- Q2 revenue increased to $34.5
million, up 4% year-over-year
- Q2 measurement revenue contributed $7.8 million, up 10% year-over-year, representing
23% of total Q2 revenue
- Innovid raises full year 2023 revenue and Adjusted EBITDA*
guidance
NEW
YORK, Aug. 8, 2023 /PRNewswire/ --
Innovid Corp. (NYSE:CTV) (the "Company"), an
independent advertising platform for delivery, personalization, and
measurement of converged TV across linear, connected TV (CTV), and
digital, today announced financial results for the second fiscal
quarter ended June 30, 2023.
"We exceeded our guidance for the second quarter, and delivered
strong results fueled by CTV and measurement growth," said
Zvika Netter, Co-Founder and CEO.
"Our dedication to driving profitable growth this quarter resulted
in double-digit Adjusted EBITDA margins and a raised full year 2023
outlook. As our core products drive robust margins, our
execution resulted in a significant flow through of incremental
revenue to the bottom line.
"Innovid continues to benefit from the shift from linear TV to
CTV. We are having a great deal of success adding new
customers and are focused on deepening our relationships with
customers to activate more products. We remain confident in
our position as a clear leader in building critical technology
infrastructure for the future of TV advertising, and specifically
CTV."
Second Quarter 2023 Financial Summary
- Revenue increased to $34.5
million, reflecting year-over-year growth of 4%.
- US revenue grew to $31.6 million,
up 7% year-over-year.
- Measurement contributed $7.8
million, up 10% year-over-year, representing 23% of
revenue.
- CTV revenue, excluding TVSquared, increased to $13.6 million, up 9% year-over-year.
- Net loss was $(19) million,
compared to a net profit of $4.3
million for the same period in 2022. Q2 net loss was
impacted by a one time non-cash goodwill impairment expense of
$14.5 million, resulting from a
decline in our share price during Q2 2023.
- Adjusted EBITDA* increased to $4.5
million, representing 13% Adjusted EBITDA margin.
- Cash and cash equivalents as of June 30,
2023 were $43.4 million.
Recent Business Highlights
- CTV accounted for 51% of all video impressions served in Q2
2023, up from 50% of all video impressions served in Q2 2022.
- Our measurement growth is being fueled by some of our announced
wins in Q2, including our partnerships with NBCUniversal and
Disney.
- We continue to win and expand more accounts including some of
the largest auto brands such as Mazda U.S. and American Honda and
some of the biggest global advertisers including Microsoft, Otsuka
Pharmaceutical U.S. and Pluto TV.
Financial Outlook
Innovid is providing the following financial guidance for Q3 and
full year 2023:
- Q3 2023 revenue in a range between $33
million and $35 million.
- Q3 2023 Adjusted EBITDA* in a range between $3 million and $5
million.
- FY 2023 revenue in a range between $132
million and $136 million.
- FY 2023 Adjusted EBITDA* positive for the full year, Adjusted
EBITDA margin* at least 10% for the full year.
Governance Update
On August 3, 2023, Jonathan Saacks notified the Company of his
resignation for personal reasons from the Board of Directors (the
"Board") and Nominating and Corporate Governance Committee of the
Board, effective from close of business on August 9, 2023.
*See Use of Non-GAAP Financial Information and Reconciliation of
GAAP to Non-GAAP Financial Measures table.
Conference Call
The Company will host a conference call and webcast to discuss
second quarter 2023 financial results today at 8:30 a.m. Eastern Time. Hosting the call will be
Zvika Netter, Co-founder and Chief
Executive Officer and Tanya
Andreev-Kaspin, Chief Financial Officer. The conference call
will be available via webcast at investors.innovid.com. To
participate via telephone, please dial 888-645-4404 (toll free) or
862-298-0702 (international). Following the call, a replay of the
webcast will be available for 90 days on the Innovid Investor
Relations website.
Non-GAAP Measures and Certain Operational Metrics
Innovid prepares unaudited interim condensed consolidated
financial statements in accordance with U.S. generally accepted
accounting principles ("GAAP"). Innovid also discloses and
discusses non-GAAP financial measures such as Adjusted EBITDA and
Adjusted EBITDA margin.
We use Adjusted EBITDA and Adjusted EBITDA margin as measures of
operational efficiency to understand and evaluate our core business
operations. We believe that these non-GAAP financial measures are
also useful to investors for period-to-period comparisons of our
core business. Additionally, these figures provide an
understanding and evaluation of our trends when comparing our
operating results, on a consistent basis, by excluding items that
we do not believe are indicative of our core operating
performance.
These non-GAAP financial measures have limitations as analytical
tools and should not be considered in isolation or as substitutes
for an analysis of our results as reported under GAAP. Some of the
limitations of these measures are:
- they do not reflect changes in, or cash requirements for, our
working capital needs;
- Adjusted EBITDA does not reflect our capital expenditures or
future requirements for capital expenditures or contractual
commitments;
- they do not reflect costs of acquiring and integrating
businesses, which will continue to be a part of our growth
strategy;
- they do not reflect one-time, non-recurring, bonus costs and
third party costs associated with the SPAC merger transaction and
regulatory filings;
- they do not reflect goodwill impairment;
- they do not reflect severance costs;
- they do not reflect income tax expense or the cash requirements
to pay income taxes;
- they do not reflect our interest expense or the cash
requirements necessary to service interest or principal payments on
our debt; and
- although depreciation and amortization are non-cash charges
related mainly to intangible assets and amortization of software
development costs, certain assets being depreciated and amortized
will have to be replaced in the future, and Adjusted EBITDA does
not reflect any cash requirements for such replacements.
Other companies in our industry may calculate these non-GAAP
financial measures differently than we do, limiting their
usefulness as a comparative measure. You should compensate for
these limitations by relying primarily on our US GAAP results and
using the non-GAAP financial measures only supplementally.
Adjusted EBITDA is defined as net (loss) income attributable to
Innovid, excluding (1) depreciation and amortization, (2) goodwill
impairment, (3) stock-based compensation, (4) finance income, net,
(5) transaction related expenses, (6) acquisition related expenses,
(7) retention bonus expenses, (8) legal claims, (9) severance cost,
(9) other, and (10) taxes on income. We calculate Adjusted EBITDA
margin as Adjusted EBITDA divided by total revenue.
Innovid has provided a reconciliation of Adjusted EBITDA and
Adjusted EBITDA margin to net (loss) income, the most directly
comparable GAAP measure, for historical period in the appendix
hereto but is not able to provide a reconciliation of the projected
Adjusted EBITDA or Adjusted EBITDA margin to expected net (loss)
income attributable to Innovid for the third quarter of 2023 or the
full-year 2023, without unreasonable effort, due to the unknown
effect, timing, and potential significance of the effects of taxes
on income in multiple jurisdictions, finance (income)/expenses
including valuations, among others. These items have in the past,
and may in the future, significantly affect GAAP results in a
particular period.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1996. The Company's actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," "aim," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the Company's expectations regarding its future
financial results and expected growth. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results, including Innovid's ability to achieve and, if achieved,
maintain profitability, decrease and/or changes in CTV audience
viewership behavior, Innovid's failure to make the right investment
decisions or to innovate and develop new solutions, inaccurate
estimates or projections of future financial performance, Innovid's
failure to manage growth effectively, the dependence of Innovid's
revenues and business on the overall demand for advertising and a
limited number of advertising agencies and advertisers, the
rejection of digital advertising by consumers, future restrictions
on Innovid's ability to collect, use and disclose data, market
pressure resulting in a reduction of Innovid's revenues per
impression, Innovid's failure to adequately scale its platform
infrastructure, exposure to fines and liability if advertisers,
publishers and data providers do not obtain necessary and requisite
consents from consumers for Innovid to process their personal data,
competition for employee talent, seasonal fluctuations in
advertising activity, payment-related risks, interruptions or
delays in services from third parties, errors, defects, or
unintended performance problems in Innovid's platform, intense
market competition, failure to comply with the terms of third party
open source components, changes in tax laws or tax rulings, failure
to maintain an effective system of internal controls over financial
reporting, failure to comply with data privacy and data protection
laws, infringement of third-party intellectual property rights,
difficulty in enforcing Innovid's own intellectual property rights,
system failures, security breaches or cyberattacks, additional
financing if required may not be available, the volatility of the
price of Innovid's common stock and warrants, and other important
factors discussed under the caption "Risk Factors" in Innovid's
Annual Report on Form 10-K filed with the SEC on March 3, 2023, as such factors may be
updated from time to time in its other filings with the SEC,
accessible on the SEC's website at www.sec.gov and the Investors
Relations section of Innovid's website at investors.innovid.com.
You should carefully consider the risks and uncertainties described
in the documents filed by the Company from time to time with the
U.S. Securities and Exchange Commission. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Most of these factors are
outside the Company's control and are difficult to predict. The
Company cautions not to place undue reliance upon any
forward-looking statements, including projections, which speak only
as of the date made. The Company does not undertake or accept any
obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
About Innovid
Innovid (NYSE: CTV) powers advertising delivery,
personalization, and measurement across linear, connected TV (CTV)
and digital for the world's largest brands. Through a global
infrastructure that enables cross-platform ad serving, data-driven
creative, and measurement, Innovid offers its clients always-on
intelligence to optimize advertising investment across channels,
platforms, screens, and devices. Innovid is an independent platform
that leads the market in converged TV innovation, through
proprietary technology and exclusive partnerships designed to
reimagine TV advertising. Headquartered in New York City, Innovid serves a global client
base through offices across the Americas, Europe, and Asia
Pacific. To learn more, visit innovid.com or follow us
on LinkedIn or Twitter.
Contacts
Investors:
Brinlea Johnson
IR@innovid.com
Media:
Caroline Yodice
cyodice@daddibrand.com
INNOVID, CORP. AND
ITS SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
except stock and per stock data)
|
|
|
June 30,
2023
|
|
December 31,
2022
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
43,384
|
|
$
37,541
|
Short-term bank
deposits
|
—
|
|
10,000
|
Trade receivables, net
(allowance for credit losses of $330 and $65 at June 30, 2023,
and December 31, 2022, respectively)
|
43,238
|
|
43,653
|
Prepaid expenses and
other current assets
|
4,123
|
|
2,640
|
Total current
assets
|
90,745
|
|
93,834
|
Long-term
deposit
|
260
|
|
277
|
Long-term restricted
deposits
|
396
|
|
430
|
Property and
equipment, net
|
18,959
|
|
14,322
|
Goodwill
|
102,473
|
|
116,976
|
Intangible assets,
net
|
27,659
|
|
29,918
|
Operating lease right
of use asset
|
2,008
|
|
2,910
|
Other non-current
assets
|
834
|
|
938
|
Total non-current
assets
|
152,589
|
|
165,771
|
TOTAL
ASSETS
|
$
243,334
|
|
$
259,605
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Trade
payables
|
4,421
|
|
3,361
|
Employees and payroll
accruals
|
10,969
|
|
10,165
|
Lease liabilities -
current portion
|
1,611
|
|
2,186
|
Accrued expenses and
other current liabilities
|
5,194
|
|
5,474
|
Total current
liabilities
|
22,195
|
|
21,186
|
Long-term
debt
|
20,000
|
|
20,000
|
Lease liabilities -
non-current portion
|
1,081
|
|
1,636
|
Other non-current
liabilities
|
9,461
|
|
6,554
|
Warrants
liability
|
1,022
|
|
4,301
|
Total non-current
liabilities
|
31,564
|
|
32,491
|
TOTAL
LIABILITIES
|
53,759
|
|
53,677
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
Common stock: $0.0001
par value - Authorized: 500,000,000 at June 30, 2023, and
December 31, 2022; Issued and outstanding: 138,737,104 and
133,882,414 at June 30,
2023, and December 31, 2022, respectively
|
13
|
|
13
|
Additional paid-in
capital
|
367,970
|
|
356,801
|
Accumulated
deficit
|
(178,408)
|
|
(150,886)
|
Total stockholders'
equity
|
189,575
|
|
205,928
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
243,334
|
|
$
259,605
|
INNOVID, CORP. AND ITS
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except stock and per stock
data)
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues
|
$
34,546
|
|
$
33,088
|
|
$
65,031
|
|
$
58,950
|
Cost of revenues
(1)
|
8,591
|
|
7,351
|
|
16,856
|
|
13,277
|
Research and
development (1)
|
6,876
|
|
9,710
|
|
13,993
|
|
16,964
|
Sales and marketing
(1)
|
11,460
|
|
14,320
|
|
23,097
|
|
24,671
|
General and
administrative (1)
|
8,924
|
|
9,955
|
|
18,574
|
|
21,410
|
Depreciation and
amortization
|
2,064
|
|
926
|
|
4,094
|
|
1,599
|
Goodwill
impairment
|
14,503
|
|
—
|
|
14,503
|
|
—
|
Operating
loss
|
(17,872)
|
|
(9,174)
|
|
(26,086)
|
|
(18,971)
|
Finance income,
net
|
(248)
|
|
(13,306)
|
|
(2,723)
|
|
(15,617)
|
Loss before
taxes
|
(17,624)
|
|
4,132
|
|
(23,363)
|
|
(3,354)
|
Taxes on
income
|
1,335
|
|
(168)
|
|
4,159
|
|
(205)
|
Net (loss)
income
|
(18,959)
|
|
4,300
|
|
(27,522)
|
|
(3,149)
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to common stockholders
|
$
(18,959)
|
|
$
4,300
|
|
$
(27,522)
|
|
$
(3,149)
|
Net (loss) income
per stock attributable to common
stockholders
|
|
|
|
|
|
|
|
Basic
|
$
(0.14)
|
|
$
0.03
|
|
$
(0.20)
|
|
$
(0.02)
|
Diluted
|
$
(0.14)
|
|
$
0.03
|
|
$
(0.20)
|
|
$
(0.02)
|
Weighted-average
number of stock used in
computing net (loss) income per stock
attributable to common
stockholders
|
|
|
|
|
|
|
|
Basic
|
137,643,910
|
|
132,152,652
|
|
134,296,569
|
|
128,220,893
|
Diluted
|
137,643,910
|
|
139,988,123
|
|
134,296,569
|
|
128,220,893
|
|
|
(1)
|
Exclusive of
depreciation, amortization and goodwill impairment presented
separately.
|
INNOVID, CORP. AND ITS
SUBSIDIARIES CONDENSED
STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND STOCKHOLDERS'
EQUITY
(In thousands, except stock
data)
|
|
|
Common
stock
|
Additional paid-
in capital
|
Accumulated
deficit
|
Total
stockholders'
equity
|
|
Number
|
Amount
|
Balance as of
December 31, 2021
|
119,017,380
|
$
12
|
$
293,719
|
$
(132,476)
|
$
161,255
|
Common stock and equity
awards issued for acquisition of TVS
|
11,549,465
|
1
|
47,151
|
—
|
47,152
|
Stock-based
compensation
|
—
|
—
|
1,496
|
—
|
1,496
|
Stock options
exercised
|
1,521,927
|
—
|
462
|
—
|
462
|
Net loss
|
—
|
—
|
—
|
(7,449)
|
(7,449)
|
Balance as of March
31, 2022 (unaudited)
|
132,088,772
|
$
13
|
$
342,828
|
$
(139,925)
|
$
202,916
|
Stock-based
compensation
|
—
|
—
|
4,628
|
—
|
4,628
|
Stock options
exercised
|
322,943
|
—
|
174
|
—
|
174
|
Net income
|
—
|
—
|
—
|
4,300
|
4,300
|
Balance as of June
30, 2022 (unaudited)
|
132,411,715
|
$
13
|
$
347,630
|
$
(135,625)
|
$
212,018
|
|
|
|
|
|
|
|
Common
stock
|
Additional paid-
in capital
|
Accumulated
deficit
|
Total
stockholders'
equity
|
|
Number
|
Amount
|
Balance as of
December 31, 2022
|
133,882,414
|
$
13
|
$
356,801
|
$
(150,886)
|
$
205,928
|
Stock-based
compensation
|
—
|
—
|
4,897
|
—
|
4,897
|
Stock options exercised
and RSUs vested
|
2,734,320
|
—
|
250
|
—
|
250
|
Net loss
|
—
|
—
|
—
|
(8,563)
|
(8,563)
|
Balance as of March
31, 2023 (unaudited)
|
136,616,734
|
$
13
|
$
361,948
|
$
(159,449)
|
$
202,512
|
Stock-based
compensation
|
—
|
—
|
5,658
|
—
|
5,658
|
Stock options exercised
and RSUs vested
|
2,120,370
|
—
|
364
|
—
|
364
|
Net loss
|
—
|
—
|
—
|
(18,959)
|
(18,959)
|
Balance as of June
30, 2023 (unaudited)
|
138,737,104
|
$
13
|
$
367,970
|
$
(178,408)
|
$
189,575
|
INNOVID, CORP. AND ITS
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands, except stock and per stock
data)
|
|
|
Six Months Ended
June 30, 2023
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
(Unaudited)
|
|
(Unaudited)
|
Net loss
|
$
(27,522)
|
|
$
(3,149)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
4,094
|
|
1,599
|
Goodwill
impairment
|
14,503
|
|
—
|
Stock-based
compensation
|
9,865
|
|
5,634
|
Change in fair value
of warrants
|
(3,279)
|
|
(15,946)
|
Changes in operating
assets and liabilities
|
|
|
|
Decrease / (increase)
in trade receivables, net
|
415
|
|
(4,624)
|
Increase in prepaid
expenses and other current assets
|
(1,390)
|
|
(747)
|
Decrease in operating
lease right of use assets
|
902
|
|
872
|
Increase / (decrease)
in trade payables
|
1,060
|
|
(321)
|
Increase in employees
and payroll accruals
|
804
|
|
1,044
|
Decrease in operating
lease liabilities
|
(1,130)
|
|
(1,208)
|
Increase in accrued
expenses and other current liabilities
|
2,626
|
|
945
|
Net cash provided by
/ (used in) operating activities
|
948
|
|
(15,901)
|
Cash flows from
investing activities:
|
|
|
|
Acquisition of
business, net of cash acquired
|
—
|
|
(99,568)
|
Internal use software
capitalization
|
(5,591)
|
|
(3,516)
|
Purchase of property
and equipment
|
(189)
|
|
(221)
|
Withdrawal of
short-term bank deposits
|
10,000
|
|
—
|
Increase in
deposits
|
27
|
|
32
|
Net cash provided by
/ (used in) investing activities
|
4,247
|
|
(103,273)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
loans
|
10,000
|
|
9,000
|
Repayment of
loans
|
(10,000)
|
|
—
|
Payment of SPAC merger
transaction costs
|
—
|
|
(3,185)
|
Proceeds from exercise
of options
|
614
|
|
636
|
Net cash provided by
financing activities
|
614
|
|
6,451
|
Increase (decrease) in
cash, cash equivalents, and restricted cash
|
5,809
|
|
(112,723)
|
Cash, cash equivalents,
and restricted cash at the beginning of the period
|
37,971
|
|
157,158
|
Cash, cash
equivalents, and restricted cash at the end of the
period
|
$
43,780
|
|
$
44,435
|
Supplemental
disclosure of cash flows activities:
|
|
|
|
(1) Cash paid during
the period for:
|
|
|
|
Income taxes paid, net
of tax refunds
|
$
879
|
|
$
363
|
Interest
|
$
782
|
|
$
137
|
(2) Non-cash
transactions:
|
|
|
|
Business combination
consideration paid in stock
|
$
—
|
|
$
47,152
|
Reconciliation of
cash, cash equivalents, and restricted cash reported within the
condensed
consolidated balance sheets
|
|
|
|
Cash and cash
equivalents
|
43,384
|
|
44,024
|
Long-term restricted
deposits
|
396
|
|
411
|
Total cash, cash
equivalents, and restricted cash shown in the condensed
consolidated statements
of cash flows
|
$
43,780
|
|
$
44,435
|
Key Metrics and Non-GAAP Financial Measures
Adjusted EBITDA
In addition to our results determined in accordance with
US GAAP, we believe that certain non-GAAP financial measures,
including Adjusted earnings before interest, taxes, depreciation
and amortization ("EBITDA") and Adjusted EBITDA Margin are useful
in evaluating our business. The following table presents a
reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to
the most directly comparable financial measure prepared in
accordance with GAAP.
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
(in
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net (loss)
income
|
$
(18,959)
|
|
$
4,300
|
|
$ (27,522)
|
|
$
(3,149)
|
Net (loss) income
margin
|
(55) %
|
|
13 %
|
|
(42) %
|
|
(5) %
|
Depreciation and
amortization
|
2,064
|
|
926
|
|
4,094
|
|
1,599
|
Goodwill
impairment
|
14,503
|
|
—
|
|
14,503
|
|
—
|
Stock-based
compensation
|
5,334
|
|
4,138
|
|
9,958
|
|
5,730
|
Finance income, net
(a)
|
(248)
|
|
(13,306)
|
|
(2,723)
|
|
(15,617)
|
Transaction related
expenses (b)
|
—
|
|
164
|
|
—
|
|
392
|
Acquisition related
expenses (c)
|
—
|
|
768
|
|
—
|
|
4,971
|
Retention bonus
expenses (d)
|
148
|
|
1,000
|
|
445
|
|
1,000
|
Legal
claims
|
342
|
|
435
|
|
656
|
|
435
|
Severance cost
(e)
|
—
|
|
—
|
|
845
|
|
—
|
Other
|
23
|
|
83
|
|
272
|
|
175
|
Taxes on
income
|
1,335
|
|
(168)
|
|
4,159
|
|
(205)
|
Adjusted
EBITDA
|
$
4,542
|
|
$
(1,660)
|
|
$ 4,687
|
|
$
(4,669)
|
Adjusted EBITDA
margin
|
13.1 %
|
|
(5.0) %
|
|
7.2 %
|
|
(7.9) %
|
|
|
(a)
|
Finance income, net
consists mostly of remeasurement related to revaluation of our
warrants, remeasurement of our foreign subsidiary's
monetary assets, liabilities and operating results, and our
interest expense.
|
(b)
|
Transaction related
expenses consist of costs related to the SPAC merger
transaction.
|
(c)
|
Acquisition related
expenses consists of professional fees associated with the
acquisition of TVS.
|
(d)
|
Retention bonus
expenses consists of retention bonuses for TVS
employees.
|
(e)
|
Severance cost is
related to the personnel reductions that occurred during the first
quarter of 2023.
|
Operational Metrics
In addition, Innovid's management considers the number of core
clients, annual core clients retention and annual core
clients net revenue retention in evaluating the performance of the
business. These metrics are reported annually. Prior to our
acquisition of TVS in 2022, our definition of a core client
included only advertisers that generated at least $100,000 revenue in a twelfth-months period.
Following our acquisition of TVS, we have included publishers as
core clients.
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SOURCE Innovid