Nexxen International Ltd. (NEXN) Earnings Call Transcript & Summary

All right. Good morning, everybody. All right, everybody. We're going to get started. So first of all, welcome to Nexxen's 2026 Investor Day. We're incredibly excited to have you here. For everybody that made it into the event today, thank you so much for taking the time and for coming. And also to everybody watching on the stream, we appreciate your support. Just to kick things off, we have a very exciting show for you. What an exciting time to be in New York, by the way. The Nick's just won a championship for the first time in 53 years, the World Cup is going on and some of the best vibes that I've had in the last 3-plus decades of being in New York City. So in addition to all the exciting stuff that's going on in the world, there's a lot of exciting things going on at Nexxen as well. And what we're going to discuss today are some of the drivers of our recent success, the momentum that we're seeing and really the strategy across our end platform. So throughout the day, you'll hear from a number of our business leaders. Ofer will kick it off discussing a little bit about the strategic vision; followed by Kara Puccinelli, our Chief Customer Officer, who's going to discuss some of the success we've been seeing with our enterprise enhancements to our demand side platform; followed by Ken Suh, who is going to discuss our evolution AI resilient media, including CTV, native CTV, home screen and mobile in-app; Karim Rayes, our Chief Product Officer, will be discussing our AI strategy. After hearing from Karim, we'll need a quick break, so we'll take 10 minutes. And then we're going to jump into financials with our Chief Financial Officer, Sagi; Chance Johnson, our Chief Commercial Officer, will finish it up by wrapping it up. And that will follow with Ofer's closing remarks before we jump into Q&A. And for Q&A today, we'll be saving all questions to the end for the dedicated Q&A session. Now before I turn it over, today, we will be making forward-looking statements. So anybody that wants to read the forward-looking statements, feel free to do so on this slide or you can also reference them in our latest 20-F filed with the SEC. At this time, it is my honor to introduce Ofer Druker, the CEO of Nexxen. Ofer, please come on up.

I always ask not to be after Billy because he's a star and it's tough to be after. Good morning. I will make it short. Good morning, and nice to see you all here. Today, we are happy to share more information about Nexxen product, about our business momentum and about our financials. You will see the team here presenting it. As you saw this morning, we had good news. We raised the guidance for the year again, which is, of course, always is a good sign. But apart from this good news, we have also good news about our CTV growth. We see for -- in Q2, a growth of about -- we're expecting a growth of more than 20% year-over-year compared to last year quarter 2 and on mobile, we see a growth -- we're expecting a growth of more than 15% for year-over-year, which, of course, is great news. And today, we will basically talk about everything that I just mentioned, and we let our leaders talk. So the first one will be Kara that is adding our enterprise team and solutions. So Kara, please. Thank you. Enjoy.

Hi. Good morning, everybody. So today, I'm going to talk a little bit about our enterprise solution, but more importantly, really the acceleration that we've seen. And if you remember, for those of you that were here last year, we were really early on in driving success across our enterprise offering. And we've seen significant momentum and results that really have validated the strategy that we put in place. And when you look at our industry and advertising as a whole, we know it's incredibly fragmented, right? Many of our customers are having to use dozens of different platforms to really do the same media buying end-to-end. We believe at Nexxen that the future of advertising is a unified ad platform. And the reason for that is that it drives greater outcomes for marketers. It gives you greater transparency. And in a world where buying is changing and AI is now at the center, the more connectivity, the better results that you're going to be able to achieve and the stronger operational workflows. So when we look first at the DSP and what's at its core, it's really about focusing on the capabilities that drive advertiser workflows end-to-end. So customers can onboard audiences into the system. They can reach those audiences at scale and then they can access premium supply and access new formats that we're starting to integrate. And it's no surprise when we look at the fragmentation that exists, that customers are looking at platforms that can do more for them so that they can get stronger results. They've outgrown point solutions, right? Every additional platform is going to introduce more complexity. There's more operational challenges that go alongside it. There is greater fragmentation, which means not as good results. And again, as AI becomes more important, that connectivity matters even more. And one of the things that I'm really energized by right now in our industry is that AI is actually leveling the playing field. When you think about the success that many of the big DSP platforms have had, the ones that have captured a lot of the market share it's really because of a simple UI, right? They've been able to embed that UI into the agencies, and those agencies have built workflows around that. AI changes everything. Agents are now the way that we interact with technology. And so what that means for Nexxen is that we're able to onboard clients much sooner, and we're able to have a lot more new customers test the technology and start to scale. Now when we look at bringing this together and what the results are, we've talked about performance, we've talked about outcomes. Now it's time to talk about what this means in terms of results. So on average, when we use Nexxen and customers use us end-to-end across our buying capabilities, we achieved 35% better performance than other customers. that use platforms that are simply one sided. And again, the reason for that is because these one-sided platforms are losing intelligence across these disconnected systems. When you get better performance, when you get better cost efficiency, that means for Nexxen more spend consolidation. So agencies are moving money from other platforms onto Nexxen. But then importantly, we're able to cross-sell. We're able to get them to use our data platform, to buy into our premium supply and to test new solutions and formats with us. All of this driving additional margin expansion. Now when we look at the benefits beyond performance, I want to talk about one theme that is really big right now in the industry, which is transparency. Now if you've been following the trades, you know that cost and transparency has been something that's been a big contention point for agencies and platforms. And the reason is there's a lot of fees when you use multiple different systems. There's fees for media. There's fees for technology. There's fees for data. There's fees for measurement. There's fees for optimization. Every one of those fees creates less working media for the marketer. And ultimately, not as strong results in that process. What Nexxen uniquely can do and really is the only platform that has the ability is to basically look at that holistically. We have the buying technology with a strong enterprise platform that's feature-rich. We have the data solutions that combine first-party data and our owned assets. And then we have the access to premium media and then can measure the results. Ultimately, by bundling these fees, we can save clients upwards of 30%. Now for Nexxen, what that means is that instead of them paying multiple different partners for these solutions, we can also increase our margin in that process. So deeper platform utilization in this capacity is going to allow us to really capture a larger portion of an advertiser's budget, but then importantly, continuing to be able to cross-sell building that stickiness, building a resilient relationship that leads to much higher retention. Now when we look at overall competitive advantage and what our advantages on the DSP side, there's not a single thing that is differentiated. We believe in a sum of all parts. So we believe our differentiation really comes down to the strength of the solutions that we've combined together with the unique architecture that we've built. So things like exclusive ACR data, things like the connection of our data platform that allows really easy access to onboard data, enrich that and find new customers that are likely to purchase. First to market opportunities like what we launched with Nexxen Home Screen and of course, the strategic partnership that we've established with [indiscernible]. All of these capabilities improve customer performance while creating efficiencies for the customer in that process. And leveraging these integrated capabilities creates more value for them and, of course, creates more value for Nexxen. Now I've talked a lot about performance. We've given you some results on average and what we can see. I wanted to dive a little bit deeper on a specific case study. This is one that we're proud of with Toyota. So Toyota started working with us on the DSP. We were one of the DSP partners that they were working with. They started to consolidate more media spend with us so that we became a primary platform partner. And a lot of that was because of the capabilities that we combined with the DSP to deliver results. So the capabilities they started using was the data platform. So they have sales data, people that have visited store, purchased vehicles, signed up. We onboarded that data. But then importantly, we put that data into our Discovery solution to help them identify what are the households that are most likely to purchase vehicles, what are the households that are most likely to look for economy vehicles specifically and how can we connect that into a strategy where they can reach those consumers across premium supply but at a more efficient rate. The results speak for themselves here. So when they started combining these capabilities with the DSP, our data solutions and our premium supply, we actually achieved 2.7x higher return on ad spend. That's an incredible increase, especially for a vertical as challenging as auto. In addition to the increase in return on ad spend, efficiency was important. They wanted to maximize what they're spending on working media. And specifically, they wanted to maximize the cost per vehicle sold. We reduced that by 62%. So again, this better outcomes really can only be achieved by this level of consolidation. And while these results speak for themselves, when you're thinking about Nexxen, the really the value that it brings to us is we can actually maximize working media for them by reducing these fees, but then also cross-sell them on solutions like this that lead to greater margin generation for Nexxen in the process. Now this also translates across the marketplace, and I wanted to share broadly as we're looking at our strategy, who we're going after and where we're winning. So you may remember a couple of years ago, we focused a lot on smaller customers. We have shifted that strategy to focus on larger enterprise players, mainly with the holding companies, the large independent agencies and brands direct as we increasingly see brands looking to contract directly with platforms and looking for technology with solutions that have unified capabilities. As customers integrate more of these Nexxen capabilities, their workflows become more simple. The relationships with us become a lot stickier. And so the enterprise value of these to us as Nexxen means sticky repeatable revenue, strong retention rates. And we're not just running a single campaign. For a lot of these agencies and advertisers, we become their technology partner. So that means as they grow we grow alongside them, and we really become the key partner for them to activate their programmatic activity. Now let's take a look at what this translates to in terms of numbers. So when we look at the adoption and the acceleration we've seen, we see really impressive results in 2026 so far. So when you look at the 2026 numbers, this year alone, we have onboarded more new clients in the first 6 months than we did in all of 2025. Again, the reasons for that is because AI is changing this industry. And nexAI is really at the center of that, making that onboarding easier for customers. We're able to achieve performance results that lead to stronger outcomes. And all of this represents why we really think the second half of 2026 and beyond, enterprise is going to be a very strong catalyst to deliver our results. Now we've talked about AI and really the importance of that when we think about where we're at as an industry and what's helping us onboard new customers. But innovation is really one of the key drivers of overall adoption. We continue to hear from clients that we are ahead of the game in AI. Now you may ask why. Data is single-handedly the thing that makes AI powerful. It's only as good as the data that feeds at. We've done all the hard work in integrating the technology. And so the signals that we feed our AI make our agents that much stronger. We have the signals on the demand side. We have the signals on the supply side. We're able to use those to ultimately make the workflows for agencies much easier, but even more importantly, drives stronger outcomes using insights and better models for buying that reach stronger return on ad spend. In addition to that, we're continuing to innovate in other ways, obviously, with new formats, as we've launched with our Nexxen TV Home Screen, but also different experiences with data solutions to continue to remain competitive. Every innovation has one single objective, helping customers achieve better outcomes. Now ultimately, our strategy is really centered around enterprise customers, really consolidating more of their workflows. And if you take away from today really what's important about our growth for enterprise, it's really centered around the ability to consolidate more media budgets from advertisers by delivering more outcomes in that process through our capabilities. And again, we feel incredibly bullish about where we're at with nexAI because the way that we are interacting with technology is changing. And what that means is that we can onboard new clients at a much faster rate. On average, it's actually 50% less time to onboard a new client than they've seen previously. So the benefits of this deeper platform utilization and the greater spend consolidation is really allowing us to compete and participate in every part of the campaign life cycle. So once we get a new client on board, they become sticky. They work with us, we cross-sell, and we continue to grow over time. So we believe this powerful flywheel is what's going to support the long-term growth for both our customers and our business. And with that, I'm going to now pass it over to Ken, who's going to talk more about the broader industry trends tied to media landscape and how we're supporting that with our business.

Thanks, Kara, and thanks for having us, and thanks for coming on this beautiful day. I love waking up to 58 degrees today. I was like the heat is gone again, but it'll be back. We're going to talk about 2 things today, primarily around AI resilient media. What does that mean generally in the CTV space as well as on the in-app space. So as you guys know, when you go on to Google, and you do a little search. You're not clicking through anymore to a website. You're just getting a nice little answer from Gemini or whatever platform you're using. And what we're seeing is a dramatic fall in traffic to traditional web publishers today, 60% of Google searches now do not go through to a website. That's really putting a lot of pressure on traditional publishers today. They're spending a lot of their time now on mobile and CTV. So within the mobile space, we know that adoption continues. But within the mobile space, 85% to 90% of the time is spent on the in-app side, that's probably something that you do when you wake up. You've got your phone, you're probably jumping right into an app as well. That's probably true for most of us in this room. And on the CTV side, we've seen consumption grow from 25% of total consumption in 2022 up to 33%, now in 2027 for next year, and that has led to a continued growth in advertising because that's where people are spending time. Advertisers want to find the right people in the right places. They're spending time in these 2 areas here, on the mobile in-app side, as well on some of the CTV side. So we're seeing that dramatic shift now from time spent. And what we thought is, hey, this is an area for us to actually invest our time as well. And the good news is the overall pie of the advertising spend in the U.S. is continuing to grow. So it's not that we're just robbing Peter to pay Paul. It's actually the total pie is continuing to grow up to 9.5% growth and U.S. digital ad spend this year. So that's more spend overall, but disproportionately now moving into 2 areas of the industry in mobile in-app and in CTV. And again, this is where we're seeing a lot of opportunity for Nexxen to make some key investments to reach the right audiences. So let's start with mobile in-app. We've decided to partner with a number of partners to start to increase our footprint in direct SDK in-app inventory. This is really key for us. We've partnered with Unity, Verb, BidMachine and a number of other partners as well to make sure that our reach is growing. So last year, Jon's, which ranks a number of spreads of how many people you reach, on the in-app side, we were ranked 12. This year, after one year, we're now up to 6%. So we've seen a dramatic increase in our footprint on the in-app side, which has been great to see. And our flexible SSP technology really allows us to onboard this in-app inventory very quickly, however they want to run. And that inventory flows directly through to our DSP and as well as third-party DSPs. So we're plugged into over 70 DSPs beyond Nexxen DSP to help generate the right amount of reach for the advertisers that we work with across the number of agencies that we work with. And so we are seeing this in the numbers. It's actually happening in real time. So Mobile in-app spend is now up 43%. This is actual growth spend that's coming through the exchange starting from Q3 of last year through the end of Q1 2026, and we actually anticipate this to continue to accelerate over time. And I think this is really interesting because, again, it makes a lot of sense. You're seeing a lot of people spend that time on the mobile in-app side. We are actually spending a lot of time investing in our technology in that space, and we're seeing the results from the advertising spend there. It's also a high-margin business for Nexxen overall. So this is also beneficial for our investors. Now something really interesting that I've noticed is mobile in-app companies looking as well, maybe not in my slide, but in general, that CTV is where people are spending a lot of their time. And they thought, hey, you know what, I should actually go to CTV and start advertising people to download my mobile app. And this is actually quite interesting. We're seeing a big growth in this and some folks call this performance CTV or direct TV. But whatever you want to call it, we are seeing this dramatic growth in mobile in-app developers taking their marketing budgets, which they have a lot of because they do all the math and they figure out, okay, if I can actually get a download where people are, and I've kind of maxed out on all the in-app ads, where else can I go to attract new members or create new segments of users of my app? And so they've seen that in CTV. This is a whole new greenfield of spend for them. We are actually really well positioned because of our breadth of supply that we have on the CTV side. We also have a number of partnerships that make sure that they can track that. We've just announced an opportunity with Kochava, who is a leading MMP. We can make sure that we can track that ad was seen on CTV on your mobile app, it led to a download. That's really powerful for performance marketers. And so you can kind of think of a Venn diagram now of these mobile in-app developers and CTV kind of coming together with Nexxen kind of right in the middle, being able to facilitate the spending of those 2. And this is, again, going to be very powerful if you think about the 3 slides before of the trajectory of growth of the time spent within those 2 mediums. And let's talk a little bit about CTV. We are really well positioned. We've done a lot of investments in CTV, and we're seeing a lot of fruits of that. So first of all, we're a full end-to-end stack. Again, we talked about the enterprise DSP earlier. We're talking about now the SSP that we have. We work with all the major OEMs Samsung, LG, Vizio, Roku, [ Slashbox ], maybe and also a number of other streamers CBS, Paramount Plus. So we have a lot of great reach on the publisher side and the streamer side on CTV. We also are looking at opportunities to grow with exclusive inventory. So because of our partnership with V, formerly VIDAA, we now have the ability to monetize exclusively their home screen inventory, which we're going to get into in a little bit. And we also have exclusivity on the ACR data that is being generated from those. And we also have this really unique linear CTV cross planning tool, which is really good for folks who are looking to develop plans to make sure that they get incremental reach from linear to digital is because we know that is the trend. And so Ofer mentioned it, but our CTV revenue is up. So we're up 12% year-over-year in Q1 and expected to be up 20% year-over-year in 2026 because of, again, all of these investments, making the right bets and making sure that we're facilitating the right outcomes for our advertisers. And another trend to point out on CTV for us at Nexxen. So 36% of Nexxen's programmatic revenue in Q1 was CTV, and that's up versus 32% of last year. So CTV continues to grow overall and also as a percentage of our total spend, again, in line and also actually ahead of the growth trends in the market that we're seeing in CTV. So let's talk about the Home Screen. So last night, I was sitting in bed. I was trying to figure out what to watch with my wife. And I literally did this. I could not figure out what to watch next and you probably did the same thing. On average, people spend 10.5 minutes on their home screens of their smart devices, figuring out what to watch on CTV. This is a massive engagement opportunity for advertisers and brands. But it's generally underutilized right now. It's also super highly fragmented. So if you're a brand and you want to run an ad across a number of devices, right now, it's very manual. You have to call each OEM separately. You've got to negotiate different rates. They each have their own creative specs. And it's very onerous to actually run a unified campaign across a number of different devices that are out there. So we thought, hey, we can actually create a solution. Let's create an actual solution to scale home screen advertising across a number of OEMs and operating systems. And I think advertisers are starting to see this opportunity as a way to get their message. I kind of think of it as a billboard in your living room. This is actually a really important piece of real estate that has not really been programmatic yet. It's been very managed, very direct IO. We're going to usher that into the new phase of programmatic, and it's going to be really interesting to see how we continue to grow this business. So our solution, we think, is really interesting. It's really untapped and there's a couple of things. One, if you're an advertiser and you want to be involved with CTV, you want to get in front of the consumer. If you buy an ad break, you might not actually have the person see your ad because when the program is on a commercial break, that person might get up and go get a drink or do something else and then they'll come back and you're not going to actually have that impact that you're hoping for as a brand manager, as an advertiser. What's the one thing that has to be true if you want to watch something, you have to turn on the TV. You have to turn on the TV, you have to actually go to the home screen. You actually have to then go into an app or go into the channel or go into something else. So I think it's important for us to understand the natural user steps. You cannot act as any kind of without turning on the TV. And it's also a lean-in experience. People are actually actively looking for what to watch. So those are the 2 important reasons why we think this is a really important and untapped opportunity for people because of the user behavior and the mindset at that point of turning on the TV and figuring out what to watch. We're going to hop into a quick video to give you a little bit more detail on how this is going to work for us. [Presentation]

We're very focused on video. So we had to show a video at this meeting. There might be another one as well. So in conclusion, we believe we are aligned with the future of media. Our technology is really present where people are spending most of their time, both on in-app as well as on CTV. It's also where media is AI resilient. This is really important for our business growth. As we continue to be where people are, advertisers want to reach them. We have the opportunities to really reach those folks through our platforms as well. And it really takes advantage of our competitive advantage really being an end-to-end true platform there. And I do think that overall, we are making the right bets and we're actually seeing the growth in the numbers as well. So thank you for your time. I'd like to now introduce our Chief Product Officer, Karim Rayes.

Thanks again. Good morning, everyone. I'm Karim Rayes. I'm the Chief Product Officer at Nexxen, and I'm the one person between you and a little break. It might sound like we haven't been going that long, but that's about to change. So bear with me for the next few minutes here. Right. So over in the next several minutes, I really want to cover 2 key things. The first thing really is I want to show you what we've been up to over the last several quarters. And more importantly, what outcomes that drove for the business. I think you heard some of it so far today. We're very proud of the results we're seeing from these investments. I think we invested early, we believed in our vision, and we're seeing the results of that. And the second part, we're going to cover agentic investments and nexAI and what we've been up to there, both in terms of products that are already live in market as well as our vision of what's coming next. We again invested ahead of the shift into agentic and we're seeing results today as part of that, and we believe that's going to be a strong part of our growth moving forward. Okay. So let's start with really what investments have we made over the last 2 quarters. And if you look at these set of features I want you to think of this as a set of features that work together that are -- they're essentially unified and compounding growth for us. So they're not isolated features. They work together and help us drive real outcomes. So first on the data side, we invested heavily in new data onboarding capabilities. And the goal of that was to be able to bring customers more easily into our platform so we can merge with Nexxen data assets and drive better outcomes tied to that data. Tied to that, we also invested a lot in a new identity resolution. So this is a new Nexxen unified graph, helping us scale the audiences and drive better measurements against them. On the media side, you heard from Ken, we've been investing a lot in AI resilient media. So this is a combination of integration into new mobile partners and solutions around that as well as our new CTV Home Screen units and programmatic enablement of that. In addition, we've launched our new curated marketplace which is essentially a way for buyers to more efficiently access direct media from Nexxen. And finally, on the enterprise platform side of things, we've made really meaningful investment in that platform, launching a brand-new user interface that is now powered Nexxen AI 2.0, our new version of our agentic capabilities, and this brought a lot of new solutions that we'll go over today as part of the [ VSP ]. So the reason to group all of these together is the takeaway at the bottom here. Like these investments are compounding. We're seeing more customers onboarding to the platform. This is driving growth across the platform and helping us leverage our solutions across the ecosystem. And these outcomes -- really if there's one takeaway today is really what I want you to anchor on because these are evidence, not projections. We're seeing results today. While we believe we're going to continue to see growth through these investments, at this point, it's like we've arrived, right? In terms of the investments we made over the years and the strategy that we've adopted in 2019 and moving forward, building this unified platform, we've really seen this strategy pay off, and we're seeing a growth of customers and growth of outcomes within our platform. So as you heard from Kara, you'll hear this a couple of times today because we're proud of that stat. We've onboarded more customers this year so far than we have all of last year. And we're seeing that growth accelerate and we're seeing more and more customers joining our platform. Underneath that headline, though, there's really a flywheel turning across all fronts. So onboarding new enterprise customers really drives monetization up across our platform. So this has enabled Ken and his team to bring in more publishers to the platform. That has helped us grow our mobile and CTV footprint, which in turn helps us drive more of this money end-to-end across our platform, buyers buying across our publishers. On top of all of this, there's our data solutions and data platform. So we're seeing customers engage with our data solutions more and more, and we're driving increased monetization through that data platform. So again, all these investments are compounding together, helping each other grow. Let me show you [indiscernible] [Presentation]

So if you look at our DSP today, I mean it's hard to recognize if I compare it to what it looked like a couple of years ago, and you saw the center of this really is AI. So we're transforming the DSP to become an agentic-first solution, leveraging multiple agents to streamline workflows for customers. Our thesis here is pretty simple. Advertising is moving from people operating tools to people directing our agents. And this is something we're going to see more and more as time goes by. It's a structural change on how media is bought and sold. And the platforms are best positioned for this are deeply integrated and have brought in AI early and effectively into their stack. So let's talk about agentic and why we feel Nexxen is well positioned to win this race as tools are changing towards these workflow. So these disruptions are creating opportunity for scaled integrated platforms. And those that adopted early can support -- can meaningfully gain share against that. So what makes Nexxen different? First and foremost, we're an end-to-end platform. So what this really means we have a connected infrastructure unifying data and premium media and activation. So we see the entire transaction from the buyers to the sellers. So this enables us to train our agents across these data sets to really optimize outcome and streamline workflows. Second reason is we're interoperable and transparent. And this is key. And I'd say like probably the #1 ask we're seeing from clients. Clients work differently. Some of them want an in-platform experience, want to leverage our UI and our tools directly there, and we've built our agents within our platform. Other clients, though, are looking to integrate Nexxen capabilities in their own agentic stack, and we enable that as well. On the transparency side, agents always -- are always auditable and decisions made within our platform are easily understood by our clients. So we don't do anything in the background. We always share information. And finally, we are -- we have the ability to operate an end-to-end marketplace through this -- in the agentic marketplace. Because we're working with both buyers and sellers, we are the connection of those 2 and are essentially enabling buyers and sellers to work together agentically through our platform. So let's take a step back here and talk about what agentic enables in at deck. I think that's important just to understand what problems this is solving for. First and foremost, while programmatic was built to streamline workflows, right? If you think about how things were before the programmatic era, everything was very manual. But there's still a lot of manual work happening today in our world. And as campaigns are getting more and more complex, we're seeing that actually grow. So believe it or not, like 60% of reporting today is still done manually. So this is traders in spreadsheets, pulling data, analysts pulling data and a meaningful amount of time to spend there. Beyond that, we're seeing traders spend up 12 hours and more in platform working with tools to transact setup campaign managed campaigns. The average span of a trader in a company is around 18 months today with more than half leaving their roles within 12 months. So think about working across multiple platforms, multiple solutions, having to ramp up and train on that and then that short life cycle of an employee that brings in a lot of friction and cost to agencies and brands in their process. But also -- it's also very error prone. And one of the big revenue leakage in our industry is really errors and mistakes people make in platforms. So agentic AI is designed to help with all of that. And that's done through 4 core capabilities. The first one is interpretation. So think of this as I'm putting in natural language of prompt and then the machine takes action from that prompt. So an example of that is show me how my CTV campaign is pacing today. Then you have orchestration. This takes things a little bit deeper. This is where one prompt drives a multistep workflow. So taking as an example, troubleshoot this deal for me. Then we have automation. So automation is essentially scheduling these prompts and scheduling these events. So every Monday send me a pacing report as an example. And then finally, we have a presentation. This is really where agentic drives a lot of capabilities. So this is synthesizing data and information into actionable outputs. So a good example of that is planning media and generating media plans or generate decks and presentations of the data available in the platform. So all of these are designed -- are all intended for the same thing. It's reducing manual work for traders and companies, helping customers save money, drive better outcomes and be more efficient. Now as we're developing AI products within Nexxen, we have 4 clear operating principle that we abide by. And really, all of these fundamentally tie to one principle, AI adoption depends on trust. So first, and this is, I'd say, our north star humans are always in control. So what that means is agents act with oversight and only act with an explicit scope. So users control what the agents will do, they prompt the agents and have control over the outcomes. We're also open and interoperable. So we connect through open standards rather than locking customers in into a black box. So yes, they can come into our platform and use our tools, but they can also work with any agent of their choice. Next, we're transparent. Every action the agent take is observable and auditable. So no decision is made in the background, customers understand why these decisions are made and why they were the best decision. And finally, we're data responsible. So agents only access data for the scope of the task at hand. And beyond that, we never train on client data unless explicitly approved. So we view these operating principle less as a constraint, but more as a way to drive more adoption across our customers because, again, trust drive growth. And we believe this is the right way to build AI and to operate in this new agentic era. So as we're developing these products, we focus on 2 parallel paths. So -- because we have partners that engage in different ways. We have many customers that are looking for a dedicated in-platform experience. And you saw in the video, we've built our nexAI assistant that brings these capabilities directly into the platform. And this is for teams that are looking for [indiscernible] in the platform. They're describing their goals and nexAI assistant help them achieve them. Path 2 though is interoperability. And this is built really for planners that have built their own agentic stack and are looking to bring in Nexxen capabilities into their solutions. This is done through open protocols. And Nexxen is integrating AI directly into their workflow. That is both in direct MCP connection as well as agent-agent connection, where essentially they can leverage the agents we have in our platform within their solutions. So what we're seeing from that really is this world is still new around interruptible. Everyone is building their solutions today. So we're collaborating really closely with new customers around this and existing customers. We've seen already really high growth in adoption. We're integrating and testing with multiple partners today, and we see this as really a meaningful growth driver for us moving forward. Right. Now to the good stuff. Let's talk about what's actually in platform today. These are the current capabilities within Nexxen platform. So this is not a road map. These are agents available to our customers that are being leveraged at scale. So first and foremost, we have our performance reporting agent. So this is your real-time insights tied to your campaigns, how are they pacing, what performance are you seeing, campaign health, delivery, et cetera. Then we have a visualization agent. So this is where data comes to life. We're able to generate graphs and charts for visualization of that data and platform, but then customer is able to export those graphs and charts for presentations, e-mails, et cetera, as well. We have our highly popular troubleshooting agent. So this is an agent that's tracking campaigns in real time and helping customers troubleshoot pacing performance and suggest them modifications to their campaign to drive better outcomes. We've recently launched our QA agents, and our QA agent essentially is preflight, so this is before you run a campaign before you spend a single dollar. We analyze the setup, the trader has set up, and we make sure that there's been no mistake in that setup. So that could be missing a geo target [indiscernible] and another 0 in your budget and so on. So we'll drive alerts back to customers and enable them to make those changes before they spend a dollar. Then we got our audience region agent. This is tied to our discovery platform. So this helps customers find and target their targeted audience to drive better outcome. And finally, we have our studio essential agent. And this is a creative automation, helping improve creative to drive better results. Now looking forward, we also have many agents in development today. And I'd say like these take our current capabilities and bring them to the next phase. So a lot more advanced agent that's what's been released so far, starting with our media planning agents. So this agent enables customers to upload a brief. So essentially a campaign description. They can take a file and dump it directly into the platform or they can simply in a few words, describe what they're looking to do and the agents will help them generate a plan to activate a campaign against that. So this ties back to audiences, to media, to geo, to dates and so on. We're also building an audience creation agents. So this is a customer describing what is their ideal customer and who they're trying to reach and then Nexxen automatically generating audience to reach those customers and increase the reach against them. We're building an optimization agents, and that's the next phase, I would call it, of our troubleshooting agents. So beyond fixing issues with the campaign, this is proposing a new suggestion to drive better outcomes. So things the trader hasn't really thought through so far, new opportunities, new media to integrate new audiences, let us help you drive better outcomes through suggestion. Again, these are suggestions, they can be automatically added to a campaign, but we never force anything. The human is always in control. And finally, we have our advanced creative automation. And this project started really as we're trying to solve the problem Ken mentioned earlier around CTV Home Screen. Each OEM has different specs around those creatives. So we're like how can we do this easily. So what this does really is automatically generate creatives for different media sources but also build creative around audiences and targets. So this is streamlining and automating the creative process for our customers. So I wanted to walk you through one to give a better understanding of what these workflows look like. This is a specific example tied to our media planning agent. So as I mentioned, the first step is really for a user to upload an RFP or simply type in what they're trying to do here. So we gave it a really simple example here, plan a CTV plus display campaign for sport fans. So that's the original input. From there, the planner will generate a draft with targeting flights. So flights are essentially your date ranges in which the campaign will run, budgets and formats. So this is what this output looks like. So as you can see on the left here, essentially, you have a chat bot and you're able to engage with the planner and make modifications. So after that first iteration, what you can see here is target budgets, audiences you should target, media suggestions, geo targeting and reach. This is tied, again, when we're looking at our unified platform, this ties back to our data, this ties back to our forecasting capabilities, the media availability in the platform. This all comes together to generate these plans. So the trader has the ability then to refine that plan and to add more criteria to it. The planner will also -- the planner will also suggest some modifications if some data was missing. Once we're happy with the plan, we have really 2 output options. So we can export that RFP back to go back to our clients with that plan to get approval or we can push this to the DSP to activate this plan into a campaign. So really streamlining a process that used to take hours, if not days, into several minutes. So it's pretty -- I think at this point, we strongly believe we've built very powerful agents, and we believe we're ahead of the market when it comes to that. But not all of the customers want to access them via our user interface. For some, they are ideal solutions to be able to leverage these powerful tools within their own agentic workflows. And this is where nexAI interoperability comes in. So as buyers are setting up their own agents, our aim is to be our primary platform partner for them to help them plan, activate, optimize and measure campaigns directly within their tools. So while these capabilities are still developing across the industry, we're already actively engaging and testing with multiple clients and are working on these integrations. And as I mentioned earlier, we really believe this is going to be a strong bridge for us to grow our business moving forward and increase adoption of our enterprise solutions. So interoperably can sound a bit complex, but really, we made it as straightforward as we could. So it's really a 3-step process. So customers add Nexxen as a connected to their preferred MCP compatible assistance. So that can be Claude, that can be ChatGPT, et cetera. So whatever solution customers use, they can then connect directly to Nexxen. This will prompt them to log in with their Nexxen credentials, which essentially will -- we'll give them the same access they would have within our platform when it comes to data. So whatever they can see within our platform, they'll be able to engage through there. And that's really it. Once they've done that, they can start asking questions through their assistant and be able to get answers directly from Nexxen. And we don't just output texts like this. As we mentioned earlier, when we're talking about our visualization agents, et cetera, we can push all of these into these prompt as well and show these graphs and charts directly into this. So this is a simple example where we're asking how a campaign is doing and getting the results back. But you can think of a lot more elaborate workflows such as the plan that we just looked at as well. So to close the product section where I began, I think we had a vision 7 years ago, and we invested early in that vision. We're seeing results today, and we believe this is just the start. We're well positioned to take advantage of the industry shift into this new agentic era of trading. I think as I mentioned earlier, having a unified platform and having those -- the proper AI tools to support that is key, and we're already doing this today with many customers. Thank you for your time today. We'll take a brief break after this. We have the start of the show, Sagi, who is going to walk us through some financials. Thank you. [Break]

Hi, everyone. I want to start, so we can end sometime unless you are really enjoying and we can stay here for long. Ofer, please sit. So thank you for coming again. I think that I'm Sagi Niri, the CFO of Nexxen for the last 6 years. I came for 3 years. And Ofer promise me that after 3 years, I will go to my next challenge, but he's not letting me go. I'm still here. It's true. So I think in the last hour, we heard about all the different strategies and initiatives we have around our platform from Kara, from Ken, from Karim [indiscernible]. And I think that it's coming from enterprise adoption, differentiated media or new formats through our agentic AI initiative and automation. And I want now to take everything and translate how it's getting together into our financial model. I know this is the most important part. So as Ofer started the day, we are seeing the performance of our Q1 and Q2, outperforming in these 2 quarters. And this is giving us the confidence, of course, to raise our contribution ex TAC and programmatic revenue for the second time in almost a month. [Audio Gap] contribution ex TAC will grow by 11%, programmatic revenues will grow by 13%, which is the most important part in our business. And adjusted EBITDA still will grow 10% and represent 32% margin. I think that we are seeing a lot of good signs and a lot of good trends for acceleration of our programmatic revenue through the rest of the year through H2 and of course, beyond. And on top of that, of course, we have the World Cup and the midterm election in the U.S., which can accelerate our programmatic revenues even more. So as we mentioned before or the guys mentioned before, the out reforming and the growth of our revenue is coming from different channels. It's coming from growing enterprise adoption that, of course, delivers more end-to-end utilization and we'll touch how this is affecting us. Very soon, mobile in-app expansion, as Ken mentioned around new partnership and strategic partnerships with SDK networks. CTV revenue is something that we have been all the time around. And of course, Nexxen TV Home Screen expected to support H2. I got the question in the break around what exactly our Nexxen TV Home Screen is generating right now. So the numbers, as Karim said, it's working. We are beyond the stage of testing. It's working, and we have clients that are already running campaigns with us. It's not yet material in H1. It will be very material in H2. And of course, everything is being wrapped up by our data products momentum. We have our own proprietary data. We have [Audio Gap] so we are growing 11% on contribution ex TAC basis, 13% on programmatic, everything is being facilitated through our full ecosystem, DSP from one side to SSP on the other side. And again, it's coming from new and existing clients, of course, mobile in-app expansion and new formats. One of them is the Nexxen TV Home Screen. CTV itself and as Ken touched it or Kara, I don't remember, a performance-based programmatic, which we are seeing very good signs, but it will help us in 2027 and on. Everything, of course, wrapped up by our own data products, as I said, and of course, World Cup and mid election that can accelerate 2026 growth as well. So just to wrap this part of the presentation, I think that what we are seeing in 2026 is not like -- it's not we are reacting to the shift we are seeing in the industry, it's a deliberate execution of our strategy, which we set a long time ago. And that is taking up, of course, to be a higher quality, more durable company. A very important indicator to the health of our platform is what our clients are doing today on our platform. So as you can see, almost 80% of the revenue we generated in 2025 came from customers that are leveraging Nexxen platform since 2021 and even earlier. On the same time, you can see on the left side, that customers that have been with us is spending more and more over time, and we are confident that it will grow in 2026. So contribution ex TAC per active customer grew at a 31% CAGR from 2022 through 2025. And we have 92% of contribution ex TAC retention rate in 2025, which we are again confident that in 2026, it will be higher than that. Everything, of course, is coming from all the things and all the initiatives that you heard already, and I will not repeat that. You can see another important indication of how the platform is evolving. So as Kara touched, in 2025, we had 63% of our clients spending money through our enterprise solution. On the long term, we are assuming it will go to 75% spend and 25% will be still on managed services. At the same time, where we are having more of this enterprise customer, we are seeing more recurring revenue. And when they are coming into our platform and all the solutions that we are allowing them, they are utilizing more and more of the solution, the features and the services that we can cater them. This, of course, affects our end-to-end contribution ex TAC utilization, which in 2025 was 55%. And on the long term, we assume it go up to 65%. All of that, of course, will contribute to our margin expansion because every dollar that is moving here on the end-to-end utilization, we can utilize more for each dollar that is moving on that direction. Here you can see what Ken touched before. So we are going to a more resilient, more quality channels. So Mobile in the long term, in 2025, it was 39%. In the future, in the long term, it will be 40%. It's almost there. CTV in 2025 was 31%. In the long term, it will reach 40%. It made a huge jump already in 2026 and probably because of the Nexxen TV Home Screen, it will reach that even before the long term. Data products will more than double itself with all the licensing that we have around that product. And average will go down because in the other bucket, we have, of course, our old legacy performance activity, which over time will vanish and 100% of our revenues will become programmatic. You can see the different formats that we are running on. So we have been focused on Video for more than a decade. Video in 2025 generated 68% of our contribution ex TAC. On the long term, it will reach 75%. This play, although LLM pressure and the shifting in the industry will go only down from 25% to 20% because of Nexxen Home Screen native display ecosystem, we believe in that, and we understand that advertisers are looking for this premium CTV inventory to be monetized. Okay. This is an important slide. Let's -- I said in the morning -- when I started that we are not increasing the guidance on adjusted EBITDA. So a legitimate question is, why not? You already increased your net revenue by $10 million, why you are not aching adjusted EBITDA? So the immediate answer is the truth is that we are not seeing any pressure on our margin, and I will explain. The second immediate answer is that H1 2025 and H1 2026, are not too comparable periods of time because in H2 2025, we started to invest a lot in different things, and I will touch that in a minute. So to compare between H1 2025 and H1 2026 is not right. So I'll try to illustrate. We did like an EBITDA bridge between H1 2025. We had like $53 million we ended or we will end. All the numbers are here, of course, what we reported, consensus and the $3 million that we increased today. So we'll reach $41 million of adjusted EBITDA by the end of H1 2026. And the bridge is, of course, coming from the amazing momentum we are seeing in our business, $16 million more of contribution ex TAC. And then I will start from the right side. We are seeing $3 million offset of FX headwinds. So the dollar is weakening versus every currency. So this [indiscernible] in the first half of 2026 by $3 million. After that, in H1 2025, we have a $4 million doubtful debt reversal that we didn't have in 2026, another $4 million. Then the majority is coming from all the things you just heard before my presentation. So all the strategic growth and all the partnership that we are signing, we are investing a lot in our data partnerships, in our hosting partnerships, in AWS utilization, in SDK networks infrastructure. And all of that investment is, of course, growing the business much faster. And I'll talk about soon. And $6 million are coming from a lot of other stuff like some are headcount, some share-based compensation turning into cash bonus, some AI enablement licensing and tokens that we are using internally for our own efficiency, some bonuses and commission attainment, which is 100% this year because of our amazing trend. And last year, it was much smaller. So all of that takes us to the forecasted number of H1. But if you will look here on this side, you will see that we are more than doubling our adjusted EBITDA in the second half of the year. So it's going up from $41 million in H1 to a forecasted $86 million in the second half. If you will ask me in couple of months probably after we will have Q3 out in November, you will ask me, hey, guys, Sagi, why you were doing so well in Q3 when you did so low in Q3 last year? So this is what's going to happen in the second half of the year. We are going to grow. If we will look at H2 2025, we had a $62 million adjusted EBITDA, representing 33% margin. This year, we will do in H2, $86 million, representing in H2, 40% EBITDA margin, which is crazy. And it's 40% up. So just to crystallize what I said, we are going to see acceleration of our adjusted EBITDA through the second half of the year and, of course, going forward. And this acceleration is coming mainly from the investment that we are doing in different partnerships and in different infrastructure that allows us to get to this growth. We believe that we will keep investing those investments in order to grow the business going forward. And of course, this will help us to broaden our profitability, to get more efficiency, to have operating leverage, and at the end of the day to generate more cash. The same principle is, of course, getting into cash. Cash will accelerate -- our free cash flow will accelerate over the year as long as EBITDA will move up. In Q1, we had some timing issue with our collection and our payments. So there are some clients that are paying on the last day of the quarter, some of them paid only on the first day of the following quarter, and some other stuff, we are seeing already normalization of that into Q2. By the end of May, we had $116 million our cash and cash equivalent in the balance, while in the end of Q1, it was somewhere around $95 million. So normalization is on the move. And of course, as EBITDA will accelerate, we will see free cash flow stabilizing as well. We still hold a very strong liquidity profile. And we have, on top of that, our $50 million credit facility that is undrawn today. This, of course, allowing us to be very consistent and flexible on our capital allocation. So if you look on capital allocation, we will keep purchasing share and show some benefit to our return on investment for our investors. We will keep invest externally. So we are going in Q3 to invest another $15 million in V, according to the agreement we signed with them. It will take us to a $60 million total investment and around 6% of their outstanding shares. Of course, we are seeing different avenues of how to unlock this investment, the value of this investment. We are doing that on a recurring on a day-to-day activity. We're utilizing their ACR data, again, internally for our proposed measurement and of course, externally by licensing, licensing it. And of course, it's feeding the Discovery tool and a lot of other data sets within our ecosystem. And we can, of course, enjoy from the investment itself and unlock the value over there in the near future. Platform reinvest, again, as you saw, all the people that gave you the presentation, we are investing heavily in our agentic AI initiatives, in our DSP, in our Media, in our SSP, in our data solutions and we'll keep that. And of course, we'll build the manpower behind this investment in order to support all of that and to keep the growth that we are seeing all around. On top of that, we have another potential less than EUR 100 million acquisition that we are a little bit more actively now looking. It's written here that we are seeing opportunities to enhance mobile in-app and CTV and data capabilities, which is everything. I think that we are very focused on in-app SDK network in order to have like our own proprietary SDK. We stood here like one year ago and talked about our long-term objective. So we are reaffirming those objectives. CTV, as you see, will reach the 40-ish percent. Adjusted EBITDA will get into the 40% margin. It's doing that already. It will do that in H2 2026. And free cash flow will stabilize at 65% adjusted EBITDA conversion. The only thing we are increasing is our contribution ex TAC CAGR, previously or last year, it was 10%. Now we believe and very confident that we can reach 11% CAGR going forward. Again, everything, the growth margin and the expansion is coming from all the different things you just said -- we just said, enterprise growth, end-to-end utilization, CTV and the new format of Nexxen TV Home Screen, mobile in-app expansion, data licensing, and of course, cost management and driven AI internal efficiencies. Okay. We have a very unique ecosystem. So as long as we are bringing the new clients from this side and onboarding new publisher from this side and deploying new features of the platform itself, it's broadening the entire value of the ecosystem. So we are double-sided guys. I know that you are aware of that, but we are double-sided and we are different from others. And this is what -- this is causing us to [indiscernible]. So as long as we have more enterprise adoption, as Kara mentioned, we are seeing more end-to-end utilization. The more we have more end-to-end utilization, we are seeing more multiple revenues streams. And of course, that will affect our operating leverage, will which, in the long term, will give us long-term revenue growth and much more durable cash generation. You are in shock. I see it. Okay. With that, I will hand the presentation to Chance, our Chief Commercial Officer.

Okay. Thank you, Sagi. I hope everybody is doing all right. It's been a long morning so far so we'll try to keep it tight. So it's interesting timing that we're doing this 3 years ago, almost exactly to the day we launched Nexxen. Nexxen was, previous to that, a collection of ad tech assets that were acquired by Tremor International. And I remember, we're in [indiscernible] launching the brand for the first time, which is like the Super Bowl of advertising. And I was going around telling everybody that I saw like we're Nexxen now, and they would ask what is Nexxen. And I got very comfortable answering the question, what is Nexxen. What I want to talk about today and what we have been talking about for the last couple of years is why is Nexxen, why we are, why we exist? And what is the problem that we're trying to solve? I can tell you very clearly that marketers and advertisers they don't need another DSP. They don't need another data platform. They don't need another SSP. What they need is a solution to a very complex problem. They need answers on how consolidation in AI is going to impact their business. And what I'm going to walk through and what you've heard today is the answer to a lot of those questions, and it's our ability to create a solution for problems that give us our biggest competitive advantage, create this competitive moat and create differentiation for our business, as Sagi just mentioned. So as you heard today, we had some incredible leaders get up on stage and talk a little bit about our business. And what you've seen is we're investing in every aspect of the platform. So we're locking in more and more strategic enterprise customers. We're investing very heavily in onboarding, differentiated media. This is not just different, but also exclusive. This is AI resilient tools that give us the ability to kind of dodge some of the headwinds that are coming as AI sort of impacts the overall display marketplace. Karim, our Chief Product Officer, talked about our work in AI and automation and our unique data. And maybe most importantly, for a lot of folks in this room is the financial impact that's having on our business, as Sagi just explained. The one thing I would really encourage you, and you've heard a lot today, and I hope you remember all of it. But if you remember, none of it, just try to remember this one thing that none of these things are individual investments. They are all collective building blocks that reinforce one another. Together, that builds a foundation for us to tell a better story, to solve more problems and bring solutions into a market that actually benefit our customers in a really meaningful way. I mentioned Nexxen launched 3 years ago, but this started maybe 7 years ago, I had the ability to meet Ofer right around that time, and he had this concept of bringing together different ad tech assets in uniting the buy side and sell side, which was unheard of at that time. And that market has really shifted in part because of the communication and the way that we're telling our story about the value of an end-to-end platform. But certainly, some competitors in our space have now realized that being a one-sided platform may not be the best strategy to win. So we're honored and humbled that they would follow in our direction and take our path. I want to reinforce a couple of things like, why are we winning in market. Like I said, our story is resonating. We're going to marketers. We're telling them about the problems that we can solve we can save them money. We can help them be more efficient and we can drive better outcomes. But if anybody in the room has spent time talking to marketers and we have a couple in the room, I can promise you one thing, they don't care about stories. They care about outcomes. And the beauty of the platform is that it's driving positive results. Kara talked about the positive results that we're seeing from Toyota and dozens of other clients. Ken talked about the positive impact that we're bringing to the publisher marketplace. The beauty of the whole ecosystem is that when we bring more customers into our platform, they see better results. When they have better results, they bring more demand into our platform, and that increases our overall end-to-end utilization. We're able to tap into more data segments, so they're able to use Nexxen data. They're able to use Nexxen AI tools and then we're able to bring all of that demand into our publisher space. So we are really influencing the flow of money from the buy side into the sell side in a way that is seamless, incredibly efficient and drives value for both sides. We're not trying to extract value from any one piece of the overall market transaction. We're allowing it to flow seamlessly and provide value across both sides. And like we talk about with a lot of our customers is you might need 5 to 12 different partners to be able to execute an end-to-end buy. With Nexxen, you just need one and we don't need to charge you 12x to be able to make it work. We can be much more efficient, provide more money back for working media. And what you'll see, and what you hear is you're following some of the public agencies that are out there, it's really hard being an agency right now. There is a lot of price compression happening. So the value that we can bring back to these agencies is actually helping them win business and drive more profitability. What we try to say when we're presenting our solutions to our clients and partners is we can only win together. And when Nexxen wins, our clients win and vice versa, and that brings more investment into the platform and overall positive results. So like I said, we're 3 years into the Nexxen story. We're incredibly proud of the work that we've done. We're incredibly proud of the development that we've experienced with AI. I think we're -- we made a big bet that the future of ad tech would be flexibility and interoperability and that's what we built for, and that's exactly what we're experiencing today, as Karim mentioned. We're seeing the positive results, as Sagi mentioned, but we believe really, we're just scratching the surface. The native CTV Home Screen is a huge opportunity. We were the first to launch this programmatically around the world. This is the billboard of our century. This is the big screen that's sitting in everyone's living room. Forget the format. It is the ad that people are going to be staring at most frequently. And as brands are buying for attention in this attention economy, what's better, more intensive than this giant screen in your living room that you're staring at for about 10.5 minutes. We also see that there's growth in CTV. We're bringing on more and more CTV partners. We're bringing on more publishers. We're seeing more use of our data as we bring more investment into the platform. And overall, the market consolidating and shifting more to single players across the ecosystem on this end-to-end basis is going to bring even more demand into the platform. So again, just scratching the surface on some bright times ahead. Lastly, I want to just highlight one more time the flywheel. This is the thing that keeps our business moving. So as Kara mentioned, we show positive results for our enterprise customers. It's fantastic, and they bring more investment into our platform. That allows Ken and the exchange team to go out to publishers and say, hey, you want more money going to your publishers, work with us, prioritize Nexxen, come into our platform and we can bring you more demand. The publishers are super happy with that, and it creates this positive relationship between buyer and seller. More end-to-end utilization means more people using our data, which means that we're capturing more of that $1 of media investment. That revenue growth then leads to cash leverage which Sagi smiles about quite often. And that gives us the ability to reinvest in the platform, which then allows us to strengthen the value proposition. So it's really just getting more customers into the platform. That's -- we've seen the success. It gives us the opportunity to invest. It gives us the opportunity to sit down with our customers and ask them what do they care about? Because we're very cognizant of the fact that if we just sit in a room and we build what we think the market wants, we're not going to get very far. We listen to our customers, we try to solve problems. And I think the growth that you're seeing is a commitment to our customers. It's a commitment to our partners, and it's a commitment that we've all made to collectively move this ad tech industry forward, and we're very confident in the financial results that we're going to see that we're very much in the right direction. So with that, I'm very happy to hand it over to Ofer Druker, our CEO.

I will make it short because I think that after this detailed presentation, well presented, I would not want to repeat myself, and I want to leave time for questions. But I will say a few things. First of all, all the things that you saw today is fruit of a lot of work that was done over the last 7, 8 years. It's not in one night. A lot of work on the product, setting the strategy, which we set in 2019 is, as Chance had mentioned, it was not very popular then even [indiscernible] but now we see the market moving to this direction of end-to-end. We were the first one, and we are a public company, so we have proof for that. It's easy to check a record. And emphasizing on data and all that, we did it already for several years, and we keep doing that today. So it's fruits for many years. And in the last year also, we -- because of the strengthen of our brand now and we learn how to market ourselves better, we see a better execution and better results in the day to day. The second thing that I want to say is that in the end of the day, the fundamentals of our company is very good, meaning the fact that we are operating end-to-end solution for 7 years now, where now people are talking about it. But to be honest, they don't have the full technology on both sides. We do. The second thing is focus on CTV and not just focus, also investment, what Sagi mentioned, investing $60 million in VIDAA, which is part of Hisense. So the people that don't know Hisense now is the second distributors of TV worldwide. And in big TVs, they are #1. And from knowing them for so many years, they have a strategy. They will follow that. They will keep growing their base in the world. And we are tied to them, and we are able to enjoy from the ACR data and also from exclusivity on their media, which is very powerful. More than that, when you look at that, we invested a lot in building a very strong DSP and we acquired and improved that. As Kara mentioned, and I saw this slide a few days ago and I like the slogan, this is the entry point to all this world that we created basically. And the major advantage that we have here is not just our DSP that is performing very, very well compared to all the other DSPs that you are aware of, and I don't want to mention their names, but when you're looking at that, the major advantages that we have and Kara presented is that when you are using the ecosystem, that we created around it and the discovery tool, the DMP, the connection to our media and so on, the results are much, much better than most of other platforms in this market. And at the end of the day, people don't fall in love in DSP. They want to generate results. So if they choose our DSP and get access to all our other systems and other technologies and products that we got, they have a huge advantage that is being demonstrated. People that know me know that I don't like to talk about things that are hard to measure. When you can measure these results, it's very powerful. And in general, we proved in the last few years that we are able to generate much better results on that. Why all of that is important now? I think AI is just accelerating our advantage. What I want to say by that is that when you have end-to-end, you have a strong DSP, you have a very powerful data management platform and unique data. You have a very strong SSP that you have. It belongs to our company, it's part of our ecosystem. And you add to that AI, both sides because AI, basically the optimization, they capability to operate stuff, you need to have touch points and you need to have data. Because of our setting, we have a huge advantage that we are already taking advantage of, but we can even get an accelerated even more in the future. And this is the key thing for us to remember. And we see it already happening. People realize -- our clients are smart. Our customers are super smart, and they see where the market is going. If you have end-to-end and you have strong AI tools that integrate it into the product, and they are not a black box. They are transparent. They can communicate with our customers and also take their advantages and enhance them, you will win. That's what we believe in. That's what we are adding, and I think that it will translate to more success. And the last point that I want to say is thank you for all the people that support us over the years to our employees, leaders that are working day and night, very committed to our success. And you cannot build a company like that, that you need to -- you cannot close your eyes for even millisecond. You have always to be aligned because so many things are happening in our ecosystem all the time. And if you don't have strong dedicated people, smart, engaged, you have no chance to win. And I think that we are lucky that we collected a lot of talented people. All of them are driven to be successful, and we are lucky that we have customers that are enjoy working with us, cooperate with us and grow with us. So thank you. And now we can open this session for questions. Thank you.

Do you want me to use mic or I can speak loudly?

You can speak loudly.

I'm very interested in whether you think AI replaces the rails [indiscernible] to be a different rails than programmtic -- or is AI going to stay on the same rails as programmatic [indiscernible]? We are getting agents coming out of Anthropic coming directly with demand to the sell side of your business, which would be a different rail -- programmtic rail. So I'm interested in that and I'm really interested in scale and scope. We just saw [indiscernible] by Roku, that is [indiscernible]. Can you like give me competitive advantages of small scale in a world where it feels like to generative AI is going to make companies larger?

Why they want to make it larger than AI? How would you put [indiscernible]?

Well, because I think there's so much investment to do these agentic, especially if we're going to get new rails, we're not going [indiscernible] programatic rails, but there's just a lot of investment required to sort of change the technology [indiscernible]?

I can take the first half of that question. So if you look at these agentic workflows, they solve for a lot of things, but not everything. So platforms still do a lot of the optimization. There's still heavy machine learning and data sets that are driving that. So we really see the collaboration of these agentic platform with programmatic platform as being the solution moving forward. You can drive direct buys without programmatic platform for, I would say, like simpler tasks. But as you are trying to drive actions across screens, measure those actions, et cetera, there's a lot of core technology that's needed for that. We've been building that technologies for decades. And that doesn't get replaced overnight. So where we see this really is a combination of agentic workflow that simplify these workflows, make these platforms easier to access and leverage because that's been the complexity in programmatic and campaigns are getting more complex, and you need to access more tools and to create more tools together. And that's been a challenge, like both from a compliance standpoint as well as just operationally for people to learn on these platforms. So AI enables us to do that, enables us to connect those dots. But we really see the merger of those 2 technologies as being the future for that.

And I would say just to piggyback, one thing Karim mentioned that to me is one of the most [indiscernible] things that we shared today was you actually -- in the future today, and in the future, you don't need to log in to the Nexxen DSP or SSP to activate your media campaigns. If you are living your life in Claude, for example, on an enterprise basis as a business, you can access your buys. You can transact. You can set up data segments and audiences, all within your Claude instance. You can do all of this without ever actually logging in to the Nexxen DSP. And so the investment that we've made years ago about interoperability and flexibility is playing really nicely in this world of AI where you might not need to log into 20 separate systems that all of your systems connect to your LLM portal, and that's exactly what we've launched, and that's where we're building towards.

Doesn't that disintermediate your DSP [indiscernible]

DSP.

So Anthropic adds another layer of [indiscernible] because their DSP doesn't just go [indiscernible] to your SSP?

Anthoropic is the access point into the DSP. So it replaces your access point in the DSP. But one thing that -- what I think is an agent to agent buying misses is all of the optimization that has to go into a buy, right? What a DSP's power is at its core is the ability to drive optimization to generate better performance to run multiple line items to run hundreds of single line items on a single campaign. All of those things still require DSP technology. It is just the access point from like a Claude into our DSP, so you don't need to have log into so many systems.

[indiscernible]

I think that [indiscernible] and Roku is a great deal. [indiscernible] is like a shareholder in our company. So I congratulate them on [indiscernible], it's like a family with folks. I congratulating on this acquisition because I think it is super small. I think that when you're looking at this world, I think that scale is, of course, power. I think that there will be consolidated -- keep being consolidating -- consolidation in this marketplace in the future -- in the near future because people realize that they need it. But in general, I think that AI is giving advantages, but it's not -- it's hard to say that small companies will be able to act like big ones because it depends who's these big clients and publishers are basically sourcing and trying to work with. We need to remember that. You need to have an entry point. And I think that there will be still like importance to size of companies in general in this market. If I understand your question right, I don't know. But, yes. Okay. I will do that like that, okay? So we have time.

Okay. This is Barton Crockett from Rosenblatt. And I was curious about the a couple of things. First, in the numbers, you talked about the 20% kind of growth in CTV in the second quarter, acceleration from the 12% in the first quarter. And I was just wondering if you could detail what drove that? Was that really just a kind of a onetime World Cup lift? Or is that something that's more sustainable? So that's one question. And then stepping back a little bit, you have your investment in , right? And this is an environment where, obviously, we've just seen a mark of substance put on Roku, which is a comparable. And I was just wondering if you could articulate a little bit what the biggest kind of delta is between the $1 billion kind of implied kind of value NV versus the $25 million that we just put on Roku? And what are some steps that we might be able to take to close that to the degree to which you might be able to benefit?

Well, [indiscernible] to answer...

V.

I can answer both. But let's start with V. I think that basically V is an operating system that is active all over the world. And they are not just -- they're major partners, of course, Hisense and also, by the way, Toshiba, that belongs to Hisense, people sometimes don't realize it, but it belongs to them. But apart from that, they have more than 150 to 200 other brands that are less flashy but still a lot of TVs around the world and are using [indiscernible]. We are looking at -- we were the initial investors outside the investor in VIDAA. And we believe that this company is an operating system is being distributed. It's becoming like massive presence in the market and growing. They are adding now -- it's a buildup. And I think that in the future, they have a lot of potential direction to basically to grow their volume in the U.S. and internationally. They started from the international markets and they are moving their attention now to the U.S. When we look at the international markets, they are -- according to reports that we are exposed to, they are more than 18% of the European market already, the 5 big countries and so on. And in the U.S., they are still small, but one part of the investment that we've done is in order to grow their presence in the U.S., and there is a lot of interesting opportunities [indiscernible]. So when they will grow, they keep growing their presence, keep improving the monetization, getting ideas together with us on native ads and stuff like that, I strongly believe that there will be a lot of opportunities for them to go public or just being a very strong company that generates revenues in this marketplace and join Samsung and LG as a strong -- as a very strong operating system and OEM in this market. So this is a very strong partnership and investment that we made, and we are proud of that because we were the first that realized that [indiscernible] company can invest in OEM, think about it. We started this journey in 2021. And I believe that it will take us very far because I strongly believe in their strategy. I believe in the fact that Hisense is improving their quality compared to their peers and the price matter of their TV is very competitive. So they are getting a lot of distribution in the markets and in very key markets, like all the European, in APAC and also in the U.S. now, they will start pushing more distribution in order to get more presence in this market. Regarding the 20% that you asked before, growth. The World Cup, even that I love it a lot, and I watch the game and I was disappointed a little bit that Brazil didn't won, sorry. But I think that it's not affecting us yet in Q2. We will see that now maybe in the next couple of weeks because -- now the [indiscernible] games are starting. And I think that what we are talking about when we are saying if it's sustainable, so it's not that when the World Cup will be over, we'll see like a drop. I think that what we mentioned here, what Ken mentioned about native ads that we basically we are the first in the market to recognize this ability to build it programmatically. We announced it in the end of last year. We signed a deal in January with -- basically with The Trade Desk and The Trade Desk is our, let's say, first client -- first partner, but we have now more joining. And when we are looking at that, this is an opportunity that will drive a lot of revenue in the future. And when we're looking at VIDAA, they have strong presence in many markets. They integrated already our solution. As Ken mentioned, [ TiVo ] is integrating, TCL integrated. So when we are looking at that, and we are getting a lot of interest from other OEMs, from other DSPs that want to join it because they believe in this format. They believe that this format represent very good opportunity for performance marketing for higher engagement and, of course, getting the attention of the user in the best manner. So I strongly believe that we have the engines and the tools in order to keep growing our CTV and what we see in Q2 is even before we experienced this growth that we anticipated will come in the next few quarters.

I just want to add to what Ofer offer mentioned regarding VIDAA. So -- they are on the road to their IPO, which may take 2 years, 4 years, 5 years. So they started this initial path already. The second thing is that they are trying to bring more investors into the platform, and they are in constant discussion with different players on a higher valuation than we invested. And hopefully, in the near future, someone will get in on a higher valuation. But I think, as Ofer mentioned, we are building a very strong operating system that will -- I'm not sure we'll get to $22 billion, as Roku did, but they will get on a much higher valuation in the coming years. On the other part, again, as Ofer mentioned, mobile expansion is coming mainly from the investment we've made and from the partnership we signed with SDK networks. So -- and we said that it's more than 20%. So probably it will be more. But I think that this expansion is consistent and it will even grow more when we will sign more SDK network partnerships.

Well -- yes, yes, we'll do it like that. Like I said, and then it will be soon.

[indiscernible]

I am saving your energy.

Maria Ripps from Canaccord. I just wanted to ask about your enterprise opportunity. It looks like a lot of progress there. So you Talked about sort of cross-sell and upsell. Can you maybe help us sort of quantify or think through revenue upside as you sort of sell more products across your existing clients? Is that largely coming from data or sort of other offerings there? And then how should we think about take rate and overall impact on profitability as you onboard more enterprise clients?

Sagi, you want to answer the take rates?

Yes. I think the take rate, again, if we are looking on a take rate on a specific basis, it will be the same. Every client that we are adding will have probably the same range of take rate that we are taking for different services that we are allowing them or cater them and whatever they decide to use different components of our ecosystem. I think that if we are looking on the broader picture, as long as we will have more adoption of our enterprise clients, the utilization of our end-to-end abilities will get higher. And then the margin expansion will get higher because from every dollar that the customer will move through our ecosystem, we will be successful to get more. So this is around rate. it will be consistent. But overall, an absolute number and on absolute margin, it will go higher over time.

Regarding cross-sell, I will say just our observation basically, it will sound simple, but I think that it's the truth. What's happening is when a client is basically launching into our platform, he has his idea about what he wants to use. We'll let them do that. And after a very short while, he's finding out that he can utilize also, for example, if he is utilizing the DSP, why not to utilize the DMP and why not to use Discovery tool and why not to shift spend to us to our SSP and gain better results and better cost structure. So I think that -- our job is to bring the clients into our system to educate them about the platform. We encourage them, we incentivize them. We don't force them. We are giving them the options to basically upscale their work with us, and we found that they are doing it in an amazing manner by themself because they care about their clients so they want better performance. They care about their pricing points because they want to be more efficient, and they are finding out that if they will do the 2 with our platform, they will gain more. So we can demonstrate basically that clients that did it, like Kara showed, it's easier to show it from the side of the DSP because it's like the entry points. But we see that across like hundreds of clients that when they are coming in, they are utilizing our DSP. They started to use our DMP. They're buying media on us. They are getting more services from us. They are basically happy. And most of the big brands today are working with a few DSPs sometimes, so they need to choose a major DSP. They are shifting their spend and their activity to us because they learned that it's the most efficient and most effective for them.

Brianna Diaz from Citizens. So just on the financials, how should we think about Nexxen's long-term EBITDA margin profile? You guys guided to 40% margin for the second half of '26 and it feels like enterprise spend and CTV are reshaping the business. So how should we think about the medium-term targets at last year at 40% and reiterated today? And just the difference growth versus investing back into the business.

After I answer that, I will love to leave the company. I don't want to be here. Okay. So I think, again, when we are talking in long term, we are seeing a great momentum in 2026. Having said that, we are still at a 32% adjusted EBITDA margin. We believe that we can get to the 40-ish in around 3 to 5 years. If you are looking on the midterm, which I'm not sure exactly what it is, it's like 2 years, 3 years, I think the path to the 40-ish will move in every other number between the 32%, the 33% that we are doing to 40%. I think in 2, 3 years, we can reach 35%, 36% probably. Again, it's all around our profitability and our economy of scale is coming from the scale of the business. If we will be -- if we'll manage -- in 2026, we are guiding that we are increasing our number growing in 13% programmatic revenue, which again, is the most important thing. The 11% and taking out, although we have this nonprogrammatic activity. If we will keep doing 13%, although like 15 minutes ago, I just said that we are assuming that we will get into an 11% CAGR, I think we can reach 37% in 3 years and 40-ish in 5 probably.

And then just a second question. I think it was Kara that highlighted just a redesign in UI is driving faster adoption. As you think about agents on the platform, is there a change in behavior at all in terms of measurable differences between an advertiser that adopts an agent or doesn't adopt an agent? And is that leading at all to faster spend on the platform or larger budgets or just any changes in retention?

I think first and foremost, you think about training and onboarding clients to the platform, we've been able to reduce that task by quite a bit, right? And that's often a challenge. Agencies and brands are challenged here using multiple platforms. Their traders need to learn those platforms. And adding an additional one, even if there is some benefit to it is always a challenge. So reducing that barrier to entry has been a big thing for us, it enabled us to think -- getting our foot in the door and starting testing with new companies. And then from there, as they see the result they scale with us. So that's one. But beyond that, we're seeing the day-to-day operation, and we're tracking those numbers. We see error rates going down. We see time spent to pull reports going down. we see time spent setting up campaigns, going down, planning going down, et cetera. So I think we're bringing a lot of efficiencies to our clients. And we're seeing this with our internal teams as well, right? So focusing more resources and technology and sales, et cetera, as we're able to be more efficient on the operational side.

Thinking about a DSP, selling it through, it's a fairly long sales cycle. And one of the biggest challenges we hear from our customers is, okay, we got the pricing where we want it to be, and it seems like it's a great story, it's going to work well. But the hassle of reintegrating if you're a large holding company with thousands of traders around the world, introducing this new platform with somebody. It's like basically taking your entire workforce and giving them a Mac after using a PC for a decade. It's the same as computer, but the buttons are in different places, and it creates slower workflows. We've been able to eliminate that. So the barrier of entry from switching from ex DSP into Nexxen is significantly lower. And so what we're seeing in the numbers is not only are we winning more customers, but the time to close and then the time to launch of those customers is much more efficient. So it's a double positive.

Matt? He was patient.

All right. I've got 2, but they're pretty different. So I'll ask them separately, just to keep things straight. Ofer, I think you made a really great point about the advantages of full stack for agentic, just how far the workflows can go without hitting choke points. But you guys have also talked about people trying to now follow you to go full stack. Does this change at all kind of the emphasis you have to put on the speed to development around genic before other people start to move further into the full stack space?

I will start the answer, and then I will leave it to Karim, but I will say that you are in a race all the time. I think that we basically founded the idea of end-to-end solution. I always remember that when we announced that we are end-to-end and we connected basically DSP and SSP and DMP, people came to our office reporters and said, are you crazy, everybody is specialized, you are building one system. And I said, in the end of the day, you want also to generate revenues and build and be able to invest back in the platform in order to give better solutions to your clients. So I think that we were the first. We have an advantage. I think that the advantage is not just technology, is operational, is knowledge, is a lot of optimization that we learn how to do when you control end-to-end instead of having like an independent platform. So I think that we have an inherited advantage. But the fact that other people are moving to this direction and even before the -- before they start moving to this direction, we need to move fast because the market is evolving fast. And if you are, as I said to you, you snooze, you lose. You need to move very quickly in order to be on top of things, and we are lucky that we have a very strong product and development team and management that is raising this request from all the time, and we have a very tight relationship between the business and the product and the technology that is showing amazing results. That's why we are able to be first in many things that we are doing. And I think that -- just to say about the investments, I will leave it -- or the amount of investment, I will leave it to Karim. But I think that like people said it before, the beautiful thing that we build here is that one is relying on each other. So every system that we are basically improving is also giving an halo effect and supporting and improving the other system in our portfolio, and it's enabling to do more. And this is something that not a lot of companies in this industry today can basically claim or say because they don't have it, and we do. And this is a major advantage that the other companies in order to close the gap, will take them not just to build a model, but it will take them a long, long time because like Karim indicated, even if you are building an agentic model, you need a strong DSP that will be used by this agentic model in order to drive results. So I think that our advantage is we are running. We are making progress every day, but I think that we have an advantage that is like inherited in our fundamentals, like I mentioned before and the fact that we are operating this system for many years. And we, of course, intend to keep it. Karim?

I mean I think that's a key point. Like we're building agents and agentic solution on top of core capabilities we already have. So you can move a lot faster doing that than trying to build the capabilities and the agentic solutions in parallel. So I mean, I'd say that, that -- beyond that, I get a 7:00 a.m. call from Ofer fairly regularly, Karim, how do we move faster on AI? I say, Ofer, we're twice as fast as last year [indiscernible] look at the data, I'll ask me the question again, right? So we are -- we recognize that we need to move fast and it is, I'd say, like the #1, 2 and 3 initiatives in our platform and where we're shifting a lot of our resources to accelerate that growth because time to market is very important.

And then just, I think, following up on a sentiment and a bunch of these questions, just how impressive the enterprise success has been year-to-date. I mean a lot of this comes from all the work you guys put in 2023 and 2024 and then really kind of coming together. So it wasn't just a light switch that started in Q1. Could you talk just a little bit more about that, I guess, waiting between like the maturity of your solution and then the market perception and just kind of what's working so well in enterprise and what the pain point you guys are addressing right now is?

Thank you. It's a great question. And I will let after that also Kara to respond if you want. I think that we are experiencing like a huge success now with the enterprise solution because, first of all, we learned a lot. In the past few years, we learned a lot, how to market it, how to package it better, how to train our people to put emphasis on the right thing. We gather more talented people to work with us. We educated our people to do a better job, we learned, I learned, everybody learned how to basically present it better. I think that what we see now and people that know me know that I'm not arrogant and I'm not just saying things in the air, it is just the beginning. Because I think that the advantages that we mentioned before, the fact that we have to remember that DSP or SSP are not living in an empty space. They need to connect to other platforms in order to generate the best results or good results. And the fact that we are one platform is giving us so much advantages in this world. And other people that are -- basically they have a DSP, but then they need to connect to a DMP. They need to connect to several SSPs. They need to learn how to adjust the algorithm for all these SSPs and how to integrate this data from their DMP in order to make it work. Guys, it's not -- you cannot -- you are not living in a laboratory. It's very hard to do that. And the fact that we are working on one platform is giving us huge advantage, huge advantage. In every point, I can -- we can stay here for 2 days, and I will give you like a list of so many advantages that you get when you have like one platform. The nice thing is that, like I said before, when there was a question about upsell, is that we are not trying to sell everything in one piece when a client is coming. When he is launching an account on our DSP, he is learning by himself, which is the best because we are not up trying to sell to him something. He's learning by himself, what is the -- what are the advantages if he will use our discovery tool in order to build these segments. If he will use our DMP and Discovery tool in order to launch data into its platform in order to target or measure. He will learn by himself that when he will buy on Nexxen SSP, he will get many times better response, better pricing and better performance. So the work is done by itself. And I think that the educational piece is like you mentioned exactly, it's not switching. It's not a switch. Okay, we were there. Now we are here, learn about it, launch. No. I think that word to mouth, case studies, discussions, meetings, proving our case to clients to show them that we are generating great results are starting to spread. And when it's happening, people are coming to you and they want to test your technology. They are open to listen to you. You build their trust. You see that they see that they are generating better results by using our technologies. And it's amazing to see. I will not name some clients, but they were like skeptical when they -- when we sit and test this platform, see what it will do for you. We have something similar, okay, we'll test it. Now they fall in love. They want more. They want to integrate more systems. They want to touch more of our platforms in order to generate the results that they are looking for. And I think that this is a huge advantage that we got. So I look at the DSP as an entry point, which is super important. And I think that, as I mentioned before, it's just the beginning, when people starting to realize what advantages Nexxen can provide to clients, to brands, to agencies. They love it, they adopt it. And just to say that like I was at Needham conference and Laura here made sure that I will sit near [indiscernible]. And across the table, there was a guy that I will not mention his name, but he was talking to another guy and he said, we just adopted Nexxen DSP. He didn't know who I am, and I didn't know he is. And he said, this is an amazing platform. I'm so impressed and our people choose us after testing so many other DSPs and running on so many DSPs and now we are moving our activity this DSP. So I smiled to him and said I listen, I feel like a proud father because I'm the CEO of Nexxen. And it's true. So when people are testing our technology, they fall in love. I think that in the past, we are learning out to market and package it, but now we have a better solution and we have better execution. And I think that the sky is the limit and people realize that our solution especially, by the way, for agencies, brands that are running massive budgets, a lot of different campaigns, and they want to be able to repeat their success, they should work on one platform, that's what I believe from my experience. And I think that this year, I will celebrate 30 years in this industry, which is like 300 years in banking, right? So yes, Kara, you want to say something?

No, [indiscernible] the only thing I'll add. I mentioned this previously, but outside of all the effort [indiscernible] and now seeing the results which you saw from Toyota, and you saw the 35% average increase we see on our platform compared to others, nexAI is really accelerating adoption because our biggest challenge has been it takes time for agencies to adopt a new technology. And a lot of these DSPs, I mentioned, have been successful because they've gotten into the agencies, train the trainers and then grown adoption that way. And with nexAI and how ahead of our competitive set, we've been around those capabilities, agencies now have a much cost to entry to test us, then they see the performance and then we scale and grow. So they may start with us working on a few advertisers, and then that can scale and multiply significantly.

Matt, you [indiscernible] for many years, [indiscernible] RBC, by the way, we're one of our partners, including Needham, to take us dual-listed in NASDAQ in 2021. And I think that we have relationships since then, and you are following, also Laura, of course, following us. I think that we made a huge jump in the last 2, 3 years because it takes time. It takes time to connect different platforms. It takes time to connect different teams. It takes time to build a new language, to build a new set of tools that people will realize and understand. But I think that we reached the point that now we are -- if we were like before that working, now we are running. And I think that we are -- the teams are doing an amazing job, and we added some very talented people that is helping us to translate what we built into the market and introduce it in a smart manner to the clients and to their partners, and it's working very well. And the great thing is that even we are enjoying doing that. In the process, we are smiling and we like it, and we work very well together, which I feel that is super important when you are investing so much efforts in what you are doing. So you need also to like it and to be passionate about it and I think that our teams are exactly like that. So that's what I say. Anyone else? I told you don't learn from [indiscernible], remember?

Ofer, so I wanted to just really quickly at a high level there was a slide on growth drivers, right? And kind of given everything that we spoke about today, I would love for you to just kind of lay out and maybe force rank the biggest priorities for you this year because there's obviously a lot of different things going on? And then if we were to come back year to year from today, what would be the biggest, I guess, the key takeaway? If we were to come back a year from now and kind of how you think about the strategic direction of the company, for example?

Tyler, you know what is nice? There are a lot of companies that building strategies but changing them almost every year or every 2 years. We don't. If you look at our strategy from 2019, it's the same. And we changed it a bit. We adjusted it because we felt that the market, of course, is changing. So we put always a lot of emphasis to be close to the clients with our DSP. So -- but when we felt in 2021 that our DSP is not enterprise enough, we looked for a solution that we can buy and we choose Amobee and we are very glad about acquisition. I think that it's a very powerful DSP. And when he worked in silos in a silo, it was difficult for him to shine. But when it's connected to everything that we are doing, it's like amazing. Now as I said before, Tyler, there is not one thing that we are putting all our -- everything on that. But I feel that the starting point to everything that we are doing lies in the enterprise DSP. Because this is the connection point with our clients, with our customers, and we need to remember that. So when we are doing a good job, and we are working with an agency or a brand and we are connecting them through the DSP to our ecosystem, it will grow all the ecosystem. They will buy -- they will utilize more of our data in order to buy media in order to measure in order to target. They would run more on our SSP. They will fuel our native. They will fuel our in-app. They will do everything that we want them to basically want to do together with them. So I feel that, as I said, the art about what we built is that everything is connected, everything is supporting each other. And in the end of the day, it's in generating better results for the clients, which is super important, not just for us, for the clients. They like it, they want it and everything will go up together. Always there can be changes in the industry that can disrupt some of the things. But I strongly believe in what we built. And what we basically took decisions on building a few years ago, resonate and changing the industry now. And I feel that everything will grow together, some faster some because you have sometimes things like native ads, which are super, I think, impressive and important and efficient. But it takes time, as I mentioned before, to train people, to teach them about this opportunity to show them how can it contribute to them. And there is so much noise in this industry that they need some time sometimes to adapt. So the speed of things will be a little bit different, but everything will grow together. That's the power of Nexxen. That's what we created. That's why our people are talking to each other every day. They need to trust each other. They need to work side by side because if not, it will create like imbalance in the company. And I think that we are happy that we choose the right people working with us doing that. And I think that all the platforms that we mentioned will grow together. If you ask me what will happen next year, I believe that we'll see more growth, more success because I mentioned -- as I mentioned, the attractiveness, the effectiveness, it's taking time sometimes for people to realize. But when they grab it, they can use it and they can grow it, and we see that it's happening across the board for the time. So I'm positive that we are on the right track. Thank you, guys. Thank you for coming.