- Reports Q4 revenue grew to $33.7
million, up 30% year-over-year
- Reports Q4 net loss improved to $3.4
million and adjusted EBITDA* increased to $3.0 million, representing a 9% adjusted EBITDA
margin*
- CTV accounted for 51% of all video impressions in FY 2022,
up from 46% in FY 2021
NEW
YORK, Feb. 24, 2023 /PRNewswire/ --
Innovid Corp. (NYSE:CTV) (the "Company"), an
independent advertising platform for delivery, personalization, and
measurement of converged TV across linear, connected TV (CTV), and
digital, today announced financial results for the fourth quarter
and fiscal year 2022 ended December 31,
2022.

"We delivered a strong fourth quarter and are pleased with the
strategic progress we've made during our first full year as a
public company, despite a more challenging recent market backdrop,"
said Zvika Netter, Co-Founder and
CEO. "As the industry's only truly independent platform built for
CTV, Innovid remains exceptionally well-positioned to add value for
our customers as the shift to CTV accelerates. Growth and retention
in our client base is robust, and our clients continue to lean more
heavily on Innovid as a trusted, independent provider of critical
infrastructure software powering their advertising delivery,
personalization, and measurement needs. Looking ahead to 2023, we
are laser-focused on profitable growth as we cement our position as
the go-to platform for the future of connected TV advertising."
Fourth Quarter 2022 Financial Summary
- Revenue increased to $33.7
million, reflecting growth of 30% on an as-reported basis
versus the same period in 2021.
- Measurement contributed $7.5
million, up 16% on a pro forma basis, representing 22% of
revenue.
- CTV revenue, excluding TVSquared, grew to $13 million, up 13% year-over-year, representing
49% of total revenue.
- Net loss improved to $(3.4)
million, compared to a net loss of $(7.6) million for the same period in 2021.
- Adjusted EBITDA* increased to $3.0
million, compared to $1.8
million for the same period in 2021.
- Cash and cash equivalents and short-term bank deposits as of
December 31, 2022 were $47.5 million.
Full Year 2022 Financial Summary
- Revenue was $127.1 million, an
increase of 41% on an as-reported basis versus the same period in
2021.
- Measurement contributed $25.2
million, +26% on a pro forma basis, representing 20% of
revenue.
- CTV revenue, excluding TVSquared, was $50 million, +24% year-over-year, representing
48% of total revenue, up from 45% in 2021.
- Net loss was $(18.4) million,
compared to a net loss of $(11.5)
million in 2021.
- Adjusted EBITDA* was $1.2
million, compared to $5.4
million in 2021.
Recent Business Highlights
- Connected TV (CTV) revenue, excluding TVSquared, grew 24%
year-over-year in 2022, and represented 48% of our total FY 2022
revenue (up from 45% in FY 2021) and 51% of all FY 2022 video
impressions (vs. 46% in FY 2021). CTV growth continues to outpace
the overall advertising market.
- Our customers view Innovid's software platform as
mission-critical infrastructure, evidenced by strong FY 2022 core
client growth (+60% YoY), high core client retention (90% in FY
2022), and impressive net revenue retention (111% in
2022).
- Recent wins and cross-sells include Canva, Goodway Group, CMI
Media (part of WPP), and partnerships with Fox and TheTradeDesk. We
added and expanded client relationships and deepened cross-selling
efforts across our delivery, personalization, and measurement
capabilities, closing new deals with partners in multiple key
verticals.
Financial Outlook
Innovid is providing the following financial guidance for Q1 and
full year 2023:
- Q1 2023 Revenue in a range between $27
million and $29 million.
- Q1 2023 Adjusted EBITDA in a range between ($3) million and ($1)
million.
- FY 2023 Revenue similar to FY 2022.
- FY 2023 Adjusted EBITDA* positive for the full year, Adjusted
EBITDA margin* to improve year-over-year.
*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 2022 financial results today at
8:30 a.m. Eastern Time. Hosting the
call will be Zvika Netter,
Co-founder and Chief Executive Officer, Tanya Andreev-Kaspin, Chief Financial Officer
and Tal Chalozin, co-founder and Chief Technology 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 (international). 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 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, amortization and impairment, (2) stock-based
compensation, (3) finance expense (income), net, (4) transaction
related expenses, (5) acquisition related expenses, (6) retention
bonus expenses, (7) legal claims, (8) taxes on income and (9) 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;
- 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;
- 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 has provided a reconciliation of Adjusted EBITDA
to net loss, the most directly comparable GAAP measure, for
historical period in the appendix hereto but is not able to
provide a reconciliation of the projected adjusted EBITDA to
expected net income (loss) attributable to
Innovid for the first quarter of 2023 or the full-year
2023, 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 or publisher that
generates at least $100,000 of annual
revenue.
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 the expected benefits
resulting from its partnerships. 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 raise financing in the future,
success in retaining or recruiting officers, key employees or
directors, changes in applicable laws or regulations, Innovid's
ability to maintain and expand relationships with advertisers,
decreases and/or changes in CTV audience viewership behavior,
Innovid's ability to make the right investment decisions and to
innovate and develop new solutions, the accuracy of Innovid's
estimates of market opportunity, forecasts of market growth and
projections of future financial performance, the extent of
investment required in Innovid's sales and marketing efforts,
Innovid's ability to effectively manage its growth, the impact of
the coronavirus pandemic, acquisition related risks, and other
important factors discussed under the caption "Risk Factors" in
Innovid's prospectus on Form 424(b)(3) filed with the SEC on
December 30, 2021, 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 innovid.com or follow us
on LinkedIn or Twitter.
Contacts
Investor Contact:
John T. Williams
Head of Investor Relations
IR@innovid.com
Media Contact:
Chris Harihar
chris@crenshawcomm.com
INNOVID, CORP. AND
ITS SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In thousands,
except stock and per stock data)
|
|
December
31,
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
37,541
|
|
$
156,696
|
Short-term bank
deposit
|
10,000
|
|
—
|
Trade receivables, net
of reserves of $65 at December 31, 2022 and $81 at
December 31, 2021
|
43,653
|
|
35,422
|
Prepaid expenses and
other current assets
|
2,640
|
|
3,131
|
Total current
assets
|
93,834
|
|
195,249
|
Long-term
deposit
|
277
|
|
310
|
Long-term restricted
deposits
|
430
|
|
462
|
Property and
equipment, net
|
14,322
|
|
4,840
|
Goodwill
|
116,976
|
|
4,555
|
Operating lease right
of use asset
|
2,910
|
|
—
|
Intangible
assets
|
29,918
|
|
—
|
Other non-current
assets
|
938
|
|
116
|
Total non-current
assets
|
$
165,771
|
|
$
10,283
|
TOTAL
ASSETS
|
$
259,605
|
|
$
205,532
|
|
|
|
|
LIABILITIES AND
STOCKHOLDER' EQUITY
|
|
|
|
Trade
payables
|
3,361
|
|
5,026
|
Employee and payroll
accruals
|
10,165
|
|
7,742
|
Current portion of
long-term debt
|
—
|
|
6,000
|
Lease liabilities -
current portion
|
2,186
|
|
—
|
Accrued expenses and
other current liabilities
|
5,474
|
|
3,082
|
Total current
liabilities
|
21,186
|
|
21,850
|
Long-term
debt
|
20,000
|
|
—
|
Lease liabilities -
non-current portion
|
1,636
|
|
—
|
Other non-current
liabilities
|
6,554
|
|
3,455
|
Warrants
liability
|
4,301
|
|
18,972
|
Total non-current
liabilities
|
32,491
|
|
22,427
|
TOTAL
LIABILITIES
|
53,677
|
|
44,277
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Common stock of
$0.0001 par value - Authorized: 500,000,000 at December 31,
2022 and December 31, 2021; Issued and outstanding:
133,882,414 and 119,017,380 at December 31, 2022 and
December 31, 2021, respectively
|
13
|
|
12
|
Additional paid-in
capital
|
356,801
|
|
293,719
|
Accumulated
deficit
|
(150,886)
|
|
(132,476)
|
TOTAL STOCKHOLDERS'
EQUITY
|
205,928
|
|
161,255
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
259,605
|
|
$
205,532
|
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,
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues
|
$
33,698
|
|
$
25,967
|
|
$
127,117
|
|
$
90,291
|
Cost of revenues
(1)
|
8,376
|
|
5,339
|
|
30,187
|
|
17,698
|
Research and
development (1)
|
6,842
|
|
7,601
|
|
31,118
|
|
24,299
|
Sales and marketing
(1)
|
11,869
|
|
9,475
|
|
50,266
|
|
32,841
|
General and
administrative (1)
|
8,688
|
|
10,080
|
|
39,144
|
|
20,641
|
Depreciation,
amortization and impairment
|
2,662
|
|
174
|
|
6,143
|
|
661
|
Operating
loss
|
(4,739)
|
|
(6,702)
|
|
(29,741)
|
|
(5,849)
|
Finance expenses
(income), net
|
(2,693)
|
|
508
|
|
(13,348)
|
|
4,386
|
Loss before
taxes
|
(2,046)
|
|
(7,210)
|
|
(16,393)
|
|
(10,235)
|
Taxes on
income
|
1,383
|
|
408
|
|
2,017
|
|
1,237
|
Net
loss
|
(3,429)
|
|
(7,618)
|
|
(18,410)
|
|
(11,472)
|
|
|
|
|
|
|
|
|
Accretion of preferred
stock to redemption value
|
—
|
|
(24,070)
|
|
—
|
|
(77,063)
|
Net loss
attributable to common stockholders
|
$
(3,429)
|
|
$
(31,688)
|
|
$
(18,410)
|
|
$
(88,535)
|
Net loss per stock
attributable to common stockholders (2) –
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
(0.03)
|
|
$
(0.59)
|
|
$
(0.14)
|
|
$
(3.31)
|
Weighted-average
number of stocks used in computing net loss per stock attributable
to common stockholders (2) –
|
|
|
|
|
|
|
|
Basic and
diluted
|
133,687,918
|
|
53,898,933
|
|
130,756,484
|
|
26,745,020
|
STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND
STOCKHOLDERS' EQUITY (DEFICIT)
(In thousands, except stock
data)
|
|
Temporary
equity
|
|
Common
stocks
|
|
Treasury
stocks
|
|
Additional
paid-in
capital
|
|
Accumulated
deficit
|
|
Total stockholders'
equity (deficit)
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
|
|
Balance as of
December 31, 2020
|
73,690,340
|
|
$
86,997
|
|
16,275,609
|
|
$
2
|
|
1,914,328
|
|
$
(1,629)
|
|
$
10
|
|
$
(48,113)
|
|
$
(49,730)
|
Accretion of preferred
stocks to redemption value
|
—
|
|
77,063
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,172)
|
|
(72,891)
|
|
(77,063)
|
Conversion of
redeemable convertible preferred stock into common stock
|
(73,690,340)
|
|
(164,060)
|
|
73,690,340
|
|
7
|
|
—
|
|
—
|
|
164,053
|
|
—
|
|
164,060
|
Reverse
recapitalization, net
|
—
|
|
—
|
|
25,154,340
|
|
3
|
|
(1,914,328)
|
|
1,629
|
|
124,394
|
|
—
|
|
126,026
|
Conversion of Legacy
Innovid Warrants
|
—
|
|
—
|
|
507,994
|
|
*
|
|
—
|
|
—
|
|
5,080
|
|
—
|
|
5,080
|
Warrant
exercised**
|
—
|
|
—
|
|
132,392
|
|
*
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Stock-based
compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,273
|
|
—
|
|
3,273
|
Stock options
exercised
|
—
|
|
—
|
|
3,256,705
|
|
*
|
|
—
|
|
—
|
|
1,081
|
|
—
|
|
1,081
|
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,472)
|
|
(11,472)
|
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 and
RSUs exercised
|
—
|
|
—
|
|
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
|
* Represents an amount
less than $1
** The warrant was
exercised in November 2021 and was net share settled
|
INNOVID, CORP. AND ITS
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands, except stock and per stock
data)
|
|
Year ended December
31,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(18,410)
|
|
$
(11,472)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation,
amortization and impairment
|
6,143
|
|
661
|
Stock-based
compensation
|
13,781
|
|
3,273
|
Change in fair value
of warrants
|
(14,671)
|
|
762
|
Founders notes
forgiven
|
—
|
|
459
|
Transaction costs
allocated to warrants
|
—
|
|
2,750
|
Changes in operating
assets and liabilities
|
|
|
|
Increase in trade
receivables, net
|
(4,045)
|
|
(618)
|
(Increase)/ decrease
in prepaid expenses and other assets
|
755
|
|
(1,823)
|
Decrease in operating
lease right of use assets
|
1,831
|
|
—
|
Increase/ (decrease)
in trade payables
|
(622)
|
|
1,500
|
Increase in employees
and payroll accruals
|
1,710
|
|
1,236
|
Decrease in operating
lease liabilities
|
(2,335)
|
|
—
|
Increase in accrued
expenses and other liabilities
|
4,302
|
|
851
|
Net cash used in
operating activities
|
(11,561)
|
|
(2,421)
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
(99,097)
|
|
—
|
Internal use software
capitalization
|
(9,961)
|
|
(2,594)
|
Purchase of property
and equipment
|
(488)
|
|
(549)
|
Founders' note
receivable
|
—
|
|
(459)
|
Proceeds from sale of
property and equipment
|
—
|
|
—
|
Change in short-term
bank deposit
|
(10,000)
|
|
—
|
(Increase)/ decrease
in other deposits
|
120
|
|
(85)
|
Net cash used in
investing activities
|
(119,426)
|
|
(3,687)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from reverse
recapitalization, net*
|
—
|
|
149,252
|
Proceeds from
loans
|
14,000
|
|
—
|
Loan
repayment
|
—
|
|
(3,033)
|
Repayment of
acquisition liability
|
—
|
|
(126)
|
Payment of SPAC merger
transaction costs
|
(3,185)
|
|
—
|
Proceeds from exercise
of options
|
985
|
|
1,081
|
Net cash provided by
financing activities
|
11,800
|
|
147,174
|
(Decrease) increase in
cash, cash equivalents and restricted cash
|
(119,187)
|
|
141,066
|
Cash, cash equivalents
and restricted cash at the beginning of the year
|
157,158
|
|
16,092
|
Cash, cash equivalents
and restricted cash at the end of the year
|
$
37,971
|
|
$
157,158
|
Supplemental
disclosure of cash flows activities:
|
|
|
|
(1) Cash paid during
the year for:
|
|
|
|
Income taxes paid, net
of tax refunds
|
$
785
|
|
$
535
|
Interest
|
$
675
|
|
$
259
|
(2) Non-cash
transactions:
|
|
|
|
Conversion of
redeemable convertible preferred stock into common stock
|
$
—
|
|
$
164,060
|
Conversion of Legacy
Innovid Warrants
|
$
—
|
|
$
5,080
|
Accrued acquisition
liability
|
$
—
|
|
$
—
|
Accretion of preferred
stocks to redemption value
|
$
—
|
|
$
77,063
|
Accrued transaction
cost, not yet paid
|
$
—
|
|
$
3,185
|
Business combination
consideration paid in stock
|
$
47,152
|
|
$
—
|
Reconciliation of
cash, cash equivalents, and restricted cash reported within the
statement of financial position
|
|
|
|
Cash and cash
equivalents
|
$
37,541
|
|
$
156,696
|
Long-term restricted
deposits
|
430
|
|
462
|
Total cash, cash
equivalents, and restricted cash shown in the consolidated
statements of cash flows
|
$
37,971
|
|
$
157,158
|
Key Metrics and Non-GAAP Financial Measures
In addition to our results determined in accordance with
U.S. GAAP, we believe that certain non-GAAP financial
measures, including Adjusted EBITDA and Adjusted EBITDA Margin, are
useful in evaluating our business. We calculate Adjusted EBITDA
Margin as Adjusted EBITDA divided by total revenue. The following
table presents a reconciliation of Adjusted EBITDA, a non-GAAP
financial measure, to the most directly comparable financial
measure prepared in accordance with GAAP.
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
(in
thousands)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
|
$
(3,429)
|
|
$
(7,618)
|
|
$
(18,410)
|
|
$
(11,472)
|
Net loss
margin
|
|
(10.2) %
|
|
(29.3) %
|
|
(14.5) %
|
|
(12.7) %
|
Depreciation,
amortization and impairment (a)
|
|
2,662
|
|
174
|
|
6,143
|
|
661
|
Stock-based
compensation
|
|
3,826
|
|
962
|
|
13,878
|
|
3,273
|
Finance expense
(income), net (b)
|
|
(2,693)
|
|
508
|
|
(13,348)
|
|
4,386
|
Transaction related
expenses (c)
|
|
1
|
|
7,200
|
|
393
|
|
7,200
|
Acquisition related
expenses (d)
|
|
—
|
|
161
|
|
4,971
|
|
161
|
Retention bonus
expenses (e)
|
|
862
|
|
—
|
|
3,152
|
|
—
|
Legal claims
|
|
407
|
|
—
|
|
1,506
|
|
—
|
Other (f)
|
|
9
|
|
—
|
|
923
|
|
—
|
Taxes on
income
|
|
1,383
|
|
408
|
|
2,017
|
|
1,237
|
Adjusted
EBITDA
|
|
$
3,029
|
|
$
1,795
|
|
$
1,225
|
|
$
5,446
|
Adjusted EBITDA
margin
|
|
9.0 %
|
|
6.9 %
|
|
1.0 %
|
|
6.0 %
|
|
|
|
|
|
|
|
|
|
(a) In third
quarter, 2022, the Company recorded impairment charges of $0.5
million related to the abandonment of certain projects related to
our internal software development
(b) Finance expense
(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 expense. In a prior period it also included
transaction costs allocated to warrants
(c) Transaction related
expenses consist of one-time, non-recurring bonus payments to
certain members of management, professional fees associated with
the SPAC merger transaction and SEC filings
(d) Acquisition related
expenses consists of professional fees associated with the
acquisition of TVS
(e) Retention bonus
expenses consists of retention bonus for TVS employees
(f) Other consists
predominantly of exit costs for a former TVS employees
|
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