2022 年第一季度的指導中看到的唯一與我們在第三季度或第四季度初看到的不同的是，音量下降，這基本上是媒體下降。顯然，我們不對媒體收費，即音量。因此，那些對我們來說很重要的大型廣告商，像汽車和 CPG 這樣的垂直行業，正在放慢他們的投資，基本上是在年底前以非常快的速度削減他們的投資——主要是 11 月、12 月。

So while we cannot share what they're doing in Q1, we do know that the auto supply chain issue -- the microchip -- did not disappear. But we know it's coming towards an end. So that's why we are, on one side, very optimistic because once that is fully back, we believe -- unless any other surprises coming on a macro perspective -- we're back to the normal situation. Even without it, we are still seeing 22% to 28% growth in a profitable business.

因此，雖然我們無法分享他們在第一季度所做的事情，但我們知道汽車供應鏈問題——微芯片——並沒有消失。但我們知道它即將結束。所以這就是為什麼我們一方面非常樂觀，因為一旦完全恢復，我們相信——除非從宏觀角度出現任何其他意外——我們會回到正常情況。即使沒有它，我們仍然看到盈利業務增長了 22% 到 28%。

We believe there is more out there. It's not in our hands from that perspective. So optimism across all KPIs.

我們相信還有更多。從那個角度來看，它不在我們手中。所以對所有 KPI 都持樂觀態度。

On volume, it's at the end of the day up to them. It's a similar way that we could not -- nobody told us about what they're planning and how they're planning to execute this on the end of Q4. What we're hearing from them now is they're seeing the light. They're start -- you can see it also on television. They're starting to run more and more ads. And when exactly they'll go back to full capacity, it's not something that they share with us, and we can share here.

在數量上，這取決於他們。這是我們無法做到的類似方式 - 沒有人告訴我們他們計劃什麼以及他們計劃如何在第四季度末執行此計劃。我們現在從他們那裡聽到的是他們看到了曙光。他們開始了——你也可以在電視上看到。他們開始投放越來越多的廣告。他們究竟什麼時候會恢復到滿負荷運轉，這不是他們與我們分享的東西，我們可以在這里分享。

So that's on that side and -- but again, on a long-term perspective, we're extremely bullish and optimistic.

所以這是在那邊 - 但從長遠來看，我們再次非常樂觀和樂觀。

I would say -- by the way, slight comment, because on the -- when you say the average CPM, you can see a situation we're thinking how we're going to share information later on. We can see a situation where we're selling more upsell product, but still, the average CPM goes down. Because once we onboard large customers, they first onboard their entire spend.

我會說 - 順便說一下，輕微的評論，因為 - 當你說平均每千次展示費用時，你可以看到我們正在考慮我們稍後將如何共享信息的情況。我們可以看到這樣一種情況，我們銷售了更多的追加銷售產品，但平均每千次展示費用仍然下降。因為一旦我們吸引了大客戶，他們首先會接受他們的全部支出。

So we get massive volume [peak] in basic delivery and then we go into upsell. So it's an interesting situation where you can sell more revenue in upsell, but still, the average CPM will stay the same. So we'll share more probably -- more insight in our next call.

因此，我們在基本交付中獲得了大量[峰值]，然後我們進入追加銷售。所以這是一個有趣的情況，你可以在追加銷售中賣出更多收入，但平均每千次展示費用仍將保持不變。因此，我們將在下一次電話會議中分享更多可能——更多見解。

China is definitely interesting. We've been looking at China for four years because, obviously, it's a huge market. And we decided for many, many years not to go in because it's a very complex environment to build infrastructure. The reason we decided, which is always the reason to almost everything we do including the acquisition, is what our customers are asking us.

中國絕對是有趣的。四年來，我們一直在關注中國，因為很明顯，這是一個巨大的市場。多年來，我們一直決定不進去，因為構建基礎設施的環境非常複雜。我們做出決定的原因，也是我們所做的幾乎所有事情（包括收購）的原因，是我們的客戶對我們的要求。

We have massive global brands working us in the -- with the US. Some of them are looking to expand with us globally, which we just mentioned Mondelez that we're already operationally on a global scale with Mondelez.

我們有大量的全球品牌在與美國合作。他們中的一些人希望與我們一起在全球範圍內擴張，我們剛剛提到了 Mondelez，我們已經在全球範圍內與 Mondelez 開展業務。

China is not about them. But we have other brands, similar scale, that asked us to at least support their measurement efforts -- to deliver measurement efforts all over the world including China. So once we had enough demand for a specific type of product and offering in China, we decided to move forward, hired the team there. And this is solely to support the global -- the demand from our global clients that mostly are either US, large corporates, or European.

中國與他們無關。但我們還有其他類似規模的品牌，它們要求我們至少支持他們的衡量工作——在包括中國在內的全球範圍內開展衡量工作。因此，一旦我們在中國對特定類型的產品和服務有足夠的需求，我們就決定繼續前進，聘請那裡的團隊。這完全是為了支持全球——來自我們全球客戶的需求，這些客戶主要是美國、大型企業或歐洲。

So this is not about selling in China, locally. It's about delivering ads on every corner of the world -- TV ads -- every corner in the world including China.

所以這不是關於在中國本地銷售。它是關於在世界每個角落投放廣告——電視廣告——世界每個角落，包括中國。

Great. Thank you, Zvika. It's very helpful.

偉大的。謝謝你，茲維卡。這非常有幫助。

Thank you.

謝謝。

Shweta Khajuria, Evercore ISI.

Shweta Khajuria，Evercore ISI。

Okay. Thank you. I'm sorry about that. I got disconnected right as I was about to ask a question. Okay. Two for me, please. How -- so the measurement products through the acquisition, how do you plan -- how do they monetize currently? And do you expect to change pricing on that product? And how does that compare to what's out there already in the market?

好的。謝謝。對此我感到很抱歉。當我正要問一個問題時，我就斷線了。好的。請給我兩個。如何 - 那麼通過收購測量產品，你如何計劃 - 他們目前如何貨幣化？您是否希望更改該產品的定價？這與市場上已有的產品相比如何？

And then the second is Innovid Key -- that product. Could you please elaborate on that, what it is and how differentiated that is? Thank you.

然後第二個是 Innovid Key——那個產品。您能否詳細說明一下，它是什麼以及它有何不同？謝謝。

Hey, Shweta. Good morning and thanks for joining. Thanks for the question. On the product pricing of TVSquared, the way they price it, most of their revenue -- Innovid is coming from the digital side, the CTV world, CPM base. TVSquared was born on the -- it's kind of hybrid of digital and -- but what they are mostly measuring is television, linear television, which doesn't have a CPM model because there is no actual serving.

嘿，雪維塔。早上好，感謝您的加入。謝謝你的問題。關於 TVSquared 的產品定價，他們定價的方式，他們的大部分收入 -- Innovid 來自數字方面，CTV 世界，CPM 基礎。 TVSquared 誕生於——它是數字和——的混合體——但他們主要測量的是電視、線性電視，它沒有 CPM 模型，因為沒有實際服務。

So it's a proxy based on the spend. It's not a percentage of spend but based on the budget that a certain brand have to run a certain campaign or an annual spend. That's from a high level -- how it's been priced on an -- usually on an annual contract with renewal. So that's, obviously, as we converge the offerings.

所以它是基於支出的代理。這不是支出的百分比，而是基於某個品牌必須運行某個活動或年度支出的預算。這是從高水平上——它是如何定價的——通常是在續籤的年度合同上。所以，很明顯，當我們融合產品時。

But they also have a CTV measurement capabilities, and that's exactly where we planned to plug in all our CTV measurement and all our CTV data to combine offering. And after we will close, we will announce the updated or upgraded pricing model that will include both linear television and CTV.

但他們也有 CTV 測量功能，這正是我們計劃插入所有 CTV 測量和所有 CTV 數據以組合產品的地方。在我們關閉之後，我們將宣布更新或升級的定價模型，其中將包括線性電視和 CTV。

From a high level, it's always an outcome of the size of the client. At the end of the day, obviously, we will look for annual type contracts, stable and renewed. So that's on the pricing side of things. On the Innovid Key, I will switch to Tal.

從較高的層面來看，這始終是客戶規模的結果。顯然，最終我們會尋找穩定且續籤的年度合同。所以這是在定價方面。在 Innovid Key 上，我將切換到 Tal。

Thank you, Zvika. Good morning, Shweta. Good to hear from you. So on Innovid Key, I'll say a few things.

謝謝你，茲維卡。早上好，雪維塔。很高興聽到你的消息。所以關於 Innovid Key，我會說幾件事。

First of all, Innovid Key is what we call an identity framework. It is a product that allows marketers to connect multiple identifiers together and get access to their first-party data connected to the ad exposure. Essentially, the world doesn't need another identifier.

首先， Innovid Key 就是我們所說的身份框架。它是一種允許營銷人員將多個標識符連接在一起並訪問與廣告曝光相關的第一方數據的產品。從本質上講，世界不需要另一個標識符。

There is clearly a lot of problems with identifiers, but we don't think that we need to create a new DI, a new identifier. But we do need to create some type of a crosswalk between different type of identifier out there and connect all of them to the ads that we serve and the measurement that we offer.

標識符顯然存在很多問題，但我們認為我們不需要創建新的 DI，新的標識符。但是我們確實需要在不同類型的標識符之間創建某種類型的人行橫道，並將它們全部連接到我們提供的廣告和我們提供的測量。

So for example, within Q4, we announced partnership we have with LiveRamp. And we shared that MillerCoors is a joint customer that, because of that combination, saw an uplift in their ability to identify connected television impression by 55% versus what they had before. But that's the byproduct of Innovid Key and why we think that this is a very important and very key, pun intended, to the offering.

因此，例如，在第四季度，我們宣布了與 LiveRamp 的合作夥伴關係。我們分享了 MillerCoors 是一個聯合客戶，由於這種結合，他們發現他們識別聯網電視印象的能力比以前提高了 55%。但這是 Innovid Key 的副產品，也是為什麼我們認為這是一個非常重要和非常關鍵的產品，雙關語。

Okay. Thank you very much.

好的。非常感謝。

Shyam Patil, SIG.

希亞姆帕蒂爾，SIG。

Good morning, guys, and thanks for taking the question. This is [Jared] on for Shyam. You touched on this a little bit with the TVSquared acquisition. But you guys have commented on your focus on the top 200 advertisers in the US. Can you maybe talk about how this plays into your international growth story and also how this impacts your market opportunity overall?

早上好，伙計們，謝謝你提出這個問題。這是 Shyam 的 [Jared]。你在收購 TVSquared 時稍微談到了這一點。但是你們評論了你們對美國前 200 名廣告商的關注。您能否談談這對您的國際增長故事有何影響，以及這對您的整體市場機會有何影響？

And then a second one, if you don't mind, can you just speak to your interaction with large CTV-walled gardens, mainly YouTube, Prime Video, and Roku? And how that impacts your value prop?

然後是第二個，如果你不介意的話，你能談談你與大型 CTV 圍牆花園的互動，主要是 YouTube、Prime Video 和 Roku？這對你的價值支柱有何影響？

So on the TVSquared offering, they are -- it's interesting to see, they are moving towards -- and we'll share a slide in our investor deck eventually. There is a nice slide there that describes how we're coming from the two separate ends and connecting in the middle.

因此，在 TVSquared 產品上，他們是——有趣的是，他們正在朝著——我們最終將在我們的投資者平台上分享一張幻燈片。那裡有一張很好的幻燈片，它描述了我們如何從兩個不同的端點出發並在中間連接起來。

One, they're coming from linear, obviously, and we come from CTV. Also on the segmentation of customer base with this -- competing with -- for TVSquared competing with Nielsen could be a tough exercise. And selling directly to large brands and agencies, as we know it, Innovid is a very -- definitely to penetrate the market is a very high-resource long-term investment that Innovid was successful.

第一，他們顯然來自線性，而我們來自 CTV。同樣在客戶群細分方面——與——競爭——對於 TVSquared 與尼爾森的競爭可能是一項艱鉅的任務。並且直接向大型品牌和代理商銷售，正如我們所知，Innovid 是一個非常 - 絕對滲透市場是 Innovid 成功的非常高資源的長期投資。

TVSquared entered the market from linear and mostly focusing on the smaller brands and the performance-oriented brands based on their outcome business. So looking at linear and looking what result -- the outcome, the linear spend drove such as app downloads, website visitation, which cater good to performance-type advertisers. And we're basically meeting in the middle. So it's a question of strategy, right?

TVSquared 從線性進入市場，主要關注較小的品牌和基於結果業務的績效導向品牌。所以看看線性，看看結果是什麼——結果，線性支出推動了應用程序下載、網站訪問，這對性能型廣告商來說是很好的。我們基本上是在中間見面。所以這是一個戰略問題，對吧？

So we decided from a strategic perspective and definitely after what we've seen in the world that there is some volatility in times of supply chains, pandemics, and hopefully, not the war. So it's good to have a diverse client base as long as we have an offering that can cater to that client base and keep our gross margin, keep the fast growth, keep the profitability. We actually love the fact that they're bringing a very fresh mindset on advertising down the funnels.

因此，我們從戰略角度決定，並且肯定是在我們在世界上看到的情況下，供應鏈、流行病時期存在一些波動，希望不是戰爭。因此，擁有多元化的客戶群是件好事，只要我們的產品能夠迎合該客戶群並保持我們的毛利率，保持快速增長，保持盈利能力。我們真的很喜歡這樣一個事實，即他們在漏斗中的廣告上帶來了一種非常新鮮的心態。

So it's not just brand advertising. It goes all the way down to performance for a TV advertisement. So we love that fit. And of course, as investors/shareholder, we also love the diversification of revenue sources.

所以這不僅僅是品牌廣告。一直到電視廣告的性能。所以我們喜歡這種合身。當然，作為投資者/股東，我們也喜歡收入來源的多元化。

Same thing goes for global. Innovid is about 90% revenue from the US base and 10% -- almost 10% from the outside. With TVSquared, there's more -- and we'll share that later after closing -- there is more revenue coming outside of the US serving more than, I think 70, more than 70 countries around the world, which is rare for measurement challenger, right?

全球也是如此。 Innovid 約 90% 的收入來自美國基地，10%——幾乎 10% 來自外部。有了 TVSquared，還有更多——我們將在關閉後稍後分享——有更多的收入來自美國以外，服務超過 70 個，全球 70 多個國家，這對於測量挑戰者來說是罕見的，正確的？

Most of them are US based. So the fact that they have a European line of business for measurement for linear and partnership with platforms, like Sky, as a client is very interesting for us as a global company. So that's another diversification.

他們中的大多數是美國的。因此，作為客戶，他們擁有歐洲的線性測量業務線以及與 Sky 等平台的合作夥伴關係，這對我們作為一家全球公司來說非常有趣。所以這是另一種多元化。

In terms of the CTV-walled gardens, Tal, I think maybe you can -- you should answer that.

關於 CTV 圍牆花園，Tal，我想也許你可以——你應該回答這個問題。

Sure. Thank you. Thanks for the question. (inaudible) So, I can even generalize on the walled garden even beyond connected television. But in general, part of the offering of Innovid is an orchestration layer across all the different outlets. So it doesn't matter how media is being purchased -- through programmatic, through IO, and an upfront or is it in an open Internet or a walled garden. That's actually the core of our value.

當然。謝謝。謝謝你的問題。 （聽不清）因此，我什至可以在聯網電視之外對圍牆花園進行概括。但總的來說，Innovid 的部分產品是跨所有不同渠道的編排層。因此，媒體的購買方式無關緊要——通過程序化、通過 IO 和前期，或者是在開放的互聯網或圍牆花園中。這實際上是我們價值的核心。

It's like the market becomes more fragmented, that's beneficial or at least that's increased the value proposition of a centralized ad serving platform. Specifically to your question about YouTube, Amazon, and Roku, or others, we're fully integrated with all of them. We're ad serving and contributing value into them, and we don't see that changing anytime in the future.

這就像市場變得更加分散，這是有益的，或者至少增加了集中式廣告服務平台的價值主張。具體針對您關於 YouTube、亞馬遜和 Roku 或其他公司的問題，我們已與所有這些公司完全集成。我們正在為他們提供廣告服務並為其貢獻價值，我們認為這種情況在未來任何時候都不會改變。

We don't compete with those walled garden. We don't take their data or resell their data. We don't retarget those users. We are truly an infrastructure layer that helps marketers really, quote-unquote, take advantage of the fragmentation and benefit everywhere.

我們不與那些圍牆花園競爭。我們不會獲取他們的數據或轉售他們的數據。我們不會重新定位這些用戶。我們是一個真正的基礎設施層，可以幫助營銷人員真正地，引用 - 取消引用，利用碎片化並在任何地方獲益。

So we're fully functioning, and we actually think that in the future, we will increase our integration with those walled garden and probably it will be even more. That's all I got.

所以我們正在全面運作，我們實際上認為在未來，我們將增加與那些圍牆花園的整合，而且可能會更多。這就是我得到的。

Great. Thank you, Zvika and Tal.

偉大的。謝謝 Zvika 和 Tal。

Thank you. We reached end of our question-and-answer session. I would like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節結束了。我想將發言權交還給管理層，以徵求任何進一步意見或結束意見。

Thanks, [Kevin]. And thank you, everybody, for joining. Obviously, as you can hear, we're extremely passionate and excited. This is also our first earning call, hopefully, out of many.

謝謝，[凱文]。謝謝大家的加入。顯然，正如您所聽到的，我們非常熱情和興奮。這也是我們的第一個盈利電話，希望是在許多電話中。

You can hear in our voices, Tal and myself as Co-Founders for 15 years now in this company, and it sounds like and feels like we started yesterday -- still exciting, still passionate. You can see it also with our team -- both the decision to go public in an environment like this and the acquisition of TVSquared -- following the acquisition of TVSquared.

你可以從我們的聲音中聽到，Tal 和我自己作為聯合創始人在這家公司工作了 15 年，聽起來和感覺就像我們昨天開始一樣——仍然令人興奮，仍然充滿激情。您也可以在我們的團隊中看到這一點——在收購 TVSquared 之後決定在這樣的環境中上市和收購 TVSquared。

These are long-term investments. These are long-term thesis that we're looking at the future of television. We started 15 years ago, looking at a $200 billion market and seeing where it's going to be disrupted and what part we want to take in it. We want to change the way people view video, view television, and engage with television, the value exchange. There's so many things we want to do.

這些都是長期投資。這些是我們正在展望電視未來的長期論點。我們在 15 年前就開始了，著眼於一個價值 2000 億美元的市場，看看它會在哪裡被顛覆，以及我們想在其中扮演什麼角色。我們希望改變人們觀看視頻、觀看電視以及參與電視、價值交換的方式。我們想做的事情太多了。

But we also were very patient and persistent. So that's how we got where we are now, competing with very large, big tech vendors out there and succeeding. So we're very encouraged by the success that we're seeing. And we're looking forward for a very productive 2022 year for us.

但我們也非常耐心和堅持。這就是我們如何取得現在的成就，與非常大的技術供應商競爭並取得成功。因此，我們對所看到的成功感到非常鼓舞。我們期待 2022 年對我們來說是一個非常富有成效的一年。

I want to thank you all for your time, for your investment, for your questions. And look forward to checking with you again post-closing with TVSquared and of course, on our Q1 earning call. Thank you so much, and have a lovely day.

我要感謝大家抽出時間，感謝你們的投入，感謝你們提出的問題。並期待在 TVSquared 收盤後再次與您聯繫，當然還有我們第一季度的財報電話會議。非常感謝，祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。