Kaltura, Inc. (KLTR) Earnings Call Transcript & Summary

So wonderful to see you all here. Thank you all for coming today this morning here physically to our New York office. I'll be kicking it off. And I want to, first of all, thank everybody who's joining us also remotely, whether it is live, whether it is later joining us on demand, using our platform. We're thrilled and excited to be sharing with you the Kaltura story here today. Amongst us our customers, we have amazing Kalturians. We encourage you to say hi, grab people and talk to them. On our website, we're going to be maintaining all of this and -- as video on demand for a while. Feel free to come back and watch it. If you're now watching it on demand, you would note that you have our Genie product there as well, so you can actually search and ask questions about both the recorded video as well as additional videos, about our product, about our use cases, about our customers, some stuff from recent webcasts from past events. It's all there in that VOD site and you're encouraged to go ahead and use it. As we speak, as I pitch it out, I want to start off talking about the agenda. So great breakfast. Thank you. And now we're going to do the overview. I'm not the main dish today. You would have heard enough from me and to some extent also from John. The main dish today are the upcoming discussions, both the product demo by our Head of Product and Engineering, Navi Azaria, who's here. Thank you, Navi. And we're going to have, after that, a customer panel in customer discussion with Liad Eshkar, Chief Revenue Officer; and Natan Israeli, our Chief Customer Officer, and then John is going to come in and give you some more information, also some goodies that you haven't yet seen about what we're expecting in the longer-term plan. I want to touch on a few points here, technical notes. Number one, microphones. You're going to see throughout the Q&A session, especially microphones being handed and you're not going to hear them doing anything louder. It's for the people who are joining online. So you could hear all of us, it's okay, it's still functioning. So please hold it and ask a question for the recording purpose. And the second is for those joining us online, there is the chat and Q&A widget on the right side of the screen. Feel free to post your questions so that we can refer to them during the Q&A session. You can also request or do anything. We are going to be listening to the chat mode. And that's it. Let me kick it off and how appropriate to start with a short video about Kaltura. Let's go ahead. [Presentation]

The most amazing company on earth, and I'm the most objective person to say it. So exciting to have you all here. We're all very happy and thrilled to share with you what makes us so excited about the road ahead. I want to kick it off with our mission statement. We are here to create Empower AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Now mind you, this has not always been our mission statement. When we had started years ago, we were a video content management platform. We were centered around managing the video content and enabling it to users. And we've done so in 2 environments. One was online and the other was television. And we were active in 2 markets, broadly seen as kind of a $5 billion and $3 billion, respectively, between EVCM, enterprise video content management, and OVP, online video publishing, and cloud TV software for television. We have then in 2020 around the time that we had IPO'ed, 2021 to remind you, expanded from managing the content into moving deeper into the experiences with the end users. Now we've always touched end users with our portals as well, our LMS integrations, but moving into real-time conferencing capabilities and adding it to our live and on-demand enabled us to really focus on the here and now how people are interacting with our application. And around that time, we had started launching our newer products our event platform, virtual classroom, our TV applications, adding into the virtual events and webinars market, which is another $5 billion market. And now over the last couple of years, we've entered the third phase. And we've known that for a while. This had been top years back. If you've spoken to me 7 years back, I would have told you we're moving into the experience layer, comping creation, interactivity, engagement, and then we're going to move to a hyper-personalized interactivity and engagement. And AI is in the right time and the right place to enable that. The power of AI enables us to deliver content at the right context for the right people in real time, both to create the content in real time to deliver it, to engage and to create robust ROI. So now we're seeing the market expand. In part, it's expanding existing markets and in part, it's opening new markets. Content creation had been a completely separate market. And now through the assistant of AI, we could go ahead and create content. Content curation had also been a complete separate market. And now we're able to address that as well. There's vertical agents that enable us to go deeper into vertical markets. And lastly, this is all an opportunity as we enable highly interactive video-first experiences to actually expand them to be a leader in the full stack offering of CX or EX. And so there's a real option to do that. We're going to talk a lot more about these things throughout the day. But it's important to note that in addition to the TAM that we had, this opens up material additional TAM for the company. Let's talk about our products. So what makes us very unique is that we're running at a bed of very flexible modular APIs that enable us to build everything rapidly and also to enable our customers to integrate, customize, extend and very easily. They're broadly divided into 2 pieces. The online part and the TV part. And on top of them, we've created SaaS solutions. First to mention is our video portal, a white label YouTube, if you may, behind the firewall in a secure location for the enterprises, enables that with a single sign-on, people can create content, contribute content, get the full word transcript down to the spoken word search, have UGC, everything they want to have around a full video portal. And that could be an internal portal and it could also be an external portal. Second is our LMS and CMS integration. This is running video natively within the learning management systems and content management systems. That includes in education systems like Blackboard, Moodle, Sakai, Canva, Design and Learn or BrightRoll and Brightspace and the rest of them, but also in content management systems for marketing purposes. You're going to see a bunch of them today in action. In 2020, we launched our Virtual Events & Webinar product, which enables both virtual and hybrid events. Today's event is run on that system. When you come back, you are going to see pieces of it that have to do with our video portal, et cetera. And now we're using our live agent to be able to see and we're going to be using our live rooms when we're conferencing and other folks that are going to participate at the customer section of this presentation. We have our Virtual Classroom product. The Virtual Classroom is geared for nonsymmetrical experiences, where there's a teacher, a professor or if it's an enterprise, a learning and development and expert that have a before, during and after event process. They want to prepare the room. During the event, they have breakout sessions. They want to have a highly engaging experience for teaching and learning. And then post event, they want to be able to have the materials be sustained and continued. So we're specifically fitted and geared for that as well as for high-volume participation. When you think about the Zooms and the Teams of the world really ideal up to about 1,000 people. When you look about large events or highly targeted events for learning, Kaltura is a place to be. Last not least, our TV streaming applications, which are adding on top of our back-end system for television that are bringing us to a complete solution. I want to double-click a little bit about the platform side, so you're clear about what it means to have an extendable platform. At the heart of what we have, there's a set of 800-plus APIs. These APIs govern the entire life cycle of video from uploading, managing, distributing, publishing, engaging, monetizing, analyzing, they're all there. Now every single company on earth has APIs. You wouldn't hear one that doesn't. The question is, did you build a product and wrap it with APIs? Or is your product the API? So we have always started with an API-first architecture as far back as 15, 16 years. You're going to hear me talking about the LEGO kit of video management. We're enabling to build multiple products and bring them together like a LEGO town. This is what we have built because we knew that video is not an application. Video is a data type. It would need to be inserted into the workflows. It doesn't live in an island. It needs to be added into the textual workflows and as such, cannot be built as a separate application, but as a set of capabilities that could be added into workflows. But we did not stop there. On top of these APIs, we've built what we call experience components. Experience components are embeddable objects that have an end user-facing interface, UI. And these objects can be easily inserted into any environment, right? So if you consider the small little pieces of LEGO being a window out of LEGO or a door out of LEGO or a wing out of LEGO, these are enabling us to have small little widgets, like a small little plane or a small little house out of LEGO. So you don't need to build it all the way from scratch, and then you can plug it into your environment. What you're starting to see here with little diamonds on there in green are the AI-infused pieces of LEGO. And you're going to hear a lot about them today, you're going to see them in action. Everything that we had built is now being videofied and added on top of that AI-fied. And that's done from the bottom up, from the core elements all the way up to the applications. And on top of that, we've got consoles to manage everything from an administration perspective. And very importantly, our partners. We have more than 120 partners plugging into Kaltura. When you choose Kaltura, you choose the ecosystem, not just Kaltura. So why do people choose Kaltura? What are our unique selling propositions or USPs? Four. First, API-first. I'd like to say how deep we go, how deeply integrated, how it is easy to customize and integrate, how you can enable people to take best-of-breed components and put them together with Kaltura. As much as we believe we have a great platform, there's a lot out there. And you've got to be able to add demand. And that's what Kaltura. Second is not just how deep we go, but how wide we go. We provide a uniform horizontal platform that goes across video types like on-demand live in real time, goes across products, goes across use cases. And that is really, really valuable because you can have less vendors and you can have less silos, you have less complexity, you can have less cost and you could also have harmonized data. Consider today, especially as when we speak about AI, if you want to understand your entire customer journey or employee journey, you must be able to have everything in one place. Otherwise, you're going to have some of the events here and some of the events there and some of the activity here, some of the -- how are you going to generate the insights that you need to generate in order to best benefit from AI. So we enable that as Kaltura from the bottom up. The third is how enterpriseable we are. Reliable, scalable, secure, accessible. You're going to hear again our ARPU. We're at $200,000 piece. There's other video technology companies out there that you pay a few hundred bucks, that you pay a few thousand bucks, maybe they think that it's enterpriseable if it's $20,000. We're 10x that or 100x that. We are the large vendor provider because we know how to provide solutions that are really large enterprise fitting. And lastly, the 3 ones that I've mentioned until now are more back-end-ish, the front end, the data, the engagement, the insights coming from the harmonized data, but then going into analytics, AI agents, you're going to hear a lot more in how we could be personalized and interactive. So let's talk about the use cases, how do people use us, right? So first, they use us for marketing, sales, customer enablement and success. We have CMOs and CROs buying from us, and there's examples here of what they buy us for. They run events and webinars. They run their media management for the external videos. They have sales enablement. They have customer academies. They have video-based e-mails to their prospects and customers. They have media publishing on the website. It's 360 degrees for all things marketing. You're going to see exactly that when Navi comes and presents our products. He's not just going to come and show you how our products work. He's going to do that from the binoculars of each one of these experiences, how a marketer would be using it and following by how a teacher, learning, training, certification and either higher ed or enterprises are using us. And specifically, that would be CIOs, Chief Learning Officers, CHROs that are adopting us for videos in the learning management platform, lecture capture, capturing the videos itself in the classroom together with the additional material, managing the media for the entire organization, providing the virtual classroom real-time experiences that we mentioned, personalized learning tracks. Remember Khan Academy when people are like, okay, you can build your own tree and have your own course and have your own tutoring. Well, now it's on steroids because you don't need to recreate that tree. That tree creates itself on the fly in a hyper-personalized way. You're going to see that at work. And you're going to actually come back and when you check our on-demand site for this specific event, you can write questions, and you're going to be generated answers on the fly together with flash cards with very graphical information and videos there as well. So personalized learning, learning and development, et cetera. The third, communication and collaboration. And examples include a company portal, town halls for all the employees or a part, media management for all their corporation and then workflow AI agents that would be a CIO and CHRO. These 3 examples come together are forming our EE&T reported segment. Our reported segment is not a customer-based reported segment. It is a use case base. There is quite close affinity between that and the type of customers. But by the way, if you have a media and telecom company that comes and buys us for marketing or for teaching or for communication, that would be on the EE&T front because what's interesting is why do people buy you. And that brings together our EE&T offering. And then of course, we have our entertainment and monetization, which is our media and telecom reporting segment, where people buy us for live and on-demand TV for monetizing video online or on television, for conducting super aggregation, meaning they have a lot of content. They want to aggregate it together and put it on one site or personalized content discovery and recommendation and media management. All these are going to be demonstrated by my good colleague, Navi, who's going to be showcasing these for you. Let's talk about our customers. We've got 850 of them, and we have more than 10 million active users that are actively using our system at work, at home and at school. First, technology companies. We've got 30% of the top tech U.S. companies. You can see some of the names here, really some of the best and the brightest and they use us across. Part of what I didn't reiterate before is, albeit that you have all these singular use cases, by and large, people use us horizontally. So they use us initially for marketing, then for internal, then for communication collaboration and learning and vice versa. In education, we got more than half of the R1 schools. I'm sure most of your alma maters are in. And if not, come speak to me, we need to bring them in, but we're powering a lot, a lot of schools. On the regulated industries that includes both banks, insurance companies, pharmas, government, health care. We got 24% of the top 50 financial services and insurance companies and 5 of the top 10 health care and pharma organizations, companies around the world. And then in some of the other industries come together, which we define them as professional services, commercial and manufacturing, we got 3 of the big 4 accounting firms, we got 4 of the top 10 automotives, and we got many, many, many more. Last not least, of course, our amazing media and telecom customers. We have leading telcos and leading media companies from around the world. What's really interesting and important to note, aligned with what I said earlier, is how these customers start small and grow. Sometimes they don't start small, they start big, but they move into consuming additional products and additional use cases. The graph on the bottom left shows how over the years, more and more customers are using more products, more use cases. And on the right, you see the financial implication of that, right? Year-over-year, year after year, our average ARR per customer has been growing as customers use us more and pay more, and we expect that to continue to grow up. Let's talk about our financial background because you're going to hear a lot more about our customers again from Liad and from Natan going forward, and we have 5 esteemed customers joining our panel, 2 of which are here. Thank you for joining. And so you're going to have insights coming from our customers. Let's talk a little bit about finance. So it's been an interesting journey for Kaltura and for the industry, right? Before COVID hit, right, this was a nicely growing profitable company. We were growing our bookings, growing our gross retention. Revenue growth was at about 18%. We were a positive adjusted EBITDA, and we reached 22% of a rule of when you combine year-over-year growth rate from revenue and the adjusted EBITDA margin. And then came COVID, right? COVID gave a boost. There are some companies that were tremendously boosted in our case, not as aggressively because we wanted to manage. And it starts with a boom ends with a bang. And so I'm happy that this is where it went to the direction it went. We did accelerate to 37% year-over-year, started seeing gross retention turn around right after 2021, but mainly also invested post our IPO in order to grow further. To remind you, during these years, we've expanded into the marketing use case into the real-time products. And so while we've done that and albeit that we had declined our profits or we started to lose again, we reached 30% in the rule of, which brings us to the last few years, '22 and '23. These were the tough years, tough years for the industry. We've done better than the other folks out there. New bookings started going down. Gross retention went down. It was historically low 2023. And then we had low single-digit growth, coupled with a significant negative adjusted EBITDA that started gradually regrowing as we started readjusting our cost base. By the way, after achieving what we set to achieve by way of expansion into the new products and new technology. So we did not cut muscle, didn't really cut fat, but we were able to have gone around while achieving the expansion that we wanted to have expanded. And the rule of took a big dive from 30% to negative 14%. That's a 44% dive, right? And then started turning around, went to positive 2%. And the last couple of years, of course, started climbing back up. So what have we seen in '24 and what we started guiding for in '25, a turnaround in new bookings and in gross retention. We had a tough couple of years, and things are now starting to get better. Second half of '24 bookings were climbing. Gross retention came back to its historical numbers. We expect that to continue to be in 2025. Growth rates are still low single digits. There's some delay. And then we're seeing positive and growing adjusted EBITDA and cash flow ops and a very nice number that's going to continue to build up, and we have provided guidance for a significant increase. And the rule of, again, guided to 9%, we're inching towards that 10% after being a negative 14%. And now for the first time, we've given a longer-term target. We've said that by 2028 or before, we're going to get to double-digit revenue growth. We're going to get to 30% rule of, which we've been before. Now John is going to go into a lot more depth around this, and we'll also give you some more information about how we see our longer-term targets and how we're going to bridge between here and there. But this is the story. So people ask why video? Why now? And I say, first and foremost, it is a rebounding market. Even before you ask about Kaltura per se, just the industry. The market is regrowing its budgets. We're seeing increased hybrid workplaces. We're seeing video-savvy employees enter the workplace. And so there's a lot more understanding of video and need of video. Second is mission criticality. Video had been broadly used as an end, not as a mean, meaning you've had conferencing and here's a video clip. Now it is inserted into how people learn and market and sell and collaborate, and it's yielding a lot more value. The third is Gen AI. right? You have automation and compression of the entire video life cycle. You used to have separate components for creating video, distributing video, monetizing video, now it all comes together. In line with it all coming together, it enables for the first time to create the hyper-personalized experience. You are coming into a website, you're getting everything you need. It is not any more Harvard. It is your Harvard. It is not any more SAP. It is your SAP. It is your experience as you get onboarded and as you get reskilled. It is your experience as you try to get the right customer support, the right customer marketing information, et cetera. And all that is enabling a massive increase in how much video is created and consumed and not just instead of technology. In some cases, instead of manual work, it is no longer software as a service. It is service as a software. It is replacing the agencies that would have built videos. I'm sure all of you guys do videos from time to time, probably takes you months and you create one video. How about it would take you minutes and you create 1,000 videos, right? There's a lot of savings to be had, a lot of value to be generated. Consolidation. We are at a point where customers are replacing point solutions with a horizontal platform that enables them to harmonize data and to best address CX and EX. And it's an opportunity in our specific case in this industry to consolidate the industry. There's far too many companies, not enough revenue, it's an opportunity there. And as I mentioned earlier, there's an option to actually go further to become the full CX and EX platform because we do believe that a video-first platform has the right to potentially be the leading CX and EX platform because it's all about video. Consider how much Facebook changed when they suddenly put video. Look at TikTok. They were born from video. So if you could come and you could be a video-first CX platform, could you be the leading CX platform, period? Answer is yes. And of course, valuations are depressed. On a good day, you get a 2x revenue. And so when there's blood in the street, that's the time to invest. So for all these reasons, we believe that video is a very interesting space to get into in 2025. And we definitely believe Kaltura is the right player. Why? First, we are the API company. So we can run deep. Remember, I mentioned mission criticality. We're built to offer mission criticality. How about consolidation? Remember, we spoke about horizontality. Because we're able to provide so many products and so many use cases and such integrated experiences, we are the ones that can offer the horizontality that's so much required. And of course, the enterprise ability, the analytics, the AI, so in short, the best product out there. The second is the customers. We don't need to bring a lot of new ones. Now we intend to. We believe we will. But our existing customers, based on our own internal analysis, could yield a 2x growth on top of our 1x. That's a 3x size potential. So there's a lot of growth coming from existing customers. We command the largest TAM in this industry, addressing the largest opportunity. And we have also exerted the best financial results during the downturn. We have not come down in revenue. We've always gone up. Most companies have come down. And now it's going to turn around. We believe we're going to accelerate the most. But it's not just about the organic option. When you think about the nonorganic opportunities, we provide the best opportunity for consolidation in this industry, which is very much required. Because of the architecture, because of our culture, because of our leadership, we believe we are best positioned to consolidate. And we believe we're best positioned to also take that real option to become the leading CX or EX platform, period. Now does our current guideline for 2028 require all that? It doesn't. Just organically, based on what we're doing, we're going to get what we're saying. But there's a real option here for a much, much bigger one. I want to wrap up my session by just reminding all of us what are the 6 points of growth for 2025. So the first is we believe the markets are turning around. And yes, there's a lot of macro issues, and there's a lot of craziness that might affect public markets and might affect other things. But broadly, we're seeing after the post-COVID kind of slowdown, people coming back and say we cannot longer continue to be myopic. Video is the #1 way in which people learn, trade, market, sell, we need a video file organization. So budgets are coming back up, demand is coming back up. And we in Kaltura are continuing to sell a consolidation platform. We're getting a lot of customers ask and get that from us. We have more mature products. Remember, in 2020, we started adding our newer products, '21, '22, '23. Now they're firing on all 4 cylinders. So we're able to cater with newer products. We have the agentic AI capabilities that you're going to see here today demoed. We have a lot of upsell opportunity given the base of customers that we have, and we are now starting to regrow our sales force after declining, reducing it by 25%, and we're now ready to gradually start picking it up. So for all these reasons, we're excited about what's ahead. We believe we have the right product. We have the right team. We have amazing customers. We have the right strategy, and we believe that the future is very bright. So hopefully, this levels the playing field. I know some of you may have less experience with Kaltura and the purpose of the first 20-plus minutes is to make sure we all understand the forest before diving into the trees. And here we go. Like I said, I am not the main dish today, and our main dishes are now coming to be served. So please join me in thanking Navi Azaria, our Head of Product and Engineering. Navi?

So my name is Navi Azaria. Okay, not yet. We are waiting for the broadcast. Okay, we're good. So my name is, Eynav, Navi Azaria. Very nice meeting you all. It's going to be an exciting hour for us. I'm going to present you the Kaltura product line, our technology and our experiences. Now you will see that products are now having AI infused within them already, and you will be able to ask me any questions in the end of the session. There's going to be about 45 minutes demos and about 15 minutes for Q&A that my colleague, John is going to moderate. So as Ron said, this is an exciting time for video because video is no longer just a content type, video is intelligence. Video can actually recreate experiences globally. A little bit about myself. I started in Kaltura about 4 years ago as a General Manager for the EE&T business and then changed my position to become the Chief Revenue Officer for Kaltura. The claim to fame was that I literally met hundreds of our customers face to face, listen to their opportunities, listen to their challenges around digital transformation. And now for the last year, I'm actually the Chief Product Officer for Kaltura, meaning that I own all the technology stack, meaning that I'm the one responsible to develop the next generation of Kaltura, which is fully AI infused. We are now partnering with our customers to include the next evolution, which is the AI transformation. A little bit about my background. I'm a software engineer, started developing software in the age of 13, developed many software throughout my life. I'm passionate about AI, and you'll probably see it, but also hear it throughout my presentation. So as Ron presented, we're going to show you today 4 different experiences, and I will end up with fifth experience for the developers. The first one is going to be about our marketing, sales, customer enablement and success. I'm not going to show you products. I'm going to show you the exact experience that our customers are going through. So you will be able to see our products in action throughout the real-life experience of our customers, and I will reference those customers also as I present. So the first experience is going to be, as I said, around marketing and sales. And you will see now how Kaltura is revolutionizing B2B marketing. The experience that you are going to see now is a fictitious company called Mighty Tech, but that actually represents many of our tech companies or many of our companies globally. This is our event website. You can see this is our webinar platform you can run your virtual events on, very easy, very easy to consume, fully modified for the customer itself. And in one click, I'll be able to go ahead and register. Like us, we are in person, all like the team online that are watching us, you guys all registered online. In that one click, we immediately capture first-party data, which today represent the gold in that post-cookie era. This first-party data is being consumed within Kaltura within our own CDP, but also integrated into Marketo or Salesforce to create a customer profile for our organization. What you see now on the screen, it's a beautiful lean-in experience, which the marketers of Mighty Tech decided to create. They're creating B2B funnels right now. So you can see that they are featuring speakers, featuring recommendations specifically for me or actually letting me see the daily recaps of the other events. In my presentation, I want to drill down and dive directly into the live events. Like what we see now online, all of us. I joined the event and immediately you can see that, that's a totally different experience. This is not a web conferencing This is a lean-in experience, which is super engaging. I can see Lori Corel, our marketing manager actually presenting. Now with new security features, I can see that the chat is buzzing. But as I jumped in, I can see that our AI system, which I'm soon going to introduce you also sent me here a notification. And I said, I want to be engaged, but actually the moderator wants to collect data as I actually logged into the event itself. I will reply and now the marketing funnel is actually asking me to go into the Q&A session. Interesting. This is a live event. I can ask question that I like. So I go into the Q&A session quickly. And as a question, I will ask about the business value of those features that Lori is now presenting. Now what you would expect now? All of us would expect that the hungry sales guy will jump on that lead, right? And yes, we have that. We support that. We have a moderator app, immediately pushing that lead to the right salesperson to convert. But look at that. In the chat, you can see Ask Genie. And Genie is our new AI-powered personalization engine that is actually curating the right answer for any question that you would ask. See and think about it like a chat bot, but actually curate all the content of the organization, and providing you video answers in real time. In that case, we are showing you a second screen experience. You can watch the event and ask any question. Now you will be able to compare if Dennis -- Brian's answers was better than the Genie's answer. As Ron said earlier, you will be able to actually go and try our Genie online in our investor website. As you can see here, the answer that Genie generated actually was much more focused. In order to answer my question, the reason is that it's not only going and reviewing the content that it's now presenting on stage by Lori. It's going through the complete video content library of this organization, of Mighty Tech. Now you saw earlier that there was multitracks, simulive presentations. This Genie is actually going also through all those simulive presentation. So Genie is really accompanying me before the event, during the experience and also post experience to ask any questions that I like. So now I want to switch gear a little bit as I see Genie kind of representing and sharing with me information live. I want to change my point of view to become the moderator of the event itself, okay? So let's switch. I was an attendee. I saw a lean-in experience. I'm switching to become a moderator now. As a moderator, I get live alerts from the system itself. While I'm presenting, I can see that our AI assistant, real-time AI system is letting me know that I'm losing you. Guys, 68% engagement and it's dropping. I need to make sure that I'm engaging with my audience. The nice thing about our AI is it also allows you to take automated actions. In one click, I can see that I actually have here my AI assistant showing me that the chatbot is actually very positive. So probably, I should engage through the chat. How? Let's boost engagement with AI interactions. So let's do that. It's actually recommending me to select a poll of how often do you use AI tools. Okay. This is a trivial question. So who is not using AI today? Let's do that, all right, D. Okay. So we have no one here, right? Everyone is using it. But what's up with online audiences, we really don't know, right? And I'm on stage and how would I get this information, the poll was now sent online and the people are there answering. So here it is, the results are there. My engagement rate is up. I'm 75%. I'm in a good shape, 10% increase. Thanks God that I actually committed to that poll, but I want to see the results. I need to push this result to the stage monitor that I'm using. So here's my stage monitor over here, my app -- or there, by the way. And I will show you now how often people use it. So you can see that 20% of our audience apparently are not using AI at all. The cool thing here that you've just seen is how we are connecting a hybrid experience of people online and offline, same poll, same engagement, which I just brought from online. Now I want to end this session, and I will go and show you the back end of Kaltura, where all the magic actually took place. I can see the analytics, how many unique viewers were online on the session itself, what was the participation of on-site and offline and how was live engagement. But within Kaltura, we provide a unique value proposition to our customer, which is a granular level of interactions with the attendees themselves. And you can see that we actually have this granular level of attention for this nice gentleman called Liam Brown. Now remember the name Liam, because I'm going to send him to sales later on to take care of him, but we can see exactly Liam's attention during my session. And if I click on Liam, I can actually see the rank, and I can see that he is actually a hand raiser. He wanted to engage during the conversation, and I need to follow up on him. Now another AI that actually just pop up for me here is the ability to take this long-form content that we just created in the event. Those might be hours of presentations and make it snackable content because honestly, nowadays, the thing is that we are actually very similar to a Goldfish. We have only 8% -- 8-second attention time. And we need to actually capture the user in that 8 second, so we can't actually send them to watch a video of few hours. So let's see our newest invention. And this is what we call our AI Content Lab. And Content Lab is that magical capability that Ron was speaking about earlier, which practically replacing agencies or tedious hours to create videos and to adjust them and change them. Our Content Lab allows you to create short clips, which I'm soon going to show you, quizzes, summaries, chapters, I'm going to show you all those fancy capabilities that are being created by AI. In that case, I want to take Lori's presentation and make it a snackable content. So how do I do that? In a very single prompt. I can do a predefined prompt, 30 seconds, key insight, et cetera. But actually, I can write my own custom prompt. On this case, I want to focus on the newest features in cybersecurity. And when I click generate, the AI will work for me. In essence, it will generate here about 4 or 5 different video clips automatically from that hours long presentation that I just did. I can go ahead and choose one of them and practically modify it, trim it, change it or do any editing that I like. And I feel that I want to commit to that and now it's fully curated, I will go ahead and publish it to all my other assets. In that case, let me save it. By the way, here's the additional magic. Remember, who likes to add tags to content? Who actually likes to write description to content. The only one who likes it is actually our AI Content Lab because it does it for you. So in essence, now it's becoming fully searchable. And I will also click on embed captions because if I want to plug it into my social media or send it over WhatsApp or any kind of communication tool, I need to have my caption burned on top of the file itself, right? So I will click save, and I will go to publish. And here is actually the part that I love about the demo because I took a webinar, I created out of that webinar a very short clip, snackable content, but I want to push it for user actually to consume. So in one place, I can publish it to Kaltura's portals, which are actually enabling today customers' academies or for an example, into the dot-com website, which we manage all the video, of course, also for Mighty Tech. And in that case, I also want to introduce you to Kaltura's sales enablement channel, which is actually a video portal for Mighty Tech. So I will click on it. And now you will see that the video of Lori, the snackable content, was immediately added into the portal. This is the place that all our salespeople in Mighty Tech are joining and doing their training workshops and interactive demos. By the way, this is exactly how we train our sales teams within Kaltura. So we drink our own champagne. But in that case, we want our sales team also to now go ahead and engage with the customers. Remember, this is actually the most important part is how you actually drive a lead for marketing and into sales and into conversion. So that's where the sales team comes in. In this case, I want actually to take this dive into the threat detection system and introduce it to Liam. He was a hand raiser. Remember Liam from earlier? I will click on it and say send a video message. Now in that case, of course, it was pre-recorded. I can record it live or I can actually upload any media that I did before. But I want actually to make it personalized for Liam. He will know that I care about him. He will know what I want to introduce him to. I will click next, put Liam's contact in. And you can see that it already stitches those 2 videos together. So I have a personal intro to the product offering or to the educational content that I want to send and I will click send the message. Now usually, you would look at me and say, okay, this is where the video ended, and that's the end of the demo. But not with Kaltura. We continue to track this e-mail forward. So we actually see if you watched it, what you watched in the video because this is actually a gold mine. This data is the gold mine for the sales personnel to understand how to convert this customer to become a paying customer or actually to do the upsell that you want. Now the last thing that I want to show in that video is that how we actually created an AI flywheel. Remember that we started with a single lead that was engaged in some kind of an event and then it converted into the full event experience and then watch a snackable content and had a sales guy engage with them. The same snackable content was now published automatically into the dot-com website. So from here, any attendee of Mighty Tech, any user that comes to visit the website, will see this video, will get the demo and will start that marketing flywheel funnel that we just presented here with Kaltura. So really excited about this use case and kind of summarizing what you've just seen, started with marketing, continuing to sales, continuing to have practically customer success and closing that flywheel. The next session, the next demo. It's all about training, learning and certification. Now I'm really excited about this demo. And the reason is that during the breakfast, I had the opportunity to speak with one of the colleagues who said that actually, he used Kaltura in educational setting. But then he went into the workplace and Kaltura is also installed and deployed within the workplace itself. We have millions of students using our product for learning every month, millions. And every year, millions of those students are graduating and are moving into the workplace. And they have the same learning and teaching experience in both universities and in the enterprise. So in the demo that I want to show you now, I want to show you that story. By the way, I will imitate myself as a professor. I'm not a professor. I'm a software engineer, as I said earlier. But one of the colleagues that I met here in the morning said that his wife is a professor and she actually used Kaltura. So that's actually kind of not so fictitious. And I will be a professor of the University of Merton. And if you never heard about it, this is true. It's a fictitious university. So in that case, myself, my name is Professor Henry, and I will present to you how we actually -- how I manage my courses. As you can see, the user interface here looks totally different. The reason is that this is another product of Kaltura. This is where we integrate into LMSs and CMSs. And Ron mentioned earlier, we integrated into Blackboard and Brightspace and Moodle. In that case, I'm actually presenting within Canvas. So you can see here on the left side is actually Canvas. The right side is Kaltura fully integrated. And myself being Professor Henry, this is my course where all my students are coming in to learn, to entertain. And I have all the recent classes of my course that were recorded by Zoom and Teams and Webex automatically being uploaded into my course. But today, I actually decided I want to invite one of my esteemed colleagues, Professor Adams to the class. And as you can see, this is another product from Kaltura called Lecture Capture. If you have been in university recently, you are familiar with Lecture Capture. It's actually a camera, like what we have here, students in class and the professor presenting. But in Kaltura, we are not only streaming and archiving this video. We are making those videos fully accessible with our AI capabilities. In essence, what you see here is that in one click, I will be able to have it also supported audio description. And in another click here, I will be able to move ahead and change it to Spanish, for an example. So you can see that our content is consumable across multiple languages, providing full accessibility for our students. And what we see now universities doing are actually starting to monetize this content also outside of the country of their origin because now they can actually sell classes in other locations as well. We will move a little bit ahead here and continue in our demo to a live classroom. As we have seen earlier, Kaltura in 2020, 2021 announced our real-time technology, which means that we can manage live classroom at scale. And many of the universities in the U.S. actually start using those live classroom during COVID time because we needed to learn and entertain and work from home. Let me show you how our live classroom are very different than those other web conference products that you can see in the market. As for myself, I said, I'm Professor Henry, I'm waiting for my class to join in. And here, I have my secret weapon. This is practically my storyboard. I upload my content once and it stays and continuously stay with me throughout all my journey within the university. So this class that I'm opening now continue to stay open for the student to log in, to review the content and even to communicate and entertain with the community of students. The content that was uploaded here is now ready for me. I will go ahead and start the recording and will start to present the first slide. But I don't need to remember my content anymore. I can have a teleprompter showing me all my key points, all the key messages I want to deliver during the class. But in today's class, we want to make it much more interactive, right? I don't want to be one way like this session. I want the student to be with me to actually learn today. So what I will go ahead and do, and I will create that, I will go ahead and do a breakout. So our system knows automatically to create breakout sessions, and that's for small learning, for small learning groups in essence. I will join one of those lessons -- one of those breakout rooms. And you can see that I can welcome Jan and Eric and Lilly to the session itself. But I want to make it interactive, as I said. So let me go into the whiteboard and create what's called a mind map. I create a mind map saying key leadership traits, and I'm letting all the students to actually collaborate in live on my whiteboard within Kaltura. Remember, all this session is now being recorded and being consumed afterwards, not only by the students, also by our AI agents. So let me end the class. And now I want to actually change gears a bit and become instead of the professor showing you the student experience. So I'm going to change here and log in instead of Henry logging in as Mia. And you will follow Mia now through the education sector and into the enterprise sector. So Mia, unfortunately, didn't make it to my class. She couldn't. Now what's her options today? Yes, we recorded a session. So she can spend hours and watch the recording. Second options, send an e-mail to the teaching assistant and maybe wait about 2 weeks or 2 months until the teaching assistant will get back to her and have a private lesson. So this is exactly what we did with AI. We introduced Kaltura's Class Genie. And Kaltura Class Genie is an AI-powered engine that is actually -- I'm sorry for about the teams, I will have to close it. Kaltura's AI-powered agent, which is actually acting as a personal tutor, personal tutor for each and every student in the university. It understands the sentiment of the students, the context of the lesson and every question that is being asked. So let's go ahead and show you how it works. Now you remember, you have seen Genie already in my first demo. It was integrated into the event experience. Now you are seeing Genie practically within a learning environment. Genie allows you with a few questions premade for you, but you can ask Genie anything or everything. And I want to understand what are the foundations of effective leadership. Now I'm not going to quiz you on it, okay? So you don't need to know the answer because Genie will. And when I click on it, Genie actually went through all the curated content of the university, keeping it only within the brand, which means there's also no hallucinations because it's only curated content. And by the way, this is a good place to remind you that there are only 2 entities in the world that can access this content, Kaltura and this specific customer. No GPT can steal this content from the university. This is all actually hosted within Kaltura, which means that we are the only one who have that ability. In essence, what you see here is a new experience that we created for our customers that's called the flash card experience. And now we have a summary of what is effective leadership. But as I mentioned earlier, while Mia was supposed to learn content from Professor Henry, there's also curated content from Professor Harper. Why she shouldn't learn from her as well. She actually thought the same class, but for different audiences. So this is actually owned by the university. And of course, my class as well, Professor Henry's class. Now Mia is really excited about learning, but she also want to evaluate her knowledge. So in one click, she will be able to have an AI quiz generated for her on this content. Now honestly, we had quizzes in our platform for many years. But it was so tedious to create those quizzes because who wants to go through a video and the text and define the quizzes and understand exactly where to put it within the video itself. It took ages. And now in one click, I would just define what knowledge or how many questions I want. As a professor, I can test the knowledge of my students. In that case, what's the foundation of effective leadership. Let's do it with votes. I will go with avoiding responsibility probably. Oh my God, apparently, Mia failed. So Mia can go ahead and actually retake it or click done and move along with her life. So in essence, we spoke about Mia in the education sector. But I mentioned earlier that the reason why I'm excited is that every year, millions of students graduate and going into the workplace. So I want to show you Mia journey in the workplace. When Mia actually is adding to the workplace, and congratulation to Mia because she was just recruited into Mighty Tech and you can see her profile in Mighty Tech. And within an enterprise, you need to be a self-learner. Within an enterprise, you need to be a lifelong learner. No one is going to teach you. You have to actually be responsible for yourself to certify yourself throughout your career. So in essence, Mia have the onboarding session being suggested to her by the organization. In that case, it's actually Charlie that is actually presenting that session. And again, the same experience that you have seen earlier that Mia can certify herself. But here, Mia have a very unique CPE platform, continuous professional education, which, in essence, she is being certified on mandatory courses or she can take other courses and learn by herself. Some of our largest customers using today this CPE platform to monetize their content. They're actually using a mandatory NASBA certifications and running all the tests within Kaltura today for their own internal employees as well as external people who want to be certified. So with that, I think we'll say goodbye to Mia, okay? She was super nice with us, and thank you for -- Mia for joining, and we -- she graduate with us. And now we'll go into our third demo. And this is a demo that I'm super excited about because first, I'm going to feature a bank, and many of us here are in the banking sector, right? So you know how it is, a highly security organization, multilayered organization. We need to have a massive scale because our bank is global. I need to get our all-hands to thousands and thousands of users, but more than that. In this demo, I'm going to introduce you and showcase a newly developed not yet in production capabilities, which are AI agentic workflows. This is a new platform that we are developing internally and will be released later this year. Some of our customers have already seen it and getting more excited about that. But this is actually kind of the future of our cognitive architecture within Kaltura. So I'm going to start now, and let's go into the demo quickly. As I mentioned, it's going to be a bank. So the bank that we're going to see now called Crest Bank. And if you never did any banking with Crest Bank, it's because it's, again, fictitious. But within Kaltura, we have dozens of large banks using our product. By the way, it's not only for banks, pharmaceutical companies, health care companies, they're all worried about this entitlement and provisioning of content. In that case, what you see here is, again, Kaltura's portal, and this is the centralized hub for all the videos of this bank. Again, the recommendation engine recommending you content, you can browse through channels. You can actually get into the action and watch all-hands and recaps. In that case, we want to actually see the results of this company, Crest Bank Q1 2025 All-Hands. In this demo specifically, I will be the moderator, the person who is actually managing the broadcast. I know that we have a few people who love broadcast and AV technology in the background. So I will be this guy in the background that's managing it. And you can see I put Michelle on stage. And now I want to push her slides as well as inviting Eric, our CEO at Crest Bank, to present with Michelle the all-hands. So things are going well. I'm relaxed, but look at that. Remember our AI assistant that's actually in real time letting me know what's going on and what action should I take. In that case, I can see that my chat is buzzing. And this is actually a good time to join the conversation. Now I actually can go through, read throughout all the comments in the chat, et cetera, or I can have AI read it for me and suggest, based on my predefined content and curated content, what to send now, what poll to send in order to create better engagement and feedback from my employees. In that case, I can see that they ask me, what are the biggest challenges we need to tackle in 2025. That sounds reasonable. Let's send the poll. And now I can go into my AI assistant and see again the results. I can see I have more than 50,000 people online, the engagement rate is reasonable. The chat is positive. I'm in a good shape. As the manager of this webcast, I'm actually in a good shape. So I want to go deeper into the analytics because that analytics can be lying a little bit. In that sense, again, I can look at active user, I can look at the buffering itself, the technology, kind of the streaming technology behind, but I can also look at geo location. And remember, I'm a global bank. So I do see that I have reasonable attendees, right, from North America, also a little bit of Western Europe, but Asia is kind of not joining my webcast. Okay, that's actually worrisome right now. So let me end this webcast and see the analytics and what happened there. So you can see here that my AI ambient agent was running in the background, recognizing what I've just seen. It's actually let me know that the turnout is low. And in essence, I need to rebroadcast that for that specific region in Japan. Let's see the concept that takes -- let's see what happened when I take action upon it. In essence, we have here a predefined workflow that are AI defined, not us, AI defined it and defined that we need to trigger it and localize the session. Apparently, our AI recognized that because the content is not in Japanese and also not fitting the time zone of Japan, our teams in Japan are not joining. And it's important for us that all our employees will be part of our all-hands meeting. At least once a quarter, they will hear the corporate message. So in essence, I can go ahead and run this agent. Now I will soon show you the results of this agent. It's going to be in Japanese, if anyone understands that, that is going to be there. But before that, I want to show you again the agent framework. The agent framework actually work for me. In essence, you can see that it recognized content issues and asked me to manage redundancy. It's recognized engagement issues and asked me actually to fix that when boost engagement or it's actually found noncompliant content within my bank, which is actually a very big issue, and I need to take care of that. So how do I manage that? Here, for an example, I have 2 on-demand workflows. I will click on one. And again, I can go ahead and edit this workflow. This is a workload that was suggested to me by my agentic AI. Now remember, AI is a stochastic model, which means that it will suggest what it believes the reason for such a fix that I need to deal with. In that case, it suggests that I will do a machine caption translation, also do a metadata enrichment and run a compliance review across all my content. So let me run it and show you the results. I will go ahead, run this on top of my all-hands meeting. And here, we go back into our corporate portal and now I will be a user, and you'll see my user experience. When I go to my all-hands, you can see that the system automatically captioned all the content, created a complete summary of the all-hands as well as created chaptering that we can go through and browse the content very nicely. Now I did promise you Japanese here. So that changed the language to Japanese, and that did exactly this thing. So I promised that. This is now fully localized in Japanese dubbing text content, and that is actually now being broadcasted in the time zone of our Japanese employees. So what you have seen here is, again, the complete experience for highly regulated industries such as banking and pharma and health care that care deeply about compliance of content and who is allowed to see which content and how to actually cater that content in a global scale. The next demo is one that I'm also super excited about because it's featuring myself and my daughter, Romi, who is almost 18 years old now. And this is part of our Media and Telecom reported segment. So if the first 3 demos were around our EE&T, now we are moving into our Media and Telecom. So first and foremost, just to kind of make sure that we all understand what's Kaltura value proposition within media and telecom. It's very, very simple, but very forward-looking. We are an over-the-top cloud TV provider which actually service or provide TV services across all devices. STB, those nice set-top boxes that you have at home, we support. Smart TVs, like I love to watch my content on a smart TV, we have as well as across all my mobile devices. This platform is actually practically divided into 2. We have a massive back-end solution that's supporting the world's largest multinational operators, which manage all content and catalog, end users and analytics. And we have the other component, which actually is our front end, what Ron referred earlier into our TV streaming app. And this TV streaming app, when it's connected to our back end create a completely contextual TV that supports all the business model, what's called TVOD, AVOD, SVOD. And if you think this is Japanese, I will explain you all of them in a second. So in essence, what we're going to see now is a quick demo of our TV experience. You see it's going to be a large TV experience, a fancy one. I'm da, and this is Romi. And we'll soon go to Romi. By the way, she is by far more sophisticated than me. She had by far a much more contextual experience than me, but we'll soon get there. So when I log in, you can see that I have my TV. You're very familiar with this experience. The TV understand me better than my wife understand me, which means that you understand my live favorite channels. It understands where I stopped watching White Lotus. By the way, anyone is watching White Lotus and excited about the third season, all right? I didn't watch the last episode. So don't tell me what happened there. And also, it's Wednesday. So I have my happy Wednesday offers, right? That's what called TVOD, transactional VOD, understanding who am I and representing me. Now yes, I'm a big fan of Gladiator, honestly, not big fan of Gladiator too, but still, it was promoted for me here. Now the nice thing about Kaltura, and Ron was alluding to that earlier, that we support OTT aggregations. And we're probably the one -- the only company in the support that actually -- in the world that support it. What does it really mean? It means that within the operators that use Kaltura TV, you have access through your search to all those different content libraries, right? So you know the experience if you use other tools or TV, that you have to go to Netflix separately then Disney, then same with the HBO to Max? Here, we are totally aggregating all of them to one location. What does it really mean? It means when I go and search, the search will be on a super aggregator. So if I search content or any context that I wanted to see, it will be based on the complete content library that is open for me. But honestly, I hate searching. I'm a couch potato. I like conversing. And this is actually where TV Genie comes to play. TV Genie is, again, an AI-powered contextual and personalization agent, which I can converse with. And I can let Genie know that I'm excited. I can write it in any language or actually kind of as an open question. But as soon as I let it know who I am and what I care about, it will automatically recommend me content. And I can continue to converse, for example, today, I'm on [ Edge ] and actually have Dune being recommended for me. So in our contextual TV, we can search on cross-aggregation, but we can also converse with TV Genie and have recommendations. Now I'm going to go back to TV Genie a bit later again for additional experiences. Let's move forward. We mentioned those words, right? TVOD, we saw every Wednesday. Now we have SVOD. What is SVOD? Subscription VOD. And here, again, the TV needs to understand me. It needs to understand me even better than my mom understands me. So in that case, it knows that I love sport packages. So it gives me 60% off. But remember, I told you about [ Romi ], my daughter, she has a totally different profile while we are in the same household. When Romi logs in through a mobile device, of course, because who would watch TV in those things, she will have a recommendation of free 3 months free -- or first 3 months free and actually a promotion of Emily in Paris. So it's a very different contextual experience for me and my daughter. And this contextual experience actually continued to be totally different also in what's called AVOD, advertising VOD. What does it mean? It's called FAST channels, free advertising supported television. And when I log in into my iconic comedies, I will get an advertising for alcoholic drinks. While [ Romi ], which is not in the drinking age is getting L'Oreal. Obviously, I didn't get L'Oreal because I don't have any hair to wash. So it's actually a different context for each one of us in this experience. Now I was speaking a lot about my daughter here. So let me show you her experience, which, as I said, by far, more sophisticated than mine. When she comes in, she have, of course, everything is on mobile device, but she also wants to see her favorite YouTubers through her OTT providers. And she also wants to see Shorts, right? Because she doesn't want to spend an hour on the couch with me watching TV series. It's too long. So in essence here, the context is being understood by our back end. And you can see that immediately, when she joined in, she has great news. Actually, her favorite YouTuber called Leadley, which I didn't know before, by the way, actually is promoting some content to her through the mobile application. Now before we click on it, I want to show you Kaltura's back end. Remember, I told you about 2 experiences, the front end, streaming, et cetera, and then you have the back end. I want to show you the sophistication of our back end. Here are 2 areas of sophistication. The first, when you upload any content into our back end, you can immediately go ahead and enrich it in multiple languages, for example, Chinese, et cetera, and the content will be automatically localized, chapterized, summarized, everything automatically. The second thing is the campaign. We have here the ability to run B2C campaigns to every consumer that is actually part of that network for that OTT. And in that case, I will go ahead, I'll create a campaign. And remember, I want to promote [ Romi ]. So it has to be about the young audience and the goal is to increase their engagement. I can go ahead and now define their age. She's almost 18, so 16 to 20, living in New York, her iOS device, her watch history. Remember, Emily in Paris? Let's put it there as well or Ginny & Georgia and run the in-app notification. When I click on it and log in as [ Romi ], now we understand where it will take care. It will immediately take her to Leadley, effectively presenting now here. Now remember, I promise you Japan -- Chinese as well because [ Romi ] is actually practicing Mandarin, so let me go and change to Chinese. And again, the same content will be fully localized for [ Romi ] on her device. But I just showed you here a divide of generation, right? I like to binge and have long-form content, [ Romi ] likes the short-form content. And now we actually continue -- how are we actually connecting between those different generations? Let me show you the divide in real time. Here, if I speak about the Super Bowl, I would love to see the actual game. And if you speak with [ Romi ] about the Super Bowl, she would prefer to watch the halftime show by Kendrick Lamar. So we have very different preferences. What brings us together? What will give us this father and daughter moment on my sofa, on our sofa at home. In essence, again, it is cheap TV Genie. I can ask TV Genie to suggest shows that both me and [ Romi ] will like. In essence, it understands the household and the user behavior of each one of us. And in that case, it's actually recommending The Good Place. Any people here like The Good Place, any? All right, so we have a few. So you know the story, right? It's a beautiful story, et cetera. Not really father and daughter story, but a fun series. But still, while it's connected on the same sofa, each one of us has a totally different second-screen experience. So let's see what it looks like. I will get to my iPad, inspired men's slim fit dark suits. As you can see, I love suits. While my daughter is actually getting additional content, in fact, around the TV show itself. So hopefully, you have seen here in our demo that we actually lead the contextual TV experience. This contextual TV experience is actually running by some of the world's largest TV operators. You can see O2 and how they customize it for their brand. You can see Yettel TV customizing it for their brand. And actually, up here in the north, also IPTN, again, fully customized for their brand. So with that, we finished our fourth demo, and we're going to go now into our last demo, which is actually probably very exciting because you will see how we are building our products, not only the experiences, but also how we are allowing our customers to create their own experiences with the same tools that we are using. So Ron spoke earlier about our LEGO pieces, right, that our platform is built with hundreds of APIs and probably a dozen experience components, and all of them are now becoming AI-infused. I want to show you how our customers are actually taking those APIs and experience components and creating their own experiences, which are actually an aside of what we just showed you onstage. Let me first focus on experience component. And in that case, you will see snippets of what you have seen in my demo that can now be taken and being plugged into our customer experiences. It will be their dot-com, internal Internet application, external event and other events that they want to run. They want to embed it within their own app. They can do anything they like. Each part of Kaltura experience component can be embedded. And it's not a UFO, an unidentified object, it actually can communicate with the other experience component on the same page. Here, we are featuring, for example, our showcase component, which is putting the event and webinar page in our customer site, which means that their users in the site, the visitors to the site, don't have to leave the website. It's being kept in the dot-com, being analyzed through all the click-through. The second one that I want to show you is about registration. This is a big deal because customers want to register on their own domains. If they are creating a landing page and they want to create registration within it, fully integrated, in person, online. The next one, here, it's actually 2. On the left side, you can see our web meeting room. Everything you've seen earlier for virtual classroom, hosting, training, et cetera, can be embedded within other applications on the website. And on the right side, you can see our web collaboration app, which allows you to also communicate. I mentioned that they can both communicate together. Both of them can run natively side by side or totally different. Our customers can take only our chat and collaborate, for example, and deploy it on other applications. And last, but not least here, our fancy video player. Many companies are just doing their business on video player. For us, it's just another very important experience component that can be embedded anywhere, mobile devices, web devices, and actually create conversions. The next point that I want to focus on is on our APIs. As I mentioned earlier, hundreds of APIs. And here, mostly tech companies and tech savvy companies are using our APIs to embed it within their own products. In that case, you can see an e-commerce website that actually, instead of having a static image, having a video, which is much more engaging when you want to buy clothes or any different products. Another example of our APIs is actually here where we have our recording API, video recording. This is actually an HR application that couldn't actually interview personally all their interviewees. So they're actually putting it within the website, the ability to record your interview based on those questions that are generated by AI, right, based on the CV of that personnel. And last, and not least, for EdTech, as you have seen, we have a very nice and fancy business in EdTech. Here, the professor can actually ask or actually record itself, but also ask the students to provide an upload assignment. So here, they're using our APIs for recording media, uploading media and managing media. So what we have just seen, and I will go now into our -- sorry about that, I will go now into the presentation again and kind of give you a quick summary of what we have seen. You have seen multiple experiences that are available within Kaltura. But I want to remind you one slide that Ron showed earlier when he showed the logos. More than 40% of our customers are already using 2 or more experiences that you have seen. More than 50% of our customers are using more than 3 products of Kaltura. Most of our customers are using multiple technologies, VOD, live, real time. Most of our customers also have the ability to customize those experience for their needs. This is why Kaltura is so sticky in those environments. Now I did promise that I will speak with you a little bit about our road map going forward. Happy, by the way, to take again questions or actually speak during lunch about it because that can take hours by itself. But we are really excited about our road map. We are transitioning from a video cloud to an AI video cloud. Under this transition, we have 5 big investment areas. We have always been the leaders in video content management. We know how to manage video better than any other company in the world. But we are also transitioning here. We are not looking at video anymore as content. We are looking at video as intelligence. And we are hosting probably the world's largest video assets and libraries for our organization. Imagine, please, that a video is a molecule. And when you search for a molecule, you get just a video. But we are looking at a video not as a molecule, but as a bunch of atoms that we can atomize. And by atomizing all those videos, we are creating a new knowledge base for organizations that never existed before. And we have tremendous data and knowledge within our database that we can now open up first time and index it through our LLM compute that we put very closely in touch with our storage layer. This transition is actually already taking place, and we are going far beyond video. Video is just one asset. We're actually bringing images and audio and text and scenes and semantics into this new intelligence dump. The second area that we're investing in, and we alluded to that when we spoke about the AI workflow engines, is about creating autonomous workflows that orchestrate content, end users and context, all in real time. We listen to our customers, managing content is a hard task. Managing content in context for the users is almost an impossible task. So we are creating now AI agents framework to do it for them. And here again, it's about the end users, how we are catering the right content to the right user at the right context at the right time. This is where we are actually investing in our application layer, creating new type of experiences that are by far beyond video. And you have seen it with our Class Genie, our content AI, et cetera. All this beautiful thing is supported, you can see on the left side, with our AI agent strategy. We have already introduced it to market. We have them in 4 families. You have seen it through the experiences. You have seen our AI enrichment, creating accessibility, captions, translations, OCR, ASR. You have seen our AI real-time assistant, suggesting a support and action that we need to take because in real time, this is where we need to engage with our employees and with our customers. You have seen the AI content lab that allows you to repurpose content, create quizzes, create summarization chapters. And last, but not least, the AI Genie family. This is where all this good come to touch the customer and make sure that we adapt the experience for the end user itself based on this context. Now while we are the center of video, and we are literally the ultimate center of video, we understand that we can't do it by ourselves. We have to open up our platform to all our AI marketplace partners. For example, great companies like Descript for editing or like Synthesia for avatars, we are bringing them in. So as John said, when you come into Kaltura, you get a full ecosystem behind Kaltura. The last slide that I want to spend some time on is explain to you personally why I'm so excited about the opportunity ahead of us. Now we have all heard the concept about how SaaS is going to evolve. The SaaS market has been tremendous. Many of us have been in this market for many years. But SaaS is changing, and it's changing for the good. But there are only going to be a few winners and many losers. And I want to explain why I believe that Kaltura is going to be the winner. In order to be successful in the AI SaaS era, you have to have 4 things. You have to have access to data, enormous amount of data, and you have to have exclusivity on that data. The second, you have to be fully aware of the business context of that data, which means that you have to be embedded within the workflow of the organization in order to understand the tacit differences within each workflow. The third, you have to be touching the end users themselves in order to collect information and data from the end user, so to understand what to converse with them and what recommendation to bring. And the fourth, you have to be enterprise-grade because no company in the world will trust you to bring AI if you are not a certified vendor. This is the way to create an AI flywheel. Kaltura check those boxes with flying colors in each one of them. As you probably have seen, we are fully and deeply integrated with our APIs to each of our business workflows in learning, in marketing, in communication, in entertainment, in monetization. We also have this exclusive and extensive access to multiple use case of data. We know, in many cases, the knowledge of onboarding to the world's largest organizations more than the companies know themselves. And we now map this knowledge and atomize it in order to provide it back to our customers. The next one, we are enterprise-grade and supported by those amazing blue-chip customers who trust us with their data, and they come to us and expect us to provide them AI as part of our platform. And last, but not least here, the UI and application. Ron mentioned, we have more than 10 million monthly active touching our system. Consider how much data we know about each one of the employees or users. But more than that, we have more than 1 billion views of our video player every month. This is a tremendous amount of data that help us create this AI flywheel that I'm super excited about. So with that, thank you so much for being so attentive. I really appreciate that. Thank you. I will ask my colleague, John, our CFO, to join me onstage and help moderate any questions from the audience.

That was a great job. You certainly can't say that Navi is not passionate about what he does. That's for sure. And hopefully, that provided a bit of a deeper experience in terms of what our products and use cases are all about. Now we're going to open up this part of the Q&A. This will be all about products and technology. We have another Q&A later on, which will be more broader, but just any questions focused on products and technology for Navi. And first, to Gabriela.

Navi, really appreciate you taking the time to walk us through all the content. My question for you is, you mentioned a couple of times when things were particularly hard, so for example, context in content, putting content in context. Maybe just from your experience, what are the 1 or 2 technical things? It all looks beautiful from the front end, from the user experience. Tell us about the messy back end. What has been the most hard technically to accomplish, which is essentially why it's so hard to replicate the Kaltura platform and/or essentially the barrier to entry for other folks trying to replicate what you have?

It's a brilliant question. Thank you so much, Gabriela, for asking. So first and foremost, the good thing about it is that we are API-first. So our platform is not messy at all. It's actually a playground for a person like me to create within Kaltura those kinds of products. As Ron mentioned, most of the other products in the market or competitors are not built the way that Kaltura is built. Because we are API-first, and I actually literally showed you how we are mixing and matching, actually, how we are building those products literally in a matter of weeks. We have a unique advantage that none of our competitors has today in the market. And our customers recognize that because our time to market also on releasing them is very, very quick. The second point is, which is, again, complex, but it depends how you look at that, is how you bring LLM and AI to enterprises. Most of the banks today, and you're very familiar with them, Gabriela, et cetera, and the team here, is that enterprises today want a vendor that they can trust with their AI strategy. And here, Kaltura is already being deployed and used within those blue-chip customers who trust us with their most confidential data. Many of the large banks, for example, trust us with their [ all-hands ] data, with their financial reporting data that's actually being stored and all those videos are being stored; with health care data, that is actually installed within -- deployed and stored within our system. So for us, where we bring the LLM closer and practically put it near our storage, they trust us that this is actually being kept for their environment only. Now where our unique claim to fame there is, is that video is actually a very complex type to run through an LLM. It's huge. It can be longer than the [ Viber ], so how you manage the answer for the end users, right, very quickly and cohesively in a snippet when you have that tremendous and huge content library. This is our unique algorithm that are running there in the background and actually serving it. Thank you, Gabriela.

Anyone else want to step up? Any other questions?

Richard Poland from Wells Fargo. So you talked a little bit about just kind of all the different AI, let's call it, applications that you're infusing into the platform. When you think about like the underlying stack that you have and the LLMs, it's constantly evolving, right? So how is Kaltura from a tech perspective, keeping it kind of more able to plug and play with the different pieces as they constantly evolve?

Well, thank you for the question. Again, that comes to our unique AI flywheel. In essence, if we would be only the custodians of the data, but we don't have the user interface with the end user themselves, we will never know if the answer we generate is actually the right answer for the end users. And that's why I alluded earlier that the only companies who will actually win in the next AI SaaS will be the one who have both the content, the workflow as well as the end user experience. Technologically wise, what we do internally, we create what's called gold data. It's a technical term, meaning that we know how to test this content on a pre-curated queries that we have done before. And when we bring a new LLM, which, by the way, are being popped out like bathrooms recently, we immediately plug it in and run it through our gold data standards, and then we can evaluate if the results are better for the end users or not. So that's really the technology stack that's running in the back. Thank you, Rich.

Looks like we have time for 1 or 2 more. Over here.

This is Austin from Citizens. I was just curious in a few of the demos that you showed. In a lot of these use cases, the data that it's querying inside the organization, how do you manage what a user might need to know versus what they're not allowed to know, right? So if you have someone in one of your experiences that asks your AI something about the organization, how do you manage that data in the permissions?

Brilliant question. Thank you for asking that. So one of our claims to fame is within Kaltura, we have a very granular security model, which actually provisions and entitles each user to what it allows to watch and when even. The same model that we use for entitlement is the model that we are using within our RAG technology, which means that every user that comes in continues with the same entitlement that you and I will -- actually, it sends us the same query, and we'll get totally different results based on what we are allowed to see and what we are not allowed to see. So let's assume, for an example, we're looking at the same education sector that I'm learning with Professor Henry, while you are learning with Professor Harper. And those professors decide that the Genie will only operate on their content. They don't want to open it for the full university. So you will get results coming from Harper and I will get results coming from Henry. If they will decide that this is an organizational knowledge and they want to open it for both, they will provision that in Kaltura, meaning that it will give the right entitlement for both of us. And when both of us asks the same question, we'll probably get conceptually the same answer. Now again, it's AI. It's a stochastic model, which means that the answers might vary. It will still answer your question, but might be a bit different.

One more, last one, just to keep us on time.

Just on the education area, where does your product end? And the LMS or one of the -- Brightspace or Instructure, one of those companies, when their products begin? Or do you overlap some?

Okay. So first, let's understand what's an LMS, right? It's Learning Management System, that's where the university usually keeps their content -- the courses, their content. In a university, there's also what's called the student information systems, like SIS, and that's where they usually manage the student credentials and entitlement, et cetera. Where we are sitting is actually we are the video that's powering the LMS. In the past, LMS didn't need video because most of the classes would be in class. All the students will come in. Nothing would be recorded, right? There will be no online teaching, et cetera. In the new age of campuses, it's a must. Today, if a student actually registered to a university, he expects or she expects all the video to be recorded from lecture capture in classroom and to have some of the classes also virtually being run. So all of that part of the video-fied experience are actually running today with Kaltura. The next big thing for us, as I showed you earlier, is also about personal tutoring because we are the one managing all the content. The LMS is not. They do not have access to this content. They manage the process. We are in touch with them for the process. We are integrated with the process, but we manage the content. The ability for us to offer personal tutoring on top of the content is practically unique for us.

And just one more, if I could. Just the types of products, you have so many products, so many offerings. If I'm a customer, what are some of the upsell opportunities in terms of products that they don't have today that you think are the most popular that you could upsell or cross-sell to your customer base?

Brilliant. So first, you have seen again in the report that we showed online that more than 40% of our customers are using 2 experiences and more than 50% are actually using 3 products and more. As Ron mentioned earlier, we were owning the VOD space. We're doing extremely well. Back in '22, 2021, we added real-time capabilities and lab capabilities, which open up a much broader market for us for real-time engagement and also synchronous learning. So those are the products we are uplifting and selling. Through our internal analysis that we did with our sales organization and CSM, we see that even just within our existing customers, we can do additional 2x of revenue and upsells just within our existing customers. So if we are x, another 2x on it. Now what are those products? So you have seen our event and webinar product. You have seen all our AI-infused experiences, how they integrated well into that. And nowadays, every company is a media company. So our streaming apps and even TV can now actually be sold also within the enterprise environment. So while we are a very vast platform, we have the strategy, and we can speak to that with our CRO a bit later on how to upsell our customers and extract another 2x of value from them.

If there are any other questions, you can catch Navi during the break. We're now going to take a short break. We lost about 3 minutes, but that's all right. We'll take a 10-minute break, right? But try to be efficient with your time. Thanks.

Thank you so much for your time. We appreciate it. [Break]

Okay. Hi, everyone. Thank you so much for coming today. I'm very happy to be here and have the opportunity to interact with you all directly. My name is Liad. I'm the Chief Revenue Officer here at Kaltura. My journey at Kaltura started 12 years ago when I joined in a technology leadership role after a previous experience in consulting and in leading GTM for an EdTech start-up that made its way here into the city. I fell in love with New York and started to work here, leading tech teams, being an engineer by training. But then my passion was more on the business side. So I took a break from Kaltura and went very far away, all the way to the Upper West side, doing my MBA at Columbia Business School. And by the way, we also use Kaltura there for our teaching and learning, so I couldn't run too far. I came back here, I did some roles on the business side, business development, sales, customer management and most recently, corporate development and leading the tech vertical, working with some of the amazing customers that some of them are here as well. In the past 3 quarters, I'm the CRO, so I'm responsible for our business for the enterprise, education and technology sector, mostly focusing on the use cases that Navi showed before, working with many, many of our customers. We have 850 customers, and this is our largest asset. So with that, I want to start with a quick video that will tell you more of our customer story. [Presentation]

Yes, this a preview from our customers. And we are very proud of our customer base, very excited to spend time with them, meet them on site, virtual, in any capacity that we can, in user groups, in QBRs, very exciting times. Before we dive into the live panel for today, I wanted to touch on a few of the growth strategies and major focus areas for this year. The main goal of this year is to rehash our value proposition. So we wanted to go back into our core essence to see where we win, focus on that, and then setting ourselves for growth in future years. As you know, the macroeconomic conditions are full of uncertainties this year. And our focus is to focus on the things that we do best, which are outlined here. And I want to touch on each one of them. First, we're going to focus on direct sales. We have regional teams. As you know, our headquarters is here in New York. We have offices in London and in Singapore. Our team is structured regionally. We're going to continue to focus on that. But in parallel, we're also building a channel practice. We're going to invest more in channels. We saw success in 2024 with channels like British Telecom and AWS, which is a customer and a partner and a vendor for us. And we're going to do it more this year as well. In terms of our focus on large enterprises, this is one of the areas that, as you saw in the statistics, we're really good at. We have 27% of the Fortune 100 companies here in the U.S. that are using Kaltura already. We're going to continue to focus on those companies. We have many value propositions that allows us to win for those customers, for example, the scalability of our platform; our ability to support privacy standards like, GDPR, ADA standards and accessibility, which is very important for our customers; video quality like 4K and other things that you saw before, allowing us to win across the large companies of the world in a highly regulated environment. Next point is around growth in existing accounts, and it was discussed before. We see a lot of potential to work with our existing customers and work across the board between different use cases and different buyers. For example, we can start from the corporate communication use case, working internally around L&D, onboarding of employees; and then move over to marketing and sales, which is another buyer, another part of the business; and all the way to learning and training, and also work externally with their customer experience and partners' experience and enablement. So we have the ability to work across our customer base, expand within them and create sustainable growth with those customers as well as the long-term partnership with several departments worldwide. By the way, we can also do it regionally. For example, start in the U.S. and then have relationships in Europe and then in APAC. AWS is one public example that I can speak about that we do have a collaboration with teams globally. Next, is the vertical focus. We're going to continue and focus on the top 5 verticals that bring us the majority of our revenues today. This includes financial services. We work with 30% of the top banks and financial institutes here in the U.S. You saw some of the logos. We're going to continue to work with health care companies, hospitals, pharma companies, life science and focus on that as well. We have the education, where we support over 50% of the R1 schools, working with the top brands here in this country and also abroad, in Europe and APAC. M&T is a focus area for us. We work with some of the largest telcos of the world, some of them will also be here at the panel, as well as media companies. The vertical focus is not only in the go-to-market, it's also by creating more custom solutions and more vertical -- I would say vertical-specific solutions for some of those. For example, in education, we are highly integrated into the LMS system that we saw in the demo earlier today. And we also integrated into the quizzing and grading system with our xAPI and Caliper integrations that allows the students to create a comprehensive experience for all their achievements from the video and from the LMS and the other components in one place. In banking, which is maybe more close to your hearts, we developed -- as part of our video portal product, we also developed a studio for wealth management workflows that allows increased engagement between advisers and consumers with video, of course. And this was implemented for many banks, and Merrill Lynch is the major one. The next point here is around geo expansion. We're going to continue to focus on the high-GDP countries like the U.S., the DACH, the U.K. And we're also going to continue the expansion into other geos where you already saw previous and proven success, for example, in the Nordics, in APAC and also in Italy and Spain. Here in North America, we're going to continue and penetrate into Canada during this year and moving into 2026. We spoke a lot about AI, and we are now in the middle of the AI transformation. We are very proud to be at the forefront of that, of the AI, with our Class Genie product that was released earlier in the year as well as Content Lab. These 2 products are already implemented across our customer base. Many of them are showing interest. We have -- we're in discovery with dozens of those companies that are reviewing these products. And at least from the signals that we are hearing, we see very positive feedback about market fit for those products. They understand the value and they want to utilize it more and more. I want to touch on a few customer examples just to show the journey that they've been through with Kaltura. And we'll start with a company that I don't need to introduce, SAP, almost 0.5 million customers worldwide, over 120,000 employees. SAP is using Kaltura for the marketing and sales use case by using video messages in their e-mails to improve conversion. So we spoke a lot about conversion. Being a CRO, I understand the challenges around that as well, and our customers have the same challenges that we do. So what we do there is utilizing the video to create better engagement for the SAP sales team and better response and, of course, better analytics. Additionally, we also work across the internal communication and L&D with SAP using our video portal for all the engagement between executives and employees, between employees and themselves. Right now, we are at around 85% penetration for 120,000 users. So you can do the math. It's massively used across the board within SAP. So that's another use case that we do for many years with them. And thirdly, like many other tech companies, SAP is also utilizing our API and content widget and components to build micro learning sites for their customer enablement and partner enablement as well. So they converge different sources into one and build their own portal using the Kaltura API's layer and back end at the back to create this experience for their customers and users. So this is one example where one customer is using us across departments, across use cases for many, many years. The second example is from the health care. Mayo Clinic is one of the top-ranked hospitals here in the U.S. Mayo Clinic is using us for a variety of use cases as well, starting from the internal communication and collaboration. I think that it was mentioned in the video before, they're uploading around 4,500 videos a month, requiring moderation, video management capabilities, the ability to work in a video in scale, get better engagement with the employees, training, education and learning between the employees. Additionally, we also have some more specific use cases in this case. One of them is a QR code that is embedded on appliances in the hospital. So for example, when one of the team members or staff want to learn more about those machines, they just scan the barcode, it immediately connects them to a tutorial, to a video tutorial. They can learn how to operate the machine. They can improve their competency. They can improve their customer satisfaction and outcomes by using that. Thirdly, the video is also integrated with our APIs into the patient health care system. So doctors can prescribe specific videos to different treatments for home self-care. This improves the performance of the prescriptions. It also reduces the times that those patients need to come back to the hospital, which obviously saves budgets but also improve the patients' success, education and health. So we're very proud to support that as well by improving those outcomes with Mayo and other health care institutions. The third example is from the education world. Berlitz is an online language school, working in high scale with over 140 countries -- 180 countries actually, for more than 140 years, so it's really a long time out there. They have around 80,000 learners learning languages with Kaltura by utilizing our virtual classroom product that we saw before that is dedicated into the learning experience with all the different capabilities that are required to provide the learning experience in different languages, utilizing a few products, including the portal, the VCMS and the virtual classrooms for many years as well. On the M&T front, PPF, for those who don't know, it's the largest holding company in Czech Republic in Europe. We're working with their telco arm to provide a streaming service for 5 countries in Eastern Europe. In this case, the reason that they chose Kaltura is our ability to aggregate the back end, the front end, the TV streaming service, the TVCMS and also becoming an aggregator for other services like CDN providers, providing one solution with one umbrella, under Kaltura, and working with them in the past couple of years. The second example is from South America. Here, we work with Watch Brazil, helping them with their vision to revolutionize the streaming industry in Brazil. For those who are not familiar with that, they work with content partners across Brazil as well as with over 1,000 ISPs, in Brazil, there are thousands of them, creating a unique business model in a very creative way together with Kaltura as their partners and now covering over 1 million subs in Brazil. Those examples provided some of the -- we have many more, but just a couple of examples to tell you how we can work with customers across use cases, across needs and provide and innovate and grow and partner with our customers. With that, I want to invite my colleague, Natan Israeli, our Chief Customer Officer, to present our panelists for today. Thank you.

Great. Okay. Hello. Hi, everyone. Thank you all for joining for this customer panel. My name is Natan Israeli. I'm Kaltura's Chief Customer Officer. I've been with Kaltura for about 4.5 years now, and I lead Kaltura's CX division, which is a pretty large and diverse division. We run the M&T business end-to-end, all the way from sales, product, R&D and deployment. I lead all of Kaltura's post-sales activities, delivery, POS work, support, project management and all of Kaltura's operations, like business operations, all the way up to security, all of that. Before joining Kaltura, I served for many years in the Israeli Air Force, all the way from a young pilot to Star 1 General. So that's quite a change. I will be happy to chat about it later on during coffee break. Thank you for joining Wayne and Kelly. Thank you for joining Isabelle, Paulino and Ernie. We'll hear from them in a minute. And let's kick it off, the customer panel. You've heard Ron, our CEO. You've heard him talk about larger organizations adopting video, using it to improve cost, to improve CX. You heard it, the works. Now let's hear it from the customers themselves. We have leading customers from various -- both tech organizations in the U.S., Ernie will present himself from BU, from Boston University, and Paulino all the way from Portugal, Isabelle from France. So globally distinguished, highly professional panel. Thank you all for joining once again. Let's kick it off with each one of you introducing yourselves, by the way, also introducing your organization. I mean everyone knows Vodafone, what exactly does Vodafone do? So talk about your organization, what is it your organization does, what do you do in the organization? And how is Kaltura embedded into your workflows. Isabelle, let's kick it off with you.

Hello, everyone. I am Isabelle Jallat. I'm in charge of service platform engineering team, especially for video back end, [ end-end ] and CDN Engineering at Bouygues Telecom. Bouygues Telecom is the third operator in France, both mobile and fixed operator. We have more than 18 million mobile subscribers and around 5 million fixed subscribers. Right now, a migration project from our former video back end to the cloud TV platform is ongoing. We have already migrated our mobile subscribers, our Web TV and smart TV users with our BTV application. And this year, we plan to migrate our set-top box users. And right now, we have around 1 million device activated.

Well parked, Isabelle, at the end of the migration, which is ongoing, how many devices, how many people will watch Bouygues TV using Kaltura?

Sorry, I didn't hear you well.

How many households will be using Kaltura TV at the end of the migration?

At the end of the migration, it will be more than $4 million.

Thank you so much. Moving west to Paulino. Hello, Paulino. I how much difficult -- how busy your schedule is. Thank you so much for joining. Can you tell us about -- what is Vodafone and how has Kaltura embedded it?

Yes. So hello, everyone. It's a pleasure to be here. I'm Paulino Corrêa based in Lisbon. I work in Vodafone. I'm the CMO for Vodafone Portugal. I'm also leading the current services and TV technology teams for Vodafone Group Engineering. So Kaltura, for us, is the -- so Vodafone is a convergent player, so mobile and fixed and especially to our fixed software, but not only in different levels and different propositions across the markets, TV is an essential part of those propositions. In particular, although we have several flavors of TV, some from legacy, our flagship proposition is called Vodafone TV, which is a multi-vendor solution in which Kaltura is the main partner for the back end. And that's in that quality that I'm here today.

I'll ask you as well, Paulino, how many countries is VTV being watched in how many households, ballpark it?

So at the moment, we have Vodafone TV in 9 markets and discussing expansions. We're talking close to 3 million, a bit more 3 million customers using Vodafone TV. There is the plan to migrate many more from more legacy TV solutions in Vodafone as a target also to Vodafone TV over the next coming years. Yes.

Thank you so much, Paulino. Moving over to Boston. Ernie, how are you?

Good morning. Thank you for having me. Ernie Perez, Associate Vice President for Health Sciences IT and Educational Technology at Boston University. So in my capacity, not only am I the Head of IT for the Medical Campus, but also for enterprise educational technology, which encompasses all campuses, including our virtual campus. And we use Kaltura in many ways. So from the prospective students that are looking at coming to our campus, to students that are in courses here on campus on the residential side, our online program specific to the at-scale program. And also when they move and graduate, so graduation is streamed via this platform and then when they are in the friend raising time, right? So after graduation, we're looking at development and making friends and getting donations from folks, we also deliver content to them via this platform.

Thanks a lot, Ernie, moving back to New York. Wayne?

Hello, everyone. Wayne Piggott, I'm part of Accenture, consulting services organization. I am part of internal IT, so part of the CIO organization, where I lead up all of our internal marketing applications. Kaltura is kind of embedded in our workflow and our custom applications in Accenture from our Internet to internal publishing platform, to our own LLM -- sorry, learning management system as well as we just allow all employees to create videos using the platform, all 800,000 of them across the globe.

And how many years have you been working with Kaltura?

We started the relationship back in 2014.

Yes. So you're a Kaltura veteran. Okay. Moving over, last but not least.

Hi, everyone. I'm Kelly Costlow. I work for Amazon Web Services and the AWS partner network, specifically overseeing our AWS specialization partner program. And we use Kaltura to enable thousands of partners every single month, enabling them to access content globally and giving them access to NDA road map content as well as content that is specifically gated based off of their specialization. Today, we have 124 specializations. So as you can imagine, that's a lot of gating.

Thanks a lot. So let's -- now that we know each other -- Let's move over to the second question. It's looking back at the dark ages before Kaltura was part of the ecosystem. If you could reflect on what problems we're trying to solve, what the problems did Kaltura solve to you? Let's do it in the reverse order. Let's start off with you.

Yes. So for AWS, having so many partners. Currently, we have 140,000 partners worldwide. We needed a streamlined way for our specialization owners to deliver this road map content to the partners. Specifically, we needed to make sure that we had one message. We had one system where we were enabling our partners. So instead of receiving hundreds of e-mails from all of the designation owners asking them to attend their sessions, we now have a streamlined platform through AWS PartnerEquip. And so this is a monthly session that we're hosting for our specialization partners. And so Kaltura really helped us solve the security challenges of delivering NDA road map content. Previously, we did not have a scalable solution within AWS to allow us to not only gate the content, but really be able to deliver NDA content. So one of the benefits of working with Kaltura is just the security. So Kaltura works with our application security team to make sure that every feature that they release is approved by our application security before we utilize it. That's huge for us. It's a really heavy lift and Kaltura is with us every step of the way when it comes to making sure that we get access to those features for our partners.

Thank you so much. Wayne, you were in Accenture before Kaltura, right?

Yes.

So how was it? How bad was it?

It wasn't bad. We actually had our own homegrown video solution called Media Exchange. It's now powered by Kaltura. So we weren't trying to solve a problem, we were kind of looking out to the future. We're like at that time, Accenture was half the size. We weren't getting any smaller. We were getting bigger and bigger. As I said, 800,000 employees. So we needed a scalable solution that was scale as much as Accenture was growing, and Kaltura was the leading platform in the market at the time, and that's when we started our partnership, and never look back since.

You're here. Ernie, what problem Boston University try to solve by moving to Kaltura?

So great question, right? So we needed a robust video content platform. Number one, I think we joined around 2016. And that's really when we started thinking about the flip classroom and active learning. So that's when you deliver videos ahead of the class with students watch the videos and then they can come into the classroom and have conversations, meaningful conversations around the content. So Kaltura has allowed us to do that in the residential campus and then really moving forward to the online classroom and at scale, delivering videos and content to those that are coming in. We have a very large online MBA program that's now expanded to an online MPH program, Master of Public Health, and also in computing and data sciences, where we're putting through thousands of students. And so we needed a platform that would work well, that was accessible across our students and in our online programs, we have students in over 100 countries. So it needed to work, needed to work well, and this is a good platform for that.

Thank you so much, Ernie. Paulino, Vodafone and Kaltura are partners for 10 years now. Thinking back before that time, why did you choose to do this complex migration, 9 countries, millions of households, why did Vodafone choses that?

So as I mentioned before, we had a lot of TV legacy, but Vodafone TV was meant to be different. So we wanted to build the product, let's say, the proposition. And for that, we have specific challenges. So Vodafone is a big group, but we're also a collection of different operators. What we wanted to do, first, was to embrace a solution that will be cloud-based, public cloud. Now today, this is not maybe a topic that you have a lot of people allergic to. But 10 years ago, the situation was very different. So there was a change in mindset that we had to go through, also choosing the right partner. We also wanted a solution that would be multi-tenant, multi-opco, instead of building back ends for each one of the operator, and we do that for other services. Vodafone TV was meant to be different. So we wanted to do all these things and also scale up the system. It was not about having a few thousand customers. It's about having millions of customers in a central solution. That was probably challenge number one. I think the second one, which I think Kaltura partnership was interesting is we did not want super customized solutions per market. We wanted a reference architecture but flexible enough because we are a group operating many different markets and realities. It had to be open to adaptations to fit our ecosystem and also to integrate with other vendors. So basically, these were the 2 challenges to address the scale and cloud and the reference architecture with the possibility to adapt to markets -- different markets.

Thank you, Paulino. Isabelle chose Kaltura not that far ago, like 3 years ago. And as you said, you were in the middle of migrating your huge customer base into Kaltura. Could you think back of why did you choose Kaltura? What we are trying to solve or resolve by choosing us?

Yes. Sure. Indeed, when we launched our fixed network, we built our video back end on a step-by-step approach. So we had several video back-ends to deliver TV service, depending on the type of device, either IPTV set-top box or OTT device or depending on the service we wanted to launch. So any evolution on the service had impact on each system, which led to long time to market. And above that, we didn't have a common view cross device. So we were looking for a video back-end gathering IPTV and OTT service, which enable us to handle all our device and services in the same system with a unique and seamless multiscreen experience. And we also expect to take benefits of a product with a road map and that bring new features. And furthermore, the cloud solution enable us to improve our time to market for new feature and also to address the scalability challenge.

Thank you, Isabelle. We're halfway down the funnel. And I think it's fascinating to see that various leaders from various industries, continents and cultures choose Kaltura for basically the same reason of scalability or flexibility or robustness. So I think it is fascinating. Thank you very much. Let's move on to the third question, and that is now let's fast forward to today and thinking back to New York City, Kaltura is part of your organization. Can you describe how this impacted the organization today? How is it improving business? How is this improving you, assisting you to reaching your own goals, organization goals?

Reliability, right? As I mentioned earlier, Kaltura is embedded in our learning and in our internal marketing and it supports that entire process from start to end. And having an application or a platform that's consistently there working is something that me as an IT guy, I don't have to think about it. I know it's just going to work. As a result of that, we've seen that over the course of a month, we get about 1 million plays, almost 3,500 videos are uploaded monthly. So it's been successful, specifically in our learning as well as our internal marketing as well.

Great. Thank you, Wayne, so much. How about AWS?

Yes. So I think it's important to call out that I am one of many use cases that AWS is using Kaltura for. And so specifically for my partners, what we're trying to do is make sure that we are enabling them with the right materials and that we're getting these feedback loops from the partners. What Kaltura has enabled us to do is localize our content across 6 languages so that what would have been a North America run program is now globally accessible as well as in terms of our event model. So we are using the live and on-demand video functionality today. But we're looking to extend to do a hybrid platform with them, where we'll be taking our in-person events that are offered to specific regions and making sure that, that content is accessible globally and we actually have AWS Innovate happening this week in New York City. It is a developer-based conference, but they will be doing that hybrid model, where there are partners and developers in person as well as people tuning in all around the globe to have that same experience with AWS.

Ernie, can you share how does that -- how does Kaltura improve Boston University reaching its goals and its targets?

Yes. I mean I think it's about being able to reach the students where they are, right? So it doesn't matter what part of the country you are or if you're in the residence halls or if you are in a country far away. We just need to be able to reach students. They need to be captioned. They need to be able to -- we need to get data out of it. And so I think that it helps us both in the learning management platform to deliver content for the students and also for the prospective students wanting to learn more about Boston and Boston University.

Thank you, Ernie. And Paulino, in such a complex organization like Vodafone, how does Kaltura assist you now, meeting your targets, meeting your goals.

Yes. In many ways, maybe I would highlight the following. The first, as I mentioned, Vodafone TV is multi-vendor. So for the good and for the bad, we need to do a lot of integrations, and we needed partners open to those integrations and open to troubleshoot, to optimize, to fine-tune the whole chain. So this was point number one, multi-vendor integration, as per what we wanted for our solution. The second is that the TV product, I guess, the same for most OpCos, but in Vodafone for sure, is very, very live product. We do a huge amount of changes. Of course, if you -- TV, sometimes I described as a little bit of a [ hysteric ] service. So you need reliability, you need continuity. If you have a glitch in your TV service and there's a football match or an election, then it's the end of the world. It's slightly different from mobile operations, which is critical, but in a different way. So you need continuity from the operational point of view, but you need to manage well change, change management. And so I think this is a fundamental topic over the last years, both partners, Vodafone and Kaltura have evolved. We have adjusted the tools, we adjusted processes, operational engineering. I think without this, it would have been impossible to evolve the TV service. It would not be off-the-shelf kind of approach to these things. We needed a partner that could evolve and continues to evolve with us. I think we found that with Kaltura. We're also evolving on our side. So it's not just a vendor-customer relationship. It's a partnership relationship evolving bidirectionally, let me say that.

Thank you, Paulino. Isabelle, last but not least on this question, we've been up and live for a few months now. Have you seen already an impact, a positive change on Bouygues Telecom meeting its business goals?

We've been through this. And now what brings these new platforms. At Bouygues Telecom, we aim to act as a TV service aggregator, which allow any of our customers to have access, search, recommendation on all its service from [ Wayne point ]. And we really think it brings value because our TV subscriber experience is enhanced and also because it brings visibility to our partners as well.

Thank you, Isabelle. I want to highlight 2 things. I mean we've heard once again, various customers. I think there are 2 themes across all 5 of our distinguished guests. One is the need for state-of-the-art reliability, stability and making sure that video is mission critical, whether it's for a TV, match or a lecture or business town hall call, it has to work flawlessly. That's the basic expectation. Second thing, circling back to our COO's API granular approach [ of deliveries out of those various LEGO ] buildings, each one of our customers is building its own unique workflow and business needs and having it meet its needs. Moving on to the last question, looking toward the future, and we cannot have a panel without saying AI at least twice, right? So let's say AI. And looking towards the future into embedding AI into your video within your organization, how do you see the future in that? How can that help you continue to grow?

This is a North Star part of the conversation, right? I think hyper-personalization is kind of where we see ourselves going. So Navi did a great example of saying that his experience is very different than a daughter experience. So I can equate that to my CEO gives a 2-hour town hall. I just got back from vacation. I'm probably not going to spend 2 hours listening to it, but I would like to see a summarized video of -- not the Monday when I get back. But to catch up, a hyper-personalized video that's not only summarizing key points for all Accenture employees, but me as internal IT. So the message I get, it may be very different than my colleague in Japan who's working consulting. So that hyper personalization, not just visual themselves but within the video.

I think that we're looking at the future with Kaltura and the changes that they're making or improvements that they're making with AI, really, it's going to give our partners time back. So when they log in, they'll be able to do a quick search, find clips of videos that hold relevant information and decide if they want to watch that full video or move to the next video. I also think with Genie being able to ask questions and surface content both from video and PDFs, it's really going to change how we're able to enable our partners and ultimately, what we're able to do with Kaltura.

Thank you so much. Ernie, education, video, AI, how does that work out for you?

I think it's our bread and butter with personalization, as other panelists have said, really key being able to search videos and find the right content at the right time, just in time is really important. I think at scale is really important in being able to deliver that. And in addition to that, we're really looking at getting data and building out our educational technology warehouse, bringing in all our vendor data in and using your Caliper standard or the Caliper standard to get that because we want to get into predictive analytics to help students before they drop out, before they get an app. We want to get to them well ahead of them having a problem in a class, and this is going to help us get there.

Thank you. And Paulino, multi-countries, multi-tenants, multi-vendors, AI, video TV, what the future holds on that front?

Yes. I think we're building on what the colleagues here said as well. So from the customer side, I think hyper personalization, as was mentioned, is the way to go in TV, and that's what we, as customers, are used to. We want very specific to the point relevant content proposed to us. Sometimes, we have so much content proposed to us, we get a bit of choice overload. So I think from the consumer angle, powerful features are needed here. We're playing with some of them, but I think we, the sector, the operators, the partners, we can do much more. This is the customer angle. But maybe at least the engineer in me likes to think that we are sitting on, especially with TV consumer services, we're sitting on top of mountains of data from the users and from the platforms that run the service. I really think we can do more with this data for faster, more effective operational processes in the first wave. So how to do preventive maintenance better, not even preventive maintenance, anticipate issues with peak events with unexpected load. I think this is fertile ground for good engineering and AI is a powerful tool here. First, in operational processes. And then I would -- Nirvana also like to think engineering processes. There is huge potential here. And we can and we'll do more, I think.

Thank you, Paulino. Last but not least, once again, Isabelle, how do you see the future?

Yes. video-based AI, I think, is relevant to enhance TV experience for our end users. It is possible to have a better description of content with enriched meta data so that any search collection or recommendation is more relevant for the end user. AI also helps through interactive discussions with end users to suggest relevant content for a family, for instance, who wants to watch a movie together. It moves away from the classic recommendation algorithm based just on your previous usage. AI can also generate a shorter content adapted to each user, such as highlights for a football match or political debate or anything else. And it can also enable people to have access to some content. They wouldn't have watch before because no subtitling was available, for instance. So it enables our subscribers to have access for larger catalog and to have a more personalized experience.

Thank you so much. So Ernie, Paulino, Isabelle, [ Jake ] and -- Wayne and Kelly, thank you so much for being with us. It's an honor and privilege to serve you and your customers. I want to share one more perspective that always comes to mind when I talk to one of you or any of our customers, if you count the number of people, not households, the number of people that are using Kaltura systems between Paulino and Isabelle are almost 10 million households. Think about how many people are behind that term household and your endless number of internal and external users, so it's a huge obligation of us to give this flawless state-of-the-art modern service to all of you, and I'm happy that you're happy with it, and thank you for joining us, and thank you for your time, ladies and gentlemen.

So you had a little bit of fillet, some lobster, maybe some Dover sole since that was the main course. So you can take in for me whatever you want, whether it's in New York Cheesecake, tiramisu, perhaps an after dinner drink. So it's really up to you. I'm going to bring us home and something that I know you are all interested in, given your background is the financial summary. So I'm going to talk a little bit about where we've been somewhat about 2024. More importantly, I think for you guys, this audience, 2025, and then where I see us going and where we, as a team, see us going longer term. And that's my younger brother. He couldn't make it, so I had to stand in for him. But I got to update that picture, that's probably like 20 years ago. That's -- this is what the job does to you. All right. So like I said, a high-level summary, our main theme, and we are consistent. We've been consistent for a number of quarters now in terms of what we said is our return to continued and accelerated revenue growth and our commitment and return to profitability. The middle of the slide you can see here captures our 2024 results, which I'll touch on, like I said, in a moment, but briefly. And then if you move to the right, you'll see our top line growth over the next -- over the past 6 years as well as our enhanced profitability and cash flow profile, and I will talk about our cash flow profile a couple of times, given cash is king. Also to that end, we finished 2024 with an adjusted EBITDA of $7.3 million. This is an improvement of $35 million since a low of negative $28 million in 2022. It's definitely moving in the right direction. We also improved our cash flow from operations and free cash flow. Cash from ops for 2024 was $12 million. We had an improvement of $59 million from 2022. And our free cash flow for 2024 was also $12 million, an improvement of $66 million from 2022. This is pretty much touched on by Ron, a little bit by Navi as well and Liad. But I wanted to kind of give it to you from my perspective. I'm not going to spend a lot of time on it. But here is the way I look at the company and our investment thesis. In short, no one in our space and there's an investor or 2 in this room that constantly remind us of this. So I won't call them out directly. I'll just say that. I won't look at them either. But we do have some of the best enterprise logos in the space, the best customers. You heard from them, both live and virtually. We've talked about the logos and ultimately, I think the proof is in the pudding with those types of logos in terms of their vote of confidence in this company and their continued vote of confidence in terms of how they're going to help us continue to grow as a business. We're not against new logos. We're adding them all the time, but you can look at those logos as well. Also, and importantly, this is our first investor event. We thought it was important that you get more exposure to more than just Ron and I. The company is not just Ron and I, it's the leadership team that you have here. And I'll put that leadership team against -- up against any leadership team that's out there in the market in terms of our ability to execute. And that's something that we focus on. I know the stock moves around a bit. Over time, it's definitely going to be up into the right. We're constantly focused on that, creating value for shareholders as a leadership team. In addition, we're in a market that's starting to grow again. Ron touched on that. And we do believe it's going to be aided by the implementation of GenAI in terms of growth as well as to the benefit of our company in terms of operating efficiency as well. So just a real quick summary of 2024. I know you guys kind of know this. I'm sure you've committed it to memory, although I know some of you do cover 30-plus different companies. So I wanted to kind of touch on it real quickly again. Full year '24 total revenue beat latest guidance by $1.2 million. Full year '24 growth was 2%. For the quarter, sequential and year-over-year growth was 3%. Subscription revenue beat latest guidance as well by $1.2 million. For the full year, the growth was 3%. Sequential growth, Q4 was 3% and year-over-year was 6%. So we're seeing good traction in subscription growth. And then full year '24 adjusted EBITDA beat latest guidance by $1.7 million. And latest was obviously the guidance we had given more recently in November versus what we had given back in February. And the overall improvement for the full year and adjusted EBITDA was $9.8 million year-over-year. It was our sixth consecutive quarter of positive adjusted EBITDA and the highest level since Q3 '20. So a lot of numbers. I try to appease my guests and given your analysts and investors, I know investors, I know you like more of the history, obviously, in terms of what we've done and shows you the ratios. I'm also not going to spend a lot of time here. You guys, I'm sure, have committed this to memory. But I do want to demonstrate our expense to revenue percentage progression across key categories over the past 6 years as well as what we've done over the past 4 quarters in 2024. This slide is more of a setup slide for when I start talking about 2025 as well as when I give you some targets that we have in place longer term and thinking about 2028. That said, I will once again note the improving adjusted EBITDA profile over the past 2 years as well as each quarter within 2024. Back to cash is king. Here's our multiyear cash flow report. I've talked to cash from ops as well as free cash flow as well. But I also wanted to note our 2024 year-end cash position, which was about $85 million, which is captured here, bottom right of the slide. In addition, we have debt of just under $30 million. So our net cash is $55 million. We're in a solid cash position and positioned for growth. As I mentioned on both the third quarter and fourth quarter 2024 calls, and I think it's important that we do what we say we're going to do and that our message out to the investment community is consistent. We felt we were moving into a bit of a higher gear as we came into the second half of the year. And specifically for the second half, we had a record total revenue of $45.6 million and record subscription revenue of $43.4 million. We also, as I said, saw an acceleration of subscription revenue. In addition, we had solid growth in new subscription bookings as well as gross retention and NDR. We also had a record level of gross margin, a return to positive adjusted EBITDA for the full year with it being for 6 consecutive quarters, as I mentioned, and a record level of cash from operations. Now as we turn to this year and the future, you can see that we are either in line or if you look to the right in the 2025 guidance slide, particularly when we move to any of our profitability or cash flow metrics. Again, we're about growth and profitability. And I'll tell you why in a moment. So a little bit more about our quarter 1 '25 and our full year '25 guidance. Our guidance is -- I love that word. A lot of people can translate into different things. I'd say there's a degree of conservatism in our guidance. But as we started with the new administration, as we were talking about potential tariffs to the north, potential -- and again, they weren't like kind of there yet. The numbers weren't there yet and who knows if they're going to happen today. Who knows if something was said, while I'm speaking. But we just wanted to be a little bit thoughtful about our guidance because these things can potentially impact the economy, probably, I do expect things to be relative short term. In addition, they could impact currency. And we do have exposure to the pound. We have exposure to the euro. So we wanted to be very, very thoughtful but also confident in where we're going as a company. And our guidance is similar to our year-over-year growth levels for full year '25 as in full year '24. And if you recall, we guided effectively flat '24. So we did much better than that. Our products and market positioning, as you heard from the team today, are expected to enable gradual and sustained acceleration of revenue growth, particularly in the back half of the year, second half of the year. And consistent with the past, we do expect a sequential revenue decline between quarter 1 and quarter 2. So a little bit of a softer Q2, we still expect year-over-year Q2 will be fine from a growth perspective. But Q2 against Q1, we'll see a little bit of a dip. And then as I mentioned, we expect acceleration in the second half of '25. Gross margin should continue to improve with year-over-year gross profit higher than our overall revenue growth, combination of mix as we get more contribution from subscription revenue as well as continued management of production costs in particular. Our focus is on expanding profitability with a target of doubling adjusted EBITDA margin in 2025. And our cash from ops should also be at a similar level as our adjusted EBITDA with the majority generated in the second half of the year as well. Just because here's another slide, adjusted EBITDA and cash from operations, as you can see, bottoming a bit in 2022, up to the right as we move forward. And what's added here is year 2025, where we expect to be and what I kind of just mentioned. And also importantly, you can see the improvement from 2022 when we look at 2025 against 2022, $42 million in adjusted EBITDA anticipated and $61 million in cash flow from ops. Now this is a bit of a build slide. You've seen some of this in some form. I want to kind of move forward and talk about how the company moves from being a cocoon to a beautiful butterfly. And I want to stay here on the butterfly slide for a moment. Again, a lot of numbers here, you guys love numbers. Our goal is to double adjusted EBITDA in 2026. And by 2028 or before, return to being a Rule of 30 company, through a combination of targeted double-digit revenue growth and adjusted EBITDA margin. So this is what you may not have seen before, right? So this is -- we had to give you something, given you spent time. It was more than just the breakfast and ultimately, the box launch that you have an opportunity to leave with, okay. You also can see our historical results, including 2024 as well as where we expect to be with our 2025 guidance for revenue growth, adjusted EBITDA margin and where we intend to be in terms of Rule of X at 9%. I wanted to provide you with a bit more in terms of where we could go across these metrics over the next few years. So we don't typically put out -- I mean, obviously, when we report, you get our actuals, you can do a percent of revenue calculation on R&D, sales and marketing, G&A. But I wanted to give you more in terms of where we expect to be in 2025 as well as where we expect to be in 2028, okay? All of these metrics also give us a high level of confidence that we have enough resources to continue to invest in this business to grow but we also feel through some of the actions we've taken already, including some cost reduction actions we took as long ago as 2022, additional actions we took in 2024, what we're going to get from the deployment of AI across our own business infrastructure, we're building operating leverage in this business, and that's what's important to us, to have flexibility. The reason we want flexibility is we don't know necessarily, we try to do a good job of predicting what's around the next corner, but we may not exactly know what's around the next corner and we want to make sure we're positioned. And we want to make sure we're positioned to put resources where we could see opportunities for growth. So from that perspective, I'll move on to my final slide, which is to highlight that. And I've picked up what we had in 2028 target around our revenue growth targets as well as our different percent of revenue metrics. And we do believe that we're going to continue to be able to move gross margin up and to the right. Again, as we move throughout this year and into other years, 70% initial target. Beyond that, we feel we can go to 73% to 75% -- and with the operating leverage and flexibility we have here, the chart that you see up here is really if we see opportunities to deploy some capital, some resources a little bit earlier, that can accelerate revenue, we mentioned we have a target of Rule of X of 30% by or before 2028. So if there are things that we can do, we are prepared to sacrifice a little bit of profitability if we can accelerate revenue and change the slope of this curve. It wouldn't be the same slope. We're 100% prepared to do that. But you can only do that if you create operating leverage in your business, if you can manage it as tightly as you possibly can from a cost perspective, which are things that we're doing and things we're going to continue to do with also in terms of some of what we're looking to do with an offshoring program. So we have a lot of plans in place to support what you have here. And again, if we can move it forward, we're going to move it forward. But you can only do it from a position of strength and that position of strength has been our commitment to return to profitability and to continue to be a profitable company. We're not going to take profitability down. We may sacrifice growth a little bit -- I mean profitability percentage a little bit, only if we see opportunities to accelerate your revenue growth, which over the longer term, would put us in a better position. And with that, I'm going to open it up to Q&A, and I would like to invite Ron, Liad and Natan to come back up here. We'll take it from here.

Okay. We are live, questions on any topic. Again, we did a bit with the [ Navient ] product, but again, customers, use cases, market opportunity, financials, strategy, anything else that you'd like to ask, feel free.

Gabriela?

The one topic that has come up intangibly but not explicitly as competition. So I want to ask you the competition question in 2 ways. One is there is so much volatility during COVID and post-COVID on the discussion between how much happens virtually versus in person. So maybe level set us on that kind of -- it's not quite competition but that dynamic. And then I'll ask the question directly, how are you seeing competition evolve in the market? There are so many adjacencies in the SaaS world that Kaltura sits next to. And so what is your vision, Ron, on how some of these lanes converge over time? And where do you see yourself within the broader ecosystem?

Sure. Let me say a few words and pass it over to some of the colleagues over here. First in so far as virtual versus physical. There had been a move during COVID, of course, a lot more virtual and it has come back to a large extent to -- for the large events to -- back to physical, but even then, it had become somewhat hybrid, in which case, you need to have a little bit of both. But what we have gone in that process, we have come down from the initial event launch with the flagship events, which were high services, very large events, one-off like the AWS re:Invent into the midsized in volume amount of events like we do with EY or like we do with a lot of other companies out there where it's hundreds, thousands of events. So it is much more integrated into their daily activities. It is much more about digital experience rather than events, where the view is that, that will become increasingly so virtual or virtual first as opposed to only virtual, and we have a bunch of application solutions, features that are catering to the combination between virtual, hybrid and physical. But we do believe the world is going to be, by and large, virtual first. And so far as the overall adjacencies of where competition is going. So this market is fragmented. We do believe that there's going to be less and less vendors. We do believe that our horizontal approach to capture multiple use cases, multiple products, which is coming together with the in-depth approach of connecting into workflows will enable us to be the one platform to "rule them all." It will both be a financial logical decision because you could do more for the same or more for less, so you save money. But it is also one of additional capabilities, additional features speed of development. And also lastly, the ability to get all the data, as we said, harmonizing all in one space. So we do believe that increasingly, there will be a move to lesser vendors and we're going to come up a winner, whether it is organically and/or through inorganic opportunities. But if you think about the competition beyond the immediate set of vendors that are doing similar activity around video, we do believe that both the employee experience and the customer experience are going to move to be video first, as I've mentioned. And so is there a logic in having a separate complete LMS from a video platform. If you become the video-first learning experience that governs learning, whether it is at the education level and K-12/higher ed or whether it is an enterprise learning with LXPs as opposed to LMSs, could there be a video-first LMS/LXP product platform like a Kaltura that would govern the whole thing? How hard is that for Kaltura to add additional data types beyond video, parentheses, which we have already had. So we have photos, we have audio files, we do text to add more of this media management, content management capability, but to be video first. And again, look at other platforms in a world when video hit. Look at the B2C platforms, and I mentioned Facebook and all that. They completely change to be video first. People want to consume video first. And like you've seen when we run Genie, it is, as Navi had stated, atomizing our molecules and picking up all the insights from the video that includes text, right? What's a transcript? It's text out of video. So the difference between video and text is very small. It's just the immersive experience. So I do believe that there's going to be over time, and it's not over the next year or 2 or 3, and it is not a prerequisite to achieve the numbers that John shared, but is there an opportunity, a larger opportunity, be on a Rule of 30 to be able to become the video-first platform for EX or CX and that Kaltura has a ticket for that lottery that is a very valuable ticket because we already work with the largest companies in the world on their immersive experiences alongside platforms that are non-video play. Can we make that extra leap? We believe we can. But right now, coming back to where the markets are. We're not getting adequate value for the original initial current mission statement that we could achieve that much more, let alone if we conquer the rest of it, which we are aligned to hopefully potentially do. The actions that we're taking around AI and the road map that was presented to add additional data types are taking us not only to be able to better achieve our current mission statement, but to continue to have a real option towards even a bigger play, which we believe will happen. Does that address your question, Gabriela?

Absolutely.

I want to just add to the first question to a question about on-site versus virtual. Can you hear me, by the way? Is it okay? So you're right that during COVID, many of the companies, by the way, with no choice, moved over into virtual and then post-COVID, what we heard a lot was about hybrid, and hybrid meant for them at that time is to create one experience that people come on site to the event and then they have people virtually logging in and using the same chat widget for people on site and people on the virtual site. So that didn't last. We don't see it a lot anymore. What many of the companies realize is that what they want is actually a unified experience. So they want to have an on-site experience, focus on the on-site. And then when you go back home to be able to log in virtual into a digital experience, it will allow them to monetize, to learn and to continue the engagement with the content for the long term. Think, for example, of some of the largest industry events that we all participate in, specifically in tech or other industries. You have tens of thousands, sometimes hundreds of thousands of attendees. You have thousands of content pieces. How much of this content is being used throughout the year later on -- so imagine, for example, the Genie that you just saw, all this content is being recorded. And then that in this, they paid hundreds of -- sometimes thousands of dollars to participate in on-site, now they can log in into a digital experience, look at G&A and find exactly the answer to the question that they want. That's a huge value that today is not being captured. We believe that we can do that with many of those on-site customers and scenarios.

The size of the box launch is a function of the amount of questions you asked. Go.

You're filling it up right now.

I guess a question for John. Can you just remind us kind of why you took this job, I guess, and what attracted you to Kaltura? And then secondly, kind of on the long-term framework and the growth strategy seems very predicated on kind of expanding the existing base. Where do you see the most opportunity for that? You guys sell to a lot of different buyers, right, CMO, CRO, CIO, all sorts of different buyers, right? Where are you seeing kind of the big opportunities? And maybe that's a better question for Liad as well.

Second part, and I certainly have my view, but I'll turn that to Ron and Liad. But in terms of the first part, which is I feel like we're dating now, getting a little intimate. So why did I take this job? And I think I've mentioned some of this before, but real quick. So Ron and I had about a 5-month courtship. So it wasn't done kind of quickly, right? I did a lot of diligence on the company. Certainly, I'm at a point in my career where I've developed a lot of different skill sets. And I'd like to use all my tools. I'm not -- I want to play center. If you need help and right, I'll move over. Even if you want me to catch, I'll do that. So across the kind of CFO landscape, I feel I'm a strategic thinker, have all the toolkit that you need from a finance perspective, plus I bring with me quite a bit of extensive corporate development experience. So I was looking for a place in a home that where I could be of as much value as the company could kind of -- could be to me in terms of what I was looking to do. And so Ron and I had a number of different conversations, different venues, including, I think we were here for like 4 hours going through 4 decks back 5 years ago, no just kidding, for a long -- 4 years ago for a long time. Yes. So I really wanted to feel -- go to a company that was personal for me that I felt I could really bring everything to bear and take the company to another level. And this leadership team, the passion that you've seen here, was the passion that I saw as part of the recruiting process. And I want to be a part of that, and I thought that I could -- could be a part of that and really bring some goods and some -- and help the company to the next level.

Value generation is not a function of the value today but the change of value over a period. And if you come into something that is undervalued and you assume it could be materially more so because the industry is under duress. Because there are certain things that are not yet understood because there is a seismic shift in the market that is going to bring about a different future. There is a huge opportunity, financial and otherwise. And so John saw that as well and very much aligned. And within that, speaking to his capabilities, it wasn't just talking about organic growth for the opportunity to consolidate this market and beyond. And given his background in creating such shareholder value across multiple organizations and getting into strategic transactions, we joined arms and I think that best is very much ahead of us.

Yes. And results matter. You can look at my track record, I'm not one that just comes to not deliver results, and it is about creating shareholder value. First and foremost, and that's what we're doing, and that's what we're going to continue to do outside of the kind of on and off again kind of things that happen that are in no way, shape or form directly related to how this company is executing.

I want to move to the other question that you asked about the multiple buyers, and go ahead.

Yes. So 2 things on my side. One, as you saw, we have many buyers. The 2 buyers that we see more growth in, I would say, one is education. Education is a long-term vertical that we focus on in the past years. But this year, we are refocusing much more on education. A large portion of our road map is dedicated into education. We're investing a lot in going into those customers, spending time with them. We heard from Boston University here. It's very close to our hearts, both related to our values. All of us are students. I want to contribute to the next generation of leaders. But it's also very much in line with our new technologies, the Genie product, our innovation, our ability to provide this value to those students. And by the way, also to enterprise learning in the same way, but education for us is extremely important, and we believe that we can see a lot of growth there. The second one is the marketing. We already have many customers that use us for marketing use case, but we believe that there's a lot of potential in the marketing and partner enablement side of things, everything that is more to Ron's point CX or customer experience, where it's very much aligned with our customers' ROI and monetization models. So by us going more into marketing, supporting more of the flywheel concept that we showed before -- we saw before, bringing more value to a conversion between marketing and sales and helping the enablement of the partners of our customers, we believe that there will be a lot of growth in those areas in the next couple of years.

External versus internal CX versus EX. Historically, a larger portion of our enterprise revenue had come from internal use cases, but the current pipeline is much greater at the external level. Now we've added the virtual event products and some of the other stuff we've done because they're a bit more swayed towards external, but they're also very much used internally. But like I said, customers are doing both. But I think that as we move into the future, we're going to see a bit growth on the CX that's outweighing the growth of EX. And one word about media and telecom, every company is a media company. I'd like to say what's national geographic? Is it education? Is it media? What's Red Bull? Is this marketing? Is this media? You all need to engage. It's all cloud-based. It's all mobile first. The difference is very small. You need to engage people. In fact, when Andy Jassy made the choice to move for Kaltura for re:Invent 2020, the largest virtual event done to that point, 600,000 registrants, 300,000 participants. One of his point was, I want a Neflix' great experience. So we said, welcome to Kaltura. We run Vodafone TV. We run you heard many others. We do TV. You could sit in a living room and Zap, we are the equivalent of the Comcast Xfinity X1 experience at the same time that we do enterprise, at the same time that we do education. And so I say that because, one, while there's multiple use cases, multiple products, multiple industries, they are synergistic. They're not in a collision course, especially when you're looking at a platform that needs to engage people, regardless if it is for marketing, for sales, for support or for entertainment, it needs to engage people. And two, that there's growth across all these different markets. We've taken our foot a bit off the gas from education and media and telecom versus enterprise because we had to choose. We wanted very much so to become profitable again. We needed to have made tough choices. The markets were pulling back on demand. So we said we're going to focus on X. But now we're really putting our foot on the gas in education and media and telecom, market is a lot more weak now than they were a couple of years ago. We're starting to put people back to sell. There's a bit of a delayed function. We spoke about this year with some churn and lack of growth in media because we haven't invested that much over the last couple of years. You've heard grown with existing customers, had some few ones, but didn't really accelerate, that's coming around. So we think there's a lot of growth, and it's not on a collision course. It's about how it's managed from a product perspective in a horizontal way. And then from a go-to-market perspective, from a vertical way. So you don't get things mixed up, and you focus on what you're good at, at the same time that you achieve synergy. I think we're doing it relatively well. And that's why we could be the aggregator of this industry because we could capture a lot of markets, a lot of solutions, a lot of use cases, one platform in a very efficient way.

Any other questions? Okay. Richard?

So when we think about just kind of that I guess, path to the 10% or double-digit growth when we think about the AI piece of that and potentially just kind of the monetization aspect I know we've talked about this a little bit in the past, but I just want to get like your kind of view on strategically how you think about capturing some of the value that you're providing there.

I'll say a couple of words, and I'll pass it over to Liad as well. We've been very clear that we don't know yet. And the one thing that we're not is not bulls*******, excuse my French. We'd like to call it as it is and to come with the results once they're clear for us, for the industry and [ Clear ] is not 1 customer or 2 customers. [ Clear ] is a repetitive track record out there. There was a few dozen customers that are working with us on AI. We will know throughout the year. Regardless if we're going to monetize directly on AI or indirectly on AI, it will be a significant contributor to our results because that will generate that much more content, that much more viewership, that much more value whether we recoup it back by saying, look, there's that much usage of the system, so pay us or we say, pay us for that feature, it's going to come back, and we're going to be able to do that. And like -- we are in a very fortunate position given our content management experience that we are sitting on this keg of content that enables us to actually capture that. And I'd like to say another discussions, I've called this a salmon, right? Talking all about plates and food and desserts back to fish. We're swimming against the current in so far as the direction of flow of content in the companies we work with. I'll give the example. When you're creating content, there could be multiple sources of content creation. And that's like river flowing to the one ocean. The one ocean is where it's all stored, managed, the system of record, and that's where you have the portal. This is where you have your content management system. You cannot have more than one pull of data per company because then you won't be able to find stuff. There could be one. So we started from the ocean. We started by managing all the content, not generating it. But then we started moving up towards generated by adding real time. That's giving us, a, the huge value of having the CIO-level relationship for the entire organization on an FTE basis; and b, the opportunity to flip the switch when you add the rest of it for content creation with the Harmony strategy of having everything in one place. Now there's others that have claimed that they started to create content and now they're going to govern content management. They haven't demonstrated it. There's competitors. I'll keep them unnamed. Their ARPU is 1/10 of our 200,000 and they claim they're having enterprise deals. While they're much smaller, it's the same product for departmental deals. We have the true large enterprise deals, and we're going up to where content is created at the same level. So we're coming at it, I believe, in the right strategy. So that's what we're doing. That's why it's unique, and that's why we believe we'll be able to capture the future. But Liad, go ahead.

Yes. Just to your first point, when I provided my focus for the year and obviously, the guidance, we didn't take a significant part of AI monetization this year. As Ron said, we are pretty conservative. We do have a lot of great feedback from our customers. We believe that it will move into monetization through the end of the year. That will be an upside in case it happens and when it happens. We believe that in 2026 will be the year that we start to see more results. And the reason that it took us a longer time to get to where we are is just because we wanted to do more due diligence with our customers. We want to understand their pains. We spend a lot of time on discovery and how we spend, like I said, many, many hours, talking with those customers, understanding their pain points, and that's how we came up with those 2 initial products, the Genie and the Content Lab, which are already in production. And now we have a whole new vision for additional AI products that will be based on the customer feedback, and we want to grow with our customers and really build something that will be sustainable for them.

All of our customers [indiscernible], education, tech, financial, whatever. You got them one by one, each one is a true excitement and they need to digest what exactly can I benefit from that, how can we work it together. It takes some time. We'll get there.

Pretty much at the end of the session. We have lunch boxes ready in the main areas, as you walk out. And also -- and I know Ron said this upfront, I saw some folks taking pictures. The session replay will be available immediately after this event. And all of the materials here will also be posted on the website.

Before I stand up, I want to thank everybody for joining online as well. This will be available on demand, including our Genie option for searching stuff want to thank our amazing customers, those that have joined remotely and physically and to invite all of you to continue the conversation, you could stick around here longer, if you'd like or set additional calls, whether you're here in the meeting or watching this on demand. We are an open, flexible and collaborative company. That's our core value, starting from how we were birthed as Kaltura, And we're here to share the story. We're very proud about it and of it. We're extremely excited for what the future holds. Thank you very much.