Viant Technology Inc.

Thank you.

Hello again. Today we are here to share with you the current importance of the Bionic Epidemiology First Quarter 2022 Annual Webinar. We will be getting started by one of our official patients. Hello everyone and welcome to Bionic Epidemiology First Quarter 2022 Annual Webinar. My name is Cassie and I will be your operator today.

Before I turn the webinar over to Yvonne, we would like to ask you to go over just a few housekeeping notes for the program. As you'll notice, this webinar is being recorded. It contains all of you, and this is only where the following is beginning up. There will be a question and a discussion. If you'd like to ask a question, please click on the red hand tab located at the bottom of your screen, and please ensure that the full name of your full name and your full name. Thank you for your attention today, and I will now turn things over to Nicole Dozier for the presentation. Thank you, Kelsey. Good afternoon, and welcome to Lyon Technologies' post-credits 2022 Mental Health Conference Talk. I'm Nicole Dozier with Tim Vanderhoek's Co-Founder and Chief Executive Officer, Chris Vanderhoek's Co-Founder and Chief Operating Officer, and Lauren Allen, the Co-Founder and Chief Administrator. I'd like to remind you that we will make full written statements on our call today, including our guidance for Q1 2022, that are based on assumptions and subject to future events, just to ensure that we cause actual results to this interviewer who can be presented. We undertake no obligation to update these statements, except if required by law. For more information on factors that may cause actual results to this interviewer who can file written statements, and our unpolished or public statements, please refer to the news release if you could add as well as the risks and uncertainties described in our report answering 10 calls to the U.S. and the U.S. on the 22th under the heading Book Backers and Other Times to the FTC. During today's call, we will also present both draft and non-draft financial measures. If there are any disclosures regarding these non-debt measures, including the reconciliation of staff's non-debt measures, all included in the news will be received today, which has been posted on the official resources of the country's website, and on our forums at the S&P. I would now like to turn the call over to Tim Dunlop, Chief Executive Officer of S&P. Tim? Thanks, Nicole, and thanks, everyone, for joining us today. I'm pleased to report that we finished the year with people, advertisers, funds, revenue, and contribution-like tax results consistent with our guidance. And that's to do with us significantly exceeding our guidance because it's testament to the hard work of our team managing incentives and gathering operational efficiency. Last month marked a two-year anniversary of Bounce IPO, a notable milestone for the company. While the cost-coated market environment has been volatile since their release, our mission and purpose has remained consistent. To provide advertisers with a market-leading solution to buy and measure any channel digital advertising as we dangerously put more emphasis on privacy protection and move away from taking the device by themselves. We've been steadfast in executing our mission, including introducing new capabilities to our platform, including our world's largest unit, as well as numerous other features and innovations provided by us with measurements and attributions using our high-performance ID technology. There is no question that Biond has already been serving the world a purposeful end in the programmatic advertising industry. and we feel very confident in our position and market opportunity for the future. Looking ahead, there are three key firms that we believe will continue to shape the auto industry and our business in 2010 through and beyond. Our touchdown team stands in my opinion under a relatively high standard to benefit from this evolving landscape. The first is the growing importance of AI in machine learning. Always, we have previously described our vision as autonomous advertising. At Bionics, we are focused on delivering products that take away the laborious tasks of humans using the programmatic ad platform. tasks like building an ad campaign, or ad formats, and selecting a tool, device, publisher, and ultimately providing good price performance. By leveraging AI, we will be able to automate many of these softwares and provide our customers a more efficient experience, and reduce the amount of time it takes to optimize these complex and almost infinite combinations of sources before they are out of service. We made some tremendous progress in this area in 2022 and believe that we have a substantial lead over our years. We are excited to begin making these AI innovations public later in the year. Our customers can expect increased efficiency, higher return on investment, and a better and simpler experience overall as we continue to integrate AI tech into our products and services. Our focus on AI is part of a broader mission to make advertising more efficient, effective, and sustainable. This brings me to the second theme, Connected TV. CTV is a firm that is rapidly growing in the ag industry, and we are excited about the growth opportunities it provides. Your business, CTV, represents more than one third of total firm manufacturing, and according to eMarketers, the U.S. CTV Ag Firm market will grow by 27% in 2023, and it's expected to continue to grow at double-digit rates over the next few years. The benefits of CTV over linear television are vast, and we believe this is a significant driver of the shift. With CTV, advertisers can reach their target audience in a more precise manner, increasing their measurability, effectiveness, and ultimately the return on ads and their ad campaigns. Another benefit of CCD is that it offers a more immersive experience for viewers, allowing for better storytelling opportunities and useful ground awareness. It also offers an environment where viewers are less likely to multitask or send to Santa, which increases their likelihood that the ads will be seen in more numbers. Violent, patented, and stale Household ID gives a different entry level that gives our customers a unique awareness. With household ID and mobile that costs 80% of the big screen today, we can identify individual households that have connected devices like smart TVs, smart speakers, and mobile and desktop devices, and then deliver ads that are tailored to their viewing habits and preferences. This allows for more effective ad campaign and the ability to provide higher return on ad spend for our customers today. Additionally, because the output ID is disseminated, you can map data with precision. Meaning, all customers can use our platform to run more processes and campaigns using the desired arguments without wasting options on irrelevant words. Vance's flat-scaled household ID is just one of the many differentiating factors driving our customers to consolidate their assets among our fat men. And it distinguishes us from our peers, that are reliant on cookie-based products that do not scale in the real-nation technology field such as CTV. Looking to the future, we believe that the shift from manual TV to CTV is strong as four-week stages. There is still over $60 billion of renewable TV output that is yet to move to CCD. And we expect this to happen over the coming years. With high focus on innovation and commitment to providing value to our customers, we believe we are well positioned to capitalize on this gift and continue to drive growth in the CCD market. The third form that we are seeing this year is the increasing focus on sustainability. Through Avion, we believe that sustainability is not just a trend, but a responsibility. Our AdCity program is a prime example of how we are leveraging our technology to help our customers achieve their carbon reduction goals. According to recent statistics, 83% of the Fortune 500 companies have a stated carbon reduction goal, and 75% of consumers consider sustainability their biggest achievement. Therefore, it's crucial for businesses to focus on minimizing their carbon footprint and supporting their customers and vendors in producing their carbon footprint. Mine's electricity program is designed to help our customers, both advertisers and advertisers, to follow their carbon-production goals through the purchase of wind and solar renewable energy products, which can be used to avoid their publicly-spirited carbon-production timelines. This means that by collecting volume for DSPs, our customers can significantly advance their sustainability goals. We're proud to be focused on this area and believe that programmatic advertising can lead the way in promoting a sustainable economy. We are also focused on sustainability in terms of the programmatic supply chain. We have partnered with SoClean, an independent company operating a carbon calculator that provides a comprehensive view of carbon emissions throughout the digital ag supply chain. SoClean is quickly becoming recognized as an unbiased standard for measuring carbon emissions across the advertising industry. Their rigorous methodology affects each other's website and app, providing detailed information on carbon emissions at each stage of the supply chain. This valuable partnership enables us to identify heavy polluting particles and inner meteorites, and enables our customers to accelerate the reduction of their carbon footprint in a sustainable lifespan. This partnership, in combination with our advocacy program, enables our customers to reduce their scope-free and scope-free carbon emissions. At Mines, we have committed to becoming carbon neutral with respect to all known and measurable emissions in our energy industry by the end of 2023. Sustainability is a key part of our emissions, and we are excited to continue driving progress in this area. In closing, we see the growing importance of AI and the accelerating adoption of CTD as two major heroines that we stand to benefit from in the year ahead. At the same time, we are leading the industry in our mission to support our customers as they look to meet those sustainability goals, and believe this presents a meaningful opportunity for balance in the long run. We are well positioned to win here in the market as we continue to deliver innovation for our customers. Now I'll hand it all over to Chris to discuss more around the business. Thank you, Dennis. What a strong end in the world without the customer, increasing 6% year-over-year to 326% year-over-year. Google has led the mid-market advertising industry to strong direct customer service. Because of that, advertisers found to assets up to about 90% year-over-year. Additionally, we can continue to see growth on various channels and reports, with digital analytics increasing 55% year-over-year, and streaming audio increasing 38% year-over-year. As many of you know, our primary focus is on mid-market agencies and direct advertising. I wanted to highlight a strong working material in 2020. Before May 19, 1922, the U.S. Department of Defense represented about 65% of the United States. I'd like to unpack this a bit more and talk about why we are succeeding in this market segment. First, mid-market agencies not only select us based on an innovative programmatic advice platform, our proprietary data sources, and forward programs such as EdCity, but they also value our flexible engagement models and are truly focused on helping success and support. Our store capabilities often evolve to a one-size-fits-all model, which is the largest, most repurposed company, and the five largest ad agencies in the country. According to Agista, there are over 14,000 advertising agencies in the U.S. because there is a very large mid-market opportunity that is just there. Most of these agencies sit outside of a few large agency holding companies, yet they perform a large portion of their total advertising spend market. Mid-market agencies have become an increasingly popular source for many donors and advertisers to make videos. This is because these agencies often provide more flexible engagement models that correlate to the unique needs of mid-size agencies, while also offering a more tailored approach to advertising and marketing strategies. As you may know, the mid-market agencies tend to have clients that require a global focus on their return on investment. This focus is a good reason why a management offering has such good adoption of these funds. A new partnership in 2020 that I'd like to highlight is with Empower Media, America's largest female-owned media agency. Empower is a strong, independent agency led by Ashley Clark, with an exciting roster of both national and regional partners. As a preferred GFC, we can not only help power the crazy amount of advertising capabilities, but we enable them to do three different things that can't be done, and we can afford to help them out as a partner in running their business. Our new market advertisers are another segment of yours, and are responsible for amazing vertical growth areas such as credit carding, data collection terminals, and reach out to you. Please feel free to agree with the first-party data, assistance, program identifiers, and driving technology with you. All commonplace in what we look for in bringing on the right types of new market customers. Next, I would like to highlight some of our top business priorities in the 2021 series. Number one, we've already launched a major update to our Bionic Data Lab that will now be known as Bionic Data Platform. This update will include all of the incredible features of our Bionic Data Lab, with significant improvements to overall user experience. At this point, we will be introducing enhanced capabilities to continue our use in cross-cloud and cross-community identity hacking, as well as making installations for our clients. Design data platforms will allow customers to seamlessly map their first-party data across publishers and platforms that citizens want to use. This is a process we derive from citing audiences and measuring their online status in 50% items. We believe this will be the way forward for how the industry operates and posts to be read. Reason number two. We have taken to the stockpile vision for autonomous car design. And it's core of that vision is our ability to develop products that are going to be more and more out of this environment. This year, we will release a steady-credit series of pieces that are all aimed at helping our clients achieve the most efficient CPM pricing that seems to be in perfect performance to their clients. This will help to lower economic and business costs and power to their clients' lifespans. And last but not the least, we're launching a new program called We Have the Access. We have the access to the program to the most efficient content for our customers by creating partnerships with 10 new content owners and making value of 10 new content to our clients directly. This program should be able to help patients with high pain, provide deals on out-of-pocket services, and eliminate unnecessary carbon emissions by eradicating the particular biotech that came through at that time. We know innovation drives success in our industry, and we're strongly focused on that. Next, I'd like to touch on the cost-reliance efforts being put in the second half of 2023. This included additional employee headcount by approximately 15% in 2014 and approximately more in 2019. Despite the reduction in non-GAAP operating expenses, we were still able to invest in our product and technology gains, nearly doubling the size of our product gains in the second half of 2020. We're also growing our engineering staff by 20% since year end as the level of growth of our growing market increased substantially a year ago. And we sent two members home to us from Birmingham, Apple, Meta, and Snapchat, from other cities. And we helped establish our ability to fulfill an autonomous advertising platform in the region. Our efforts to reduce cost and increase efficiency was considerable. And we were happy to have a mission to maintain our strategy within our market. To that end, we will recently award a D2 2023 Best Officer award for marketing and advertising, which is your validation that after a year you will be a Best Officer. We will continue to train and encourage you all to make some massive market opportunities for marketing and advertising. To our viewers, we are now sending over letters to provide more details and information. Thanks, Russ, and thank you, everyone, for joining us today. Before I begin, I'd like to remind everyone that it is a place for the presentation for an investor-related website with supplemental financial information for companies to those presentations. As Tim mentioned, we are pleased to report that our Q4 performance was within our previously received guidance to advertise the spend growth, revenue, and confidence next time. And for the quarter, we exceeded the high end of our previously received address within the guide guidance by 150%. I will talk more about this in a moment, but during the quarter, we made it extremely focused on driving operational efficiencies in the business. If we can use special steps for meaningful, adjusted feedback profitability in some countries. For the fourth quarter, advertisers spend across our platform between 18% over the prior year, while increasing 9% over Q3. For the four years, advertisers spend between 15% year-over-year. In the fourth quarter, revenue was $54.5 million, a decrease of 34% versus the prior year period, and an increase of 12% versus Q3. In a year, revenue rose $197.2 million, representing a decrease of 12% year-on-year. Contribution at cost for the fourth quarter was $33.4 million, a decrease of 31% versus the prior year period, and an increase of 4% versus Q3. Over the year, the company's net cost totaled $124.7 million, representing a year-over-year decrease of 12%. There are several key points I'd like to highlight relative to both Q4 and the four-year 2022 top-down performance. To begin with, Q4 2022 was accelerating growth and spend across our top-down. Advertising spending Q1 increased 44%, well above industry growth rates. That momentum continued in Q2, and we again saw a strong growth of 32% for the quarter. We'd be answering the early stages of a pullback in spend by general finance and union due to macroeconomic influence. That pullback continued in Q3, with growth in spend slowing to 19%, and ultimately these challenging conditions resulted in spend decline in the early years before. Before we talk about verticals, As we discussed in our last earnings call, in Q4 2021, we did exceptionally well in the jobs and employment customer vertical. These customers spent significantly to close out 2021, in an effort to capitalize on the heightened demand for labor, leveraging our fixed-price pricing options. In Q4 2022, customers across this vertical reduced their spend by more than 95% as labor markets cooled. The dynamic alone contributed to about half of the revenues declined and well over 30% of the decline in contribution of staff in Q4. The good news is that we do not expect any continued easements across this protocol to have a material impact on 2023, as spent throughout 2022 across this protocol will diminish due to the changes in the labor market. In terms of other notable customer protocols, I'd first like to touch on our largest customer vertical, retail. As we mentioned last quarter, growth across this vertical began slowing in Q3, and that trend continued in Q4, with retail slowing down year-over-year in the quarter. In contrast, our travel and delivery verticals continued to perform exceptionally well despite the macro weakness, with both persons growing growth in Q4. And for the first time in several quarters, while CCD and automotive vehicles showed solid growth during the quarter. In terms of advertising formats and channels, video, which includes CCD, continued to represent over 66% of advertising spend on the platform. As Scott mentioned, streaming audio and digital out of home continued to perform exceptionally well in the quarter, with more and more customers engaging with these emerging channels. The end-of-the-year APM exchange for doctor customers increased to 6% for 17 monthly customers on a year-over-year basis. Advertisement for doctor customers also increased 9% on a year-over-year basis, and for 10% of customers spent on average, we earned three times more than for site customers in 2022. Non-GAAP operating expenses, which are defined as the difference between contribution of staff and objections of staff, totaled $30.7 million in the quarter, representing a year-over-year decrease of 1% and a quarter-over-quarter decrease of 9%. During the quarter, we clearly managed costs, reducing our workforce by a whopping 18% in December, which significantly improved the quality of the secondary spending. As Chris mentioned, at the same time, we continued investing in our product and engineering teams to further advance our efforts toward our goal of developing an autonomous advertising platform. Our actions in Q4 realigned our costs with our top priorities for 2023. For the fourth quarter, we generated a deficit through the DAB 2.6 million, which exceeded the midpoint of our guidance by approximately $3 million. The bulk of unexpected results is due to the previously mentioned cost optimization actions that we took during the second half of the year. From a liquidity perspective, we ended the quarter with $207 million in cash for a $3.35 per year outstanding. We also had $238 million of positive monthly capital and no debt. We believe our strong balance sheet is working just extremely well to take advantage of this significant market opportunity in front of us. With that, I'll now turn to our Guidance 51 and our Survival Color and our Cold Year 2022 expectations. Many of our customers are navigating a challenging macroeconomic environment that fears a volatile demand environment. Given this uncertainty, we believe there could be a wider range of outcomes for P1, which is reflected in our P1 guidance. For the first quarter of 2022, we expect revenue in the range of $39 to $42 million, which will represent a year-on-year decline of 5% at the midpoint of Biden. and to use my tax in the range of 25.5, 27.5 million, which represents a yearly new decline of 4% at the good point of value. Non-GAAP operating expenses of approximately 30 million, which represents a yearly new decline of 5% and a quarter of a forward decline of 2%. And adjusted to that in the range of negative 2.5 to negative 4.5 million. A couple of general observations about our guide to Q1 and our outlook for the year. Q1 2022 is a strong quarter for violence, creating a tough comp for the current quarter. As I mentioned earlier in Q1 of last year, we saw 44% growth in abstinence for us at that time. As we move through 2022, yearly response will become easier as we begin seeing the impact of the macro research beginning in June of last year. As such, we expect improving revenue and contribution of stock brokerage as we move through the year. We also expect the debt-to-revenue data to continue to grow as we move through 2022, driven by the cost reduction initiatives in the second half of 2022 and increasing revenue and contribution of stock. We intend to closely monitor expenses in 2022 while continuing to make focused strategic investments with the goal of generating meaningful positive results in 2020. In closing, while macroeconomic uncertainties are contributing to a challenging market, we continue to be encouraged by the intentional adoption of our platform, and we remain confident in our ability to deliver long-term, top-line growth and e-to-box sanctions. We believe our plans for digital integration will enable us to successfully capitalize on the growing market opportunity in front of us. We are confident that our strong balance sheets, strategic investments in technology, and disciplined cost management will reach challenging times, producing us to continue growing our market share in the fast-growing programmatic market. That concludes our prepared remarks today. And with that, I will now turn it back over to the operator to open the video to questions. Operator?

Thank you so much, Laura.

And again, we will now move to the Q&A section. As a reminder, please use the roll call function located at the bottom of your screen to ask your questions. And also, question roll call from, not single, roll zero. Great. Thanks, guys. So, what we said that you, that the cost is, this is the model, What would happen to your customer base and those spending habits if you really tried to kill the people and kill the spending power? Yeah, I mean, the comments I gave on the 23 guide really assume somewhat of an improvement in the second half. It doesn't assume a full improvement in the second half. And certainly, if things do not work, we could ask further partners. But, you know, we're still pretty comfortable right now, based on what we put out. But, you know, I think that's a realistic target for this future. Well, first, can I just add to that? Programmatic advertising, generally speaking, is a leading indicator for advertising, for advertising in general. It's one of the variable expenses, given the nature of programmatic, like using your size, or scale, or height, or even weight. And so, I always view it as a forward indicator, and I think we, as we see the lifestyle moving down, or as a service industry, that would be a leading indicator for the economy. And if you look at carbon monoxide,

What is happening in Congress September-October versus what is happening November-December?

Um, I would call it stabilized.

I would call it slow but stable, which is the best classification I would call it. Where we saw in the top half of 2022 a deceleration continuing. So, the first month of the 4.0 would start out and it would continually leap into the upper quarter. I would just classify it as stable as it is. So, slow but stable. That's it. they're not going to correlate with the things that I'm talking about here. It's not going to be warm and complicated. However, what I do think is, based on all the stuff that we've talked, and based on all the other companies, I think that everyone is ready to tell you what the future's like. I mean, there's going to be a lot of work, and I think it's going to correlate with stuff that we've talked about. they'll expect a huge control pullback and a remaster of the startup. And there's some instability there. Definitely decaling and instability in the outlook. But I think what's different with what we're seeing right now is stability in the outlook. Although it's a slow start to the war, most of the communities are slowing it down just a bit. And therefore, if we're bad at something like that, we could crash and blow it down everywhere. But I do, I would suggest that, I don't think the Atlas is exactly the way it was in 2004, and I think it was the way it used to be, the way it's going to be in the next year. We thought in February, we would have a nice time in January, and we know that it's pretty strong, and we think it's going to be good. But again, I don't know if we're going to be where it's going to be. Yeah, one of the data points that I would give you now is, so Utah, which is a larger customer vertical, has done pretty significantly with Q4. While it's still down in Q1, it has not done nearly as much as it has done in Q4.

So, you know, that speaks to the kind of stabilization of what we're seeing across our clients.

Okay.

Thank you. Thank you. Hi there, you guys. So just a couple of things. I love all the new business stuff. The data, direct access, which I'm going to call open cost, because that's what business calls it, and measurement. I'm talking about business models. Are they upstairs? Are they just going to be wrapped into the platform so you get new business models? Or can we make more money from a new revenue stream in front of these people? So, you've, you've evaluated, you've, you've, you've, okay, so, I mean, each one of them is different. I think that, uh, web access is less of a, uh, it's less of an opportunity, you know, when you're looking to, uh, make your own money, but really simplifies the supply chain, the thing that comes out of that. Um, I see that as less similar than the customers, but they're, So, the good thing about measurement is, if you go back, you know, the digital model that we have taught, just like the TV report, they've been done with that, and they've been able to distribute all of their theoretical components to all of their instructions, so to speak. And over the last, you know, 18 months, that is no longer the case. Not because of the health problems that I'm just dealing with, but some of those that are already going into play. But because we're looking at platforms that are best to be in the world, and we really stand out there. And that actually is, I think, the best part. That is, there is more of a stream of action that we get to work for. So I think that, you know, for us, it is more desirable. Data platform. And I say data platform. Data platform is really going to be linked with the terms of the name, the line, and then through the feature set that you're building out of that. It's really going to drive. It's going to allow customers. All of these customers have always been a kind of . They've all done it in the business world, but they have more idea how to get it out of work and put it to use for advertising. Same thing we're seeing with content owners that have large, authenticated user bases that allow them to use new data. But they don't know how to connect that data and the privacy from the web with lots of the first-party data for scheduling and then also for measurement. So again, I think that what we're doing is making it very similar from publisher to advertiser to not-first-party data sets. to really drive the value. That, I see, is a massive advantage, and it's also an awesome testing of your budget. I think I have a follow-up. One of the things that we learned last year on revenue growth is the transition from non-service to self-service. Are we through that, or is that continuing to transform continually from direct to self-service to non-service? Yeah, in Q1, we pretty much rocked the impact that we saw over the next year. That's what happened in Q2. So in Q1, our growth rate, so from what I've seen, we could see that our fund growth rate has exceeded. It's a little bit more than we could see where our growth rate would have been. And I thought in Q2, that is not going to be the case. We're going to be much closer. Because the mix-up really occurred all throughout last year.

It will continue to thundering this year, but on a much smaller scale.

Okay, that's my topic for today. Thank you very much. If you have any more questions, let me know. If you have any more questions, let me know. Hi, guys. Thanks so much for listening to my questions.

I want to try two industry questions. So one of which is, can you guys just talk about how climate is taking on the deal with Google? What are they saying to you? How are you guys thinking about that? And then secondly, I'd like you to do, Disney was not allowed to go out and product, so it's not for us. If you guys are a business student, which is fine, come out as a marketer, but if you guys see any changes there, or if there's any things that you want to bring, probably use it for us, because we need to bring it up to a payback.

Thanks so much. I'll go through that with you in a little bit.

I think that... With a phone the size of Google, I think it was a pretty small phone. It was probably the biggest phone in the world in general. And I think it really just had a lot of room. But because of the size of Google, I think it was very small. And I don't think any of this was used, and a lot of this is leaked out there already. But it was so clear that half of the phone that Google is so conflicted, and you have the level of multi-polar code that you use it to your own benefit. And I believe that that is driving a big trip for more independents, and for a guy's side only, at least for us, I think it plays really well. I would definitely say that. I definitely believe there's been a reason for it on the DSP side. because of their complaints, but now I think it really comes to the fore, and clients are looking at duties over the last 15 years. But clients want an independent buy side to represent them as the buyer of the ad, and they don't want someone to be split with on the sell side as well. So, I think we're going to have to wait and see what happens, especially as we continue to go out to customers this year. And, uh, the final question, just so I'm using the network that I know so far, I mean, what does instance of all of that mean for connected TV? It means it's more competitive this year, which is compared to last year, than, I guess, linear TV. And, again, linear TV is the budget that all of us are focused on. uh even when you look at the content collection They're putting content on their streaming apps first, which then reinforces our consumer demand to go there together. So, for us, the increase in supply is an increase in competitiveness. And again, in couple, the increase in supply with the ad recession that we're currently going through, that's a big one for programmatic advertising, because we are usually on a program with still that gap in demand. And I see that as a big positive for VFCs and programmatic in general this year.

Thank you. Thank you. Thank you for taking my question. This is Mauricio for Azure today.

If you could talk about the support we've launched here. It looks like, of course, you might be taking a decision for the clients and active customers. Is this more of a macro-driven advertising toolbox, or are you seeing any updates in terms of social distancing, I guess, advertising on agencies that are maybe looking to use a number of active partners? Would you like to comment on that, please? Yeah, I can take the talk about the active customers. So, we do see an increase for a 2% quarter or a quarter of the time in macro-vaccine-based customers. This was primarily related to the flip-flop side of our business. So for the year, our percentage of customers received 15% as a number of our customers, and flip-flops increased 6%. In Q4, in particular, as we talked about on the fair house, it's a couple of jobs that have gone vertical. That vertical has been significant in 2021 and largely went dark in 2022 for the reasons we mentioned. So those fell out of the customer class, and you think they will come back when they're businesses improve. But generally speaking, we did see a weakness with our split price, especially in the second half of the year, and we didn't like to see that. We're not looking for a split price tend to be a bit more disruptive in the middle of the year. Um, so as it's easier for the hospitals to kind of cover a couple of the budgets, and we're looking to reduce funds, but I think it's really a macro issue, specifically tied to the fixed-price driverableness.

Um, but again, that's, you know, that being said, we think you're pretty powerful, but we can definitely touch on that once they start doing what we're doing in Canada.

That's very helpful. Thank you. And then I have one on capital allocations.

So we currently have 200 million results and no goals. And we need to know objectively, objectively about its potential rebound in terms of the second half of 2023. Thank you. Yes. I'll take that. I mean, just from a talk-about perspective, we do have a fantastic industry. We do have a software. We have a network. And this year, we're estimating probably about a million dollars. We feel very comfortable in buying through this reception. Thank you so much.

I want to thank you for your time. Thank you for your time. Thank you for your time. Thank you for your time.

Thank you for your time. I just wanted to mention that our progression in general in advertising is kind of out of style. We think that it's a wonderful thing, and it's a very new environment that we're testing today, and I'll see you guys tomorrow. Thanks. Around CCD rebounding, and I think that it's probably remarkable that we're going to see a significant amount of new models running in the world, shifting to CCD, that's ending up. So, the value difference is total in the two days that CCD is actually going to have. And for us, of course, we still have a contract around CCD, but I'd like to just go into it from there, and talk about some of the nice things that I've heard about you, and really just the things that I've done for marketers, in order to control the spending, which is what we call frequency capping, and also enabling us to look at impact rates. I think also of, you know, fast access, and I think it's people have heard about the fast access program, or maybe under that, They have a lot of company owners that are looking at our customer base. And if you think of large premium company owners, they are already in the business world, you know, the biggest brands in the world, you know, the biggest business. They've been working with these companies for 50 years. A lot of them have rates that are more than 30 years old. And when they look at something like violence and they look at our differentiation as a demand for it in the market that we serve, in the mid-market, those are not the top 25 to 50% of the U.S. So that is really where our differentiation is the norm for them. And that's new money coming from. If I'm a large CDG company and the property is 20,000 meters, they're the ones striking those deals. If you look at our customers in the mid-market, they're not striking deals enough for them to provide this type of market. So that's the reason why they're interested in talking to me about it. So from CCD perspective, I think that would be the priority in the last 30. It's going to be great for all customers. They'll stay down in class as well. But really, I think that's going to be really well for us. I'd love to ask that for the rest of CCD, but really, really well for us. I'll take the in-game question as well. I would classify in-game as still experimental, but this is marketing. In-game advertising, I wouldn't say that it's a fly problem. There's certainly a huge amount of busy active users and monthly active users from Minecraft, Roblox, and all the different other areas that are integrated there. But certainly the audience is there, and the time spent is there and not. uh, to reach out to the vendor owners and the other sellers to have a team deal with them clearly, they'll see these moments of time. I think the first thing to do for marketers to end their festivals is to run an ad format itself. They don't have much to do with ads, they have to go to other creative agencies in the brand style and tell them what they want. And so there's a, a big effort to, uh, get those formats created once they understand what the value is in posting media in these environments. I would liken it similarly to like streaming audio on tours or if you brought audio on board. Not everyone had an audio ad available ready to go that spoke to the types of service that they were offering. A lot of companies had to include streaming ads included to get that media vibe in there, whether it be Pandora or Spotify, etc. But now, it's becoming more and more regular and normal as another ad format that that marketer has ready to go off the shelf. I respect 2020 for me being experimental in the end, and I would expect 2024 for it to be a normal part of the buy as you get people to stay in that period and consider this one. So I start regularly making these smart objects as a product ad format. I started in there, of course, and you'll see it's only a size one. Okay, thank you. Thanks, Jacqueline.

We have time for one additional question if you have something to say before we open the door.

Hi, thanks for giving a question here. I may have missed it, but we really need to add student guidance for items 1 through 7 and 8. We actually did not put that out yet. It's in that quarter. And really, what's going on there, what I mentioned earlier, in 2023, the spend growth will be much closer to ready growth and expect growth. So the fact that growth rates are starting to align, which is not the case last year. Last year, specifically, we put out spend growth 5 because it was so much different than the other year. because of the leaks that are happening. This year, we're not going to do that, so we do not put a spend growth number out, but it will be within the range of pretty close to the revenue side of the growth side and stuff like that. Okay. So, for the second question, it's still the time. I don't know if you think about the re-acceleration in the second half of the year.

What would need to happen in order for that to happen to re-accelerate so much of an idea? It's really, I mean, if you think about it, we were impacted in the second half of 2022. So it's a lot easier to beat. And the business really is about, you know, we are growing.

not understanding what's happening. The impact of this after the economic situation is an excellent growth, but we are still doing well. So as we start getting into wrapping the national impact on the third quarter, you know, it's really not, we're not expecting huge growth or a huge improvement in the economy. We're really expecting a stabilization to happen as we move into the second half, which we think can drive growth based on the cost of it after that year. And, of course, we found a little bit of a pause, and it was obviously building on the business side. What we only got to do in this couple of thoughts here, and I know that you're also an NFB alum, and I'm sure Joe can talk a lot about it, and some of you can talk a lot about the business side, And we actually continue, we do this every couple of years. So we've had a staff where we've only shown the left-hand side of things. Some of them have been drafted markets. And this sort of thing has been going so well in the mid-market. So agencies are going to find that. And that's what we have to realign them for. And so I think that is something I do personally. So I discussed that as part of what we're going to start working on now, step one. Two, as we talked about, there are some objectives around some of these new innovations that are going to be launching soon around AIC success within the platform. Really what that is, is all things that are going to influence campaign performance. And also what market we're in. When campaigns perform, the budgets continue, they don't continue to go up to the national acquisition targets that are going to rise from the target. So, we have some things we're working with, you know, through the last couple of years, so we're all getting into it. And then, again, I'll ask you to talk about it. We also, it's a full site, but a huge portal, and we've begun to focus people around, regardless of whether or not they're on our website, the system we're working with, NCCPD, is not really a big, big selling, and that's going to be another level of wholesale. So, I think those three things are top three that we're, that we're expecting from the start of the market. Got it. I'm going to go to you on that question here. You called out the new market opportunity, and you were accelerating customer growth. Could we be thinking about customers growing in 1Q and at the center of those things? Or are we thinking about 20Q, and kind of the scope of this opportunity, with no doubt getting through by early? um, from where you were in 21. So, we've been thinking about kind of a global business, a high team. I think we've been able to build a lot of opportunity and somehow that's what we've been wanting to do. It's hard to say exactly when customers make a choice. It's important on an annualized basis. It's pretty consistent with any given quarter it could be stuck in. Some might not be ready to go in too long. Some might be ready to go in too long. So it really just depends on where the customers are at in the cycle. And so it can be, I don't look at it on a quarter by quarter, but more on an annualized basis. So, certainly that's the focus of our organization is in those mid-ranked agencies, when we need customers, and then with our current customers, we're collaborating more and more to grow the average strength of customers. So, that's going to be our focus. I wouldn't read into any one quarter or the other, but we're both focused on getting those customers into the performance team model, because that's when the NLR is over, and we have more flexibility into the future. Just one other point I'd like to make on the customer side. So when we were setting up our RSS 22, we took a close look at our customer base, and what we found was that we had a handful of customers that were not scaling on the platform. Now, the large majority of our customers, especially when it was going to be spent by the 50 million TL and some more, and you see it in the line of work. So if you have a few, some of those low-spending customers, There will be a strong negative impact on the customer's value in the 3.3, although we don't expect it to be that significant. The impact from the 2.0 customers will not be significant from the strength of 2.0, but it could impact customer staff over a quarter of a year. Got it. Thank you.

Thank you everyone for joining us today.