0001835378False00018353782024-02-272024-02-270001835378us-gaap:CommonStockMember2024-02-272024-02-270001835378us-gaap:WarrantMember2024-02-272024-02-27


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 27, 2024
Innovid Corp.
(Exact name of registrant as specified in its charter)
Delaware001-4004887-3769599
(State or other jurisdiction
of incorporation or organization)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

30 Irving Place, 12th Floor
New York, NY 10003
(Address of principal executive offices) (Zip Code)
(212) 966-7555
(Registrant’s telephone number, include area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per share
CTV
New York Stock Exchange
Warrants to purchase one share of common stock, each at an exercise price of $11.50 per shareCTVWSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.     Results of Operations and Financial Condition.

On February 27, 2024, Innovid Corp. issued a press release announcing its financial results for the fiscal year ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein to this item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information included under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.



Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits


Exhibit NoDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INNOVID CORP.
Date: February 27, 2024By:/s/ Anthony Callini
Name:Anthony Callini
Title:Chief Financial Officer






Innovid Reports Q4 and Fiscal Year 2023 Financial Results

•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 2023 -- 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.
2

•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.

3

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.

4

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
































5



INNOVID, CORP. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except stock and per stock data)


December 31,
20232022
ASSETS


Cash and cash equivalents
$49,585 $37,541 
Short-term bank deposits165 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 assets101,620 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 asset1,435 2,910 
Intangible assets, net24,318 29,918 
Other non-current assets1,014 938 
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 accruals14,060 10,165 
Lease liabilities - current portion1,200 2,186 
Accrued expenses and other current liabilities7,426 5,474 
Total current liabilities25,496 21,186 
Long-term debt20,000 20,000 
Lease liabilities - non-current portion634 1,636 
Other non-current liabilities7,528 6,554 
Warrants liability307 4,301 
Total non-current liabilities28,469 32,491 
TOTAL LIABILITIES53,965 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, respectively13 13 
Additional paid-in capital378,774 356,801 
Accumulated deficit(182,797)(150,886)
TOTAL STOCKHOLDERS’ EQUITY195,990 205,928 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$249,955 $259,605 

6

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,

2023202220232022
(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 impairment4,188 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 diluted140,770,251 133,687,918 138,577,786 130,756,484 

(1) Exclusive of depreciation, amortization, long-lived assets and goodwill impairment presented separately.



7



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, 2021119,017,380 $12 $293,719 $(132,476)$161,255 
Common stock and equity awards issued for acquisition of TVS11,549,465 1 47,151 — 47,152 
Stock-based compensation— — 14,945 — 14,945 
Stock options exercised and RSUs vested3,315,569 *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, 2023141,194,179 $13 $378,774 $(182,797)$195,990 

*Represents an amount less than $1.
8


INNOVID, CORP. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except stock and per stock data)



Year Ended December 31
20232022
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 impairment12,996 6,143 
Goodwill impairment14,503 — 
Stock-based compensation20,000 13,781 
Change in fair value of warrants(3,994)(14,671)
Loss on foreign exchange, net729 — 
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 assets1,764 1,831 
Trade payables(551)(622)
Employees and payroll accruals3,895 1,710 
Operating lease liabilities(2,277)(2,335)
Accrued expenses and other liabilities2,925 4,302 
Net cash provided by / (used in) operating activities12,440 (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 deposits10,000 — 
Other deposits— 120 
Net cash used in investing activities(479)(119,426)
Cash flows from financing activities:
Proceeds from loans35,000 14,000 
Loan repayment(35,000)— 
Payment of SPAC merger transaction costs— (3,185)
Proceeds from exercise of options794 985 
Net cash provided by financing activities794 11,800 
Effect of exchange rates on cash, cash equivalent and restricted cash(729)— 
Increase (decrease) in cash, cash equivalents, and restricted cash12,026 (119,187)
Cash, cash equivalents, and restricted cash, beginning of the period37,971 157,158 
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 equivalents49,585 37,541 
Long-term restricted deposits412 430 
Total cash, cash equivalents, and restricted cash$49,997 $37,971 
9

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)2023202220232022
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 impairment4,188 2,662 12,996 6,143 
Goodwill impairment— — 14,503 — 
Stock-based compensation4,437 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 claims580 407 1,656 1,506 
Severance cost1,277 9 2,123 755 
Other244 — 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,
2023202220232022
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.
10
v3.24.0.1
Cover
Feb. 27, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 27, 2024
Entity Registrant Name Innovid Corp.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40048
Entity Tax Identification Number 87-3769599
Entity Address, Address Line One 30 Irving Place
Entity Address, Address Line Two 12th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10003
City Area Code 212
Local Phone Number 966-7555
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001835378
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol CTV
Security Exchange Name NYSE
Warrant  
Document Information [Line Items]  
Title of 12(b) Security Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share
Trading Symbol CTVWS
Security Exchange Name NYSE
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