Innovid Corp (CTV) 銘柄情報

CTV THE MONSTER HAS AWAKENED

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CTV new 52=week high

Innovid Begins Trading on New York Stock Exchange Under Symbol “CTV”

*Global leader in Connected TV ad delivery and measurement begins trading today as Innovid, under the new ticker symbol “CTV”

*The transaction generated approximately $251 million of proceeds including financing anchored by top-tier institutional investors

*Global brands and agencies tap Innovid as the independent leader in CTV ad infrastructure

NEW YORK, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Innovid Corp. (NYSE:CTV), a leading independent connected TV (CTV) advertising delivery and measurement platform, today announced it has become a publicly listed company trading on New York Stock Exchange (NYSE) under the new ticker symbol “CTV” following the completion of its previously announced business combination with ION Acquisition Corp 2 Ltd. (ION).

The business combination generated approximately $251 million of proceeds for Innovid after payment of deferred underwriting commissions, but before payment of transaction expenses.

Innovid joins NYSE at a time when the global $200 billion dollar TV industry is shifting to streaming, presenting a strong and growing demand for advertising in the channel. According to eMarketer, CTV ad spend will reach $29.50 billion by 2024. As new apps, devices, and platforms enter the space, the CTV landscape is becoming increasingly fragmented, making it a challenge for marketers to reach and measure their audiences in a unified way.

Founded in 2007, Innovid is uniquely equipped to support the transition of traditional linear ad investment to CTV. The company’s core ad delivery solution provides advertisers a consolidated interface to streamline ad serving, operating as the infrastructure through which CTV ads are delivered across all media including direct buys, programmatic inventory, the open web, and walled gardens. Innovid’s platform also allows advertisers to tap into value-added features designed to increase the performance of advertising creative through personalization and interactivity, as well as provide deeper insights into CTV advertising reach, frequency, and engagement.

Innovid has been foundational to the advancement of TV advertising. Over the last 14 years, the company has achieved a list of firsts including developing the world’s first patent to insert interactive objects into video, launching the first ever interactive and dynamic ad during the Super Bowl, and being the first to receive MRC accreditation for adherence to industry standards in a CTV environment.

Today, Innovid serves a client base of brands, agencies, and publishers through offices across the Americas, Europe, and Asia Pacific, delivering ads across an expansive, growing global footprint. On average, the company serves more than a billion ads a day, the equivalent of 300 years of video content streamed daily, and collects approximately six billion data points from that content per day. Innovid currently works with over 40% of the top 200 U.S. TV advertisers, including Toyota, L’Oreal, Bank of America, and GlaxoSmithKline.

Innovid’s listing on NYSE comes after several recently announced milestones for the company, including:
*Expansion into China market: Last month, Innovid expanded capabilities into the world's second-largest media market, China. The company appointed former Google Platforms Country Manager David Chen to lead the region.
*Bolstering CTV infrastructure: Innovid secured several cross industry collaborations in 2021, enabling its infrastructure to power other third-party CTV technologies and connect the ad tech ecosystem. Of note, Innovid, The Trade Desk, and Magnite created a consortium, organizing the leading buy-side and sell-side programmatic platforms within Innovid’s infrastructure, to deliver interactive CTV creative at scale. Additionally, Innovid strengthened its integrations with DoubleVerify and Integral Ad Science, to ensure strong, seamless CTV fraud protection.
*Consistent revenue growth: Revenue for the nine months ended September 30, 2021 totaled $64.3 million, an increase of 41% compared to the same period in 2020, driven primarily by 65% growth in CTV revenue. CTV accounted for 46% of all video impressions served by Innovid during this timeframe.
*Exclusive NBC Olympics partnership: NBCU exclusively partnered with Innovid in 2021 to support third-party ad serving across their leading CTV apps - NBC Sports, Peacock, and the Olympics Channel. Innovid was the first and only third-party ad server to be used during any NBC Olympics broadcast.
*Leading identity solution and partnerships: In Q3, Innovid launched Innovid Key, an industry leading infrastructure approach to identity management. The solution unlocks data across Innovid’s expansive ad serving footprint of over 95MM CTV homes - a near census view of the 108MM CTV homes to enable brands such as Molson Coors to enhance cross-screen targeting and measurement.

“14 years ago, we made a big bet on the future of TV with the creation of Innovid,” said Zvika Netter, Co-Founder and CEO at Innovid. “Today, our bet is paying off, allowing us to reimagine what the next chapter of TV looks like as CTV takes off full speed ahead, shaping the bright future of advertising. We are entering the public market knowing that Innovid is the only independent company with the technology, people, reputation, resources, commitment, scale, media bias-free solutions, and independence to create this future for advertisers.”

Over the next year, Innovid plans to extend its technology edge by broadening integrations with leading CTV publishers across international markets and launching additional personalized CTV ad formats. The company will also introduce enhanced measurement solutions that advance the technology infrastructure supporting the TV advertising ecosystem’s shift from linear to digital.

Netter continued: “Our listing is a testament to the strong performance and rapid growth we’ve achieved over the past few years. I’m grateful to our partners who trusted us to help them scale their offerings and to our clients who inspire us every day. Most importantly, I’m proud of the Innovid team members that have made all of our success possible. Thank you for your hard work. Today is just the beginning of our journey in reimagining the future of TV advertising.”

“This milestone represents the success of Innovid’s empowered leadership and strategic vision,” said Gilad Shany, CEO of ION. “From the start of our partnership, the Innovid team has demonstrated the power of its innovations and their potential to define the next generation of TV advertising. I look forward to joining Innovid’s Board of Directors to further support the expansion of its global CTV capabilities.”

Forward-Looking Statements Legend

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the transaction between Innovid Inc. (“Innovid”) and ION Acquisition Corp 2 Ltd. (“ION”), including statements regarding the benefits of the transaction, the services offered by Innovid and the markets in which it operates, and Innovid’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: Innovid’s ability to maintain and expand relationships with advertisers; the decrease and/or changes in CTV audience viewership behavior; the failure to make the right investment decisions or the failure to innovate and develop new solutions that are adopted by advertisers and/or partners; Innovid’s estimates of market opportunity, forecasts of market growth and projections of future financial performance; Innovid’s sales and marketing efforts requiring significant investments and long sales cycles; failure to manage growth effectively; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus related to the business combination, including those under “Risk Factors” therein, and in Ion’s other filings with the SEC. 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innovid assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innovid gives no assurance that it will achieve its expectations.

About Innovid
Innovid powers connected TV (CTV) advertising streaming, personalization, and measurement for the world’s largest brands. Through a global infrastructure that enables data-driven personalization, real-time decisioning, scaled ad serving, and accredited measurement, Innovid offers its clients and partners streamlined solutions that optimize the value of advertising investments across screens and devices. Innovid is an independent platform that leads the market in CTV innovation, powered proprietary technology and exclusive partnerships designed to fuel the future of 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.

CONTACT: Media Contact Caroline Yodice caroline@crenshawcomm.com

https://finance.yahoo.com/news/innovid-begins-trading-york-stock-133400685.html?.tsrc=fin-srch

Innovid begins trading on NYSE at $1.3b valuation

Innovid is raising $251 million after the PIPE investment was increased but did not offset 80% of the SPAC investors pulling out of the deal.
Israeli tech company Innovid, which has developed a platform for analyzing and measuring digital ads on smart TVs, has completed its SPAC merger with ION Acquisition Corp. 2 and will begin trading on the New York Stock Exchange (NYSE) today under the CTV ticker. ION announced yesterday that its shareholders' meeting approved the deal by an overwhelming majority of 97.4%.
Innovid has merged with the SPAC at a company valuation of $1.3 billion. When the merger was first announced in June, Innovid was due to raise $403 million including $253 million from the SPAC and $150 million in private investment in public equity (PIPE) from investment institutions including Fidelity and Israel Phoenix Assurance Ltd. (TASE: PHOE).

Subsequently the PIPE investment was raised to $200 million, meaning that Innovid would raise $453 million, after investors asked to increase their stakes. But ION's report yesterday said that Innovid would only be raising a total of $251 million, meaning that 80% of the SPAC investors preferred to cash in their shares before the merger and not participate in the deal. The increase in the PIPE investment only partially offset this.

Innovid was founded in 2008 by CEO Zvika Netter, Tal Chalozin and Zack Zigdon.
ION CEO Gilad Shany said, "Innovid has built an outstanding ad-serving, creative and measurement platform, purpose-built for CTV, to empower global advertisers as they transition $200 billion of TV advertising from broadcast television to the digital age. With strong customer relationships with the largest TV advertisers, deep partnerships across the ecosystem, independence of any media bias, and attractive usage-based unit economics, the company is uniquely positioned going forward," continued Gilad. "With the support of our shareholders for the business combination, we look forward to the next phase of our partnership with Zvika and the Innovid team as they commence their journey as a public company, and cement their leadership position in the CTV ecosystem.

Published by Globes, Israel business news - en.globes.co.il - on December 1, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

https://en.globes.co.il/en/article-innovid-begins-trading-on-nyse-today-at-13b-valuation-1001392848

Innovid Announces Financial Results for the Nine Months Ended September 30, 2021

November 18, 2021 07:00 ET | Source: Innovid

*Revenue of $64.3 million is up 41% over last year, driven by 65% growth in revenue from CTV

*Adjusted EBITDA of $3.7 million surges 201% vs. one year ago, representing a 6% adjusted EBITDA margin

*Expected to start trading as Innovid, under the new ticker symbol “CTV” on December 1, 2021, after completing a merger with ION Acquisition Corp. 2 Ltd.

NEW YORK, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Innovid, a leading independent connected TV (CTV) advertising delivery and measurement platform, reports results for the nine months ended September 30, 2021, as part of its planned merger with ION Acquisition Corp. 2 Ltd. (“ION”) (NYSE:IACB). The combined company will operate under the Innovid name and trade on the NYSE under the CTV ticker symbol to align with Innovid’s capabilities and leadership position in the CTV advertising ecosystem.

Innovid’s core ad delivery solution provides advertisers a consolidated interface to streamline ad serving, operating as the infrastructure through which CTV ads are delivered across all media including direct buys, programmatic inventory, the open web, and walled gardens. Innovid’s platform also allows advertisers to tap into value-added features designed to increase the performance of advertising creative through personalization and interactivity, as well as provide deeper insights into CTV advertising reach, frequency, and engagement.
“Innovid’s recent results demonstrate the gains our purpose-built for CTV technology has made in addressing the needs of the world’s largest advertisers as they continue to shift investments from broadcast TV to CTV,” said Zvika Netter, Co-Founder and CEO of Innovid. “As part of this shift, compared to the same period last year we experienced nearly tripled CTV revenue growth outside the U.S. market, and nearly doubled the usage of our data-driven personalized creative solutions. Our position as a neutral tech provider free of media bias has allowed us to capture a large and growing market share. We are particularly excited about the high-growth potential of CTV beyond the U.S market, including China where we have recently expanded our capabilities and will continue to work with our clients and partners to deliver the optimal CTV viewing experience around the world.”

Innovid Welcomes Industry Veterans To Board

Innovid’s leadership team spans decades of experience across a diverse set of technology, advertising, and measurement sectors and we recently announced that Steven Cakebread and Rachel Lam are expected to join the Innovid Board of Directors post-closing.

Mr. Cakebread is currently the Chief Financial Officer of Yext, Inc. after having served in various senior executive roles at companies such as Pandora Media Inc., Salesforce, D-Wave Systems, and Xactly Corporation. He has an extensive public-company background and is the published author of The IPO Playbook. Mr. Cakebread currently serves on the board of directors of Bill.com (NYSE:BILL) and Tunein.com. He previously served as a member of the board of directors of Service Source, Solar Winds, and eHealth.com.
Ms. Lam is the Co-Founder and Managing Partner of Imagination Capital. Previously, she founded the Time Warner Investments Group where she led numerous investments in and exits from portfolio companies including Maker Studios (sold to Disney), Bluefin Labs (sold to Twitter), Admeld (sold to Google), and the Tremor Video IPO, among others. Prior to Time Warner, Ms. Lam spent several years in investment banking within the M&A group at Morgan Stanley and the Media and Telecommunications group at Credit Suisse. Over the years Ms. Lam has served on twenty boards of directors and currently serves on the boards of Magnite (NASDAQ: MGNI) and Porch Group (NASDAQ: PRCH), as well as on the non-profit board of The Center for Reproductive Rights.

“We are looking forward to working with Steve and Rachel,” continued Netter. “Steve's financial and leadership experience with large corporations like Pandora and Salesforce combined with Rachel’s extensive background in investments and advertising technology position the Innovid leadership team well for our next phase of growth and role as leaders in the rapidly changing CTV advertising industry.”

Highlights for the Nine Months Ended September 30, 2021

Revenue for the nine months ended September 30, 2021, totaled $64.3 million, an increase of 41% compared to the same period in 2020
Revenue from CTV grew 65% year over year, continuing to drive Innovid’s growth
CTV accounted for 46% of all video impressions served by Innovid during the nine months ended September 30, 2021, up from 39% in the same period in 2020
CTV international revenue from outside the U.S. market grew nearly tripled year-over-year
Adjusted EBITDA for the nine months ended September 30, 2021, was $3.7 million, representing a 201% increase over the prior nine-month period’s Adjusted EBITDA loss of $3.6 million.
The growth and scaling of CTV was the key driver of Innovid’s revenue growth. As TV ad spend continues to shift from linear to CTV, we continue to benefit from the natural volume growth of CTV impressions we delivered for our existing and new customers. We have driven consistent positive net revenue retention of our core client base, largely through increased CTV advertising volume, as legacy TV budgets migrate from linear TV to CTV. We believe our open platform and purpose-built technology for CTV, combined with our position as a media-independent provider, has allowed us to win a large and growing market share, while the growth of CTV combined with our usage-based revenue model has further contributed to our rapid growth.

COVID-19 pandemic

The novel coronavirus (“COVID-19”) pandemic has created, and may continue to create significant uncertainty in macroeconomic conditions, and the extent of its impact on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on our customers. Based on public reporting and our observations, some advertisers in certain industries, such as the automotive industry, decreased their short-term advertising spending in light of supply chain disruptions and/or labor shortage. This in turn could negatively impact our revenues from such advertisers.

We have considered the impact of COVID-19 on our estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial statements for the nine months ended September 30, 2021, and year ended December 31, 2020. As events continue to evolve and additional information becomes available, our estimates and assumptions may change materially in future periods.
Further information about ION and Innovid can be found in the definitive proxy statement/prospectus, which was declared effective by the SEC on November 10, 2021. This guidance is subject to the risks and uncertainties described in the “Forward Looking Statements” below.

Additional Information and Where to Find It

In connection with the proposed Business Combination, ION has filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission, which includes a proxy statement/prospectus and certain other related documents, which will be both the proxy statement to be distributed to holders of shares of ION’s Class A Common Stock in connection with ION’s solicitation of proxies for the vote by ION’s stockholders with respect to the Business Combination and other matters as may be described in the definitive proxy statement, as well as the prospectus relating to the offer and sale of the securities of ION to be issued in the Business Combination. ION’s stockholders and other interested persons are advised to read the preliminary proxy statement/prospectus included in the Registration Statement and the amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the Business Combination, as these materials will contain important information about the parties to the Business Combination Agreement, ION and the Business Combination. After the Registration Statement is declared effective, the definitive proxy statement/prospectus will be mailed to ION’s stockholders as of a record date to be established for voting on the Business Combination and other matters as may be described in the Registration Statement. Stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference in the proxy statement/prospectus, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: ION Acquisition Corp 2 Ltd., 89 Medinat Hayehudim Street, Herzliya 4676672, Israel, Attention: Secretary, +972 (9) 970-3620.
Participants in the Solicitation

ION and its directors and executive officers may be deemed participants in the solicitation of proxies from ION’s shareholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in ION is contained in ION’s registration statement on Form S-4, which is available free of charge at the SEC’s website at www.sec.gov, or by directing a request to ION Acquisition Corp 2 Ltd., 89 Medinat Hayehudim Street, Herzliya 4676672, Israel, Attention: Secretary, +972 (9) 970-3620.

Innovid and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of ION in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination will be contained in the Registration Statement.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.
Non-GAAP Financial Measures

Innovid prepares audited 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. The non-GAAP financial measures that Innovid uses may not be comparable to similarly titled measures reported by other companies. Also, in the future, Innovid may disclose different non-GAAP financial measures in order to help its investors meaningfully evaluate and compare its results of operations to its previously reported results of operations or to those of other companies in Innovid’s industry. Non-GAAP results adjust for certain non-cash items and other items presented in the reconciliation table later in this release. Innovid believes that these measures are relevant and provide useful information to investors by providing a baseline for evaluation and comparing its operating performance against that of other companies in Innovid’s industry. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Adjusted EBITDA

Innovid uses 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 useful to investors for period to period comparisons of our core business and for understanding and evaluating trends in 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 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, 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.
In addition, 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 U. S. GAAP results and using the non-GAAP financial measures only supplementally. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue.

The table later in this release presents a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to the most directly comparable financial measure prepared in accordance with GAAP.
About Innovid

Founded in 2007, Innovid powers connected TV (CTV) advertising streaming, personalization, and measurement for the world’s largest brands. Through a global infrastructure that enables data-driven personalization, real-time decisioning, scaled ad serving, and accredited measurement, Innovid offers its clients and partners streamlined solutions that optimize the value of investments across screens and devices. Innovid is an independent platform that leads the market in CTV innovation powered by exclusive partnerships designed to fuel the future of TV advertising. Headquartered in New York City, Innovid serves a global client base through offices across the Americas, Europe, and Asia Pacific.

About ION

ION is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While ION may pursue a business combination target in any business or industry, ION is focused on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives. The Company is sponsored by ION Holdings 2, LP., an affiliate of ION Crossover Partners Ltd.
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 1995. Innovid’s and ION’s actual results may differ from their 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,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, ION’s and Innovid’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination, and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside ION’s and Innovid’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement or could otherwise cause the Business Combination to fail to close; (ii) the outcome of legal proceedings that have or may be instituted against ION and Innovid; (iii) the inability to complete the Business Combination, including due to failure to obtain the requisite approval of shareholders or other conditions to closing in the Merger Agreement; (iv) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the Business Combination; (v) the inability to obtain or maintain the listing of the common stock of the post-acquisition company on The New York Stock Exchange following the Business Combination; (vi) the risk that the announcement and consummation of the Business Combination disrupts current plans and operations; (vii) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability ofthe combined company to grow and manage growth profitably and retain its key employees; (viii) costs related to the Business Combination; (ix) changes in applicable laws or regulations; (x) the possibility that ION, Innovid or the combined company may be adversely affected by other economic, business, competitive and/or factors such as the COVID-19 pandemic; (xi) the potential effect of reduced advertising spend due to ongoing supply chain constraints on our customers and the ultimate impact of such constraints on our results of operations and ability to accurately predict future performance; and (xii) other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the Business Combination, including those under “Risk Factors” in the Registration Statement, and in ION’s other filings with the SEC. ION cautions that the foregoing list of factors is not exclusive. ION cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ION does not undertake or accept any obligation or undertaking 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.

INNOVID, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except stock and per stock data)

September 30,
2021 December 31,
2020
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 14,472 $ 15,645
Trade receivables, net (allowance for doubtful accounts of $83 and $121 at September 30, 2021 and December 31, 2020, respectively) 34,223 34,804
Prepaid expenses and other current assets 1,966 1,174
Total current assets 50,661 51,623
NON-CURRENT ASSETS:
Long-term other deposit 317 348
Long-term restricted deposits 445 447
Property and equipment, net 3,298 2,325
Goodwill 4,555 4,555
Intangible assets, net — 33
Deferred offering cost 3,269 —
Other non-current assets 607 127
Total non-current assets 12,491 7,835
TOTAL ASSETS $ 63,152 $ 59,458
LIABILITIES, TEMPORARY EQUITY, AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Trade payables $ 2,564 $ 1,854
Employees and payroll accruals 6,861 6,506
Accrued expenses and other current liabilities 2,171 1,155
Current portion of long-term debt — 1,527
Deferred offering cost accrual 2,406 —
Total current liabilities 14,002 11,042
NON-CURRENT LIABILITIES:
Long-term debt 6,000 7,506
Other non-current liabilities 2,854 3,144
Warrants liability 3,690 499
Total non-current liabilities 12,544 11,149
TOTAL LIABILITIES 26,546 22,191
COMMITMENTS AND CONTINGENT LIABILITIES (Note 6)
TEMPORARY EQUITY
Preferred stocks - Authorized: 55,514,480 at September 30, 2021 (unaudited) and December 31, 2020; Issued and Outstanding: 55,105,773 at September 30, 2021 (unaudited) and December 31, 2020 139,990 86,997
STOCKHOLDERS’ DEFICIT:
Common stocks of $0.001 par value - Authorized: 75,254,333 at September 30, 2021 (unaudited) and December 31, 2020; Issued: 15,704,059 and 13,602,467 stocks at September 30, 2021 (unaudited) and December 31, 2020, respectively, and Outstanding: 14,272,521 and 12,170,929 stocks at September 30, 2021 (unaudited) and December 31, 2020, respectively 14 12
Treasury stocks, at cost (1,431,538 stocks at September 30, 2021 (unaudited) and December 31, 2020) (1,629 ) (1,629 )
Accumulated deficit (101,769 ) (48,113 )
Total stockholders’ deficit (103,384 ) (49,730 )
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT $ 63,152 $ 59,458
The accompanying notes are an integral part of the interim condensed consolidated financial statements.



INNOVID, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except stock and per stock data)

Nine months ended September 30,
2021 2020
(Unaudited) (Unaudited)
Revenues $ 64,324 $ 45,772
Cost of revenues 12,418 8,544
Gross profit 51,906 37,228
Operating expenses:
Research and development 16,932 13,673
Sales and marketing 23,534 22,624
General and administrative 10,587 5,622
Total operating expenses 51,053 41,919
Operating profit/ (loss) 853 (4,691 )
Finance expenses, net 3,878 528
Loss before taxes (3,025 ) (5,219 )
Taxes on income 829 899
Net loss $ (3,854 ) $ (6,118 )

Accretion of preferred stock to redemption value (52,993 ) (3,873 )
Net loss attributable to common stockholders $ (56,847 ) $ (9,991 )
Net loss per stock attributable to common stockholders – basic and diluted $ (4.32 ) $ (0.83 )
Weighted-average number of stocks used in computing net loss per stock attributable to common stockholders 13,157,022 11,973,921

INNOVID, INC. AND ITS SUBSIDIARIES
CONDENSED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT
(In thousands, except stock data)

Temporary equity Common stocks Treasury stocks Additional
paid-in capital Accumulated
deficit Total
stockholders’
deficit
Number Amount Number Amount Number Amount
Balance as of January 1, 2021 55,105,773 $ 86,997 12,170,929 $ 12 1,431,538 $ (1,629 ) $ — $ (48,113 ) $ (49,730 )
Accretion of preferred stocks to redemption value — 52,993 — — — — (3,191 ) (49,802 ) (52,993 )
Stock-based compensation — — — — — — 2,311 — 2,311
Stock options exercised — — 2,101,592 2 — — 880 — 882
Net loss — — — — — — — (3,854 ) (3,854 )
Balance as of September 30, 2021 (unaudited) 55,105,773 $ 139,990 14,272,521 $ 14 1,431,538 $ (1,629 ) $ — $ (101,769 ) $ (103,384 )


Temporary Equity Common stocks Treasury stocks Additional
paid-in capital Accumulated
deficit Total
stockholders’
deficit
Number Amount Number Amount Number Amount
Balance as of January 1, 2020 55,105,773 $ 79,700 11,941,841 $ 12 1,431,538 $ (1,629 ) $ 3,048 $ (44,218 ) $ (42,787 )
Accretion of preferred stocks to redemption value — 3,873 — — — — (3,873 ) — (3,873 )
Capital contribution — — — — — — 504 — 504
Stock-based compensation — — — — — — 457 — 457
Stock options exercised — — 47,920 — — — 30 — 30
Net loss — — — — — — — (6,118 ) (6,118 )
Balance as of September 30, 2020 (unaudited) 55,105,773 $ 83,573 11,989,761 $ 12 1,431,538 $ (1,629 ) $ 166 $ (50,336 ) $ (51,787 )
The accompanying notes are an integral part of the interim condensed consolidated financial statements.

* Represents an amount less than $1.



INNOVID, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except stock and per stock data)

Nine months ended September 30,
2021 2020
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net loss $ (3,854 ) $ (6,118 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 487 475
Stock-based compensation 2,311 457
Change in fair value of warrants 3,191 51
Changes in operating assets and liabilities
Decrease/ (increase) in trade receivables, net 581 (115 )
(Increase)/ decrease in prepaid expenses and other assets (1,587 ) 158
Increase/ (decrease) in trade payables 710 (753 )
Increase in employees and payroll accruals 355 1,735
Increase in accrued expenses and other liabilities 852 1,633
Net cash provided by/ (used in) operating activities 3,046 (2,477 )
Cash flows from investing activities:
Internal use software capitalization (1,049 ) —
Founders’ note receivable (459 ) —
Purchase of property and equipment (378 ) (799 )
(Increase)/ decrease in deposits (58 ) 54
Net cash used in investing activities (1,944 ) (745 )
Cash flows from financing activities:
Proceeds from loans — 9,025
Repayment of loans (3,033 ) —
Proceeds from exercise of options 882 30
Capital contribution — 504
Repayment of acquisition liability (126 ) —
Net cash (used in)/ provided by financing activities (2,277 ) 9,559
(Decrease)/ increase in cash, cash equivalents and restricted cash (1,175 ) 6,337
Cash, cash equivalents and restricted cash at the beginning of the period 16,092 12,057
Cash, cash equivalents and restricted cash at the end of the period $ 14,917 $ 18,394
Supplemental disclosure of cash flows activities:
(1) Cash paid during the year for:
Income taxes $ 216 $ 221
Interest $ 189 $ 171
(2) Non-cash transactions:
Accrued acquisition liability $ — $ 126
Accretion of preferred stocks to redemption value $ 52,993 $ 3,873
Deferred offering cost included in accrued liabilities $ 2,406 $ —
Reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position
Cash and cash equivalents $ 14,472 $ 17,976
Restricted cash in restricted deposits 445 418
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 14,917 $ 18,394
The accompanying notes are an integral part of the interim condensed consolidated financial statements.



INNOVID, INC. AND ITS SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands, Unaudited)

Three months ended September 30, Nine months ended September 30, Year ended December 31,
2021 2020 2021 2020 2020 2019
Net (loss)/income $ (259 ) $ 2,468 $ (3,854 ) $ (6,118 ) $ (812 ) $ (7,334 )
Net loss margin (1 ) % 13 % (6 ) % (13 ) % (1 ) % (13 ) %
Depreciation and amortization 156 177 487 475 730 431
Stock-based compensation 591 94 2,311 457 584 378
Finance expense, net (a) 707 175 3,878 528 734 387
Other (b) — — — 153 153 —
Taxes on income 304 178 829 899 1,200 902
Adjusted EBITDA $ 1,499 $ 3,092 $ 3,651 $ (3,606 ) $ 2,589 $ (5,236 )
Adjusted EBITDA margin 6 % 17 % 6 % (8 ) % 4 % (9 ) %
__________

(a) Finance expense, net consists mostly of remeasurement expense related to our Argentinian subsidiary’s monetary assets, liabilities and operating results, our interest expense and revaluation of our warrants.
(b) Other consists predominantly of the loss related to a one time loss from sale of fixed assets in our Israel subsidiary.

https://www.globenewswire.com/news-release/2021/11/18/2337196/0/en/Innovid-Announces-Financial-Results-for-the-Nine-Months-Ended-September-30-2021.html

TV ad tech company Innovid plans going public via SPAC
PUBLISHED THU, JUN 24 20217:30 AM EDT

KEY POINTS: * Innovid, a 14-year-old ad tech company focused on connected television, plans to go public via a merger with a publicly traded special purpose acquisition company. * The deal implies a pro forma valuation of approximately $1.3 billion for Innovid and is expected to close in the fourth quarter.

Innovid, a 14-year-old ad tech company focused on connected television, plans to go public via a merger with a publicly traded special purpose acquisition company.

Innovid runs a software platform that helps advertisers create, deliver and measure ads on streaming video services and internet-connected TV platforms — its name is a play on “innovation in video.”

If an advertiser is running an ad on a platform like Hulu or YouTube, the company can use Innovid’s technology to upload the video file and decide which ad to serve to whoever is streaming that content. It also has tools to help advertisers with creative capabilities and measurement. Its clients include L’Oreal, Toyota and GlaxoSmithKline, and works with companies advertising on platforms like Roku, Hulu, NBCUniversal’s Peacock, Google’s YouTube, Snapchat and more.

CEO and co-founder Zvika Netter told CNBC this week that Innovid most closely competes with Google’s Campaign Manager, which helps advertisers and agencies manage their digital campaigns across websites and mobile, including ad serving, targeting and reporting. But unlike Google’s extremely broad efforts, Innovid is primarily focused on digital TV.

“Outside of CTV, they dominate the marketplace,” he said. “Any client that moves to Innovid, 99% of them came from the Google stack. And they’ve done everything with Google. When they move to Innovid, they’re making the statement, ‘I’m a large TV advertiser, more and more of my money is moving into connected television. Google does not have the technology, the focus, the partnership, the strategy to support my connected TV business.’”

Demand for video content exploded during the pandemic. New streaming platforms launched as people were home and watching like never before. Since different states had different rules about gatherings and business openings, and rules were changing by the day, advertisers running placements on TV also wanted the ability to be flexible in buys and messaging in a way that linear TV arrangements haven’t historically made easy.

“We founded the company on the premise that all TV will be eventually delivered over IP infrastructure,” said Netter. Last year, “the penetration of CTV increased dramatically. And that’s never going to go back.” Even as people return to normal life and not stay home watching TV like last year, the company is seeing a 70% jump in ad delivery over the first half of 2021, Zetter said.

Innovid plans to invest heavily in engineering and in new products around personalization and measurement. He said the company also plans global growth and in making inroads with more large-scale advertisers.

Following the SPAC merger with ION Acquisition Corp. 2 Ltd., the combined company will operate under Innovid’s name and will trade in the U.S. on a yet-unnamed exchange.

The deal implies a pro forma valuation of approximately $1.3 billion for Innovid and is expected to close in the fourth quarter. Innovid also announced Thursday it has secured about $150 million in PIPE financing from institutional investors including Fidelity Management and Research Company, Vintage and Baron Capital Group. Innovid’s existing investors, including Goldman Sachs, Sequoia Capital, Newspring, Genesis Partners and Vintage, will remain shareholders under the proposed structure.

The ad tech space has seen a flurry of public entrants in the past year.

“If the market wasn’t there for companies like The Trade Desk and Roku, really great companies that are supported by public markets, we may think twice,” Netter said. “There is a good recognition of good companies that are very tech-heavy. ... It’s almost like a second wave of ad tech IPOs. These are mature companies, profitable, strong, good leadership, team, good DNA, and [have] been around for many years. ... That’s definitely a great environment to be public.”

https://www.cnbc.com/2021/06/24/innovid-tv-ad-tech-company-going-public-via-spac-.html