This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk04: The day, ladies and gentlemen, and welcome to the InnoVID First Quarter 2024 earnings call. Our host for today's call is Brenley Johnson. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. I would now like to turn the call over to your host. Brenley Johnson, you may begin.
spk01: Thank you, operator. Before I begin, I would like to remind you that today's call may contain forward-looking statements and that the forward-looking statement disclaimer included in today's earnings release available on our Investor Relations page also pertains to this call. These forward-looking statements may include, without limitation, predictions, expectations, targets, or estimates regarding our anticipated financial performance, business plans and objectives, future events and developments. 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 will include non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margins, and free cash flow. 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. Reconciliation of the non-GAAP measures to their corresponding GAAP measures, where appropriate, can be found in our earnings release available on our website and in our filings with the SEC. Posting today's call are Zika Neder, Innovid's co-founder and CEO, as well as Anthony Collini, Innovid's CFO, both of whom will participate in our Q&A session. And now I'll turn the call over to Zika to begin. Go ahead.
spk02: Thanks, Brittany, and thank you all for joining the call today. We had a strong start to 2024 as Q1 revenue grew over 20% and adjusted EBITDA significantly improved compared to Q1 last year. Most recently, we launched our Harmony initiative and related products suite to optimize the CTV advertising ecosystem as we seek to keep TV open for everyone and controlled by no one. Today, our review of first quarter results provide several exciting business updates, unpack the Harmony initiative, and share some thoughts on the rest of the year. I'll then turn it over to our Chief Financial Officer, Tony Collini, who will provide further details on our Q1 financials, updates on the financial guidance, and will finish with Q&A. I am pleased to report first quarter revenue of $36.7 million, reflecting 21% growth over the last year. Adjusted EBITDA improved from effectively break even last Q1 to $4.4 million in the first quarter of 2024. Reflecting an adjusted EBITDA margin of 12% as operation profitability continues to improve. We also delivered another quarter of positive free cash flow at $2 million, a $4.8 million improvement over Q1 of last year. In the first quarter, we signed new client wins, product expansion, and renewals with leading brands such as Eli Lilly, Hellion, Homes.com, and Verizon, as well as publishers like the Tennis Channel owned by Sinclair. Our financial results and client wins are a gratifying reflection of our team's hard work and the power of our platform. Another important part of what makes Innovate unique is our focus on innovation. We pushed the boundaries of what's possible in the fast growing CTV industry. And today, I'll share a few highlights of what we accomplished in Q1. In February, we launched a series of first two market interactive ads in partnership with Paramount Plus. During Superbowl 58, the most streamed Superbowl ever, the ads engaged consumers with the new Add to Watchlist units to promote Paramount Plus content. We also developed interactive ads for Pfizer, which drove viewers to their Let's Outdo Cancer website. As live sports and other high value content continues to shift the streaming platform, we believe this will further accelerate the increase in CTV viewership and advertising spent. More recently, we were recognized as the best measurement tool by Digiday in their 2024 Digiday Video and TV Awards, which highlights the company's campaigns and technologies modernizing video and TV. This recognition exemplifies the power of our platform and the value our measurement solution provides to brands and publishers. We do not only help measure the efficiency and effectiveness of CTV advertising, but we also empower them to act on that intelligence to optimize their investments. Next, I'm very excited to share more about our new strategic initiative at Innovate. A few weeks ago, we were joined by clients and industry partners, including ANA, the 4As, and the Ivy at the New York Stock Exchange and via global webcast as we launched our Harmony Initiative and product suite. Our Harmony Initiative was created to address some of the biggest challenges facing CTV advertising today. By optimizing CTV advertising at the infrastructure level, we believe we can improve efficiency, enhance transparency and control, reduce carbon emissions, and increase ROI to ultimately provide better viewing experience that will benefit advertisers, publishers, edTech platforms, and of course, CTV viewers. Every day, our ad serving capabilities, our award-winning creative technology, and our measurement capabilities help us deliver exceptional value to our clients. Now with Harmony, we're adding an activation and optimization layer powered by our CTV data set and our unique position in the ecosystem. On the data front, we deliver 1.3 billion TV ads a day and see trillions of data points giving us an unrivaled view of the ecosystem. That covers programmatic and direct buys, the open web, and wall gardens. This means we sit in the unique position to be able to deliver and as a result, see and understand 100% of what our clients run in CTV. In addition, since we don't buy, bid on, or sell media, we're media agnostic and unbiased, which puts us in the best position together with our partners to solve the biggest challenges in CTV. We are releasing a series of product innovation throughout 2024 under the Harmony product suite umbrella to openly share our unique data-driven CTV intelligence with the industry. We believe this will help make the entire CTV advertising ecosystem better for the benefit of all advertisers, publishers, DSPs, and SSPs, and of course, the viewers at home. One of the first product innovations to be released as part of the is Harmony Direct, which connects the innovate buy site ad server directly to the publisher ad server for the delivery of guaranteed non-biddable CTV ad impressions. This streamlines the workflow for these types of campaigns to its purest form, removing all friction points, including technology hops, fees, and energy waste. With fewer hops and less budget going to intermediates, advertisers can drive better outcomes from the same investment because more is going to actual working media. Harmony Direct also aims to lower the risk of latency and fraud, provide a greener supply path, and improve field rates for publishers. Agency and publisher partners, including Assembly, CMI Media Group, PMG, RPA, and Roku are among the first to use Harmony Direct. In line with our commitment to stay an unbiased true partner to our customers and publisher partners, we are offering an impression-based software pricing model for Harmony product suite rather than a percentage of media model. For Harmony Direct, in particular, having a flat fee per impression model versus a take rate is increasing the amount of working media dollars that actually make their way from the advertiser to the publisher. This is a true win-win. Brands have more ad dollars for working media and publishers will have more revenue opportunities from the exact same budget. As I mentioned earlier, we have a roadmap of Harmony products that will continue to be released throughout 2024. We believe Harmony will better balance the value creation in CTV, which will accelerate budget shifting from linear TV to CTV. While still in early days, we expect the Harmony strategy to help drive revenue growth over the long term by enhancing our cross-sell opportunities and strengthening our strategic positioning. Our products are becoming more and more connected and integrated, increasing the overall stickiness of the innovative platform. However, since this initiative and products are still new, any commercial impact is not yet reflected in our 2024 guidance. In summary, we had a great start to 2024 and are excited about the opportunities ahead of us. We continue to innovate and release exciting new optimization capabilities to support and further drive the shift from linear to CTV. Financially, we are trending towards our long-term financial goals of over 20% sustained growth and 30% adjusted EBITDA margins. We believe we are well positioned to become the essential technology infrastructure for the future of TV advertising and to experience outsize growth when ad spend returns to its historic level. We remain committed to innovation and value creation for our customers and shareholders. With that, I'll ask Tony to take us through the numbers and provide some insight into Q2 and full your expectations. Tony? Thank
spk05: you, Zvika, and good morning, everyone. It was another strong quarter of profitable growth and an encouraging start to 2024. We're pleased to report our second consecutive quarter of double digit growth, our seventh straight quarter of -over-year adjusted EBITDA margin expansion, and third consecutive quarter of positive free cash flow, all contributing to continued business momentum entering 2024. Now, let me dig a little more into the numbers. First quarter revenue grew 21% -over-year to 36.7 million. Breaking that down further, ad serving and personalization revenues were up 23% -over-year, while measurement revenue grew 11%. As a percentage of revenue, ad serving and personalization made up 79%, while measurement accounted for 21%. The growth in ad serving and personalization reflects the emerging stabilization of advertising spend and continued shift to CTV. In fact, CTV revenue from ad serving and personalization grew 22% over last Q1. As a reminder, Innovid's ad serving and personalization revenue closely correlates with ad impression volume served through our platform. Within this category, CTV impression volume increased 21% as more impressions continued to transition to CTV and represented 52% of all video impressions. Mobile video volume grew by 38% and represented 37% of all video impressions, while desktop volume increased by 12% and reflected 11% of all video impressions. Both mobile and desktop have been inconsistent throughout 2023 but demonstrated meaningful growth in the fourth quarter and we are pleased to see that trend continue into the first quarter of 2024. All three of these devices represent consumers watching streaming applications, so it's also helpful to look at total video impressions, which grew 25% overall in the first quarter as compared to the first quarter of 2023. The double-digit growth in measurement revenues reflects the continued enhancement of our measurement capabilities to take full advantage of the valuable data set generated from the ad serving side of the business. While the measurement business model is more subscription oriented than ad serving, there is some seasonality with an anticipated step down from Q4 to Q1. As Vika mentioned, we expect our unique ability to combine creative, delivery, and measurement solutions to provide differentiated client value and be a catalyst for continued revenue growth. It should be noted, however, that while we are pleased with this quarter's revenue growth, ad spend in Q1 2023 was materially impacted by a challenging macro environment. While we experienced the meaningful -over-year improvement in the first quarter, we don't expect a continued sequential improvement in quarterly growth going forward as the quarterly comps continue to improve. Now, moving on to costs and expenses. Revenue, less cost of revenue, calculated out to 76% of revenue, improving from 73% in Q1 last year. Our margins continue to improve as the business scales, reflecting the operating leverage embedded in our business model. Q1 total operating expenses, excluding depreciation, amortization, and impairment, totaled $37.2 million, an increase of 1% from $36.7 million last year, but supporting 21% more revenue than in 2023. Employee count at the end of March was 472, as compared with 465 at the end of Q1 2023. We remain committed to managing our cost base while making strategic investments in high-growth areas to drive improved profitability and generate long-term value creation for our shareholders. Q1 net loss was $6.2 million, or a per share loss of $0.04. This compares with a net loss of $8.6 million and per share loss of $0.06 in Q1 2023. The outstanding common share count at quarter close was 143.9 million shares. Adjusted EBITDA in the first quarter was $4.4 million, representing a 12% adjusted EBITDA margin. A $4.3 million improvement as compared to adjusted EBITDA of just 100,000, or .1% adjusted EBITDA margin in Q1 last year. You may remember that adjusted EBITDA margin each quarter in 2023 was an improvement over its equivalent quarter in 2022, and we have continued that trend in the first quarter of 2024. These improvements reflect the impact of sustained revenue growth, lower cost of revenues as a percentage of revenue, and operating costs that grew nominally over the prior year, demonstrating the leverage inherent in the operating model. Turning to the balance sheet and cash flow. We ended Q1 in a strong financial position, with $31.6 million in cash and cash equivalents with no outstanding balance on our revolving debt facility. As a reminder, we have $50 million available on that debt facility. On a net cash basis, or to say it another way, cash and cash equivalents less outstanding revolver balance, the $31.6 million on hand at the end of Q1 2024 is an improvement compared to the $29.6 million on hand at the end of 2023 and $25 million at the end of Q1 2023. During the quarter, operating cash flow was $4.7 million and free cash flow was $2 million, an improvement of $4.8 million over the $2.8 million of free cash flow used in Q1 2023. If we look at free cash flow on a trailing 12-month basis, we have seen an improvement of $22.1 million as compared to the same 12-month period ended March 31, 2023. Finally, let me touch on our outlook for the second quarter and an update for the full year 2024. We are encouraged by both a strong finish to 2023 and continued momentum into 2024 and remain committed to our long-term financial target of 20-plus percent annual revenue growth and 30-plus percent adjusted EBITDA margin. We are confident in the underlying strength of our business, opportunities for disruption in the market, and our ability to grow revenue in a profitable way. We see 2024 as a meaningful step towards achieving our long-term financial targets. In the second quarter of 2024, we expect total revenue in a range of $37.5 to $39.5 million, representing 9 to 14 percent -over-year growth. We expect Q2 adjusted EBITDA in a range of $5 to $6 million as compared to $4.5 million in the year. We expect revenue of $157 to $163 million, reflecting 12 to 17 percent annual growth, and adjusted EBITDA between $24 and $29 million. We had a strong start to the new year with continued revenue growth, margin expansion, and free cash flow generation. With exciting new product offerings like Harmony added to our existing capabilities, we believe we can continue to bring more value to our clients and reimagine what's possible in the industry. We are proud of our accomplishments and look forward to taking a leading role in improving the ecosystem for everyone. As Zika mentioned, we remain committed to continued execution, innovation, and value creation for our customers and our shareholders. This concludes our prepared remarks. Zika and I are now happy to take some questions. Operator, please begin the Q&A session.
spk04: Operator To ask a question at this time, please press star, then the number one on your telephone keypad. Once again, to ask a question at this time, please press star, then the number one on your telephone keypad. Our first question comes from Matt Condon with CitizensJMP. Your line is open.
spk07: Matt Condon Thank you guys for taking my question. My first one is just on demand throughout the order. Can you just give us an update on the health of the overall market and maybe trends that you're seeing into 2Q? And then stepping back, maybe with the reorganization of the sales force in 2020 to debris and with the product initiatives around Harmony Direct, can you just, well, just the Harmony initiative more broadly and Harmony Direct and instant optimization, can you just talk about how your conversations with advertisers are coming and maybe any sort of adoption that you're seeing of these newer initiatives taking off? Thank you so much.
spk02: Dr. Rafael Pérez Sure. Hey, Matt. On macro perspective, we're seeing something similar to kind of the second half of 2023. We see a stable environment. Still, it's less than, quote unquote, a normal environment. And we see, so we're stable below, you know, normal, but something that's more predictable. I would say at the same time, you know, we need to remember the second half of this year. So we see this trend moving into the second quarter also, but the second part of the year, we also have, we have a combination of election and Olympics, and that can affect the industry dynamics when it comes to advertising. But overall, we're definitely seeing an improvement year over year, and we believe that will continue for the rest of the year. We're definitely to keep an eye on the second half. In terms of the products around Harmony, you know, I assume we'll have more questions and follow-ups in the future also on that. As an initiative, very excited about it. In terms of initial customer response, you could even see on the launch, you know, we have the video on our website of the launch event. We had there not just, you know, customers and partners, we also had three, you know, industry, very strong industry groups that represent the buyers, you know, the advertisers, the agencies, and the publishers and platforms. That's the ANA, 4As, and IAB, all on stage with us. So Harmony is hitting on absolutely the top critical challenges within CTV. So as expected, we definitely have a strong interest, I would say first and foremost, from advertisers, brands, and agencies, of course, publishers. At the same time, these are early days, right? So we engage in conversations immediately. These are very important topics for everybody in the industry. At the same time, in terms of revenue, we just launch it. So these things usually take time. So we don't, while the investment is clearly included in the operating plan, we don't expect, we're in high guidance, we don't include revenue from Harmony just yet.
spk07: Very helpful. Thank you. Thank you.
spk04: Your next question comes from Cheyenne Patel with Susquehanna. Your line is open.
spk06: Good morning. This is Jason Alkersham. Thanks for taking our question. On the Harmony platform, you mentioned it works with DSPs on that. Can you elaborate more on how that works, and can you provide any examples for it? Thank you.
spk02: Thank you, Jason. Can you repeat the question, the first part of the question, much, I heard you clearly.
spk06: Yeah, on the Harmony platform, you mentioned that it works with DSPs. Can you elaborate on how that works, and can you provide any examples for that?
spk02: Oh, of course. So Harmony is working not just with DSPs, basically, maybe with a very quick overview of what it is. Harmony is designed to work with everybody in the industry. So that's advertisers, agencies, the tech platforms, and programmatic tech platforms, that's DSPs, SSPs, and publishers, from a tech perspective, sales side, ad servers. So the concept is to balance the entire CTV industry in a way that will tackle challenges that we're seeing today, which, you know, are, you know, come with the territory when you're switching from linear broadcast television to a digital environment. It kind of brings with it things like transparency, frequency management, measurement, fraud, all the, you know, all the things that come with digital. The goal of Harmony is before CTV becomes as big as television, or becomes all of television, to all of us work together, programmatic platforms, ad servers, buyers, sellers, to create a better industry for everybody. So the DSPs definitely have a critical component, programmatic, basically have a critical component of this, because based, it allows, the programmatic environment allows to make decisions in real time. If you want to manage things like frequency, extended reach, optimize against outcome, this is something that the programmatic platform, the programmatic media buying platforms and selling platforms allow that to do. Now, Innovate is an ad server on the buy side. We have no desire to be a DSP, so we are partnering with them, and the way to do it is by sending signals. We see 100% of the media plan. We see 100% of the campaign, which is nobody else in the industry except other, you know, ad servers like Google. Campaign manager actually get to see everything. So what we're doing with Harmony was saying, instead of keeping this information just in our, you know, system, allowing our customers to allow this information to go into something like a DSP, SSP, and publisher, so they can optimize with the 100% view that we have, they usually have 10% to 30% view, we see everything. So the goal with Harmony is for us to share that with them, and they can optimize against that, and in this case, everybody wins. But clearly, this is a very big initiative that can take, you know, an entire hour or three to share, and that's on our website, on the home page.
spk06: Great, thank you.
spk04: Your next question comes from Matthew Cost with Morgan Stanley. Your line is open.
spk03: Hello, and thanks for taking the question. So I think your commentary about what you're seeing in the overall market, it sounds constructive. You're talking about seeing some, you know, some real improvement, especially given the easier comp in one queue and stabilization. But it does sound like, you know, there's areas of strength and weakness. You know, most of what we're hearing from checks and from others in the ad industry year to date is pretty positive commentary, broadly speaking, in terms of, you know, just volume of ad spend and even impressions at the market level. So I guess, what are the areas of particular strength and then weakness that you would call out that you're seeing year to date? Thank you.
spk05: Yeah, great. Thanks, Matt. I think, you know, we're really encouraged by the, just the amount of impressions that have carried over from the fourth quarter of 2023 into 2024. So, you know, just a strong start to the year. And, you know, even with a bit of an easier comp in queue one, you know, we're pleased to see some of the verticals that were strong before continue to be strong and some that had struggled last year, you know, maybe take a bit of a step forward. I mean, that said, there's still some inconsistency between verticals. And then, you know, as we look out over the rest of the year, you know, what we've seen is there's potential headwinds and tailwinds for sure. And, you know, on the headwind side, just the overall shift to connect to television continues to happen. Things like live sports, things like more ad supported content. And for us, you know, those are all real positives. And what we don't know is when it's going to take effect and the amount that will take effect when it does. On the potential headwind sides for us, we have the election cycle that's coming, which granted it drives more volume and rising tide lifts all boats. But as you know, we support brands. And so it could have a bit of a cooling effect for brands in the second half of the year. And the other pulp, as you mentioned, the Olympics. And, you know, again, that's great for the, you know, for the kind of brand awareness in general. But a lot of times what the brands will do is look for more sponsorships than actual advertising. So, you know, there's just this, there's some uncertainty. And we've baked that into our forecast. We feel pretty confident around that. And, you know, I think we're pleased that we were able to raise the guidance overall and actually tighten the range from what we had disclosed before. So I think it's kind of a combination of those things. But, you know, in general with the industry, we're seeing a stabilization and again, kind of the same trends in the verticals that continue to do well. And some that I'll call tech out is one that has gotten a bit improved from last year. So that's, you know, that's kind of how I would summarize how we're seeing things.
spk04: Thank you. Once again, to ask a question, please press star, then the number one on your telephone keypad. Your next question comes from Laura Martin with Needham. Your line is open.
spk08: Hi there. So the first thing, I think you mentioned that impressions for CTV grew about 21% and impressions for video grew about 35%. So I'm curious as to why you think non-CTV is growing 50% faster than CTV. What's the trend you're seeing in the marketplace there with your brand clients?
spk05: Yeah, I mean, I think it's, you know, for the different categories, and we had this the same effect last quarter, where the mobile in particular was, had a higher growth rate than CTV in the fourth quarter. And it really in these two quarters in particular, it comes down to some comparables and really the comparables in the prior year. I think what we're pleased that overall streaming transactions are up significantly year over year and that's the trend. So, you know, the mix between mobile and CTV, you know, while it's interesting, it's hard to look at from that. But again, the broader trend is that streaming impressions overall are up and CTV has grown over 20%. So I think those are all real positive.
spk08: Okay. And then,
spk02: go ahead, Laura. Sorry. What I wanted to add is that if remember, you know, since COVID started, what's interesting, you know, four years ago, is when we see, we saw a lot of volatility, CTV never, at least from our shared numbers in terms of impression, went down year over year or quarter. Like it was always kept going up. Well, definitely what we call video, you know, mobile desktop, digital video, absolutely saw quarters where it had a minus, you know, when it was shrinking. So, from that perspective, you know, and CTV always went up. So in terms of improved economy, you may see spikes in year over year growth, but in absolute numbers, it's not material. So, that's on that. You wanted to ask the question.
spk08: So, yeah, I just wanted to ask. So one of the things that on your analyst day, you focused on was that you wanted to bundle, you want to more successfully bundle like the core product with like your TV squared product. Now we're adding the Harmony product. Is the Harmony product part of the bundle? Does it make, does it continue with this sort of bundled strategy of putting your products together? And how does the pricing relate compared to your core product pricing, which used to be 32 cents round numbers? Is it a similar price point? Could you talk about that? The bundling and the price point?
spk02: Sure, sure. Absolutely. And thanks for referring. Yeah, I think that was back in September or November last year, two years ago. Yeah, back then, we already started talking about, we presented the notion of optimization. We could not at that point uncover our entire roadmap and strategy around Harmony. So we refer to at that time as optimization, which basically to your point, absolutely. That's if you bundle, let's say three products, which is the creative technology, the delivery technology, which is our ad server, and then with measurement, what you refer to as TV squared acquisition from two years ago, it's our measurement product. So we had these three components that already work together beautifully. The ad server feeds the measurement on 1.3 billion, actually several billion data points, 1.3 billion TV impressions a day. So that already works together. What really ties if you're kind of wrapping everything together is the optimization, which now we gave it a name, it's Harmony, and it's an entire industry initiative. And that's absolutely, basically what it's looking to do is to optimize any component of the entire CTV industry. And that's the creative, the delivery, but also the media component, things like reach, frequency, audiences, outcomes. So that is a major kind of bundle and wrapper around all these things, because what it wraps is not just the technologies we provide, which is the creative delivery measurement, but also the media side by integrating with DSPs, SSPs, and publishers, it is looking to optimize all components of the CTV advertising industry. So from that perspective, it's something that connects everything better together in the entire industry. And that's where the name Harmony came from. And that's the reason we had the ANA, the 4As, and the IAB with us, because it's really bringing kind of a connecting, creating a better connecting tissue for the entire industry. And as to the pricing, it's connected to that because today I mentioned things that I'd never mentioned before, things like media and DSPs and SSPs, in terms of us affecting and touching and getting ourselves involved on that side of the industry. And the way we're doing it and making sure that we're staying unbiased and kind of staying away from becoming part of this is the pricing model. So the fixed pricing model that says no matter what technology and what efficiency we're bringing to the industry and what outcome we're staying with fixed CPM, like you mentioned, like ad serving, which guarantee that there's no take rate. We're not part of the food chain we're enabling. The food chain we're enabling better results. We did not share publicly specific pricing, but the it's a fixed number multiplied by volume, and that would generate the Harmony-related revenue. We just didn't share publicly the exact rate card as we are now starting to close our initial deals in the market.
spk08: Okay, and is this going to be meaningful in 24 or do you think it becomes meaningful in 25? What's the timing of when Harmony becomes a meaningful contributor to revenue, do you
spk02: think?
spk05: Tony,
spk02: do you want to take
spk05: that? Yeah, no, I think it's still pretty early. I mean, this is a big industry. Brands are going to move at their own pace. So it's hard to say at this point, which is why we haven't included it in guidance. Certainly for 25, we think it will have effect and it's probably a little bit of a to be determined for 2024. And as we see what the options like, we'll certainly keep everyone updated and incorporate it as appropriate into future guidance. But certainly, going into 2025, we think it'll have a meaningful impact.
spk08: All right, thank you guys.
spk05: Thank you.
spk04: Thanks. At this time, there are no further questions. I'd like to turn the call back to management for any closing remarks.
spk02: Yeah, I want to thank everybody for joining us today, the analysts, shareholders, even some of our partners and of course employees. Extremely pleased with our first quarter results, the momentum that we started the year, extending expectations across top line, bottom line, free cash flow. And as you heard, I'm also incredibly excited about the initiative, the Harmony initiative and the products that we launched and shared that we're going to continue to launch throughout the year. And our ability to continue to innovate while keeping this financial kind of strict financial framework, both at the same time, invest in areas that as we just discussed, are going to generate further momentum and grow for years to come. I look forward to keep updating you every quarter on our progress. There's more content also on the website on this Harmony initiative. Have a great day. Thank you so much. Bye bye.
spk04: This concludes today's Innovid First Quarter 2024 earnings call. Thank you for attending and have a great day.
Disclaimer