Innovid Corp.

Greetings. Welcome to the InnoVid Q1 2023 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the full presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, John Williams. You may begin.

Thank you, Operator. Before we begin, I'll remind you that today's call may contain forward-looking statements and that the safe harbor statement in today's earnings release, available on our investor relations page, also pertains to this call. Changes in our business, competitive landscape, technological or regulatory environment, and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance, and as such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them except as required by law. In addition, today's call may include non-GAAP financial measures. We use these non-GAAP measures in managing the business and believe they provide useful information for our investors. These measures should be considered in addition to and not as a substitute for our GAAP results. Reconciliations of the non-GAAP measures to their corresponding GAAP measures, where appropriate, can be found in the earnings presentation and earnings release available on our website and in our filings with the SEC. Hosting today's call are Zvika Netter, Innovid's co-founder and CEO, Tanya Andreev-Caspin, Innovid's CFO, and Tal Chilozin, co-founder and CTO, who will participate in our Q&A session. I'll now turn the call over to Zvika to begin.

Thanks, John, and thank you all for joining the call today. I'll begin with some thoughts about the first quarter and some recent business updates and highlights. Our CFO, Tanya and Jeff Kaspin, will provide details on our Q1 performance and updated guidance, followed by Q&A. We were excited to share our preliminary results a few weeks ago, and I'm even more thrilled to share our full Q1 results and updates on our progress today. I'm proud of our team for winning new business and remaining focused on execution. So to start, let's talk a bit about our quarter and the current environment. We beat both our guidance and consensus, and are tracking ahead of where we hoped we'd be when we last spoke back in February. Our Q1 revenue grew 18% year-over-year, and imposed a year-over-year adjusted EBITDA improvement that exceeded our guidance. We remain very focused on profitable growth, and our Q1 results demonstrate that we're executing on our plan. Innovate benefits as linear shifts to CTV. This is a crucial part of our story. Even in a down market for advertising, we can still grow because of our favorable secular trends in CTV and the critical nature of what we provide for our customers. We continue to have a great deal of success adding new customers. Our core client growth exceeded 20% on a performer basis year over year. We expect that when the ad market bounces back, we'll see a growth multiplier effect as our larger customer base ramps back up and we deepen our relationships as they can activate more products and our cross-sell efforts pay off. To be clear, the overall advertising market is still challenged. While we saw some indications of modest terming in Q1, our visibility is still limited, and some of our existing customers have pulled back ad spending due to macro concerns. Specifically, looking at verticals, we've seen strength in telecom, CPG, and auto, and weakness in tech, financial, and insurance, and consumer electronics. Importantly, advertising verticals tend to move in cyclical fashion, so we expect the slower growth areas to pick up as macro trend improves. Now, for a few additional quarter highlights. We continue to see success in adding new logos to our platforms, exciting recent wins And expansions include PetSmart, UPS, Apartment.com, and Bookman. We also announced several new partnerships, most notably with Walmart DSP. Looking ahead to the rest of 2023, we'll focus on cross-selling for additional upside. I'm thrilled to report that we renewed and expanded our relationship with Verizon. continuing our partnership in video ad serving, MDCO, and adding Innovate XP measurement. We also very recently expanded our relationship with Disney, building on our multi-year Hulu relationship to enhance measurement for more than 60 advertisers and key vehicles including travel, telco, and e-commerce across Disney addressable footprint. We're excited that Disney and others are adopting Innovate's measurement solutions to further enhance their streaming strategies. For Innovate, Scanning up further in measurement is a key long-term component of our strategy. More than ever, brand advertisers need a centralized platform and measurement capabilities to help them navigate this complex environment and its lack of standardizations. For us, this is fantastic. It aligns with our value proposition across ad serving, measurement, and personalization. And our continued growth in core clients shows just how much customers value what we bring to the table. In summary, we had a solid quarter, including some key client wins and expansions, and experienced some ad industry firming. We exited Q1 still cautious, but are a bit more optimistic about the remainder of 2023. We remain confident in our position as the clear leader in building the critical technology infrastructure for the future of TV advertising, and specifically, CTV. I'll now hand the call over to our CFO, Tanya Andreev-Casping, to discuss our first quarter results and updated guidance. Tanya?