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Tremor International (TRMR)

Participants
Ofer Druker Chief Executive Officer
Sagi Niri Chief Financial Officer
Todd Fromer President, KCSA Strategic Communications
Laura Martin Needham
Matt Swanson RBC Capital Markets
Ron Josey JMP Securities
Lyra Li Jefferies
Andrew Marok Raymond James
Call transcript
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Operator

Welcome to Tremor International’s second quarter and H1 2021 conference call. At this time, all participants are in a listen-only mode with a question and answer session to follow at the end of the presentation. This conference call is being recorded and a replay of today’s call will be made available on the Investor Relations section of Tremor’s website, and will remain posted there for the next 30 days. I will now hand the call over to Todd Fromer, Principal and President at KCSA for introductions and reading of the Safe Harbor statement. Please go ahead.

Todd Fromer

Operator. you Thank and first everyone Tremor second International’s Good of welcome XXXX and half results quarter morning to conference call. today’s Sagi Officer. With Executive on call Druker, Ofer us Tremor’s Officer, and Niri, Financial Chief are Chief access This morning press website a we investors.tremorinternational.com. on you release at our which issued can

results alter risks events or law. by future on its in the except but changes in information, those from forward-looking Form the a limitation statements and actual reliance share statements our statements be the Exchange During forward-looking. uncertainties These deemed call, known unexpected and All these We More make forth about information uncertainties on to where detailed are risk that are of of relating statements, other intend section otherwise, performance statement business. date risk us expected These statements projections including new forward-looking to advise update forward-looking set listed Securities information statements may products involve those these about factors forward-looking conference on than financial without statements with factors Factors concerning the our historical development, call. future as in forward-looking F-X. future to available to Commission, in as to and include statements. or implied and registration today’s competitive and business, and may our not statements. this risks, caution based All in including additional unknown entitled, by results limited filings cause as market and we other materially our factors Risk and our to differ Tremor services. result or of does fact performance could and statements of required as

the of it details, company’s pleasure non-IFRS We additional include in Additionally, introduce non-IFRS the to call go International. this Druker, of refer reconciliations Ofer non-IFRS IFRS IFRS press and terms. and is and please discussions my including press management and release information of during Tremor measures to items you time, certain to Ofer, of ahead. will definitions statements conference for this company’s At release results. CEO financial

Ofer Druker

welcome and today’s Todd, joining earnings you webcast. everyone to for Thank

since is our before NASDAQ our talk on first the this half As quarter major of reviewing to communications XXXX would June I and listing highlights XX, results, on briefly first second of like about who the Sagi operate, results. Afterwards, for we the are, highlights we review business and growth. the have our Niri we future will QX of Officer, which Financial Chief market positioned financial in how the our

that, we’ll be Following questions. your able take to

focused Before and combined is getting with QX video, the which the great by success progress of amazing our testament driven connectivity. end-to-end when Tremor that, platform details, results and to represent strategy delivered QX, our data into on

For to in USD million XX, the to generated million QX $XX QX months and compared compared of ended times XXX% three XXXX, adjusted $XX $XX.X growth. June XX we contribution of EBITDA growth, $X.X ex-TAC in a XXXX, XXXX, million of million

HX we XX million million $X.X compared growth, XXXX, $XXX the of XX, generated $XX six million period during June the For ex-TAC last same compared million growth. to XXXX, EBITDA ended adjusted to in $XX USD months year, USD of and XXX% times

driver touch to in strength is XXX% key HX upon grew Our in platform. our HX for performance end-to-end presentation, this QX a business progress the in achieved and the XXXX the XXXX. CTV also in will XXX% and this versus Later CTV, also Central I we revenue of XXXX which to grew technology QX Tremor. compared performance is XXXX

the a margin which and of net direct is on higher the EBITDA XXXX revenue, QX in reported XX% than basis on a median margin revenue a views. achieved also We XX%

were global U.S., the XXXX I’m expand and QX also Finally, our highlighting our as potential the to XX% proud recognized important strength upside in Tremor’s in have showing the revenues TV-focused most video footprint. connected Tremor leading of we platform. but the industry net in to generated market our that by is say

second comprised XXXX, of video For contribution and purposes, quarter view accounting that Please XX% the note ex-TAC. our our we [indiscernible]. of TV connected report but we ex-TAC for as revenues this

plan proved and as half into upon a side although gives a major served connecting last one and what and fact strong initiatives of is focus of platform, profitability. of end-to-end and the tech platform. forward-looking create powerful focused worth years, experience The is for integration set and the Our It’s Unruly, technology three to about in Capitalizing strong a results we organic a years end areas The acquisitions them financial side also vision mission expertise reported and an XXXX, high on We our we on to platform. leading CTV unique only supply in our XXXX, hand-picked challenging we the company our achieved completing to platform companies, data the platform video, acquired these and January these and strategy a an of to were committed four the comprised driving advantage transform success the platforms competitive management touching marketplace. through translated opportunity companies year growth success level end Tremor that our we growth - offering leading data in ago, of in further earlier investing to the Tremor and it market full ago, we acquisition end-to-end vision platform, CTV. about a data believe behind into three to in and particularly accelerate evolve. collective created COVID-XX that [indiscernible] integrating we has today. Successfully our and us and believe force delivered video, completing demand first business that have of

provide long by runway industry favorable term, changes us within fundamental have We long over advertising the the supported will to a built grow we achieve positioned the success with believe to coming and years. Tremor occurring for which

Now strength our and core look let’s differentiation. at

need and by and in the supply most viewed fastest to in CTV, market video such our audience-targeting growth broadcast formats, advertising of in our capabilities in advertisers. Our With growth level in the U.S. market credibility providing best-in-class campaigns. to key the a the and and around end-to-end our terms optimization audience on our flexible driving in target to benefits the of their years established development, aggressively Video The their trends product industry. in address they and emphasis core has clients. together is addresses shift fueling by many simultaneously execution trends grounded growth in experience capabilities. TV experience have solution to how reach by sophisticated data which is increased approach of [indiscernible] respected growing growth leveraging and our of the increased in and engaging is with the the importance has deliver usage scale This of for is and at video advertisers, validated of CTV complexity expense privacy industry seeking of unique profitability. cable is platform knowledge, we the market include this platforms, more become while directly Tremor [Indiscernible] the the to amazing of in differentiation our is format format significant to our as simplify cookies. business consumer budgets advertising digital which from and

an video expertise almost video industry. have year-over-year, in We higher the in the which resulting record XXX% by track established our significantly of and achieved than segment growth was capabilities CAGR

XX% device, CTV channels focused by also growing of the our of XX% revenues. for accounts and revenues net fastest and on are net programmatic We collectively which mobile, our

significantly for in Our CTV mobile for at U.S. the and compared outpaced XX% XXX% growth industry to and the CTV has XX% mobile year-over-year

relative by channels, CTV, opportunity growing to viewership extremely the for content medium direct. advertising a Currently, expense, the engagement through expense consuming Tremor. consumers represents is remains growth the an other fastest digital advertising which from while high of CTV anomaly CTV and and As there between tremendous lower

a benefit expense. We CTV brands digital CTV, of Tremor continue the portion global catch with and to revenues premium works addressable reach XX% of as Tremor will advertisers and that their and have represents eyeballs up to expect will and to increase. expense will which continues allows that budget allocating our meaningful well-known

widely verticals, and CPG, entertainment, including restaurants, more. travel, revenue finance, across is many health, of spread a variety Our

our on data offer emphasis Our DMP and providers. target our ability through through their unique through to reach number strong of proprietary being where our This partnership we is with data data audience precision layer on the the supported advertisers CTV, by our to partnerships. growing emphasis growing with our enables

closely for reach. insights will customer data-driven fortifying with partners QX to in partner help top targeting launch and proud partnership. help our include Key with are while channels this global across activation integration We inventory and of will our that industry publisher in-house [indiscernible] brands marketer quality partnership of connect measurement, highlights demand from high increase strong our [indiscernible] to to and their audience which improved advertiser our continue

we QX Truly, XX brands over top turn QX. our With be our Sagi through complete, to creative created leaning it International results. solution. our review into introductory Tr.ly, in-house Tremor the million Finally, world’s over XXX to a well some differentiation platform Unruly to those my the to pleasure for and impressions creative ran with Truly continues XX alone, call sold million of studio, of Tremor bespoke different pronounced In brands to in and Video is custom in custom comments Niri $XX financial

Sagi Niri

thank Ofer, and today. for us everyone you Thank you joining

In highlights well equity the total in our financial underwriters be in Tremor of proceeds We another move the by approximately and some revenue as as we to fees. achieved before dual quarter. in momentum of the Today as Tremor, completed of bringing with $XXX.X drivers International are of of listing million record first QX adjusted during gross EBITDA of to we certainly raise our ahead outstanding QX encouraged QX organic revenue discount the the process XXXX, resulting operational offering propelled our an and growth. performance discussing exciting an key building I’ll and some XXXX. investor see half with quarter endorsement

key performance, net focus XX, significantly we increase an ended than quarter digital of stronger evaluating the million revenue, generated $XX XXX% the metric in For on revenue industry June XXXX, year-over-year, growth. Tremor in ad the

QX to continue the platforms. more strong Our QX in are programmatic versus poised and through transacted as XXXX momentum revenue being is business CTV XXXX XXX% increasingly grew

grew than which faster almost advertising. revenues same X% XXX%, video the again period, the video much was CAGR our for During

of of QX XXXX result HX of in XX% we achieved in of an revenue a adjusted net margin EBITDA running or million respectively. million XXXX, out $XX business, adjusted efficient As EBITDA XX% and $XX and

in growth. all million of XXX% for which QX grew QX year-over-year in QX organic and versus in XXXX $XX revenue came net million at Our XXXX, $XX was

critical EBITDA can meaningfully drive consistently in positive business future our investing continue while that generate to We the our areas growth. of

and ended XXXX strong in the with into product cutting omnichannel edge representing scale line. compared underpinned XXXX and million XXXX of our again and since the XX of Tremor, have of efficiencies the saw XXXX, respectively, offering tech platform, our the revenue net in We majority EBITDA QX full and the of to increased EBITDA Unruly XX% by the respectively allowing XXXX translate same been enhanced growth and QX into $XX on momentum us our economies positive business fulfillment and period and directly generating integration the a utilization respectively. $XX of bottom XX times times very which and million HX HX margin XX% by year-over-year our We to offering, through

our resulting growth to entrance made early pandemic, XXX% revenue CTV the XXXX. CTV with during QX the into Our offering we in in happened year-over-year enhancements

Our $XX experienced in capabilities advantage market million guaranteed exceeded efficiencies. seasonality and working. XXXX data alongside cost focus. QX the driven end-to-end one from deliver in computing revenue strategy quality, structure first QX We was omnichannel XXXX solutions. during there increased we dimensional Even centers competitive we massive consistent Tremor’s that believe and have we of proved which running half platform in allows significant our by our and performance, versus cloud-based $XX expectations our to though a is XXX% and growth own is the in million its to video industry, from us net video XXXX, of

[indiscernible] business resulting efficient a XX% reported net high has operating our and highest and scale, operating basis with and on profitable Tremor XXXX on operational to leading a EBITDA basis. in the and adjusted peers, margin of model around margin We Among profitability revenue of QX costs, strong maximum leverage, revenue in XX% one have economies an efficiency productivity.

cash flow, for cash quarter prior ended activities XX, from approximately equivalents our $XX to QX debt. million and $XXX By operating million million, July Turning QX of the XXXX, equivalents net quarter versus cash with we $XX we XXXX with from no our million million $X in the $XXX the uplift cash cash had generated $XXX of grew in XXX%. of with of up which offering disregarding cash from and quarter. net proceeds We million

free We Class also XXXX. Non-IFRS the per versus quarter during A the experienced is loss stock cash diluted common conversion quarter. $X.XX earnings share XX% for QX on flow $X.XX of

I’ll now to Finally, outlook. turn our

turn call of believe in well our extremely advantage For market the XX% the XX%, of million, to take we to represents With positions us that I’ll of and adjusted to and $XX the growth be and opportunity front represents approximately percentage approximately revenue. net quarter remarks EBITDA healthy We expected which expect at third a Ofer. of growth EBITDA balance growing adjusted as back XXXX, net us. rapidly $XX least approximately completed, to year-on-year of my growth profile of revenue margin of XX%, year-over-year which sheet million, be

Ofer Druker

for To an usage Tremor the data. fastest growing fastest advertising, around [indiscernible] video, of simplicity the optimization. areas XX% account ecosystem addresses uses clients We operates for, are end-to-end the that digital summarize, growing digital These segment of platform Sagi. advertising revenues. and an of market of CTV data, opportunities consisting in the created of supply in Thanks mainly and looking of our

performance. the and been has of operational financial success out strength growth Our by proven our

strong Our and lot product layers Operator, open road combination for on call be and future. have We tech the approximately evident represents of our strongly you. focus financial a a discipline is investors’ believe grow and for success. activity The expected of that is we’ll forward to in as an provide map and platform, operations remain and room our excellent driving we in our going our CTV map. now questions. our for continued of the Thank confident force of XX% revenues growth road net CTV to

Operator

first of [Operator from Martin the comes question instructions] from Needham. line Our Laura

Your line is now open.

Laura Martin

okay, guys? Can you hear me

Ofer Druker

Yes.

Laura Martin

fantastic. Great,

Ofer Druker

morning. Good

Laura Martin

you CTV very great with types the morning, see from you things. growth units - my to on of News two question is in Congratulations see Corp One very I’m numbers. online of categories, have then is of or I’m your video XXXX. deal upstream cannibalizing two wonderful interested Corp online video until second in sell the you guys. CTV versus different Good advertisers News this end interested their whether and you certain in coming exclusive video, the whether

revenue Just Thank item, did much how represent in a second housekeeping your News that--did total as the of Corp you. quarter?

Ofer Druker

growing. for is so are online Okay, the first CTV question basically video, cannibalizing about if sectors both

We they with that CTV sections. we we basically is worked are but the channels both have coming both for also growth CTV, that us, lately is have coming so looking see have into we expanding are that expanding, for When but at growing. basically past directly something that we clients them clients are in people and we from this are

size what you. Regarding the the the can about of give Sagi, the--the is questions about Corp, you numbers News Thank activity?

Sagi Niri

Ofer. sure Yes,

with of Corp. of happy are we deal First with very the News course all,

deal and for of I’m meaningful million years, if £XX net per out is pacing not it quarter, around Secondly, it’s three our the revenue.

Laura Martin

guys. much. very numbers, thanks Okay, Great

Ofer Druker

Thank you.

Sagi Niri

Thank you.

Operator

Thank you.

question comes of from Our Markets. the RBC Swanson next from line Capital Matt

Your line is open. now

Matt Swanson

from this the interested on in retargeting in-house expand in I in color us Could investments on thank and obviously measurement solution, just results the so up the little my add you, focusing question, on market, really highlight. release. where the following of more congratulations you and your you Yes, TV of a kind give then I’ll the Ofer, are strong could on CTV of the and if press you’re quarter. was kind that Laura’s launch

Ofer Druker

TV retargeting. I start maybe will course. with the Of

the TV now with year, retargeting. changed a doing providing basically the for in is regarding the solution we are we past and provider couple ACR in years. provider worked are In of strong build TV our We very that order and us retargeting using another that solution a market to

we are are automobiles success. entertainment, major verticals of see we and the major--in travel, We with. a technology with a using on, for into this CPG and mostly so already great years, integrated are that We couple working that

the that selling to campaigns, this running offer advantages the whenever able to are also that managed basically PMPs are selling. this data integrate that are basically are we and we when a can major the or are got in we are driving, we in when end-to-end scenario of we In [indiscernible], data layer this using that solution One occasions, use matter, around it’s that both and is us we full we we solution as basically we integrated. media helping

tell question. the because basically about understand you understand your what question I are can to to the need Regarding looking me you what CTV, is

Matt Swanson

Yes, definitely.

Just the customers, investment in your ad market gain you company-specific focus do market the the seeing growing, targeting what retargeting? said TV new it drive it are spend. Is share? there’s in areas can to is is around that? continue to how versus divergence there technology, Essentially, Is you fast of to anything a viewership

Ofer Druker

doing, grow offering the CTV basically need, something are building in wave that--I emphasis that need investment I that’s mostly so past doing and around are this are and product all you what we the successfully. when our--launching more the now, technology elements, we we CTV, innovation said what We we that agree, clients our to innovation. our is we capabilities CTV, are you to the see capture and and meaning in on think that putting we on emphasis more to to that put so are more going we is around trying of are

offering, past, offering is with of built one to we that CTV that usage our using to audiences. clients, CTV shifting engagement. engagement sales of also formats, around basically ground us adoption this globally, the on see mostly as the U.S. very to past According their it’s formats, work the the with also of a the work compared so opportunities course companies video, the studies to because also really order in used to strong the of strong reach format that other team is that reach team are to that by like accelerating year, CTV have on and great is Regarding to used but also and saw and clients in we to CTV a and other that did that the advertisers in we clients we in new advantages clients mostly CTV we

a efforts. it’s I think your of think a I mix--answering question, mix Matt, it’s

is second them innovation increasing their all of sales and this bringing we educating them One fronts, the budgets and encouraging sales on which and on also is because product, new the basically also the the one clients future. into is CTV meaning push the are increasing to clients for

Matt Swanson

and That’s helpful. extremely more about the call, philosophy around could one could any just guidance for quarterly a being If us you be you’re might Sagi, little additional your that first going add process? color talk that bit about through you thinking I to macro environment on your when

Sagi Niri

first dual earnings part a are as company we is call Sure. listed doing that It’s now NASDAQ. of the

to only order we guidance cautious. QX that think for be gave I in

course, beyond because are COVID-XX the that That’s as a not we that. both course, doing and we forecast maybe our Of a forecast, not--we so we and cautious next. or to are situation next we and you have front, didn’t are we platforms are we that. we out as will side can you aware we course will when of in is consider demand as place model not going the what like trying we that be On doing have the forecast pass the are how forward top, that our happen supply know and that on generate side, pipeline and on yearly well, of well are quarter sure give of doing well,

Another capture going market are in to sales thing growth forecasts technology, we the that much organic and we opportunity. is in enhance marketing order our forward in our product, as and is, more invest before, influencing discussed to going now in

All forward. of are forecasts these parameters, going our of course, influencing

Matt Swanson

Congrats time. on quarter. the for Thanks this again numbers

Ofer Druker

Thank you.

Operator

you. Thank

comes Ron next with JMP Securities. Our the from question line Josey of

open. now is Your line

Ron Josey

I taking Great, and wanted most CTV, quarter. question, thanks growth follow impressive are here. offer we’re for asking, is of which accelerating another another Ofer, seeing to on up the but congratulations here what and

following how happen that thoughts on with just helpful. CTV engagement, the remarks of yet can can XQ what shift, guidance you overall? your investments, is You revenue engagement, Thank and up That’d talk on the a on as and be mentioned and level see spend the might you we’re comments for line not but you, par be is scale benefits just to view from little longer well, the term to in for We’re more with course seeing that to about where then on very you so needs your seeing ad any guys. timeline strong well. as they now bit talk margins just on around extremely Sagi, off you par well; here? margins CTV margin fall talk us and to Then bottom as about

Ofer Druker

media my don’t engagement so the reach start say, future to CTV, expensive size sometimes I will into and and will using When flexibility you and I of that now there content was clients changing level buying I and growing, will amazing the the CTV, more very allow also sometimes on pandemic graduate and time. users more of accelerated CTV it but this jump we is that beginning that what at, more, that much we I consuming us CTV. phenomenon and is will allow and to grow, think so size look see even just over more look the bring basically we element of point, opportunity it allow experience, it, take channels think say, know to think let’s will that know right I pricing media is it’s will I another in at growing, of that the which that on start the now. this long more this when people of through see, it it clients you really testing CTV, Okay, think are think clients the get about takes--from the CTV education because and it’s adaptation to into Yes, to how is--when in will with let’s more

So indication are but that revolution this hard an CTV, that give the we moving they I in process say, and of now or more to it’s advertisers basically adopting I into new of where think format to time, are that. budget think more middle of are

Some are to make some of them now just channel, are just wait. into them exploring and switch to there more of moving and or already still testing this and to sense if it them makes this

Sometimes answered order next make adjustment buy ask me, of participation it verticals CTV some that their I your this hope it media. different takes of new model that overall, coming we from that--if the years, and and next more I this this the simply you see think time and types in that half question. end different in I much and until think started year, to in up of budgets. will we’ll to a I one But advertisers in type format, grow

Ron Josey

you. thank Yes,

Sagi Niri

ad the have Regarding peers, think operational question think profitability. margins our I about tech we among I the it well, as we said highest and one margin, of

we companies centers usual structure is R&D, bit more our will profitability omnichannel little going of I QX, most revenues and level, but the our other think sales anymore have around the I revenues expensed a at stated product, we versus sales, some is of be in coming going it up, our recurring and course think is we as data going post and that, or not so we probably invest are the so will to competitive that going think being to the margin and a will very scale still of one-sided costs forward, into pandemic our high. efficiency marketing. low Having other some for of in - solutions, business, from costs, the I platform some again of know, we pandemic said from Again, see and coming advantage things you our where down. it’s that end-to-end net coming the and within it get are it as

Ron Josey

guys. thanks Great,

Ofer Druker

in think of we a and focused this managing are EBITDA period some philosophy on now. I transformation we more moving also course here now to look is growth, more that of were that, there and is the past, that on we are

Operator

you. Thank

Our next Li from question Jefferies. from of Lyra comes the line

line is Your open.

Lyra Li

guys. Hi

guess provide would you I just maybe also especially [indiscernible] acquisition Could results. UK to given do have comment on share a a a you when related have listing? one guys question. on congrats see that, Firstly, the targeting buyback pipeline, growing now possibility, strong the be you I and cash, potentially

Ofer Druker

your Can I repeat? think that first your line--I couldn’t sentences. understand please you Sorry.

Lyra Li

Yes, sorry. sure - me Can you now? hear

Ofer Druker

Yes.

Lyra Li

I’m if please. pipeline, just the acquisition you comment on wondering could

Ofer Druker

pipeline? Acquisition

Lyra Li

Yes.

Ofer Druker

Unruly, We Okay, conducted conducting so Tremor basically the our years. in few one acquired January company acquisitions we RhythmOne is we and known in was for also that XXXX. successful past then acquired basically and last the

this through of a going raised the what’s it’s in and be grow able position. path the and additional we market to also to be part valid for are us, for course acquisitions, of we to course order reason that’s we targets growth in looking - looking in Of cash, that are

allows that did we in building our think basically that, to over in market order acquisition, time to are we that that can that June-July proved the last to the integration so grow are year we having us know of the and we a But last also the since always to in been candidates our manner, of for that fact able the keep find open acquisitions frame in company this growth gives we’ve the and also like organic looking for grow. to and and in to the we to you ago very integrate and Unruly the quick demonstrating. in a also opportunity finished from efficient past as see I that, doing these companies three three how carefully so acquisitions years, XXXX, course we and nice parallel look we organically, in we are said

Lyra Li

connection. really for Okay, apologies That’s and helpful, Thank my you. great.

Ofer Druker

problem. No

Operator

you. Thank

James. Raymond the question next of line from comes Marok Our from Andrew

now is open. line Your

Andrew Marok

growth business could date, particularly given businesses. around for you in in and in taking APAC international if this could. to for been and focus how your we EMEA? of is aspects private the Secondly, the One, Americas international give and point thanks scale past I the perspective self-serve those to us marketplace I really Hi, you. just potential some QX. questions. data strong has you’ve on my get if the Thank an a but your update guess obviously Two, as what in your quantitative on scaled

Ofer Druker

very Tremor the I will Basically start globe. potential. a got also interesting international has capability with the around

in basically offices We in mentioned and Israel, the that original almost mentioned activity and before, there advertisers in that first I that, office these able to that we Europe, we’re there and is to are will are, the two also thing the in which locations in is markets doing from before. interested to operations a there, we these like when most Unruly us this to is to of also locations the we really year, is so and development us, activity us which still markets in the will in in restrictions we was of potential. enjoying of area, of market of grow course of that In in two of had after interesting basically locations Germany, and course U.K. office that in meaningful are we Singapore, a and this were down for growing and under with this very we believe is in am so stay Corp; Germany the came activity it COVID are tough also from in integrating after in integrate also cooperation interesting this lot News capabilities is believe to there these very down global activity, there, which of very in, that. acquisition country, because for more stay Japan, want and News in we an invest and these provide and did have the and in big News and office Corp we and is partners are it’s the that this we sure U.K. the these last office this because the things and we slowing shut and that pushing activity matter Australia, active be enjoy us, most want a Corp which the will because U.K. market from that more believe the the immediately Unruly, Australia also product partnership into order have locations and operate, limitations lift, of I locations solution we we back was--that them some and main we we and COVID and are and that is Unruly, but these grow what where international a successfully. main locations need Japan, done U.K., and acquisition, the limitations, market. our in the in before with really even which Singapore, player

I last capability economies COVID suffering but and effects now. of these grow in XX that slowed these we restrictions, markets, COVID us the to that months, some growing the for the of in revenues integrating also down affects in of our because are the course of of our more product from revenues think these locations

about--remind was me, about--? question second The

Sagi Niri

take second question. will I the Yes,

Andrew Marok

and the on PMP businesses. was It self-serve

Sagi Niri

more we KPIs part video and is two product in part. number, KPIs drivers, you with level growth CTV are not everything or before, scaling but high, to the so now of quarter it’s are going programmatic it of these are increase organic order only our offering the Yes, growth digit that, jumping exact drivers. and share self again in the disclosed Having yes, least increased going that those and the to said incredibly and understand the I growth forward. growth double that disclosing XXXX, is serve, I think can up QX We dramatically umbrella so our disclosing the mentioned, both moving we of to PMP and more quarter, because main our we QX from stopped still at under very the quarter, and we as every are this this but keep from trends and invest Ofer from

Andrew Marok

you. Thank

Operator

like I Thank turn to would you. showing closing I’m the At back for call further remarks. this no speakers questions. the time, to over

Ofer Druker

call the providing call participating to and for Thank keep in for quarter you looking forward next market. to this news and everyone next the good

was think our it that enjoyed you I first I call hope that you. and us. it like Thank

Sagi Niri

you everyone. Thank

Operator

call. conference participating. for today’s concludes This Thank you

now You disconnect. may