- Company exceeds both revenue and Adjusted EBITDA guidance for
Q4 and full year 2023
- Q4 revenue grew to $38.6 million,
up 15% year-over-year
- Q4 net loss improved to $1.7
million and Adjusted EBITDA* more than doubled to
$8.3 million, representing a 21%
Adjusted EBITDA margin*
- Full-year 2023 operating cash flow of $12.4 million and free cash flow* of $1.4 million
NEW
YORK, Feb. 27, 2024 /PRNewswire/ -- Innovid
Corp. (NYSE: CTV) (the "Company"), an independent platform for the
creation, delivery, measurement, and optimization of advertising
across connected TV (CTV), linear TV, and digital, today announced
financial results for the fourth fiscal quarter and full year ended
December 31, 2023.
"We're very proud to close out a transformational year at
Innovid and exit 2023 with solid business momentum. We exceeded our
revenue and Adjusted EBITDA guidance, demonstrated sequential
improvement each quarter, and generated positive free cash flow for
the year," said Zvika Netter,
Co-Founder and CEO. "We continue to sit in an excellent position as
more CTV ad-supported platforms gain momentum and live sports
rights shift to streaming. We remain dedicated to driving
accelerated and profitable growth in our business and have a strong
conviction in our massive market opportunity."
Fourth Quarter 2023 Financial Summary
- Revenue increased to $38.6
million, reflecting year-over-year growth of 15%.
- CTV revenue, from Ad Serving and Personalization, increased to
$14.2 million, up 14%
year-over-year.
- Measurement contributed $8.6
million, up 14% year-over-year, representing 22% of
revenue.
- Net loss was $1.7 million,
compared to a net loss of $3.4
million for the same period in 2022.
- Adjusted EBITDA* more than doubled to $8.3 million, compared to $3.0 million for the same period in 2022,
representing a 21% Adjusted EBITDA margin*.
- Operating cash flow was $4.3
million, compared to a use of $1.5
million in the same period of 2022.
- Free cash flow* was $2.2 million,
an increase of $6.9 million, compared
to a use of $4.7 million in the same
period in 2022.
- Cash and cash equivalents as of December
31, 2023 increased from the prior quarter by $1.9 million, to a total of $49.6 million.
Full Year 2023 Financial Summary
- Revenue increased to $140
million, reflecting year-over-year as-reported growth of
10%.
- CTV revenue, from Ad Serving and Personalization, increased to
$53.2 million, up 9%
year-over-year.
- Measurement contributed $31.8
million, representing 23% of revenue.
- Net loss was $31.9 million,
compared to a net loss of $18.4
million in 2022.
- Adjusted EBITDA* increased to $19.4
million, compared to $1.2
million in 2022, representing a 14% Adjusted EBITDA
margin*.
- Operating cash flow was $12.4
million, compared to a use of $11.6
million in 2022.
- Free cash flow* of $1.4 million
improved by $23.4 million, compared
to a use of $22.0 million in
2022.
Recent Business Highlights
- CTV accounted for 52% of all video impressions served in Q4
2023.
- Significant customer wins and expansions in the fourth quarter
included Nexstar, PetSmart, Philips, and Rain the Growth
Agency.
- At Disney's Global Tech and Data Showcase, Disney Advertising
introduced a dashboard powered by Innovid technology and outcomes
measurement for real-time creative optimization.
Financial Outlook
Innovid anticipates continued revenue growth and margin
expansion in 2024 as reflected in the following financial guidance
for Q1 and full year 2024:
- Q1 2024 revenue in a range between $34
million and $36 million,
reflecting growth between 11% and 18%.
- Q1 2024 Adjusted EBITDA* in a range between $3.0 million and $4.0
million.
- FY 2024 revenue in a range between $154
million and $162 million,
reflecting growth of 10% to 16%.
- FY 2024 Adjusted EBITDA* in a range between $22 million and $28
million.
*See Use of Non-GAAP Financial Information and Reconciliation of
GAAP to Non-GAAP Financial Measures table.
Conference Call
The Company will host a conference call and webcast to discuss
fourth quarter and full year 2023 financial results today at
8:30 a.m. Eastern Time. Hosting the
call will be Zvika Netter,
Co-founder and Chief Executive Officer and Anthony Callini, Chief Financial Officer. The
conference call will be available via webcast at
investors.innovid.com. To participate via telephone, please dial
877-407-3211 (toll free) or 201-389-0862, and click here for
international dial-ins.
Following the call, a replay of the webcast will be available
for 90 days on the Innovid Investor Relations website.
Non-GAAP Measures and Certain Operational Metrics
Innovid prepares audited consolidated 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, Adjusted EBITDA margin
percent and Free Cash Flow.
We use Adjusted EBITDA, Adjusted EBITDA margin percent and Free
Cash Flow as measures of operational efficiency to understand and
evaluate our core business operations. We believe that these
non-GAAP financial measures are also useful to investors for
period-to-period comparisons of our core business as well as
comparisons to peers as similar measures are frequently used by
securities analysts, investors, ratings agencies and other
interested parties to evaluate businesses in our industry. We
believe these figures provide an understanding and evaluation of
our trends when comparing our operating results, on a consistent
basis, by excluding items that we do not believe are indicative of
our core operating performance. However, these non-GAAP financial
measures should not take the place of GAAP financial measures in
evaluating our business.
These non-GAAP financial measures have limitations as analytical
tools and should not be considered in isolation or as substitutes
for an analysis of our results as reported under GAAP. Some of the
limitations of these measures are:
- They do not reflect changes in, or cash requirements for, our
working capital needs.
- Adjusted EBITDA does not reflect our capital expenditures or
future requirements for capital expenditures or contractual
commitments.
- They do not reflect costs of acquiring and integrating
businesses, which will continue to be a part of our growth
strategy.
- They do not reflect one-time, non-recurring, bonus costs and
third-party costs associated with the SPAC merger transaction and
regulatory filings.
- They do not reflect goodwill impairment.
- They do not reflect severance costs.
- They do not reflect income tax expense or the cash requirements
to pay income taxes.
- They do not reflect our interest expense or the cash
requirements necessary to service interest or principal payments on
our debt.
- Although depreciation and amortization are non-cash charges
related mainly to intangible assets and amortization of software
development costs, 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.
Adjusted EBITDA is defined as net loss attributable to Innovid,
excluding (1) depreciation, amortization and long-lived assets
impairment, (2) goodwill impairment, (3) stock-based compensation,
(4) finance (income) expenses, net, (5) transaction related
expenses, (6) acquisition related expenses, (7) retention bonus
expenses, (8) legal claims, (9) severance cost, (9) other, and (10)
taxes on income.
We calculate Adjusted EBITDA margin percent as Adjusted EBITDA
divided by total revenue.
We define Free Cash Flow as net cash provided by operating
activities less capital expenditures and the impact of foreign
exchange on cash. We sometimes refer to net cash provided by
operating activities, the GAAP financial measure most directly
comparable to free cash flow, as "operating cash flow."
Other companies in our industry may calculate the above
described non-GAAP financial measures differently than we do,
limiting their usefulness as a comparative measure. You should
compensate for these limitations by relying primarily on our US
GAAP results and using the non-GAAP financial measures only
supplementally.
Innovid has provided a reconciliation of Adjusted EBITDA and
Adjusted EBITDA margin percent to net (loss) income, the most
directly comparable GAAP measure, for historical periods in the
appendix hereto. We also have provided a reconciliation of Free
Cash Flow to net cash provided by operating activities. We are not
able to provide a reconciliation of the projected Adjusted EBITDA
to expected net (loss) income attributable to Innovid for the first
quarter of 2024 or the full-year 2024, without unreasonable effort.
This is due to the unknown effect, timing, and potential
significance of the effects of taxes on income in multiple
jurisdictions, finance (income)/expenses including valuations,
among others. These items have in the past, and may in the future,
significantly affect GAAP results in a particular period.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 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 regarding its future financial results,
expected growth and future market opportunity. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results, including Innovid's ability
to achieve and, if achieved, maintain profitability, decrease
and/or changes in CTV audience viewership behavior, Innovid's
failure to make the right investment decisions or to innovate and
develop new solutions, inaccurate estimates or projections of
future financial performance, Innovid's failure to manage growth
effectively, the dependence of Innovid's revenues and business on
the overall demand for advertising and a limited number of
advertising agencies and advertisers, the actual or potential
impacts of international conflicts and humanitarian crises on
global markets, the rejection of digital advertising by consumers,
future restrictions on Innovid's ability to collect, use and
disclose data, market pressure resulting in a reduction of
Innovid's revenues per impression, Innovid's failure to adequately
scale its platform infrastructure, exposure to fines and liability
if advertisers, publishers and data providers do not obtain
necessary and requisite consents from consumers for Innovid to
process their personal data, competition for employee talent,
seasonal fluctuations in advertising activity, payment-related
risks, interruptions or delays in services from third parties,
errors, defects, or unintended performance problems in Innovid's
platform, intense market competition, failure to comply with the
terms of third party open source components, changes in tax laws or
tax rulings, failure to maintain an effective system of internal
controls over financial reporting, failure to comply with data
privacy and data protection laws, infringement of third party
intellectual property rights, difficulty in enforcing Innovid's own
intellectual property rights, system failures, security breaches or
cyberattacks, additional financing if required may not be
available, the volatility of the price of Innovid's common stock
and warrants, and other important factors discussed under the
caption "Risk Factors" in Innovid's Annual Report on Form 10-K
filed with the SEC on March 3, 2023,
as such factors may be updated from time to time in its other
filings with the SEC, accessible on the SEC's website at
www.sec.gov and the Investors Relations section of Innovid's
website at investors.innovid.com. 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.
About Innovid
Innovid (NYSE: CTV) powers advertising delivery,
personalization, and measurement across linear, connected TV (CTV)
and digital for the world's largest brands. Through a global
infrastructure that enables cross-platform ad serving, data-driven
creative, and measurement, Innovid offers its clients always-on
intelligence to optimize advertising investment across channels,
platforms, screens, and devices. Innovid is an independent platform
that leads the market in converged TV innovation, through
proprietary technology and exclusive partnerships designed to
reimagine 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
https://www.innovid.com/ or follow us on LinkedIn or
X.
Contacts
Investor Contact
Brinlea Johnson
IR@innovid.com
Media Contacts
Megan Garnett Coyle
megan@innovid.com
Caroline Yodice
cyodice@daddibrand.com
INNOVID, CORP. AND
ITS SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(In thousands,
except stock and per stock data)
|
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
49,585
|
|
$
37,541
|
Short-term bank
deposits
|
165
|
|
10,000
|
Trade receivables, net
(allowance for credit losses of $321 and $65 at December 31, 2023,
and December 31, 2022, respectively)
|
46,420
|
|
43,653
|
Prepaid expenses and
other current assets
|
5,450
|
|
2,640
|
Total current
assets
|
101,620
|
|
93,834
|
Long-term
deposit
|
264
|
|
277
|
Long-term restricted
deposits
|
412
|
|
430
|
Property and
equipment, net
|
18,419
|
|
14,322
|
Goodwill
|
102,473
|
|
116,976
|
Operating lease right
of use asset
|
1,435
|
|
2,910
|
Intangible assets,
net
|
24,318
|
|
29,918
|
Other non-current
assets
|
1,014
|
|
938
|
Total non-current
assets
|
148,335
|
|
165,771
|
TOTAL
ASSETS
|
$
249,955
|
|
$
259,605
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Trade
payables
|
$
2,810
|
|
$
3,361
|
Employees and payroll
accruals
|
14,060
|
|
10,165
|
Lease liabilities -
current portion
|
1,200
|
|
2,186
|
Accrued expenses and
other current liabilities
|
7,426
|
|
5,474
|
Total current
liabilities
|
25,496
|
|
21,186
|
Long-term
debt
|
20,000
|
|
20,000
|
Lease liabilities -
non-current portion
|
634
|
|
1,636
|
Other non-current
liabilities
|
7,528
|
|
6,554
|
Warrants
liability
|
307
|
|
4,301
|
Total non-current
liabilities
|
28,469
|
|
32,491
|
TOTAL
LIABILITIES
|
53,965
|
|
53,677
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Common stock: $0.0001
par value - Authorized: 500,000,000 at December 31, 2023, and
December 31, 2022; Issued and outstanding: 141,194,179 and
133,882,414 at December 31, 2023, and December 31, 2022,
respectively
|
13
|
|
13
|
Additional paid-in
capital
|
378,774
|
|
356,801
|
Accumulated
deficit
|
(182,797)
|
|
(150,886)
|
TOTAL STOCKHOLDERS'
EQUITY
|
195,990
|
|
205,928
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
249,955
|
|
$
259,605
|
|
|
|
|
|
INNOVID, CORP. AND
ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except stock and per stock data)
|
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
Revenues
|
$
38,617
|
|
$
33,698
|
|
$
139,882
|
|
$
127,117
|
Cost of revenues
(1)
|
8,521
|
|
8,376
|
|
33,805
|
|
30,187
|
Research and
development (1)
|
6,399
|
|
6,842
|
|
26,878
|
|
31,118
|
Sales and marketing
(1)
|
11,299
|
|
11,869
|
|
45,571
|
|
50,266
|
General and
administrative (1)
|
10,759
|
|
8,688
|
|
39,086
|
|
39,144
|
Depreciation,
amortization and long-lived assets impairment
|
4,188
|
|
2,662
|
|
12,996
|
|
6,143
|
Goodwill
impairment
|
—
|
|
—
|
|
14,503
|
|
—
|
Operating
loss
|
(2,549)
|
|
(4,739)
|
|
(32,957)
|
|
(29,741)
|
Finance (income)
expenses, net
|
(407)
|
|
(2,693)
|
|
(3,420)
|
|
(13,348)
|
Loss before
taxes
|
(2,142)
|
|
(2,046)
|
|
(29,537)
|
|
(16,393)
|
Taxes on
income
|
(484)
|
|
1,383
|
|
2,374
|
|
2,017
|
Net
loss
|
$
(1,658)
|
|
$
(3,429)
|
|
$
(31,911)
|
|
$
(18,410)
|
Net loss per share
attributable to common stockholders
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
(0.01)
|
|
$
(0.03)
|
|
$
(0.23)
|
|
$
(0.14)
|
Weighted-average number
of shares used in computing net loss per share attributable to
common stockholders
|
|
|
|
|
|
|
|
Basic and
diluted
|
140,770,251
|
|
133,687,918
|
|
138,577,786
|
|
130,756,484
|
|
|
(1)
|
Exclusive of
depreciation, amortization, long-lived assets and goodwill
impairment presented separately.
|
|
INNOVID, CORP. AND
ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY
|
(In thousands,
except stock data)
|
|
|
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Total
stockholders'
equity
|
|
Number
|
|
Amount
|
Balance as of
December 31, 2021
|
119,017,380
|
|
$
12
|
$
293,719
|
$
(132,476)
|
$
161,255
|
Common stock and equity
awards issued for acquisition of TVS
|
11,549,465
|
|
1
|
47,151
|
—
|
47,152
|
Stock-based
compensation
|
—
|
|
—
|
14,945
|
—
|
14,945
|
Stock options exercised
and RSUs vested
|
3,315,569
|
|
*
|
986
|
—
|
986
|
Net loss
|
—
|
|
—
|
—
|
(18,410)
|
(18,410)
|
Balance as of
December 31, 2022
|
133,882,414
|
|
$
13
|
$
356,801
|
$
(150,886)
|
$
205,928
|
Stock-based
compensation
|
—
|
|
—
|
21,179
|
—
|
21,179
|
Stock options exercised
and RSUs vested
|
7,311,765
|
|
*
|
794
|
—
|
794
|
Net loss
|
—
|
|
—
|
—
|
(31,911)
|
(31,911)
|
Balance as of
December 31, 2023
|
141,194,179
|
|
$
13
|
$
378,774
|
$
(182,797)
|
$
195,990
|
|
*Represents an amount
less than $1.
|
|
INNOVID, CORP. AND
ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In thousands,
except stock and per stock data)
|
|
|
|
Year Ended December
31
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(31,911)
|
|
$
(18,410)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation,
amortization and long-lived assets impairment
|
12,996
|
|
6,143
|
Goodwill
impairment
|
14,503
|
|
—
|
Stock-based
compensation
|
20,000
|
|
13,781
|
Change in fair value
of warrants
|
(3,994)
|
|
(14,671)
|
Loss on foreign
exchange, net
|
729
|
|
—
|
Changes in operating
assets and liabilities
|
|
|
|
Trade receivables,
net
|
(2,767)
|
|
(4,045)
|
Prepaid expenses and
other assets
|
(2,872)
|
|
755
|
Operating lease right
of use assets
|
1,764
|
|
1,831
|
Trade
payables
|
(551)
|
|
(622)
|
Employees and payroll
accruals
|
3,895
|
|
1,710
|
Operating lease
liabilities
|
(2,277)
|
|
(2,335)
|
Accrued expenses and
other liabilities
|
2,925
|
|
4,302
|
Net cash provided by
/ (used in) operating activities
|
12,440
|
|
(11,561)
|
Cash flows from
investing activities:
|
|
|
|
Acquisition of
business, net of cash acquired
|
—
|
|
(99,097)
|
Internal use software
capitalization
|
(9,630)
|
|
(9,961)
|
Purchase of property
and equipment
|
(684)
|
|
(488)
|
Investment in
short-term bank deposits
|
(165)
|
|
(10,000)
|
Withdrawal of
short-term bank deposits
|
10,000
|
|
—
|
Other
deposits
|
—
|
|
120
|
Net cash used in
investing activities
|
(479)
|
|
(119,426)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
loans
|
35,000
|
|
14,000
|
Loan
repayment
|
(35,000)
|
|
—
|
Payment of SPAC merger
transaction costs
|
—
|
|
(3,185)
|
Proceeds from exercise
of options
|
794
|
|
985
|
Net cash provided by
financing activities
|
794
|
|
11,800
|
Effect of exchange
rates on cash, cash equivalent and restricted cash
|
(729)
|
|
—
|
Increase (decrease) in
cash, cash equivalents, and restricted cash
|
12,026
|
|
(119,187)
|
Cash, cash equivalents,
and restricted cash, beginning of the period
|
37,971
|
|
157,158
|
Cash, cash
equivalents, and restricted cash, end of the period
|
$
49,997
|
|
$
37,971
|
Supplemental
disclosures:
|
|
|
|
Income taxes paid, net
of tax refunds
|
$
1,508
|
|
$
785
|
Interest
paid
|
$
1,451
|
|
$
675
|
Non-cash
transactions:
|
|
|
|
Business combination
consideration paid in stock
|
$
—
|
|
$
47,152
|
Reconciliation of
cash, cash equivalents, and restricted cash
|
|
|
|
Cash and cash
equivalents
|
49,585
|
|
37,541
|
Long-term restricted
deposits
|
412
|
|
430
|
Total cash, cash
equivalents, and restricted cash
|
$
49,997
|
|
$
37,971
|
|
Key Metrics and Non-GAAP Financial Measures
In addition to our results determined in accordance with US
GAAP, we believe that certain non-GAAP financial measures,
including Adjusted earnings before interest, taxes, depreciation
and amortization ("EBITDA"), Adjusted EBITDA margin percent and
Free Cash Flow are useful in evaluating our business. The following
table presents a reconciliation from net loss, which is the most
directly comparable GAAP financial measure to Adjusted EBITDA and
Adjusted EBITDA margin percent, non-GAAP financial measures as used
by management.
Adjusted EBITDA
and Adjusted EBITDA Margin Percent
|
|
|
Three months
ended
December 31,
|
|
Year ended December
31,
|
(in
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(1,658)
|
|
$ (3,429)
|
|
$ (31,911)
|
|
$
(18,410)
|
Net loss margin
percent
|
(4.0) %
|
|
(10.0) %
|
|
(22.8) %
|
|
(14.5) %
|
Depreciation,
amortization and long-lived assets impairment
|
4,188
|
|
2,662
|
|
12,996
|
|
6,143
|
Goodwill
impairment
|
—
|
|
—
|
|
14,503
|
|
—
|
Stock-based
compensation
|
4,437
|
|
3,826
|
|
20,000
|
|
13,878
|
Finance income, net
(a)
|
(407)
|
|
(2,693)
|
|
(3,420)
|
|
(13,348)
|
Transaction related
expenses (b)
|
—
|
|
—
|
|
—
|
|
393
|
Acquisition related
expenses (c)
|
—
|
|
—
|
|
—
|
|
4,971
|
Retention bonus
expenses (d)
|
98
|
|
862
|
|
662
|
|
3,152
|
Legal claims
|
580
|
|
407
|
|
1,656
|
|
1,506
|
Severance
cost
|
1,277
|
|
9
|
|
2,123
|
|
755
|
Other
|
244
|
|
—
|
|
436
|
|
168
|
Taxes on
income
|
(484)
|
|
1,383
|
|
2,374
|
|
2,017
|
Adjusted
EBITDA
|
$ 8,275
|
|
$
3,027
|
|
$
19,419
|
|
$
1,225
|
Adjusted EBITDA margin
percent
|
21.4 %
|
|
9.0 %
|
|
13.9 %
|
|
1.0 %
|
|
|
(a)
|
Finance income, net
consists mostly of remeasurement related to revaluation of our
warrants, remeasurement of our foreign subsidiary's
monetary assets, liabilities and operating results, and our
interest income and expense.
|
(b)
|
Transaction related
expenses consist of costs related to the SPAC merger
transaction.
|
(c)
|
Acquisition related
expenses consists of professional fees associated with the
acquisition of TVS.
|
(d)
|
Retention bonus
expenses consists of retention bonuses for TVS
employees.
|
|
|
Free Cash
Flow
|
|
We define Free Cash
Flow as net cash provided by operating activities less capital
expenditures and the impact of foreign exchange on cash.
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net cash provided by
operating activities
|
$
4,274
|
|
$ (1,472)
|
|
$ 12,440
|
|
$
(11,561)
|
Loss on foreign
exchange, net
|
*)
|
|
*)
|
|
(729)
|
|
*)
|
Capital
expenditures
|
(2,124)
|
|
(3,192)
|
|
(10,314)
|
|
(10,449)
|
Free Cash
Flow
|
$
2,150
|
|
$ (4,664)
|
|
$
1,397
|
|
$
(22,010)
|
|
*) foreign exchange
impact on cash was immaterial.
|
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SOURCE Innovid LLC