Innovid (NYSE:CTV), a leading independent connected TV (CTV)
advertising delivery and measurement platform, is currently
finalizing its financial results for the fourth quarter and full
year of 2021. While complete financial information and operating
data are not yet available, set forth below are certain preliminary
financial results for the period, subject to final adjustments and
other developments that may arise between now and the time such
financial results are published.
“Our revenue growth exceeded 30% and our fundamentals remain
strong. Our solid KPIs are evidence of our loyal customer base and
a testimony to our expanding market position. We expect that
budgets will continue to shift from traditional television to CTV
in 2022 and believe that Innovid will remain an industry leader and
gain market share, as CTV ad spend is expected to more than double
in the U.S. by 2025 according to eMarketer,” concluded Zvika Netter
CEO and Co-Founder of Innovid. “Had the global supply chain
disruptions not impacted the ad industry, the year’s growth rate
would have been even stronger.”Innovid’s Q4 & FY 2021
Conference Call Details
The financial results, the TVSquared acquisition and business
highlights will be discussed on a conference call and webcast
scheduled on Feb 24, 2022 at 8:30 a.m. Eastern Time. Speakers will
include Zvika Netter, co-founder and Chief Executive Officer, Tanya
Andreev-Kaspin, Chief Financial Officer and Tal Chalozin,
co-founder and Chief Technology Officer.A live webcast of the call
can be accessed from Innovid’s Investor Relations website at
https://investors.innovid.com/. An archived webcast of the
conference call will also be made available on the Innovid website
following the call. The live call may also be accessed via
telephone at (877) 407-0833 toll-free and at (201) 389-0862
internationally. A telephonic replay of the conference call will be
available until May 25, 2022 following the end of the conference
call. To listen to the replay, please dial (877) 660-6853 or (201)
612-7415, access ID: 13726425.
About InnovidInnovid 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.
Forward-Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1996. The Company’s actual results may differ from
its expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” “aim,” and similar expressions are intended to identify
such forward-looking statements. These forward-looking statements
include, without limitation, the Company’s expectations, hopes,
beliefs, intentions or strategies for the future. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. You should carefully consider
the risks and uncertainties described in the documents filed by the
Company from time to time with the U.S. Securities and Exchange
Commission. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Most of these factors are outside the Company’s control
and are difficult to predict. The Company cautions not to place
undue reliance upon any forward-looking statements, including
projections, which speak only as of the date made. The Company does
not undertake or accept any obligation to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions
or circumstances on which any such statement is based.
Non-GAAP Measures
and Certain Operational MetricsInnovid 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.
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. Adjusted EBITDA is defined
as net income (loss) attributable to Innovid, excluding (1)
depreciation and amortization, (2) stock-based compensation, (3)
finance expense, net, (4) transaction related expenses, (5)
acquisition related expenses, (6) taxes on income and (7) other
one-time items.
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
financial measures should be considered in addition to, and not as
a substitute for, measures of financial performance prepared in
accordance with GAAP.
Innovid uses Adjusted EBITDA as measures of operational
efficiency to understand and evaluate its core business operations.
Innovid believes this non-GAAP financial measure is useful to
investors for period to period comparisons of its core business and
for understanding and evaluating trends in its operating results on
a consistent basis by excluding items that are not viewed as
indicative of its core operating performance.
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 Adjusted EBITDA are:
- It does not reflect changes in, or cash requirements for, our
working capital needs;
- It does not reflect our capital expenditures or future
requirements for capital expenditures or contractual
commitments;
- It does not reflect income tax expense or the cash requirements
to pay income taxes;
- It does 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.
Innovid is not able to
provide a reconciliation of the revised projected adjusted EBITDA
to expected net income (loss) attributable to Innovid for the year
ended December 31, 2021, the most directly comparable GAAP measure,
without unreasonable effort, due to the unknown effect, timing, and
potential significance of the effects of taxes on income in
multiple jurisdictions, finance expenses including valuations,
among others. These items have in the past, and may in the future,
significantly affect GAAP results in a particular period.
We define a core client as an advertiser that generates at least
$100,000 of annual revenue. Core platform client is a core client
that uses our platform for personalization services and /or as an
ad server of record.
Investor Relations
Contact:
Miri Segal-Scharia
Miri_Segal@innovid.com
917-607-8654
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